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Why did iQIYI Raise Money?
On Friday, March 29th, Chinese video streaming platform iQIYI announced it had closed its convertible bond offering of $1.2 billion. It is a six-year deal, and one of the largest bond offerings ever for a U.S. listed Chinese stock. I’ll talk about the potential upside and downsides of a large debt deal, but first let’s talk about what convertible bonds are, as it is important to know the nuances when evaluating a deal like this. Convertible bonds are a special typed of fixed-