iQiyi said to seek at least $8b value in IPO

HONG KONG - Baidu Inc's iQiyi is targeting a US initial public offering as soon as in 2018 that could value China's most popular streaming video service at more than $8 billion, two people familiar with the matter say.

The company controlled by search giant Baidu is about to kick off negotiations with banks and deal arrangers and is shooting for a valuation of as much as $10 billion, the people said, asking not to be named because the matter is private.

Baidu wants to continue holding a controlling stake in iQiyi upon the IPO via dual-class shares, the people said. The IPO process, however, is in its early stages and the final valuation could change.