The company controlled by Baidu is said to be seeking a 2018 listing

Baidu Inc.’s iQiyi is targeting a U.S. initial public offering as soon as in 2018 that could value China’s most popular Netflix-style streaming video service at more than $8 billion. IQiyi’s already a partner to Netflix, which had been looking for a way to enter China to help build a global audience for its growing library of exclusive shows.

The company are currently in ongoing negotiations with banks and are shooting for a valuation of as much as $10 billion. Baidu wants to continue holding a controlling stake in iQiyi upon the IPO via dual-class shares. The IPO process however is in its early - mid stages and the final valuation could change extensively.

If Baidu, which is also investing heavily in artificial intelligence and autonomous vehicles, buy a nd creates more content to sustain its lead among online video platform, the future for this stock looks very promising. Baidu is slashing spending on peripheral services from food delivery to travel to make room for its growing AI and future content outlays.