Group 1 - The core viewpoint is that iQIYI is preparing for a secondary listing in Hong Kong, aiming to raise approximately $300 million, as reported by Bloomberg [1] - iQIYI, controlled by Baidu, is in discussions with several international banks regarding the potential secondary listing in Hong Kong [1] - The recent appointment of He Haijian as the chairman of iQIYI and CFO of Baidu adds significance to this listing plan, given his extensive experience in capital operations and corporate management [3] Group 2 - iQIYI's revenue performance is crucial for the success of its Hong Kong listing, as the company previously attempted to list in Hong Kong in 2021 but was unsuccessful [3] - In 2022, iQIYI achieved its first annual operational profit based on non-GAAP standards, with a profit of 2.2 billion RMB [3] - However, in 2024, iQIYI's total revenue decreased to 29.23 billion RMB, and net profit fell significantly to 764 million RMB, indicating challenges in sustaining growth amid fierce competition from short video platforms [3] Group 3 - iQIYI is building a new content ecosystem to find new growth points, having completed the transformation of its micro-short drama products and optimized user experience [3] - The micro-short drama segment shows significant potential in increasing advertising inventory and revenue, despite being in its early development stage [3] - The favorable market environment for IPOs in Hong Kong, with fundraising reaching 106.7 billion HKD this year, supports iQIYI's secondary listing efforts [6]