iQIYI Establishes Strategic Partnership with China Unicom to Build Joint R&D center for 5G Terminal Devices

BEIJING,June 26,2019 --iQIYI,Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"),an innovative market-leading online entertainment servicein China,announced at the Mobile World Conference (MWC) in Shanghai that it has reached a strategic partnership with China Unicom,one of the largest mobile service providers in China,to establish a joint R&D center (the "Center") for the innovation and application of 5G in terminal devices. Under the partnership,both parties will partner on technology development,including 5G network slicing,5G Multi-access Edge Computing (MEC),big data,MR/AR/VR,as well as 4K/8K UHDV,and jointly establish a 5G terminal R&D center.

Under the partnership,China Unicom will provide the Center with research resources including testing grounds for 5G technology as well as testing and research equipment and devices; iQIYI,on the other hand,will provide mixed and augmented reality VR testing spaces as well as testing equipment and devices. Both parties aim to devote their respective advantages in technology,talent and terminal devices to the partnership in effort to promote the innovation and application of 5G VR/AR terminal devices,and to optimize the industrial value.

As 5G technology innovation continues to drive industrial upgrade,VR is expected to be applied and more in day-to-day life. Driven by its forward-looking strategy and innovation,iQIYI's endeavors in VR technology has allowed it to build its own VR scenario ecosystem including film and television,gaming,social networking and interaction. At present,iQIYI has established 5G-related partnerships with the top three mobile service providers in China,namely China Unicom,China Telecom and China Mobile,to jointly explore opportunities of the 5G and VR market.

About iQIYI,Inc.

iQIYI,Inc. (NASDAQ: IQ) ("iQIYI" or the "Company") is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology,fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content,as well as a comprehensive library of other professionally-produced content,partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI,big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement,and has developed a diversified monetization model including membership services,online advertising services,content distribution,live broadcasting,online games,IP licensing,online literature,e-commerce,etc.

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