iQIYI Responds to Short Seller Report

BEIJING,April 8,2020 -- iQIYI,Inc.(Nasdaq: IQ) ("iQIYI" or the "Company"),an innovative market-leading online entertainment service inChina,today issued the following statement in response to allegations made in a report by Wolfpack Research.

The Company has been made aware of and reviewed the short seller report published by Wolfpack Research on April 7,2020. The Company believes that the report contains numerous errors,unsubstantiated statements and misleading conclusions and interpretations regarding information relating to the Company.

The Company emphasizes that it has always been and will remain committed to maintaining high standards of corporate governance and internal control,as well as transparent and timely disclosure in compliance with the applicable rules and regulations of the Securities and Exchange Commission and the Nasdaq Global Select Market.

AboutiQIYI,Inc.

iQIYI,Inc.is an innovative market-leading online entertainment service inChina. 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,professional user 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,online games,live broadcasting,IP licensing,talent agency,online literature and e-commerce etc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. iQIYI may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission,in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including but not limited to statements about iQIYI's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding such risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release,and iQIYI undertakes no duty to update such information,except as required under applicable law.

For more information,please contact:

Investor Relations

iQIYI,Inc.

+86 10 8264 6585

ir@qiyi.com

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