iQIYI Announces Proposed Offering of American Depositary Shares

BEIJING,Jan. 17,2023 --iQIYI,Inc.(Nasdaq: IQ)("iQIYI" or the "Company"),a leading provider of online entertainment video services in China,today announced an underwritten public offering (the "Offering") of 76,500,000 American Depositary Shares,each representing seven Class A ordinary shares,par value $0.00001 per share,of the Company (the "ADSs").TheCompanyintendstogranttheunderwritersa30-dayoptionto purchaseuptoanaggregate of11,475,000additionalADSs.TheCompanyplanstousethenetproceeds fromtheOfferingforworkingcapitalpurposes,includingservingitsexisting debtobligations.

BofASecurities,Inc.,GoldmanSachs(Asia)L.L.C.andJ.P.MorganSecuritiesLLCactasthejointbookrunnersfortheOffering.

The Offering will be made pursuant to an effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (the "SEC"),which is available on the SEC's website at www.sec.gov. A preliminary prospectus supplement and accompanying prospectus related to the Offering have been filed with the SEC and will be available on the SEC's website at www.sec.gov.Copiesofthepreliminaryprospectussupplementand the accompanyingprospectusrelatedtotheOffering mayalsobeobtainedbycontactingBofASecurities,Inc.toll-freeat1-800-294-1322,Goldman Sachs&Co.LLCtoll-free at1-866-471-2526,orJ.P.MorganSecuritiesLLCtoll-freeat1-866-803-9204.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities,nor shall there be a sale of the securities in any state or jurisdiction in which such an offer,solicitation or sale would be unlawful. This press release contains pending information about the Offering,and there can be no assurance that the Offering will be completed.

AboutiQIYI,Inc.

iQIYI,Inc. is a leading provider of online entertainment video services in China. It combines creative talent with technology to foster an environment for continuous innovation and the production of blockbuster content. It produces,aggregates and distributes a wide variety of professionally produced content,as well as a broad spectrum of other video content in a variety of formats. 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 daily subscriber base of more than 100 million,and its diversifiedmonetizationmodelincludes membershipservices,onlineadvertisingservices,contentdistribution,onlinegames,IPlicensing,talentagency,onlineliterature,etc.

SafeHarborStatement

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. Among other things,the description of the proposed Offering in this announcement contains forward-looking 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 aboutiQIYI'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,including but not limited to the following:iQIYI'sstrategies; iQIYI's future business development,financial condition and results of operations;iQIYI's ability to retain and increase the number of users,members and advertising customers,and expand its service offerings; competition in the online entertainment industry; changes iniQIYI's revenues,costs or expenditures; Chinese governmental policies and regulations relating to the online entertainment industry,general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other 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,andiQIYIundertakesnodutytoupdatesuchinformation,exceptasrequired underapplicablelaw.

Formoreinformation,pleasecontact:

InvestorRelations

iQIYI,Inc.

ir@qiyi.com

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