Streaming-video company iQiyi, a unit of Baidu Inc. BIDU, -2.26% filed for an initial public offering raising as much as $1.5 billion on Tuesday, according to an SEC filing. That amount is seen as a placeholder and is likely to change significantly. The Beijing-based company plans to list its American Depository Shares on the Nasdaq under the ticker symbol "IQ." iQiyi offers a streaming service similar to Netflix Inc. that has about 50.8 million subscribers in China. In April 2017, the company signed a licensing agreement to stream some original Netflix content in China. Baidu will remain the controlling shareholder, holding all Class B stock while the Class A stock will be publicly traded. Goldman Sachs (Asia), Credit Suisse, BofA Merrill Lynch, China Renaissance, Citi and UBS Investment Bank are the IPO's joint underwriters. According to the SEC filing, iQiyi lost $574 million on revenue of $2.7 billion in 2017. via