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Baidu video streaming unit iQiyi launches $2.4 billion US IPO

Chinese video streaming service provider iQiyi, a unit of search engine giant Baidu, has launched an initial public offering in New York worth up to $2.4 billion, seeking to expand its range of content. The listing is expected to give the firm extra financial muscle as it squares off against rivals in the Chinese market, including Alibaba Group service Youku Tudou. It plans to offer 125 million American depositary shares priced at $17 to $19 each, the company said in a filing to the U.S. Securities and Exchange…