Internet streaming service iQiyi, raised $2.3 billion in its Nasdaq IPO on March 29, 2018. Hillhouse was the largest investor in the company’s January 2017 funding.

As of the time of the listing, the company had 60 million subscribers in China, 98% of which were paid subscribers. A combination of original content, gaming and distributed content has enabled iQiyi to capture a strong market position.