China-based Qiyi.com (also known as iQiyi), a video-streaming platform majority-owned by search engine operator Baidu, has raised US$1.53 billion through the issuance of convertible notes to private equity and venture capital firms Hillhouse Capital, IDG Capital, Boyu Capital, Run Liang Tai Fund, Sequoia Capital China and Everbright-IDG Industrial Fund, an investment fund jointly launched by private equity firms China Everbright and IDG Capital Partners. Baidu invested US$300 million as part of the issuance. Qiyi.com provides both free and subscription services featuring licensed and self-produced movies and television shows.