BEIJING, July 11, 2018 /PRNewswire/ -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced that it has ranked for the first time on the prestigious Fortune China 500 list, ranking 419th place. iQIYI's inclusion on the list, which features leading Chinese company such as CNPC and China Mobile, is a reflection of the rapid development of the company over the past couple of years. The company has expanded its services into all areas of the entertainment industry, far beyond its beginnings as an online streaming platform. iQIYI's revenue in 2017 was RMB 17.378 billion, and the company received a revenue of RMB 4.9 billion in in the first quarter of 2018, representing a year-on-year increase of 57%.
The Fortune China 500, is the China-focused affiliate list of the authoritative Global Fortune 500 list and is generated in cooperation with China International Capital Corp's Wealth Management Department. Like the Global Fortune 500, the Fortune China 500 is ranked by revenue, and is a review of all Chinese companies listed on both domestic and overseas markets, based on officially disclosed information from listed companies on various stock exchanges. This year, Fortune China raised the threshold of entry for the list from RMB 11.323 billion to RMB 13.864 billion.
The Fortune China 500 list also shows clear indications that the strength of the Chinese internet industry is continuing to grow. This year, 7 internet companies are listed on the Fortune China 500 list, with a total market value of RMB 7 trillion.
Since its founding eight years ago, iQIYI has continued on expanding its innovative monetization models, growing the business in all areas including advertising, paid membership, publishing, content production and distribution, and IP licensing. The company has risen to become China's leading online entertainment platform, based on the strength of its selection of high quality content and the use of advanced technology which ensures an unmatched user experience.
"iQIYI is committed to bringing our audiences an even greater online entertainment experience," said Gong Yu, Founder & CEO of iQIYI. "With our investment for the future in innovative technologies, particularly artificial intelligence, I am confident that we will continue to surpass the expectations of our users and secure our place as a world-leading technology-based entertainment giant."
About iQIYI, Inc.
iQIYI, Inc. (NASDAQ:IQ) ("iQIYI" or the "Company") is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI's platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. 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 massive user base with tremendous user engagement, and has developed diversified monetization models, including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce etc. For more information on iQIYI, please visit http://ir.iqiyi.com.