iQiyi has seen a major personnel change, with Wang Jun taking over as CFO and participating in an IPO

iQIYI is welcoming personnel changes again. Recently, iQIYI announced the appointment of Mr. Wang Jun as the company's chief financial officer on its official website. Mr. Wang Xiaodong will no longer serve as the Chief Financial Officer of iQIYI due to personal reasons and will continue to serve as an advisor until April 30, 2022. In this regard, iQiyi told the Nandu reporter that "the announcement information shall prevail.".

It is understood that Wang Jun has been working for iQIYI since January 2018, assisting the company in various large-scale capital market transaction operations. Prior to that, Wang Jun was a partner of the private equity fund Shuimu Group Limited from December 2015 to October 2017. From June 2014 to August 2015, Jun Wang served as Managing Director of TBP Consulting (Hong Kong) Limited. From July 2008 to June 2014, Jun Wang worked at J.P. Morgan Securities (Asia Pacific) Limited as Vice President of Investment Banking and has extensive experience in IPOs, ratings and bond issuances in the United States and Hong Kong, as well as cross-border M&A transactions. Jun Wang received his B.A. in English from Tsinghua University in July 2000 and his M.B.A. from the University of Chicago in June 2008, with over 10 years of experience in corporate finance and investment.

Gong Yu, Director and CHIEF Executive Officer of iQIYI, said: "Wang Jun has supported a number of financing activities after the IPO and the IPO, and is familiar with the company's business and financial situation. I look forward to working with Jun Wang in my new capacity and continuing to help the company grow." In addition, Gong Yu also expressed his gratitude to Wang Xiaodong, saying that he was very grateful for his work in the past decade.

This is iQIYI's second major personnel change in a month. At the beginning of January this year, Che Che, vice president of iQIYI and head of YOH Studio, announced his resignation and instead participated in follow-up trend music programs as a "trend culture consultant". After the news came out, iQiyi's stock price ushered in a big ups and downs, once diving down more than 6%. Over the past year, iQiyi's stock price has plummeted from around $28 to about $4 today, causing market concerns.

iQiyi has been reporting large-scale layoffs since the end of last year, but the official response has not been positive. It is reported that iQIYI's latest third-quarter financial report shows that in the third quarter of 2021, iQIYI's total revenue reached 7.6 billion yuan, an increase of 6% year-on-year. Net loss for the third quarter was $1.7 billion, compared to a net loss of $1.2 billion in the year-ago quarter.

Written by: Nandu reporter Xu Bingqian