(Yicai Global) June 15 -- Search engine giant Baidu is not planning to sell its majority stake in iQiyi, the Chinese online video platform told Yicai Global today.

Beijing-based iQiyi did not provide any further information.

Reuters reported earlier today that Baidu planned to offload its 53 percent of iQiyi for a possible USD7 billion, attracting interest from companies including Hong Kong investment firm PAG and China Mobile.

Baidu’s stake gives it more than 90 percent of the voting rights in the Nasdaq-listed company, according to publicly available information.

IQiyi’s revenue fell 9 percent from a year earlier to CNY7.3 billion (USD1.1 billion) in the first quarter, but it made a quarterly net profit for the first time, booking a CNY169 million (USD25.2 million) gain, according to its latest financial report.

Editor: Tom Litting