Baidu has confirmed it is preparing to list its video streaming unit in the US, as the Chinese group continues to pivot away from its core search engine business toward emerging technologies such as artificial intelligence and autonomous driving.

The Nasdaq-listed company said on Tuesday that it filed documents with the US Securities and Exchange Commission for an initial public offering of iQiyi. Baidu said it expected to remain iQiyi’s controlling shareholder following any listing of the business, which Jefferies analysts valued at $15bn in a recent note. 

Subscription fees from the video streaming service, which has been likened to Netflix, were the key driver behind Baidu’s strong revenue growth in 2017, which marked a turnround from a disappointing performance the year before.