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Baidu gets go-ahead for secondary listing on Hong Kong stock exchange
- Chinese search-engine giant is reportedly seeking to raise as much as US$3.5 billion
- Companies listing in Hong Kong have raised US$9.6 billion in IPO proceeds in the first two months of 2021, the highest amount ever to start a year
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Baidu, China’s internet search-engine giant and artificial intelligence (AI) firm, moved a step closer to a secondary listing in Hong Kong after winning approval from the Hong Kong stock exchange’s listing committee on Thursday, according to people familiar with the matter.
The approval paves the way for the Nasdaq-listed company to launch a secondary listing in the city as soon as this month. It is reportedly seeking to raise up to US$3.5 billion with CLSA and Goldman Sachs acting as underwriters on the deal.
Baidu declined to comment when contacted on Thursday.
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The search giant’s planned listing in Hong Kong came as companies raised the highest-ever proceeds from initial public offerings on the city’s stock exchange in the first two months of this year, totalling US$9.6 billion across 22 deals, data from Refinitiv shows.
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Part of that record was due also to a jumbo deal completed by Tencent-backed short video platform Kuaishou, whose IPO raised more than half of that amount in February.
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