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Internet titan Baidu’s boss Robin Li mulls secondary listing in Hong Kong that would complete BAT trio as US-China tensions rise
- The internet search giant’s chairman cites Sino-US tensions as reason for review of listing options, according to Xinhua
- E-commerce site JD.com to start pre-marketing for dual listing on Monday
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Baidu’s chairman and CEO Robin Li said the Nasdaq-listed internet search giant is mulling a secondary listing in Hong Kong, driven by the US government’s tightening control over foreign listings on its exchanges.
“We are constantly discussing what we can do internally, including secondary listings in Hong Kong and other places,” Li told Xinhua news agency.
The US Senate passed an act on Thursday that would ban trading for firms where US regulators have been unable to inspect the company’s auditor for three consecutive years. Beijing-based Baidu listed on the Nasdaq exchange in 2005, one of China’s earliest market debuts in the US.
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“We are indeed very concerned that the United States is constantly tightening the control of Chinese stock companies,” said Li.
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If Baidu does indeed list in Hong Kong, then it would bring together the trio known as BAT in one trading venue, a significant boost for the local exchange. Alibaba completed a secondary listing in Hong Kong last year and Tencent made its debut in the city back in 2004.
In another boost to the city, e-commerce site JD.com is set to launch marketing for its secondary listing here on Monday with a market debut pencilled in for mid-June, according to a person familiar with the matter. A JD.com spokeswoman did not immediately respond to comment. China’s Trip.com is also considering another listing closer to home.
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