“Baidu, China’s internet search-engine giant and 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,” the South China Morning Post reported, citing sources familiar with the matter.
Details:
- Baidu is reportedly looking to rake in up to US$3.5 billion in the listing, which has CLSA and Goldman Sachs serving as underwriters for the deal.
- The approval would allow the tech titan to launch its secondary listing as soon as this month.
Context:
- The potential listing comes after companies raised the highest-ever proceeds from IPOs in Hong Kong during the first two months of 2021, raising US$9.6 billion across 22 deals, according to data from Refinitiv.
- Another company looking to launch a listing in Hong Kong this month is video platform Bilibili, which is seeking to raise roughly US$3 billion, SCMP previously reported.
