Chinese tech giant Baidu to raise $3.1 billion in Hong Kong listing

The Baidu Inc. logo is displayed on the firm’s headquarters on July 3, 2019 in Beijing, China.

Wan Xiaojun | Visual China Neighborhood by strategy of Getty Images

GUANGZHOU, China — Chinese search big Baidu will raise nearly $3.1 billion in its upcoming Hong Kong secondary itemizing, an particular person accustomed to the matter told CNBC.

Baidu has priced its shares at 252 Hong Kong greenbacks ($32.45), the person talked about.

The know-how big previously launched plans to area 95 million Class A customary shares. At 252 Hong Kong greenbacks per share, Baidu will raise round 23.94 billion Hong Kong greenbacks ($3.08 billion).

In a regulatory filing last week, Baidu talked about it might well perhaps presumably well presumably now now not mark its shares at extra than 295 Hong Kong greenbacks.

Shares will originate trading in Hong Kong on March 23, the provision talked about.

Baidu declined to comment on the pricing and timeline of the deal.

One American depositary share is worth 8 Class A customary shares being issued in Hong Kong, which technique the 252 Hong Kong dollar pricing is a roughly 2.7% cut price to the closing mark of Baidu’s U.S.-listed shares on Tuesday.

Baidu joins a protracted checklist of U.S.-listed Chinese tech corporations that absorb finished secondary offerings in Hong Kong in conjunction with and NetEase. CNBC reported in January that Chinese video streaming firm Bilibili has also filed for a Hong Kong secondary itemizing.

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