Baidu Wins Hong Kong Nod For Secondary listing - PingWest

Baidu Wins Hong Kong Nod For Secondary listing

Beijing (PingWest)- Chinese search-engine and artificial intelligence firm Baidu obtained a green light from the Hong Stock Exchange for its secondary listing, Chinese medias reported, citing source familiar with the matter

The secondary listing is expected to raise around USD5 billion and it will take place as soon as this month, CLSA and Goldman Sachs is acting as underwriters on the deal.

Chinese companies raised large amount of financing from IPO on Hong Kong. According to the data compiled by Refinitiv, there were 22 IPO on the Hong Kong Stock Exchange in the first two months of 2021, raising USD9.6 billion in total.

Nearly half of total amount was contributed by Tencent backed short video platform Kuaishou, which made its debut on the Hong Kong Stock Exchange in February.

Another incoming notable listing is video platform Bilibili, which is seeking to raise roughly USD3 billion this month.

Baidu’s IPO plan in Hong Kong came after it announced to build smart electric vehicles via a joint venture deal signed with Zhejing Geely Holding Group.

Baidu announced to set up a new company to manufacture intelligent electric cars, and the new EV company will count on Baidu’s intelligent driving system Apollo and Geely’s car manufacturing expertise and EV modular platform-Sustainable Experience Architecture.

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