Chinese tech giant Baidu is seeking to raise $3.5 billion in a Hong Kong stock listing, report says

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Baidu is set to go ahead with a second listing in Hong Kong, which could raise up to $3.5 billion for the Chinese tech giant, Bloomberg reported on Thursday. CLSA and Goldman Sachs have been tapped to lead the offering.  The news comes a few weeks after Reuters reported that Baidu is mulling an entrance into the electric vehicle market, sending shares up 25% in less than a month. Visit Business Insider's homepage for more stories. Baidu is heading to Hong Kong for a planned second listing, which could raise 5%-9% of the company's share capital, or up to $3.5 billion, Bloomberg reported on Thursday. The Chinese tech giant tapped CLSA Ltd. and Goldman Sachs Group Inc. for their move to the Asian financial hub. Baidu had been mulling a move to Hong Kong for some time. CEO Robert Li first discussed the idea back in May of 2020, when fellow Chinese tech giant made a similar move, raising $3.87 billion. The news of Baidu's Hong Kong listing comes weeks after Reuters broke the news that Baidu was mulling an entrance into the EV market. The search-engine giant was reported to be in talks with automakers, including Zhejiang Geely Holding Group Co Ltd, Guangzhou Automobile more...