Chinese tech giant Baidu is seeking to raise $3.5 billion in a Hong Kong stock listing, report says
- Date: 07-Jan-2021
- Source: Business Insider
- Sector:Financial Markets
- Country:Middle East
Chinese tech giant Baidu is seeking to raise $3.5 billion in a Hong Kong stock listing, report says
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.
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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 JD.com 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