China’s Baidu to sell around 4% of shares in HK listing: sources

China’s Baidu to sell around 4% of shares in HK listing: sources

News: China’s Baidu to sell around 4% of shares in HK listing: sources.

HONG KONG (Reuters) – Chinese search engine giant Baidu Inc will launch its secondary listing in Hong Kong on Friday, selling around 4% of its shares, raising at least $ 3 billion at current price, two sources with direct knowledge of the matter told Reuters.

The sources could not be named as the information has not yet been published. Baidu declined to comment on the launch.

The Baidu shares listed on the Nasdaq have so far risen by 18.1% to the current price of USD 255.14 this year. The high in 2021 was $ 339.91 on February 19.

The deal has been ready to go since at least Tuesday, but New York-listed Baidu has been waiting for volatility in equity markets, particularly tech stocks, to subside before moving on, added one of the sources.

Baidu did not immediately respond to a request for comment on the deal, which was completed earlier this week.

Advisors have been watching the Hang Seng closely Tech The index, which fell 6.4% on Monday, is the largest daily decline since July 16 last year, according to refinitive data.

The index rose more than 5% on Thursday but lagged 1.2% over the week as sentiment stabilizes over the city’s tech stocks. Baidu’s move is the latest in a steady march of US-listed Chinese companies that closed deals last year to be listed in Hong Kong. There were 12 secondary listings in 2020, grossing $ 19.06 billion, according to refinitive data. The trend was started by Alibaba in 2019 when the company sold $ 12.9 billion worth of shares in Hong Kong to move away from its only New York listing.

Reporting by Scott Murdoch in Hong Kong and Yingzhi Yang in Beijing; Adaptation by Ana Nicolaci da Costa

Original Source © Reuters

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