Chinese tech giant Baidu to raise at least $3 billion in Hong Kong listing this month

cnbc2021-03-11

KEY POINTS Baidu will raise at least $3 billion in a Hong Kong secondary listing this month, two people familiar with the matter told CNBC. Baidu, which is listed in the U.S. on the Nasdaq, will ...

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They include Alibaba,JD.com and NetEase. CNBC reported in January that Chinese video streaming companyBilibilihasalso filed for a Hong Kong secondary listing.\nThese listings have transformed the Hong Kong stock exchange into an attractive place for Chinese tech companies to raise capital.\nMeanwhile, tensions between the U.S. and China have pushed some Chinese firms to look at secondary listings closer to home. In December, former U.S. President Donald Trump signed legislation that threatened to delist firms that do not comply with American auditing standards.\nDiversification plans\nBaidu could also be taking advantage of a huge 128% rise in its shares in the last 12 months in order to raise capital.\nWhile it has traditionally been known for its search and advertising business, Baidu has more recently looked to diversify.\nThe company has been focusing on its autonomous car business and is setting up standalone companies. CNBC reported in February that Baidu is looking to raise money for an artificial intelligence semiconductor company.\nBaidu also set up a standalone electric vehicle business with automaker Geely and is raising money for a biotechnology company.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":8,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1198042327"}