Leading Chinese search engine Baidu Inc. (BIDU) is preparing for a secondary listing in the Hong Kong Stock Exchange with an aim of fetching $3.08 billion from the initial public offering.
Sources linked to this matter directly revealed that the company will be pricing its IPO price at HK$252 ($32.45) apiece offering 95 million shares in the IPO.
Previously, the company had revealed its listing documents indicating that it will be pricing its shares at a maximum price of HK$295 ($38.02) per share for each retail investor. This new offering represents 3.4% of the current outstanding shares of Baidu.
Citing the listing documents, one Baidu ADS is equal to 8 of the company’s shares listed on the Hong Kong Stock Exchange. Shares of Baidu will start trading on the Hong Kong Stock Exchange on March 23.
Chinese companies listed in the United States have been seeking a secondary listing in their home market, a trend which was pioneered by Chinese e-commerce giant Alibaba Group Holding Ltd. (BABA) back in 2019.