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Baidu Inc. Files Application for Hong Kong Listing

   By Joanne Chiu and P.R. Venkat 
 

Chinese search-engine operator Baidu Inc. has filed a preliminary listing document with the Hong Kong stock exchange, becoming the latest U.S.-listed Chinese company seeking a secondary listing closer to home.

The company, which has already received approval from the Hong Kong stock exchange for a secondary listing, has appointed Bank of America Securities, Citic Securities and Goldman Sachs as joint sponsors for the deal, the document filed late Tuesday showed.

The document didn't provide fund-raising details, such as the size and the timing of the offering.

Baidu's listing plans follow those of many Chinese companies rushing to obtain secondary listings in Hong Kong.

According to Dealogic data, 10 U.S.-listed Chinese companies, including JD.com Inc., NetEase Inc. and Yum China Holdings Inc., have already raised a combined US$29.9 billion since Hong Kong's stock exchange relaxed its rules in 2018.

Autohome Inc., which operates an online New York-listed Chinese online car-selling platform, said Wednesday that it will raise around 3.56 billion Hong Kong dollars (US$458.7 million) ahead of a market debut on March 15. The offer price was fixed at HK$176.30 a share, 30% lower than the maximum offer price it proposed earlier.

Baidu, whose ADRs are listed on Nasdaq, closed nearly 14% higher Tuesday at US$264.28. It had net current assets of US$17.62 billion last year, the document showed.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

March 09, 2021 21:29 ET (02:29 GMT)

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