Finance

Baidu Hong Kong listing to raise at least $3 billion

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Robin Li, chief executive officer of Baidu.

Nelson Ching | Bloomberg | Getty Images

GUANGZHOU, China — Baidu will raise $3.6 billion in an upcoming Hong Kong secondary listing if it prices shares at the upper end of their range.

On Thursday, the Nasdaq-listed Chinese technology giant released its prospectus for the Hong Kong listing. Baidu will issue 95,000,000 Class A ordinary shares priced at no more than 295 Hong Kong dollars or $38.05.

At that top end, Baidu’s net proceeds from the offering will be 27.6 billion Hong Kong dollars or $3.6 billion.

The banks underwriting the listing also have the option to purchase up to 14,250,000 more shares. That would take net proceeds from the deal to…



Source cnbc.com

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