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Baidu shares debut in Hong Kong secondary listing

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Robin Li Yanhong, co-founder and chief executive officer of Baidu in Beijing, China in October 2018.

Visual China Group | Getty Images

GUANGZHOU, China — Baidu shares rose just under 1% at the open in the company’s Hong Kong debut Tuesday.

The Chinese technology giant, which is already listed in the U.S., raised $3.1 billion in the Hong Kong secondary listing. Shares pared those gains during morning trade.

Unlike initial public offerings, secondary listings may not be greeted with massive first-day rallies as shares of the company are already trading on another exchange.

The Hong Kong listing is a big moment for Baidu, China’s largest search engine. The company has had a rough couple years…



Source cnbc.com

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