Baidu Seeks Up to $3.6 Billion in Hong Kong Second Listing
- Search engine giant sets maximum price at HK$295 per share
- Wave of U.S.-listed Chinese firms flocking to Hong Kong
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Search engine giant Baidu Inc. is seeking to raise as much as HK$28 billion ($3.6 billion) in a second listing in Hong Kong, kicking off the second such share sale by a U.S.-traded Chinese firm in the city this year.
Nasdaq-listed Baidu is selling 95 million shares in the offering and has set a maximum price of HK$295 for the portion of the sale reserved for Hong Kong retail investors, it said in a regulatory filing Thursday. That price represents a 19% premium to Baidu’s Wednesday closing price in New York. Baidu rose 6.8% on Thursday.