Baidu Reportedly Considering Hong Kong Listing
The Chinese search engine giant joined NetEase and Trip.com in considerations for a listing in the protest-ridden city to follow in the footsteps of Alibaba.
Baidu Inc. (Nasdaq: BIDU) has joined a slew of U.S.-listed Chinese tech companies eyeing a secondary offering in Hong Kong, according to reports by various media.
The company has hired representatives in Hong Kong, as the South China Morning Post reported on Tuesday.
The news followed earlier reports that China giants Trip.com Group Ltd. (Nasdaq: TCOM) and NetEase Inc. (Nasdaq: NTES) were in talks with Hong Kong Exchanges & Clearing Ltd. for a homecoming offering.
In November, Alibaba (NYSE: BABA; HKEX: 9988) paved the way by celebrating a $13 billion offering in the city despite the ongoing anti-government protests. The offering was the largest in Hong Kong since 2010. Now, the stock exchange is turning heads after the U.S. rhetoric has become hostile toward China listings.
Baidu, China's top search engine, raised $109.1 million in its initial public offering in New York in 2005 for shares priced at $27 apiece. Last year, the company, which also develops self-driving cars and delivers various internet-related services, posted its first losses since IPO – for the first and third quarters.
Baidu's subsidiary, video streaming platform iQiyi Inc. (Nasdaq: IQ), debuted in March 2018, raising $2.25 billion.
The stock in Baidu closed Wednesday at $137.83 per American depositary share, $1.13 higher.