April 17, 2021

Baidu Hong Kong listing to raise at least $3 billion

Robin Li, chief executive officer of Baidu.

Nelson Ching | Bloomberg | Getty Images

GUANGZHOU, China — Baidu will raise at least $3 billion in a Hong Kong secondary listing this month, two people familiar with the matter told CNBC, making it the latest Chinese tech giant to raise money in the financial hub.

The listing will be completed before the end of the month, they said.

Baidu, which is listed in the U.S. on the Nasdaq, will issue 4% of its shares, one of the people said.

The book building process could begin as early as Friday with the final pricing of the shares to be announced toward the end of next week, the person, who spoke on condition of anonymity because the details of deal are not yet public, told CNBC.

Baidu declined to comment when contacted by CNBC.

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