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HONG KONG (Reuters) - Baidu Inc has raised $3.1 billion in its Hong Kong secondary listing, according to a filing by the Chinese internet search giant.
FILE PHOTO: A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song
New York-listed Baidu said it will sell 95 million shares at HK$252 ($32.45) apiece as part of the transaction.
The deal showed that the desire of Hong Kong’s retail investors to buy into new stock market transactions shows no signs of slowing.
The retail tranche of the deal, which was worth 5% of the total share sale, was about 100 times oversubscribed, sources told Reuters, who added the institutional tranche was covered multiple times.
New York-listed Baidu is selling 95 million shares as part of the transaction. The people could not be named as the information has not yet been made public. Baidu declined to comment on the pricing of the deal. Baidu had previously flagged in its listing documents that the shares would be priced at no more than HK$295 ($38.02) each for retail investors and represent 3.4 per cent of its total shares. The price of HK$252 is a 2.7 per cent discount to Baidu s closing price of $266.78 in New York on Tuesday when its American Depository Shares rose 0.47 per cent. Baidu s New York shares are 23.37 per cent higher so far this year.
2 Min Read
HONG KONG (Reuters) - Baidu Inc has raised $3.1 billion in its Hong Kong secondary listing, according to a filing by the Chinese internet search giant.
FILE PHOTO: A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. REUTERS/Aly Song
New York-listed Baidu said it will sell 95 million shares at HK$252 ($32.45) apiece as part of the transaction.
The deal showed that the desire of Hong Kong’s retail investors to buy into new stock market transactions shows no signs of slowing.
The retail tranche of the deal, which was worth 5% of the total share sale, was about 100 times oversubscribed, sources told Reuters, who added the institutional tranche was covered multiple times.
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