{"id":199817,"date":"2021-03-11T20:47:27","date_gmt":"2021-03-11T17:47:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-baidu-plans-3-6-billion-hong-kong-listing\/"},"modified":"2021-03-11T20:47:27","modified_gmt":"2021-03-11T17:47:27","slug":"chinas-baidu-plans-3-6-billion-hong-kong-listing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-baidu-plans-3-6-billion-hong-kong-listing\/","title":{"rendered":"#China’s Baidu plans $3.6 billion Hong Kong listing"},"content":{"rendered":"

“#China’s Baidu plans $3.6 billion Hong Kong listing<\/strong>”<\/p>\n

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\"Baidu
\n Baidu became China’s dominant search engine provider after Google was blocked in 2010 – and in recent years has branched into services including maps and food delivery
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Chinese search engine company Baidu on Thursday said it was seeking as much as $3.6 billion in a secondary listing on the Hong Kong stock exchange.<\/p>\n

Nasdaq-listed Baidu, which said in a filing that it plans to sell 95 million shares for as much as HK$295 ($38.01) per share, is set to become the latest Chinese firm to make a secondary offering in the Asian financial hub.<\/p>\n

Fellow US-listed tech giant JD.com raised almost $4 billion in a blockbuster Hong Kong offering in 2020, amid a wave of Chinese companies eschewing Wall Street because of rising tensions between Washington and Beijing.<\/p>\n

Baidu on Thursday said it intended to use its proceeds from the listing on developing its artificial intelligence and mobile services.<\/p>\n

Baidu, founded in 2000, became China’s dominant search engine provider after Google was blocked in the country in 2010.<\/p>\n

The company has in recent years branched out into services including maps and food delivery, while pouring funds into artificial intelligence app<\/a>lications like autonomous “robotaxis.”<\/p>\n

Baidu said in its filing to the US Securities and Exchange Commission Thursday that its earnings last year had been “significantly affected by the COVID-19 pandemic,” resulting in a five percent year-on-year dip in revenue from online marketing services, its largest revenue source.<\/p>\n

The company said it plans to set the price for its Hong Kong listing by around March 17.\n <\/p>\n\n

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Weibo parent Sina and search engine Sogou latest to delist from US\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n China’s Baidu plans $3.6 billion Hong Kong listing (2021, March 11)
\n retrieved 11 March 2021
\n from https:\/\/techxplore.com\/news<\/a>\/2021-03-china-baidu-billion-hong-kong.html<\/p>\n

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