Chinese language tech big to boost $3.1 billion

The Baidu Inc. brand is displayed on the corporate’s headquarters on July 3, 2019 in Beijing, China.

Wan Xiaojun | Visible China Group through Getty Pictures

GUANGZHOU, China — Chinese language search big Baidu will elevate almost $3.1 billion in its upcoming Hong Kong secondary itemizing, an individual conversant in the matter informed CNBC.

Baidu has priced its shares at 252 Hong Kong {dollars} ($32.45), the particular person stated.

The know-how big beforehand introduced plans to difficulty 95 million Class A atypical shares. At 252 Hong Kong {dollars} per share, Baidu will elevate round 23.94 billion Hong Kong {dollars} ($3.08 billion).

In a regulatory submitting final week, Baidu stated it will not worth its shares at greater than 295 Hong Kong {dollars}.

Shares will begin buying and selling in Hong Kong on March 23, the supply stated.

Baidu declined to touch upon the pricing and timeline of the deal.

One American depositary share is value 8 Class A atypical shares being issued in Hong Kong, which implies the 252 Hong Kong greenback pricing is a roughly 2.7% low cost to the closing worth of Baidu’s U.S.-listed shares on Tuesday.

Baidu joins a protracted listing of U.S.-listed Chinese language tech firms which have completed secondary choices in Hong Kong together with Alibaba, and NetEase. CNBC reported in January that Chinese language video streaming firm Bilibili has additionally filed for a Hong Kong secondary itemizing.

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