Jan 07, 2020 (China Knowledge) - China’s internet giant Baidu (BIDU) is reported to be planning a secondary listing on the HKEx. Baidu is listed on NASDAQ in 2005, and market capitalization currently stands at over USD 47 bln.
According to listing regulations on HKEx, companies with at least two years of listing status on NYSE or NASDAQ, or under premium listing status on LSE, are qualified for a secondary listing in Hong Kong.
Baidu’s plans for a secondary listing on HKEx come after Alibaba’s (BABA) recent USD 13 bln secondary listing in Hong Kong last Nov which saw its value topping USD 400 bln to become the largest in the local bourse. The secondary listing will help Baidu raise additional funds and likely to increase market capitalization, following a tough 2019 which saw the company posted its first loss Q1 last year, its first ever quarterly loss since listing.
With increasing competition from other tech giants such as ByteDance and Tencent, Baidu’s plans for the secondary listing may help to boost the company’s lull performance.
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