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The Baidu Inc. logo is displayed at the company’s headquarters on July 3, 2019 in Beijing, China.
Wan Xiaojun | Visual China Group via Getty Images
GUANGZHOU, China – Chinese search giant Baidu will raise nearly $ 3.1 billion in its next secondary listing in Hong Kong, a person familiar with the matter told CNBC.
Baidu has priced its shares at HK $ 252 ($ 32.45), the person said.
The tech giant previously announced plans to issue 95 million Class A common shares. At HK $ 252 per share, Baidu will raise about HK $ 23.94 billion ($ 3.08 billion).
In a regulatory filing last week, Baidu said it would not price its shares at more than HK $ 295.
The shares will begin trading in Hong Kong on March 23, the source said.
Baidu declined to comment on the price and timing of the deal.
A US depositary share is worth 8 Class A common shares that are issued in Hong Kong, which means that the price of 252 Hong Kong dollars is a discount of approximately 2.7% on the closing price of Baidu shares that they are listed in the United States on Tuesday.
Baidu joins a long list of US-listed Chinese tech companies that have made secondary offerings in Hong Kong, including Alibaba, JD.com, and NetEase. CNBC reported in January that Chinese video streaming company Bilibili also requested a Hong Kong sublist.
