Nasdaq Baidu to List on Hong Kong Stock Exchange This Month

[Asia Economy Reporter Yujin Cho] The Hong Kong Stock Exchange has approved the new listing of Baidu, China's largest search engine company, on the Hong Kong market, South China Morning Post (SCMP) reported on the 4th (local time).

According to the report, Baidu, which is listed on the U.S. Nasdaq, is expected to have a secondary listing on the Hong Kong Stock Exchange within this month. Although SCMP did not specify the exact listing date, Bloomberg reported that trading could begin as early as next week.

Baidu, listed on the U.S. Nasdaq, has been rushing to secure a secondary listing on the Hong Kong Stock Exchange to obtain new funding sources amid increased U.S. government sanctions, such as the New York Stock Exchange's delisting of China's three major telecom companies earlier this year.

Baidu expects to raise up to $3.5 billion (approximately 3.95 trillion KRW) through this secondary listing on the Hong Kong Stock Exchange.

Baidu's net profit last year was 22.5 billion yuan (approximately 3.9 trillion KRW), more than ten times the previous year's 2.1 billion yuan.

After announcing the earnings last month, Baidu's co-founder and chairman Robin Li said during a conference call, "This year, Baidu will establish itself as a leading AI-related company with a strong internet foundation to dominate the huge markets of cloud services, autonomous driving, smart transportation, and AI."

Baidu, listed on Nasdaq, closed the day at $260.59, down sharply by 6.20% due to the rise in U.S. Treasury yields.

This content was produced with the assistance of AI translation services.