China’s Baidu Picks CLSA, Goldman for Hong Kong Listing
- Search giant aiming to raise at least $3.5 billion in listing
- U.S.-listed Chinese firms raised $17 billion in city last year
The Baidu Developers Conference in Beijing.
Photographer: Gilles Sabrie/BloombergThis article is for subscribers only.
Chinese search engine giant Baidu Inc. has selected CLSA Ltd. and Goldman Sachs Group Inc. for its planned second listing in Hong Kong, which could raise at least $3.5 billion, according to people familiar with the matter.
Nasdaq-listed Baidu plans to sell shares in the Asian financial hub as soon as the first half of this year, the people said, asking not to be identified as the information isn’t public. The company could sell about 5% to 9% of its share capital, meaning the offering could raise at least $3.5 billion based on its latest market value of almost $70 billion.