Baidu headed for HK listing, report says

Business | 6 Jan 2020 2:29 pm

China's Baidu is considering an initial public offering in Hong Kong, following the secondary listing of Alibaba, mainland media reported.

The NASDAQ-listed company is China's biggest search engine. 

However, its market capitalization ranking dropped out of the top five mainland internet company as its market value shed around 20 percent last year and posted its first loss since going public in 2005 in May.

Baidu's market cap was US$46.36 billion (HK$361.61 billion) as of previous close in the United States, far less than Tencent (0700) of HK$3.62 trillion and Alibaba of US$582.15 billion.

Hong Kong Exchanges and Clearing (0388) is discussing secondary listings with Chinese technology companies including Trip.com Group and Netease, Bloomberg reported earlier.

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