Baidu seeks dual-primary listing in HK and US within a year

Baidu (9888) said on Thursday that its board of directors approved a motion to pursue the voluntary conversion to dual-primary listing on the main board of the Stock Exchange of Hong Kong, a move to seek a wider and more diversified investor base.

Upon completion, which is expected to become effective within this year, the company will become a dual-primary listed company on HKEX and the Nasdaq Global Select Market.

Baidu's Class A ordinary shares and American depositary shares will continue to be traded on both stock exchanges and remain mutually fungible, it added.

Dual-primary listing means both capital markets are primary listing places of the firm, and delisting from one market does not affect the company's listing status in the other. If the company has been listed on the US market, it will be listed on the Hong Kong market in accordance with the rules of the local market.

If the plan processes successfully and the firm can fulfill the requirements to be included in the Southbound Stock Connect, it's expected to catch up with the adjustment of eligible stocks for southbound trading in September.

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