Baidu kicks off $3.6b Hong Kong listing

HONG KONG - Baidu Inc. started on Friday the retail tranche of its Hong Kong public offering, as the latest US-traded mainland company seeking a secondary listing here.

The search engine giant will raise up to about HK$28 billion ($3.6 billion) through an issuance of 95 million shares. The proceeds will be used for investment in technology and its mobile ecosystem, among others.

Its shares will begin trading on the main board of Hong Kong Exchanges and Clearing Limited (HKEX) on March 23.

Altogether 10 US-traded mainland companies have finished secondary listings in Hong Kong since the HKEX reformed its listing system in 2018.