Chinese internet group Baidu is selling new shares as part of starting a second listing on the Hong Kong stock market. The international and Hong Kong offering totals 95 million shares, priced at HKD 252 each. This gives the company total proceeds of HKD 23.94 billion.
Eight of the shares are equivalent to one of the company's American depositary shares listed on the Nasdaq. This means the offer price translates to around USD 260 per share, a small discount to the company's last closing price in New York.
Subject to approval from the Stock Exchange of Hong Kong, Baidu shares are expected to start trading there on 23 March. An over-allotment of 14.25 million shares is available for another 30 days if demand warrants.
