According to Hong Kong Stock Exchange documents, Baidu has passed the hearing for its secondary listing on the Hong Kong Stock Exchange. The news sent Baidu’s US stock to a nearly 6% surge before the market on March 9.
Baidu reportedly obtained the secondary listing approval from the Hong Kong Stock Exchange on March 4, and will begin accepting investors’ approval next week.
Earlier, it was reported that Baidu had passed the listing hearing and would formally complete its second listing on the Hong Kong Stock Exchange in March, with a fundraising scale of up to $5 billion (approximately HK$39 billion), led by Bank of America, CLSA, and Goldman Sachs.
Baidu was listed on Nasdaq in the United States on August 5, 2005 with an opening price of $66 per share. In the following years, Baidu’s stock price experienced several ups and downs, reaching its highest intraday price of $354.82 per share on February 22 this year.