Baidu looks to raise US$3.03b in Hong Kong listing

[HONG KONG] Chinese search engine company Baidu is looking to raise up to US$3.03 billion by selling 95 million shares as part of its Hong Kong listing launched Thursday, a filing from the company showed.

The shares will be priced at no more than HK$295 (S$51) per share for retail shareholders and represent 3.4 per cent of the company's total shares, it said in documents sent to the Securities and Exchange Commission.

Institutional investors could pay more for the shares, the term sheet showed, without specifying a range.

One Baidu ADR is equivalent to 8 of its Hong Kong shares, the filings show.

REUTERS