China's Baidu picks CLSA, Goldman for Hong Kong listing
Hong Kong
CHINESE search engine giant Baidu Inc has selected CLSA Ltd and Goldman Sachs Group Inc for its planned second listing in Hong Kong, which could raise at least US$3.5 billion, said people familiar with the matter.
Nasdaq-listed Baidu plans to sell shares in the Asian financial hub as soon as the first half of this year, the sources said, asking not to be identified as the information is not public.
The company could sell about 5-9 per cent of its share capital. This means that the offering could raise at least US$3.5 billion based on its latest market value of almost US$70 billion.
More banks could be added, and details of the offering including timing and size are subject to change, the sources said. Representatives for CLSA and Goldman Sachs declined to comment, while a representative for Baidu had no immediate comment.
Baidu joins a wave of US-listed Chinese enterprises in seeking a trading foothold in Hong Kong amid simmering tensions between the world's two biggest economies.