Baidu today's Hong Kong secondary listing plans to raise 23.94 billion Hong Kong dollars
News from our newspaper (Reporter Wen Jing) On March 23, Baidu will be listed on the Hong Kong Stock Exchange for the second time.
Baidu’s offer price in Hong Kong is set at HK$252, and the total funds raised from the global offering are estimated to be approximately HK$23.94 billion.
Yesterday, Baidu stated in an announcement that the Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering have been significantly oversubscribed, with a total of 532 million Hong Kong Offer Shares subscribed, which is equivalent to the initial available subscription of 4.75 million Hong Kong Offer Shares under the Hong Kong Public Offering The total number of shares is approximately 112 times.
Since the over-subscription of the Hong Kong Public Offering is equivalent to more than 100 times the total number of initial offer shares available for subscription under the Hong Kong Public Offering, according to Baidu's setting and according to the reversal mechanism described in the prospectus published in Hong Kong: the prospectus exceeds 100 Times, the Hong Kong public offering part will be reversed to 12%, so 6.65 million offer shares have been reallocated from the international offering to the Hong Kong public offering.
The final number of Offer Shares under the Hong Kong Public Offering was increased to 11.4 million Offer Shares, equivalent to approximately 12% of the total number of Offer Shares initially available for subscription under the Global Offering (before any over-allotment options were exercised).
In terms of international subscriptions, the announcement showed that the initial offer shares under the international offering were oversubscribed, equivalent to approximately 10 times the total number of initial offer shares available for subscription under the international offering.
Previously, based on the popularity of the market, Baidu has granted international underwriters to exercise over-allotment rights at any time from March 17 to 30 days after that, and can request Baidu to issue up to 14.25 million additional shares at the offer price, that is Not exceeding 15% of the total number of offer shares initially available for subscription under the Global Offering.
On March 11, Baidu announced its plan to list its global offering shares on the main board of the Hong Kong Stock Exchange. The plan is part of the global offering and listing of 95 million Class A ordinary shares (offer shares or shares) of the company.
Baidu said that Baidu's American depositary shares (each ADS represents 8 shares) will continue to be listed and traded on the Nasdaq.
During the offering process, investors will only be able to purchase ordinary shares instead of American depositary shares. After listing, the shares listed in Hong Kong will be fully convertible with the American depositary shares listed on NASDAQ.
On the evening of March 17, Baidu's documents published on the Hong Kong Stock Exchange showed that the final offer price for both the international offering and the Hong Kong public offering has been determined to be HK$252.00 per offer share. Subject to the approval of the Hong Kong Stock Exchange, Class A ordinary shares are expected to begin trading on the main board of the Hong Kong Stock Exchange under the stock code "9888" on March 23, 2021. Excluding underwriting fees and offering expenses, the total amount of funds raised from the company's global offering is estimated to be approximately HK$23.94 billion under the unexercised over-allotment option. The Hong Kong Futures Exchange announced the launch of the Baidu Group Co., Ltd. stock futures contract. If the relevant stocks are successfully listed, new stock futures contracts will begin trading on the same day.