Chinese internet giant Baidu to list on the Hong Kong Stock Exchange
Chinese internet giant Baidu will debut on the Hong Kong Stock Exchange on March 23, 2021. AP - Mark Schiefelbein
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Already listed on the Nasdaq in New York, the Chinese internet giant Baidu will be listed on the Hong Kong Stock Exchange on Tuesday, March 23.
After a year 2020 marked by the harmful effects of the pandemic, in particular the fall in its advertising revenues, the “Chinese Google” hopes to sell 95 million shares to raise up to 3.6 billion dollars.
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In 20 years of existence, Baidu has become the number one search engine in China, and Baidu has pursued a policy of diversifying its income for several years.
Its core business, the search engine, is the subject of increasing competition with
Tencent
or
ByteDance,
which increasingly captures advertising revenue.
At the same time,
Baidu's
non-core business
revenues
jumped 52% year-on-year in the fourth quarter of last year.
Artificial intelligence in particular.
She was an engine of the group's growth last year and will be even more so in the future.
In particular for the development of services such as mapping, food delivery, or even robot taxis.
Baidu by entering the Hong Kong Stock Exchange hopes to raise up to 3.6 billion dollars precisely to invest in the development of artificial intelligence.
Despite the rather gloomy general economic environment, Chinese tech stocks see Hong Kong as a still attractive place for an IPO.
Last year, in the midst of a pandemic and in the midst of the China-US trade war,
the Chinese online sales group JD.com
, also listed in the United States, had raised some 3.5 billion euros for its debut.
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