On 23 March 2021, Baidu, Inc. (“Baidu”, stock code: 9888.HK) made its secondary listing on the main board of the Stock Exchange of Hong Kong. Baidu issued 95,000,000 shares (subject to over-allotment) at HK$252 per share in the global offering, raising a net amount of about HK$23,682 million (subject to over-allotment).
Founded in 2000, Baidu is a leading AI company with a strong Internet foundation. Pursuing its mission to “make the complicated world simpler through technology”, Baidu focuses on technological innovation. Currently, Baidu’s business is composed of Baidu Core and iQIYI, covering mobile ecosystem, AI cloud, intelligent driving and other fields. The proceeds from the global offering will be used for, among others, continuous investment in technology, enhancing commercialization of innovations centered around AI and further growing Baidu Mobile Ecosystem.
Acted as the PRC counsel to the issuer, King & Wood Mallesons (“KWM”) was fully engaged throughout the project, assisting Baidu in completing the secondary listing by giving full play to its comprehensive advantages to provide professional legal support in connection with anti-monopoly, data security and financial technology based on the needs of the project.