Baidu plans to convert its Hong Kong listing into a dual-primary listing this year, sitting alongside its U.S. listing. The company told regulators the move should deepen liquidity and widen its investor base while it hunts for growth in AI and autonomous driving.
Baidu is moving to convert its Hong Kong listing into a dual-primary listing that stands alongside its U.S. shares, the company said in a filing on Thursday. The Beijing-based search company expects the change to take effect this year.
Its shares and American depositary receipts will keep trading on both exchanges and stay mutually fungible. Baidu told regulators the dual-primary structure is likely to enhance the liquidity of its securities, broaden its investor base and give it more flexibility in reaching both capital markets.
The company first went public on the Nasdaq in 2005, then added a secondary listing in Hong Kong in 2021. Once described as China's answer to Google, Baidu faces competition from larger technology firms and AI startups and has been searching for new growth engines in areas such as autonomous-driving technology and artificial intelligence.
Alibaba Group converted its own Hong Kong listing to a primary listing in 2024, giving it dual-primary status in Hong Kong and New York.
Source: MarketScreener
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