Communication, Technology Author: Qasim Khan Mar 23, 2021 11:12 AM (GMT+8)

The stock was indicated at HKD 255 in pre-trading market prices on Monday, versus its offering price of HKD 252 each.

Baidu

The search engine went public on the Hong Kong stock exchange today after being listed on NASDAQ for almost 15 years. 

The share price opened 0.79% higher on the first day with HKD 254 per share with an issuance price of HKD 252 per share. The net fundraising amount was HKD 23.68 billion. Its also worth mentioning that if the over-allocation rights are exercised, an additional HKD 3.56 billion will be raised.

It sold 95 million shares at HKD 252 each in its secondary listing, compared with its high-end marketing target of HKD 295.

Baidu's listing comes at a time when sentiment on technology companies has soured on valuation concerns. The Hang Seng Tech Index has declined 22% from a February 17 high, while Baidu has slumped by as much on Nasdaq from its February 19 high.

According to the firm, American depositary 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 ADS. After listing, the shares listed in Hong Kong will be fully convertible with the ADS listed on NASDAQ.