Baidu priced its Hong Kong IPO at HK $252 per share, below the price ceiling of HK $295 per share.
According to the Hong Kong Economic Times, as of March 16, the margin of Baidu’s Hong Kong share offering was HK $44.41 billion, which was 30.7 times oversubscribed.
According to the prospectus, Baidu plans to sell 95m Class A common shares globally, raising up to $4.1bn if it oversells all of its rights.
About 50% of the money raised by Baidu’s IPO will be used to continue to invest in technology and strengthen the commercialization of AI-centered innovation; The other 40 percent will be used to further develop Baidu’s mobile ecosystem.
In Q4 last year, Baidu reported revenue of 30.3 billion yuan and net profit (non-US GAAP) of 6.9 billion yuan in 2020, exceeding market expectations for four consecutive quarters.
In terms of specific businesses, Baidu’s core business, which includes advertising and AI innovation, posted revenue of 23.1 billion yuan, up 8 percent month-on-month. Among them, AI innovation business generated 4.2 billion yuan in revenue, up 52 percent year on year.
New AI businesses, represented by intelligent cloud, intelligent driving and other cutting-edge businesses, are becoming a new engine driving Baidu’s medium – and long-term growth, Baidu said.
Go to Hong Kong to appear on the market on the opportunity, baidu is just in fast hand and B station two new generation company among. As an Internet pioneer, Baidu also wants to tell a new story.
In 2005, Baidu listed on Nasdaq as the world’s largest Chinese-language search engine company. For a long time after that, Baidu relied on advertising to generate revenue and support its market value.
The return to Hong Kong listing, Baidu for the first time raised the “AI ecological company” brand, stressed that it will seize the cloud services, intelligent transportation, intelligent driving and other artificial intelligence market opportunities.