<p>Chinese internet search giant Baidu Inc is set to raise $3.08 billion by pricing its shares at HK$252 ($32.45) each in its Hong Kong secondary listing, according to two sources with direct knowledge of the matter.</p>.<p>New York-listed Baidu is selling 95 million shares as part of the transaction.</p>.<p>The people could not be named as the information has not yet been made public.</p>.<p>The deal showed the desire of Hong Kong's retail investors to buy into new stock market transactions shows no signs of slowing.</p>.<p>The retail tranche of the deal, which was worth 5% of the total share sale, was about 100 times oversubscribed, according to sources, who added the institutional tranche was covered multiple times.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/chinas-baidu-to-sell-around-4-per-cent-of-shares-in-hong-kong-listing-960744.html" target="_blank">China's Baidu to sell around 4 per cent of shares in Hong Kong listing</a></strong></p>.<p>At that rate, 12% of the deal will be sold to those retail investors under the Hong Kong's clawback rules.</p>.<p>Baidu declined to comment on the pricing of the deal and did not immediately respond on the deal's subscription rates.</p>.<p>Demand for margin loans to buy into Baidu's deal also remains strong.</p>.<p>Online broker Futu recorded 90,000 subscriptions from investors to borrow HK$14.7 billion in margin loans, according to a spokesman.</p>.<p>The price of HK$252 is a 2.7% discount to Baidu's closing price of $266.78 in New York on Tuesday when its American Depository Shares rose 0.47%. Baidu's New York shares are 23.37% higher so far this year and gained 4.6% while the Hong Kong bookbuild was underway.</p>.<p>One Baidu ADS is equivalent to eight of its Hong Kong shares, the listing documents showed.</p>.<p>The shares will start trading on the Hong Kong market on March 23.</p>.<p>Baidu is the 15th Chinese company listed in the United States to carry out a so-called homecoming listing since Alibaba Group began the trend in November 2019.</p>
<p>Chinese internet search giant Baidu Inc is set to raise $3.08 billion by pricing its shares at HK$252 ($32.45) each in its Hong Kong secondary listing, according to two sources with direct knowledge of the matter.</p>.<p>New York-listed Baidu is selling 95 million shares as part of the transaction.</p>.<p>The people could not be named as the information has not yet been made public.</p>.<p>The deal showed the desire of Hong Kong's retail investors to buy into new stock market transactions shows no signs of slowing.</p>.<p>The retail tranche of the deal, which was worth 5% of the total share sale, was about 100 times oversubscribed, according to sources, who added the institutional tranche was covered multiple times.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/chinas-baidu-to-sell-around-4-per-cent-of-shares-in-hong-kong-listing-960744.html" target="_blank">China's Baidu to sell around 4 per cent of shares in Hong Kong listing</a></strong></p>.<p>At that rate, 12% of the deal will be sold to those retail investors under the Hong Kong's clawback rules.</p>.<p>Baidu declined to comment on the pricing of the deal and did not immediately respond on the deal's subscription rates.</p>.<p>Demand for margin loans to buy into Baidu's deal also remains strong.</p>.<p>Online broker Futu recorded 90,000 subscriptions from investors to borrow HK$14.7 billion in margin loans, according to a spokesman.</p>.<p>The price of HK$252 is a 2.7% discount to Baidu's closing price of $266.78 in New York on Tuesday when its American Depository Shares rose 0.47%. Baidu's New York shares are 23.37% higher so far this year and gained 4.6% while the Hong Kong bookbuild was underway.</p>.<p>One Baidu ADS is equivalent to eight of its Hong Kong shares, the listing documents showed.</p>.<p>The shares will start trading on the Hong Kong market on March 23.</p>.<p>Baidu is the 15th Chinese company listed in the United States to carry out a so-called homecoming listing since Alibaba Group began the trend in November 2019.</p>