<p>Chinese search engine giant Baidu Inc will launch its Hong Kong secondary listing on Friday and will sell around 4 per cent of its shares, which at current price will raise at least $3 billion, two sources with direct knowledge of the matter told Reuters.</p>.<p>The sources could not be named as the information has not yet been made public. Baidu declined to comment on the launch.</p>.<p>Baidu shares, listed on the Nasdaq have risen 18.1 per cent so far this year to the current price of $255.14. The peak in 2021 was $339.91 on February 19.</p>.<p>The deal has been ready to launch since at least Tuesday but the New York-listed Baidu has waited for volatility in stock markets to ease, especially in tech shares, before going ahead with it, one of the sources added.</p>.<p>Baidu did not immediately respond to a request for comment on the deal being ready earlier this week.</p>.<p>Advisors have been closely watching the Hang Seng Tech Index, which fell 6.4 per cent on Monday, its largest daily decline since July 16 last year, according to Refinitiv data.</p>.<p>The index rose more than 5 per cent on Thursday but remains down 1.2 per cent for the week as sentiment towards the city's tech stocks stabilise.</p>.<p>Baidu's move is the latest in a steady march of US-listed Chinese companies which have carried out deals in the past year to list in Hong Kong.</p>.<p>There were 12 secondary listings in 2020 which raised $19.06 billion, according to Refinitiv data.</p>.<p>The trend was started by Alibaba in 2019, when it sold $12.9 billion worth of shares in Hong Kong as it looked to diversify away from its sole New York listing</p>
<p>Chinese search engine giant Baidu Inc will launch its Hong Kong secondary listing on Friday and will sell around 4 per cent of its shares, which at current price will raise at least $3 billion, two sources with direct knowledge of the matter told Reuters.</p>.<p>The sources could not be named as the information has not yet been made public. Baidu declined to comment on the launch.</p>.<p>Baidu shares, listed on the Nasdaq have risen 18.1 per cent so far this year to the current price of $255.14. The peak in 2021 was $339.91 on February 19.</p>.<p>The deal has been ready to launch since at least Tuesday but the New York-listed Baidu has waited for volatility in stock markets to ease, especially in tech shares, before going ahead with it, one of the sources added.</p>.<p>Baidu did not immediately respond to a request for comment on the deal being ready earlier this week.</p>.<p>Advisors have been closely watching the Hang Seng Tech Index, which fell 6.4 per cent on Monday, its largest daily decline since July 16 last year, according to Refinitiv data.</p>.<p>The index rose more than 5 per cent on Thursday but remains down 1.2 per cent for the week as sentiment towards the city's tech stocks stabilise.</p>.<p>Baidu's move is the latest in a steady march of US-listed Chinese companies which have carried out deals in the past year to list in Hong Kong.</p>.<p>There were 12 secondary listings in 2020 which raised $19.06 billion, according to Refinitiv data.</p>.<p>The trend was started by Alibaba in 2019, when it sold $12.9 billion worth of shares in Hong Kong as it looked to diversify away from its sole New York listing</p>