HONG KONG (Reuters) – Chinese search engine company Baidu Inc is looking to raise up to $3.03 billion by selling 95 million shares as part of its Hong Kong listing launched Thursday, a filing from the company showed.
The shares will be priced at no more than HK$295 per share for retail shareholders and represent 3.4% of the company’s total shares, it said in documents sent to the Securities and Exchange Commission.
Institutional investors could pay more for the shares, the term sheet showed, without specifying a range.
One Baidu ADR is equivalent to 8 of its Hong Kong shares, the filings show.
(Reporting by Scott Murdoch in Hong Kong and Yingzhi Yang in Beijing; editing by Jason Neely)
