Chinese tech giant Baidu is set to raise at least $ 3 billion in Hong Kong this month
Robin Li, General Manager of Baidu.
Nelson Ching | Bloomberg | Getty Images
GUANGZHOU, China – Baidu will raise at least $ 3 billion on a secondary listing in Hong Kong this month, two people familiar with the matter told CNBC, making it the newest Chinese tech giant to raise money in the financial center.
The listing will be completed before the end of the month, they said.
Baidu, which is listed on the Nasdaq in the US, will issue 4% of its shares, one respondent said.
The book-making process could begin as early as Friday with final stock pricing, which will be announced late next week. This was announced by the person on CNBC, who spoke on condition of anonymity as the details of the deal are not yet public.
Baidu declined to comment when contacted by CNBC.