HONG KONG: Chinese search engine Baidu debuted on Hong Kong’s stock exchange Tuesday after raising $3.1 billion in its initial public offering, the latest mainland tech giant to flock to the financial hub.
Shares rose a modest 0.8% to HK$254 from their listing price of HK$252 after the market opened.
Over the past 18 months Hong Kong has seen a flurry of Chinese tech firms hold IPOs in the city, part of a drive to list closer to home as relations between Beijing and Washington sour.
Until the recent trade tensions, New York tended to be the favoured place for those companies to raise international capital.
But now Hong Kong is dominant, something Beijing’s authoritarian leaders have…
