Baidu, Inc.’s HK$23 Billion Secondary Listing

Maples and Calder acted as Cayman Islands counsel to Baidu, Inc.
Baidu was also advised by Skadden, Arps, Slate, Meagher & Flom as to Hong Kong and US laws, and by King & Wood Mallesons as to PRC law. The joint sponsors, Merrill Lynch, CLSA Capital Markets and Goldman Sachs, and the underwriters were advised by Davis Polk & Wardwell as to Hong Kong and US laws, and by Haiwen & Partner as to PRC law.

On 23 March 2021, Baidu, Inc. (9888.HK) made its secondary listing on the main board of the Stock Exchange of Hong Kong. Baidu issued 95,000,000 shares (subject to over-allotment) at HK$252 per share in the global offering, raising a net amount of about HK$23,682 million (subject to over-allotment).

Founded in 2000, Baidu is a leading AI company with a strong Internet foundation. Pursuing its mission to “make the complicated world simpler through technology”, Baidu focuses on technological innovation. Currently, Baidu’s business is composed of Baidu Core and iQIYI, covering mobile ecosystem, AI cloud, intelligent driving and other fields. The proceeds from the global offering will be used for, among others, continuous investment in technology, enhancing commercialization of innovations centered around AI and further growing Baidu Mobile Ecosystem.

The Maples team was led by partners Matt Roberts (Picture) and Derrick Kan. The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and senior vice president Christy Poon.

Involved fees earner: Eastern Fong – Maples and Calder; Derrick Kan – Maples and Calder; Christy Poon – Maples and Calder; Matt Roberts – Maples and Calder;

Law Firms: Maples and Calder;

Clients: Baidu;

Author: Sonia Carcano