Robin Li, chief executive officer of Baidu.

Nelson Ching | Bloomberg | Getty Images

GUANGZHOU, China — Baidu will raise $3.6 billion in an upcoming Hong Kong secondary listing if it prices shares at the upper end of their range.

On Thursday, the Nasdaq-listed Chinese technology giant released its prospectus for the Hong Kong listing. Baidu will issue 95,000,000 Class A ordinary shares priced at no more than 295 Hong Kong dollars or $38.05.

At that top end, Baidu’s net proceeds from the offering will be 27.6 billion Hong Kong dollars or $3.6 billion.

The banks underwriting the listing also have the option to purchase up to 14,250,000 more shares. That would take net proceeds from the deal to 31.8 billion Hong Kong dollars, or $4.1 billion.

Final pricing for the shares will partly be determined by the price of Baidu’s U.S.-listed shares on the last trading day before the pricing of the global offering, which is expected to be on or about Mar. 17, the company said.

Earlier in the day, CNBC reported Baidu will raise at least $3 billion, citing two people familiar with the matter.

The listing will be completed before the end of the month, they said.

The book building process could begin as early as Friday with the final pricing of the shares to be announced toward the end of next week, the person, who spoke on condition of anonymity because the details of deal are not yet public, told CNBC.

Baidu declined to comment when contacted by CNBC.

Diversification plans


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