Baidu debuts on Hong Kong Stock Exchange

Chinese search engine giant Baidu debuted on the Hong Kong Stock Exchange on Tuesday. The firm is already listed on the NASDAQ. Analysts believe the secondary offering, closer to home, is motivated by tensions between the US and China.

Baidu says it plans to use the more than 3 billion dollars raised to develop artificial intelligence and self-driving technology.

This is the latest in a string of US-listed Chinese companies going public in Hong Kong. E-commerce giant Alibaba Group did so in 2019.

Chinese firms have been watching the tensions build between Washington and Beijing.

American lawmakers passed legislation last December requiring more scrutiny of foreign companies seeking to list shares in the US. And in January, the New York Stock Exchange delisted three Chinese telecom operators.