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Chinese search engine Baidu kicks off scaled-down Hong Kong listing

Company braves tech-sector sell-off to hedge against Wall Street delisting

Baidu is branching out from its mainstay search engine business into areas such as smart devices and autonomous driving.   © Reuters

HONG KONG -- Chinese search engine giant Baidu plans to raise $3 billion through a secondary listing on the Hong Kong market this month, according to a term sheet.

The figure is lower than the $5 billion target that was set before the market sell-off of tech stocks eroded a fifth of the value of the company.

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