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Doris Yu · · 1 min readBaidu’s CEO drives $66b resurgence for the tech giant before Hong Kong listing
“Baidu’s stock offering in Hong Kong Tuesday marks an unlikely resurgence for founder Robin Li, who has fought his way back to relevance in China’s technology industry after squandering a near-monopoly in search,” reported Bloomberg.
Details:
- Li said in an interview with Bloomberg that Baidu will continue to develop in the vehicle market by working with automakers like Geely, as well as hire talent and enhance technology for its AI development. He expects that businesses beyond search and advertising will take up a large portion of the company’s revenue.
- Baidu’s market capitalization reached US$66 billion over the past year, just before its Hong Kong listing. In comparison, it was valued at around US$546 million in December 2019.
Context:
- Baidu traded 1.2% higher on its debut day in Hong Kong, where it raised US$3.1 billion in its secondary listing.
- In the past, Baidu was part of China’s tech trio – along with Alibaba and Tencent, which was known as BAT – but has since fallen behind in the mobile era.
Editing by Collin Furtado and Jaclyn Tiu
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