Baidu Inc. has added itself to the growing list of Chinese tech companies set to launch mainland IPOs through the issuance of China Depositary Receipts (CDRs), sources told Caixin Global, as China makes a push to energize its capital markets and bring its best firms home.
Listings could come as early as the end of June, the sources said, with Baidu among eight tech powerhouses shortlisted for the CDR program. The receipts, like American Depositary Receipts in the US, would facilitate easier listings on the Chinese stock market by cutting restrictions on metrics such as profitability. Other companies on the list include Alibaba, Tencent, JD.com, and Ctrip.com.
The CDR rules will be open to public comment for a further two weeks.