China’s leading search engine, Baidu, has raised $1 billion in a bond sale that enjoyed strong investor appetite despite the company’s shares taking a hit from Beijing’s regulatory crackdown on tech groups, reports the FT.
The debt sale was hugely oversubscribed, attracting between $5 billion and $6 billion of orders, according to two bankers who worked on the deal that spoke to the FT.
The dollar debt issuance comes as Chinese authorities have engaged in a sweeping 10-month campaign targeting the country’s largest technology companies. Baidu’s shares are down by a third this year, while on Thursday the Hong Kong-listed stock of Alibaba fell to its lowest level since the ecommerce group’s secondary listing in the city in 2019.
You must log in to post a comment.