Chinese search engine giant Baidu plans to raise at least $3.5 billion in a secondary listing in Hong Kong as early as March, according to Reuters-owned media outlet IFR.
Baidu plans to submit an application for the listing after the Chinese New Year, and has now identified Goldman Sachs and CITIC Securities as its sponsor team, according to reports last week.
Baidu was listed in the Nasdaq in 2005, and the stock closed up 0.33% on Friday.
On January 11, Baidu announced its first big move in recent years - the formation of an intelligent electric vehicle company with Geely Holding Group.
Baidu will lead the company and integrate its artificial intelligence, Apollo Autonomous Driving, Apollo OS, Baidu Maps and other technologies with this new car company.
In the past two months, Baidu's stock price has risen nearly 90 percent. As of the close of trading on January 22, Baidu's market capitalization exceeded $86 billion, returning to its peak of three years ago.
In Monday's pre-market trading session, Baidu rose 3.39 percent to $261.31.
(Source: Google Finance)