Robin Li, CEO of Baidu.
Nelson Ching | Bloomberg | Getty Images
GUANGZHOU, China – Baidu will raise at least $ 3 billion in a secondary listing in Hong Kong this month, two people familiar with the matter told CNBC, making it the latest Chinese tech giant to raise money in the financial center.
The listing will be completed before the end of the month, they said.
Baidu, which is listed in the U.S. on Nasdaq, will issue 4% of its shares, one person said.
The book construction process could begin as early as Friday, with the final share price to be announced at the end of next week, said the person, who spoke on condition of anonymity because the details of the deal have not yet been made public, said to CNBC.
Baidu declined to comment when contacted by CNBC.