Baidu to issue CDRs, media claims

Updated 2018-03-27 10:48:04

Chinese internet search giant Baidu Inc will issue Chinese depositary receipts in June, making it one of the first batch to come back to the A-share market via the CDRs, according to a report by tech.163.com, NetEase's online news portal, on Monday.

CDRs, similar to American depositary receipts, are certificates that allow investors to hold shares listed across borders.

Baidu did not confirm the report.

However, the Nasdaq-listed company expressed its support for returning to the mainland stock market, and its chairman Robin Li said during the two sessions, which concluded last week, that he was hopeful that his company would be able to list on the domestic stock exchanges as its major users and markets are in China, and it would be ideal if the major shareholders also are in China.

"Whenever the policy allows Baidu to come back, we certainly hope that we can return to the domestic stock market as soon as possible," Li added.

China's high-tech titans Alibaba and JD are also expected to issue CDRs in June, as Chinese business magazine Caixin reported earlier.

At the China (Shenzhen) IT Summit on Sunday, Pony Ma Huateng, chairman and CEO of the Chinese internet giant Tencent, indicated his support for the company's listing on Chinese mainland bourses, and said he has discussed Tencent's A-share flotation during the two sessions.

And other Tech firms -- such as Chinese game developer NetEase Inc, Chinese search engine Sogou Inc and major online marketplace operator 58.com -- are among a host of firms interested in a secondary listing at home.

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