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Home Technology & Startups

Baidu Seeks $2 Billion in Bonds Exchangeable Into Trip.com Shares

March 7, 2025
in Technology & Startups
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(Bloomberg) — Chinese technology firm Baidu Inc. raised $2 billion in a sale of bonds exchangeable into the Hong Kong shares of online-travel agency Trip.com Group Ltd., matching the biggest ever dollar offering in the format by an Asian issuer.

Most Read from Bloomberg

The exchangeable bonds are due in 2032, Baidu said in a statement Friday. The Beijing-based search engine operator said it plans to use proceeds from the offering to repay debt, pay interest and spend on general corporate purposes.

The bonds, which carry zero coupon, priced at an exchange premium of about 43% over the price of HK$491 per Trip.com share set in a related private transaction, the release showed. Trip.com shares closed at HK$511.50 each in Hong Kong on Friday.

The deal came after Baidu this week sold 10 billion yuan ($1.4 billion) of bonds outside of mainland China in its first debt issuance since 2021. Baidu is among Trip.com’s major shareholders.

Baidu has become just the latest in a string of companies making the most of a rally in Chinese stocks to raise cash. Earlier this week, electric-vehicle maker BYD Co. raised $5.6 billion in a share sale that was Hong Kong’s biggest in nearly four years.

DeepSeek’s artificial-intelligence breakthrough has fueled a stock-buying frenzy in Chinese stocks. The tech sector got another boost this week after Beijing said at the National People’s Congress that it would support the extensive application of large-scale AI models and the development of new-generation intelligent terminals and manufacturing equipment.

Still, Baidu’s shares have missed out on much of the move: Its Hong Kong-listed stock is up 9.8% this year, underperforming the 35% gain in the Hang Seng Tech Index over the same period.

Baidu last month reported its third straight quarterly revenue drop, underscoring concerns its internet search and AI businesses are buckling under fierce competition.

JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp. arranged the exchangeable bond, the terms show. The bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange.

(Updates with pricing in third paragraph and additional details in final paragraph.)

Most Read from Bloomberg Businessweek

Tags: BaiduBloombergChinese stocksHong KongTrip.com Group Ltd.
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