, the tech giant that operates China’s leading web search engine and is majority owner of the iQIYI streaming platform, is reported to be seeking $3.5 billion through a secondary share listing in Hong Kong.
The possible development coincided with news that the New York Stock Exchange had changed policy for the second time in a week, confirming that it will go ahead with the delisting of China’s three largest telcos in response to a November executive order from U.S. president. Baidu has been listed on the NASDAQ exchange since 2005 and currently has a market capitalization of $71 billion.
The Trump regime has signed off on legislation that would disbar foreign firms unless they open their books to U.S. financial auditors. Trump also used executive orders to stop U.S. firms from investing in companies with connections to the Chinese military, to force the sale of part Chinese-owned TikTok, and to bar Americans from using Chinese payment apps including Alibaba’s AliPay and Tencent’s WeChat Pay.
Until a few years ago, Baidu was frequently bracketed with Alibaba and Tencent as a trio of Chinese tech leaders, commonly known as “BAT.” The company has stumbled, become too heavily dependent on advertising revenue, and fallen behind its two compatriots of late. It sees itself catching up through investments in artificial intelligence, cloud computing and electric vehicles.
How many Fentanyl overdose deaths are we going to take before we decouple from China? All businesses in China are controlled by the CCP government. They ship billions of fatal doses of Fentanyl to the USA.
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