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According to the latest data from China Securities Network, Baidu Hong Kong Margin Trading has temporarily raised HK$42.8 billion, which is 30.5 times oversubscribed. Since the official public offering on March 12, Baidu in Hong Kong has been popular in the market, and individual investors and institutional investors have rushed into the market. Not only that, major brokerages have also reserved sufficient margin for Hong Kong Baidu’s IPO.
Hong Kong Baidu’s prospectus disclosed that Baidu Hong Kong plans to sell 95 million Class A ordinary shares globally this time. Among them, Baidu Hong Kong and International offer shares accounted for 5% (4.75 million shares) and 95% (90.25 million shares) respectively. In addition, Baidu's Hong Kong public offering price will not exceed HK$295 per share.
The 30.5 times oversubscription also means that Hong Kong Baidu has triggered the 9% callback mechanism. According to the clawback mechanism set by Hong Kong Baidu and stated in the prospectus published in Hong Kong: the margin is 15-50 times, and the public offering part of Hong Kong Baidu will be clawed back to 9%, which shows that once the clawback mechanism is exercised , Hong Kong Baidu's share of the Hong Kong stock offering will increase from 5% to 9%. The number of shares for sale will also increase from 4.75 million shares to 8.55 million shares, and the winning rate of new investors will increase accordingly.
Industry insiders pointed out that the most fundamental reason why Baidu's return to Hong Kong for listing has been enthusiastically received by the market is that the progress of its AI business has built confidence in investors.
First of all, Hong Kong's Baidu AI chip has ushered in the latest progress. Kunlun, the AI chip division of Baidu in Hong Kong, has completed a new round of financing, led by CITIC Industrial Fund, with a valuation of approximately US$2 billion. Baidu Hong Kong also confirmed the news in its latest response. According to public information, Baidu Hong Kong Kunlun chip has entered the second generation, and Kunlun 2 is expected to be mass-produced in the first half of 2021.
The three core businesses of Baidu AI are also developing gratifyingly. In terms of intelligent cloud, relying on the differentiated advantages of "integration of cloud and intelligence", Baidu Intelligent Cloud has entered a rapid growth track. The report released by IDC also shows that Baidu Smart Cloud has ranked first in the AI Cloud market for three consecutive times, and ranked first in multiple segments such as image video, NLP (Natural Language Processing), and human body recognition. Self-driving Apollo is also getting better. Data show that as of December 2020, Apollo has accumulated a total of 4.3 million miles of testing and holds 199 Chinese autonomous driving licenses. At the same time, Baidu has signed strategic agreements with 10 leading automakers to empower their passenger vehicles through Apollo self-driving services (including Baidu high-precision maps and self-parking services).
In terms of Xiaodu, Xiaodu Assistant's "breaking the circle" strategy has achieved remarkable results. According to the official data released by Hong Kong Baidu, in December last year, the total number of monthly voice interactions of Xiaodu Assistant reached 6.2 billion times, and the number of monthly voice interactions of Xiaodu Assistant’s first-party hardware devices reached 3.7 billion times, an increase of 66% over the same period last year.
The full blossoming of AI business has also made international investment banks start to face up to the value of Baidu AI. As of February 23, there were 21 securities firms that independently valued Baidu's smart driving business in Hong Kong, and 20 securities firms that independently valued the cloud. Zhongtai International believes that innovative businesses such as cloud computing and intelligent driving will become the future growth engine of Baidu in Hong Kong.
It is worth mentioning that most of the funds raised by Baidu Hong Kong's secondary listing will be invested in technology research and development to promote the commercialization of AI business. It can be said that with the injection of new funds, whether it is smart cloud, smart driving, or AI chips and other AI businesses will usher in brand-new development, and the commercialization process will also be further accelerated.
And this has further strengthened the investment bank's confidence in Hong Kong's Baidu. According to the ratings of investment banks sorted out by Futu on Baidu in Hong Kong, among the 25 investment banks in its statistics, 21 have given ratings such as "buy", "overweight" and "outperform", with target prices mostly ranging from US$300 to US$400. Between USD/share, the median is USD 374/share, which is 22.9% higher than the highest listing price of Baidu Hong Kong stock.
It is reported that after the approval of the Hong Kong Stock Exchange, Hong Kong Baidu will officially start trading on the main board of the Hong Kong Stock Exchange on March 23, with the stock code "9888". Once Baidu is successfully listed in Hong Kong, it means that its development will enter a new era. stage.
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