China’s Baidu closes flat in Hong Kong secondary listing debut HONG KONG: Baidu Inc shares closed flat in their Hong Kong secondary listing debut on Tuesday, bucking a trend of first-day pops on the bourse, as investors were wary of a fundraising flurry in the city and questioned the search company's growth plans. The weakened mood towards Chinese technology offerings was reinforced with video site Bilibili raising a lower-than-expected US$2.6 billion (RM10.7 billion) in its secondary listing. Baidu shares closed at HK$252 (RM134) each which was in line with the price set for the Hong Kong listing which raised US$3.1 billion (RM12.7 billion). Hong Kong's Hang Seng Index lost 1.3% in the session. It was the weakest debut for a US-listed company debut in Hong Kong since Yum China shares dropped 5.3% in their first session in September after raising US$2.2 billion. Baidu’s lacklustre debut contrasted with some of the city’s other major first-day movers in 2021, such as Kuaishou Technology which gained 160% in early February. LightStream Research analyst Shifara Samsudeen said secondary listing debuts were generally not as strong as primary listings, but noted investors were wary of Baidu’s future growth and diversification plans. “We think it will take a few more quarters for the market to duly appreciate Baidu’s efforts in cloud and other initiatives and value the stock as a comprehensive internet stock,“ Samsudeen, who publishes on Smartkarma, told Reuters.