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Baidu May Leave Nasdaq to List in Hong Kong, Boost Valuation
Chinese search engine Baidu Inc may delist from the US Nasdaq to boost its valuation and avoid ramifications caused by the increasing tension between the United and China on investments.
Baidu, one of China's earliest US listings, believed it was undervalued on the Nasdaq exchange in New York, with its shares having fallen over 60 percent since peaking in May 2018
Chief Executive Robin Li said that Baidu is wary of the intense scrutiny that US-listed Chinese companies are experiencing, noting that it had numerous listing options outside of the US.
The Beijing-based Baidu, along with Ctrip and NetEase Inc., is exploring a possible listing in Hong Kong Exchanges and Clearing to follow Alibaba in an investor base closer to home.
US-listed Chinese companies are facing increased pressure due to growing tensions between the US and China.
On Wednesday, the US Senate passed a bill that could prevent some Chinese companies from listing on US exchanges without following for US audit and regulation standards.
Baidu has also been facing growing competition from domestic players such as ByteDance, which owns the video-sharing app TikTok and has launched a search engine in China.