Chinese search giant Baidu (NASDAQ: BIDU) refused yesterday a report by Reuters indicating that the firm is considering delisting its stocks from the Nasdaq Stock Market to seek an exchange closer to China, citing confidential sources.
“It is just a rumor,” Baidu said to local media 36Kr, without adding major information.
According to Reuters, Baidu, which went public on Nasdaq in 2005, has been in talks with some trusted advisers to see appropriate ways to proceed with the delisting, in a move to boost its valuation amid growing tension between the United States and China.
Baidu’s stock rose 1.39% to USD 110.03 per share after Baidu’s denial, valuing the firm at USD 30 billion. However, the company’s shares have fallen more than 60% since its peak in May 2018.
In January, the firm reportedly conducted an internal assessment to consider a secondary listing on the Hong Kong Stock Exchange, South China Morning Post wrote.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.