Gridsum Announces Equity Investment
BEIJING, Feb. 28, 2019 /PRNewswire/ --
Gridsum Holding Inc. (Nasdaq: GSUM), which provides cloud-based analytics and artificial intelligence solutions, said today that it entered into a share subscription agreement with unidentified equity investment firms, which have agreed to invest about $11.1 million into the company. The Beijing-based company said the investment would occur through the sale of 3.46 million newly issued Class B ordinary shares priced at $3.20 per share. Gridsum, which provides big-data analytics and AI solutions for multinational enterprises and government agencies in China, was selling for $3.84 per share, up nearly 1 percent, in mid-afternoon trading in New York.
China February Factory Activity Shrinks for Third Straight Month
BEIJING (Reuters) - Factory activity in China shrank for the third straight month in February, with its official manufacturing gauge falling to a three-year low, highlighting deepening cracks in an economy facing persistently weak demand at home and abroad.
The official Purchasing Manager's Index (PMI) fell to 49.2 in February, data showed on Thursday, the weakest level since February 2016. The 50-point index mark separates expansion from contraction on a monthly basis.
Analysts surveyed by Reuters had forecast the PMI to come in at 49.5, unchanged from January.
Economic growth in China cooled to its weakest in almost three decades in 2018, and analysts expect a further softening in coming months before stimulus measures start to kick in. Many fear a sharper slowdown in the world's second-biggest economy if current Sino-U.S. trade talks fail and the dispute escalates.
Pharma Provider 111 Inc. Hires Former CFO of iKang, Now Private
Pharma retailer 111 Inc. (Nasdaq: YI) announced Wednesday that it has brought onboard a new chief financial officer, Yang Chen, who has just left the same position at iKang Healthcare Group Inc., a Chinese private preventive healthcare company.
Yang Chen, new CFO at 111 Inc.
Previously, Chen served as vice president of finance and strategy at Campbell Soup Asia Limited and Lee Kum Kee Sauce Group and held various senior roles with Dumex China, PepsiCo Greater China Region, and Wyeth China.
“Yang has extensive leadership experience in financial management, strategy, and capital markets, which makes him a great addition to the team as we continue to drive forward and execute our mission of building the largest integrated online and offline healthcare platform in China powered by technology,” the chairman and chief executive officer of 111, Junling Liu, said in a statement today.
Shares in 111 were trading down 3 cents early Wednesday, at $8.72 per American depositary share.
IKang, formerly listed on the Nasdaq under the symbol “KANG,” closed its going-private deal in January by merging with IK Healthcare Merger Ltd. in accordance to its plan announced in March 2018.
Wanda Group's AMC Entertainment Declares Dividend
AMC Entertainment Holdings Inc. (NYSE: AMC), which is controlled by the Wanda Group in Beijing, announced today it declared a dividend for the quarter ended Dec. 31 of 20 cents per share on shares of Class A and Class B common stock. The dividend is payable in cash on March 25, 2019, to shareholders of record on March 11, 2019.
Trump Says March 1 Deadline for China Trade Talks Not "Magical" Date
WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date.
Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if the world's two largest economies do not settle their trade dispute, but Trump has suggested several times that he would be open to postponing the deadline.
"They are very complex talks. They're going very well," Trump told reporters in the Oval Office. "I can't tell you exactly about timing, but the date is not a magical date. A lot of things can happen."
Trump said the real question would be whether the United States would raise the tariffs as planned.
"I know that China would like not for that to happen, so I think they're trying to move fast so that doesn’t happen."
On Tuesday, the United States and China launched a new round of talks in Washington, with follow-up sessions later in the week. The negotiations followed a week of talks in Beijing that ended last week without a deal but which officials said had yielded progress on some key issues.
Secoo Announces Michele Sofisti as the Strategic Advisor for Luxury Watch and Jewelry Business
Secoo Group (Nasdaq: SECO) today announced that Mr. Michele Sofisti joins Secoo as the strategic advisor for Secoo's luxury watch and jewelry business. His joining will further enrich Secoo's luxury watch and jewelry categories and enhance the leading positioning of Secoo in China as a luxury e-commerce platform.
Cango Inc. Announces Changes to Board of Directors
Cango Inc. (NYSE: CANG), an automotive transaction service platform in China, today announced that Mr. Zuyu Tan and Mr. Weibiao Zhanhave tendered their resignations as directors of the company's board of directors for personal reasons. Their resignations were effective as of February 14, 2019.
Vipshop to Announce Fourth Quarter and Full Year 2018 Financial Results
Vipshop Holdings Ltd. (NYSE: VIPS), an online discount retailer for brands in China, today announced that it plans to release its fourth quarter and full year 2018 financial results on Wednesday, February 20, 2019 after market close.
Jianpu Technology to Report Fourth Quarter Results on February 25
Jianpu Technology Inc. (NYSE: JT), a peer-to-peer lending platform in China, today announced that it will report its fourth quarter and fiscal year 2018 unaudited financial results, on Monday, February 25, 2019, before the open of U.S. markets.
Best Inc. Gets New Ticker Symbol on the NYSE; Stock Rises 6%
Shares in Best Inc. (NYSE: BSTI) jumped 6 percent in early trading Tuesday after the company announced that it will change its ticker symbol on the New York Stock Exchange to “BEST,” effective Feb. 19.
“We are excited to be able to align our NYSE ticker symbol with the 'BEST' brand name which provides us with better visibility and consistent recognition with public investors and across all our stakeholders,” the company’s chairman and chief executive, Johnny Chou, said in a statement.
Best, a logistics solutions provider based in Hangzhou, said no action is needed from shareholders and its CUSIP will remain unchanged.
The stock of Best was trading at $5.04 per American depositary share in the morning, up 30 cents.
Kandi Technologies Announces Resignation of CFO
Kandi Technologies Group Inc. (Nasdaq: KNDI), said today that its chief financial officer, Mei Bing, had resigned from the company and was replaced by Zhu Xiaoying as interim CFO as of Jan. 29. The Jinhua-based company, which is developing electric vehicles, said the resignation was for "personal reasons." In addition, Kandi said the board also appointed Wang Yuanyao as Vice President of Finance, effective February 1.
Previous to her appointment, Zhu was in the financial management industry for over 20 years with "extensive experience in the financial management of publicly traded companies," the company said. From October 2003 to June 2007, Zhu was the Chief Financial Officer of Zhejiang Kandi Vehicle Co. Ltd. She previously served as Kandi's CFO from June 2007 to April 2015. For the past four years, she was back at Zhejiang Kandi Vehicle as its CFO.
China's Didi Chuxing Considering Layoffs
(Reuters) - Senior managers at Chinese ride-hailing company Didi Chuxing are looking at cutting headcount at some departments by up to 20 percent, the Information reported on Wednesday, citing a source.
The layoffs will take place mostly in support services like marketing and human resources, the technology news website said, adding that a final decision is not yet made. The company employs over 10,000 people globally.
Didi said it had no comment on the report.
Apple Sees U.S.-China Tensions Easing, Services Business Growing
(Reuters) - Apple Inc said sales for its fiscal second quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world's biggest smartphone market.
However, Chief Executive Tim Cook, who is in regular contact with U.S. President Donald Trump, told Reuters he sees some hope that trade tensions between the United States and China have eased.
He also made upbeat comments about Apple's fast-growing services business and said the company is considering pricing its phones in local currency in China and other international markets, which may spur sales.
Apple shares rose 2.5 percent to $158.55 in after-hours trading.
Canada 'Some Ways Off' on Decision Over Whether to Ban Huawei 5G
OTTAWA (Reuters) - A Canadian government decision on whether to ban Huawei Technologies Co Ltd from supplying equipment to 5G networks is "some ways off into the future yet", a top official said on Tuesday.
The comments by Public Safety Minister Ralph Goodale to reporters were the most specific indication yet from Ottawa on the timing of a politically sensitive announcement.
Officials are studying the security implications of 5G networks, the latest generation of cellular mobile communications. Some Canadian allies have already imposed restrictions on Huawei equipment, citing the risk of espionage.
"It's some way off into the future yet ... it's certainly beyond weeks," Goodale said when asked about the timing.
Canada and China are involved in a separate diplomatic dispute over the arrest of Huawei Chief Financial Officer Meng Wanzhou last month in Vancouver on a U.S. arrest warrant.
China Regulator Approves New Game by Tencent
BEIJING (Reuters) - China regulator on Tuesday green lit a new game published by Tencent Holdings Ltd. in its fifth batch of approvals since December, when the watchdog resumed giving out licences after a freeze for most of last year.
Tencent's "Romantic Rose Garden" is among 95 games that have been approved, the regulator, China's State Administration of Press, Publication, Radio, Film and Television, said on Tuesday.
UPDATE: U.S. Expected to Announce Criminal Charges Related to China's Huawei
WASHINGTON (Reuters) - The U.S. Justice Department is expected to announce criminal charges related to Chinese telecommunications firm Huawei Technologies Co. Ltd. on Monday, four sources told Reuters.
The U.S. government has been expected to announce charges against Meng Wanzhou, Huawei's chief financial officer, as part of an effort to extradite her from Canada.
Sky Solar Replaces CFO Immediately; Shares Plunge
Sky Solar Holdings Ltd. (Nasdaq: SKYS), which develops and operates solar parks internationally, said today it removed Sanjay Shrestha from his position as the chief financial officer of the company, effective immediately. The company said it appointed Julie Zhu as the acting CFO. No reason was given for the move. Sky Solar has developed projects in Asia, South America, Europe, and North America. Shares in the company plunged more than 7 percent in New York by mid-afternoon to 54 cents, off more than 4 cents per share.
Foxconn Cuts 50,000 Contract Jobs in China
(Reuters) - Apple Inc.'s (Nasdaq: AAPL) biggest iPhone assembler Foxconn Technology Group has let go around 50,000 contract workers in China since October, months earlier than normal, Nikkei reported on Friday.
The scale of the cuts is not necessarily deeper than previous years, it is simply significantly earlier, the report said, citing an industry source familiar with the situation.
"It's quite different this year to ask assembly line workers to leave before the year-end," the source told Nikkei.
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, was not immediately available for a comment.
Earlier this month, Nikkei reported that Apple cut current quarter production plan for new iPhones by 10 percent in the face of slowing demand in China, the world's largest smartphone market.
China Confirms Vice Premier Liu to Visit U.S. for Trade Talks Jan. 30-31
BEIJING (Reuters) - Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington, China's commerce ministry said on Thursday, confirming earlier reports of the planned talks.
Liu's scheduled visit follows lower-level negotiations held in Beijing last week aimed at resolving a bitter trade dispute between the world's two largest economies ahead of a scheduled March 2 escalation of U.S. tariffs on $200 billion worth of Chinese goods.
Commerce ministry spokesman Gao Feng confirmed Liu's visit during a weekly press briefing.
A source familiar with White House planning for the negotiations said this week that Liu had accepted an invitation to go to Washington for talks with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin on the last two days of January.
Renmin Tianli Changes Ticker Symbol to Reflect New Strategy
Renmin Tianli Group Inc. (Nasdaq: ABAC), which produces breeder hogs, market hogs and black hogs, as well as specialty processed black hog pork products, announced today it was changing its ticker symbol to "BIQI" effective Jan. 17. The company, based in Wuhan City, said the change was intended to reflect its strategy of expanding beyond hog farming and including investments and acquisitions in selected industries, including real estate. Renmin Tianli recently announced it purchased a 40 percent stake in Dalian Lianhui Hotel Co. Ltd. and a portfolio of industrial and residential properties from the Hubei Science and Technology Industrial Park.
China Advanced Construction Materials Regains Nasdaq Compliance
China Advanced Construction Materials Group Inc. (Nasdaq: CADC), a producer of construction materials for large scale infrastructure, commercial and residential developments, announced today it had regained compliance with Nasdaq's filing and annual meeting requirements. The Beijing-based company said it was notified Jan. 11 by Nasdaq officials that was approved for continued listing on the Nasdaq Capital Market after filing its Form 10-K on Dec. 10 for its fiscal year ended June 30, 2018, and its filing of Form 10-Q on Jan. 4. The company's annual meeting requirement was also reached as it filed Form 8-K on Dec. 27 disclosing its annual meeting of shareholders after they met earlier in the day.
Sohu.com Adopts Poison Pill Provision to Block Takeovers
Sohu.com (Nasdaq: SOHU) has instituted a poison pill provision to block any unwanted purchase of the company. The provision said it was to "deter coercive and unfair takeover tactics, including through the accumulation of shares in the open market or through private transactions," Sohu explained in a filing. Under terms of the provision, if a shareholder accumulates more than 15 percent of the company, without board approval, a potential suitor would have the right to buy one-thousandth of a preferred share for $200, making the takeover prohibitively expensive.
Sohu's American depositary shares closed at $18.19 today in New York, down more than 2 percent.
Dalian Wanda Group Posts Revenue Drop for Third Straight Year
SHANGHAI, (Reuters) - Chinese conglomerate Dalian Wanda Group’s revenue fell by 5.7 percent in 2018 as the company sought to relieve debt pressure by offloading domestic and overseas holdings amid a government crackdown on leverage and overseas acquisitions.
Total group revenues were 214.28 billion yuan ($31.70 billion), the company said on Saturday in a statement on its official WeChat account. It was the third consecutive year of falling revenues for the group.
The company did not disclose information about its profits for the year but said total assets fell 11.5 percent to 625.73 billion yuan.
Owned by tycoon Wang Jianlin, one of China’s richest men, Wanda has been squeezed by government pressure to cut down on what Beijing sees as irrational overseas deals.
Last year it offloaded stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid, as well as some property developments.
The company recently filed for a U.S. initial public offering of its sports unit.
Huawei Canada Executive Leaves Post as Scrutiny of Company Grows
NEW YORK/OTTAWA (Reuters) - One of Huawei Canada's top executives on Friday disclosed he was leaving his post after more than seven years with the Chinese telecommunications equipment maker, which is facing heightened scrutiny over security issues from Canada and its allies.
Scott Bradley disclosed his departure as the company's senior vice president for corporate affairs in a post on LinkedIn that did not give a reason for the move. He could not immediately be reached for comment.
Huawei Technologies Co is under intense scrutiny in the West over its relationship with the Chinese government and U.S.-led allegations that its equipment could be used by Beijing for spying.
On Friday, sources told Reuters that Poland arrested a Huawei employee and former Polish security official on spying allegations, a move that could fuel Western concerns about the security of the company's technology.
Bradley was a key public spokesman for Huawei Canada, which has been under the spotlight since Canadian authorities in December arrested the chief financial officer of its parent company at the request of the United States.
Alibaba to Report Financials for Year End on Jan. 30
Alibaba Group Holding Ltd. (NYSE: BABA) said today that it plans to release its financial results for the fourth quarter before the markets open on Jan. 30.
Previously, for the three months through September, the Chinese e-commerce giant reported lower-than-expected sales growth. Its revenue increased 54 percent year-over-year to $12.4 billion, it said, amid macroeconomic uncertainty and trade war fears. That was its weakest growth rate in eleven quarters.
Alibaba has also lowered its guidance for the year by 4 to 6 percent to the range of between 375 billion yuan and 383 billion yuan ($54.4 billion to $55.6 billion) in a November statement. The guidance was below analysts' consensus of 395.75 billion yuan.
In early trading Friday, shares in Alibaba were down 97 cents, at $150.72 per American depositary share.
Huawei Releases Industry's First Data Center Switch Built for the AI Era
Today Huawei unveiled the industry's first data center switch built for the Artificial Intelligence (AI) era -- CloudEngine 16800, at its network product launch event for Spring 2019 themed "A CloudEngine Built for the AI Era".
Huawei defines three characteristics of data center switches in the AI era: embedded AI chip, 48-port 400GE line card per slot, and the capability to evolve to the autonomous driving network, and innovatively incorporates AI technologies into data center switches. The pervasive use of AI will help customers accelerate intelligent transformation.
Jupai Announces Changes to the Senior Management Team and the Board of Directors
Jupai Holdings Ltd (NYSE: JP), a third-party wealth management service provider in China, today announced changes to the senior management team and board of directors of the company.
Liang Li has resigned as the chief operating officer of the company, effective immediately, due to personal reasons. Linda Wong has been appointed as the COO and has resigned as the company's independent director and a member of the audit committee and nominating and corporate governance committee.
Guoping Yang, who is currently an independent director of the company, has been appointed as a member of the audit committee of the Board to replace Ms. Wong. Hongchao Zhu, who is currently an independent director of the Company, has been appointed as a member of the nominating and corporate governance committee of the Board to replace Mr. Wong.
NetEase Cloud Music Signs Partnership Deal in South Korea
NetEase Cloud Music, one of China's leading music streaming platforms owned by NetEase Inc. (NASDAQ: NTES), said it has entered into a partnership with CUBE Entertainment, one of the largest entertainment companies in South Korea. Under the partnership agreement, NetEase Cloud Music has been granted access to CUBE Entertainment's complete music catalog, including recordings from performers including BTOB, CLC, PENTAGON, Yoo Seon-Ho and (G)I-DLE. The strategic alliance with CUBE Entertainment expanded NetEase Cloud Music's Korean music library as the company looks to promote Korean music in China. Launched in April 2013, NetEase Cloud Music, with more than 600 million registered users, is among the most popular music platforms in China, targetting younger demographics.
Pingtan Marine Announces 12 New Vessels Deployed to Sea
Shares in Pingtan Marine Enterprise Ltd. (Nasdaq: PME) dropped more than 6 percent in early trading Thursday to $2.43 apiece despite the fishing company’s announcement that an additional dozen of its vessels have left the port of Fuzhou for operation in the international waters of the Indian Ocean.
The large-scale squid jigging vessels have been modified and rebuilt according to Pingtan’s renovation project this year, the company said. Of the 27 vessels undergoing remodeling, 8 have yet to be deployed to sea.
Ant Financial in Talks to Buy UK Payments Firm WorldFirst - Sky News
(Reuters) - Ant Financial Services Group, Chinese e-commerce giant Alibaba Group Holding Ltd.’s (NYSE: BABA) fintech affiliate, is in advanced talks to buy British currency exchange startup WorldFirst in a deal that could be worth more than 500 million pounds ($632.5 million), Sky News reported, citing sources.
Ant Financial, China's biggest online payments platform, has been in talks with WorldFirst for several months, according to the report.
"We don't comment on market rumors," an Ant Financial spokesperson said, when asked about the report.
WorldFirst did not immediately respond to a request for comment.
The Sky News report also said that it was unclear whether existing investors would retain a stake in WorldFirst, which was founded in 2004 in the basement of a house in South London.
China Fourth Quarter Business Confidence Index Lowest Since Second Quarter of 2017
BEIJING (Reuters) - Business confidence among entrepreneurs in China worsened in the fourth quarter compared with the previous one, and was at the lowest since the second quarter of 2017, according to a survey by the People's Bank of China published on Monday.
The entrepreneurs' confidence index dropped to 67.8 percent in the fourth quarter, 3.4 percentage points lower than in the third quarter, the central bank survey showed.
A separate PBOC survey of urban households showed a decline in the number of respondents believing housing prices will continue to rise in the next quarter. It found that 27.4 percent expect a price increase, down from 33.7 percent in the survey done three months ago.
White House Adviser Says Deal with China Difficult Without Deep Policy Changes
WASHINGTON (Reuters) - The United States and China might not reach a trade deal at the close of a 90-day negotiating window unless Beijing can agree to a profound overhaul of its economic policies, White House trade adviser Peter Navarro said.
In an interview with Japanese business daily Nikkei published on Friday, Navarro said it would be "difficult" to strike a deal without China being ready for a full overhaul of its policies for trade and industry.
Link Motion Announces a Change to its Board of Directors
Link Motion Inc., (NYSE: LKM), a smart car and smart ride company, today announced that Larry Chi, co-chairman of the company, has resigned from the company's board of directors due to personal reasons, effective as of December 19, 2018. Chi informed the company that his resignation did not result from any disagreement with the company on any matter relating to the company.
U.S., Allies to Condemn China for Economic Espionage - Washington Post
WASHINGTON (Reuters) - The United States and more than a dozen allies are expected on Thursday to condemn China for efforts to steal other countries' trade secrets and technologies and to compromise government computers, the Washington Post reported.
The U.S. Justice Department is expected later in the day to unveil criminal charges against hackers affiliated with China's main intelligence service for an alleged cyber-spying campaign targeting U.S. and other countries' networks.
The suspected hackers are expected to be charged with spying on some of the world's largest companies by hacking into technology firms to which they outsource email, storage and other computing tasks.
The governments are expected to accuse Beijing of supporting the massive hacking operation, known as Cloudhopper, saying that it violated the terms of agreements reached in late 2015 to curb cyber espionage for commercial purposes.
China Keeps Short-term Borrowing Rates Steady After Fed Hike
SHANGHAI (Reuters) - China's central bank left its short-term borrowing rates unchanged on Thursday, choosing not to follow its U.S. counterpart, which raised its benchmark rate just hours earlier.
The decision follows the bank's announcement Wednesday of a new lending tool, the Targeted Medium-Term Lending Facility (TMLF), aimed at spurring lending to smaller firms.
The People's Bank of China (PBOC) kept the interest rate on seven-day reverse bond repurchase agreements at 2.55 percent, and kept the 14-day reverse repurchase rate at 2.7 percent, it said in a statement Thursday.
On Wednesday, the U.S. Federal Reserve raised its benchmark fund rates, the fourth such increase this year, but the PBOC has only followed suit once, increasing its short- and medium-term interest rates by 5 basis points in March.
The world's two largest economies have adopted diverging policy paths this year, with China leaning towards an easing monetary and credit stance to reduce financial costs for private business and support the broad economy.
The PBOC has made four targeted reductions to the amount of money that banks are forced to hold in reserve, known as reserve requirement ratios (RRR), so far this year.
The 7-day reverse repo is a type of short-term loan the central bank uses to increase liquidity and influence other rates in the banking system.
AirMedia Announces Management Changes
AirMedia Group Inc. (Nasdaq: AMCN), an operator of out-of-home advertising platforms in China, today announced that Richard Wu, the chief financial officer of the company, had tendered his resignation as the CFO, effective from December 31, 2018. In his letter of resignation, Mr. Wu stated that he wish to retire from his professional capacity in order to spend more time with his family. The board accepted Wu's resignation and appointed Herman Guo, chairman and chief executive officer of the company, as the Interim CFO until a suitable candidate for CFO is identified.
Huazhu Group Limited Announces Cash Dividend
Huazhu Group Limited (Nasdaq: HTHT), a multi-brand hotel group in China, today announced that its board of directors has declared a cash dividend of 34 cents per ordinary share, or 34 cents per American depositary dhare. Holders of the company's ordinary shares or ADS at the close of trading on January 2, 2019 will be entitled to receive the cash dividend. Citibank, N.A., depositary bank for the company's ADS program, expects to pay out dividends to ADS holders on or around January 15, 2019. The total amount of cash to be distributed for the dividend is expected to be approximately $100.1 million.
As of September 30, 2018, the company had approximately $662.1 million in cash, cash equivalents and restricted cash.
LightInTheBox Completes Acquisition of Ezbuy, Names New Directors
LightInTheBox Holding Co. Ltd. (Nasdaq: LITB), an online retailer, today announced the closing of its strategic acquisition of Ezbuy Holding Co. Ltd., a Singapore-based leading cross-border e-commerce platform. The signing of the transaction was previously announced on Nov. 8. As a result of the transaction, the board appointed Jian He as chief executive officer and a director, Meng Lian as a director, and Zhiping Qi as vice chairman on Nov. 16.
Last month, LightInTheBox agreed to acquire Ezbuy for $85.55 million in exchange for non-interest bearing, one-year convertible promissory notes. The resignation of Zhiping Qi, the company's new CEO, was one of the closing conditions for the acquisition of Ezbuy and was not due to any disagreement with the company, LightInTheBox has previously said.
Trump: 'China talks are going very well'
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday sounded an optimistic note about negotiations with China on trade issues, but did not offer any details in an early morning tweet, as major companies worried about how the arrest of a top Huawei executive would affect relations between Washington and Beijing.
"China talks are going very well," Trump wrote.
Baidu Prices Offering of $250 Million of Notes
Baidu Inc. (Nasdaq: BIDU), China's top internet search provider, announced today it priced its offering of $250 million of notes by a reopening of the company's existing 4.375 percent notes due 2024. The notes are expected to be listed on the Singapore Exchange Securities Trading Limited. Baidu said it expected to receive net proceeds from the offering of approximately $249 million, after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from the offering to repay existing indebtedness and for general corporate purposes. The joint bookrunners of the offering are Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC.