Chinese search giant Baidu is set to raise nearly $3.1bn (€2.6bn, £2.2bn) in its upcoming Hong Kong secondary listing.
Baidu has priced its shares at 252 Hong Kong dollars ($32.45), a person close to the matter said, which will raise around $3.08bn.
Baidu previously announced plans to issue 95 million Class A ordinary shares.
In a regulatory filing last week, Baidu said it would not price its shares at more than 295 Hong Kong dollars.
One American depositary share is worth 8 Class A ordinary shares being issued in Hong Kong, which means the 252 Hong Kong dollar pricing is a roughly 2.7 per cent discount to the closing price of Baidu’s New York-listed shares.
Baidu is the 15th US-listed Chinese company to have done secondary offerings in Hong Kong joining Alibaba, JD.com and NetEase.
Shares will start trading in Hong Kong on March 23, the source said.
Baidu did not comment on the pricing and timeline of the deal.