Baidu offers up to $2 billion in exchangeable bonds referencing Trip.com shares for non-U.S. investors.

Baidu, a Chinese AI company, plans to offer up to $2 billion in exchangeable bonds due in 2032, targeting non-U.S. investors. These bonds will reference Trip.com Group's shares listed on the Hong Kong Stock Exchange. Baidu intends to use the proceeds for debt repayment and general corporate purposes. The bonds won't be registered in the U.S. and may be exchanged for Trip.com shares at a later determined rate.