Maples Group Advises Chinese Multinational Technology Company Baidu on Significant Bond Issuances

Maples and Calder, the Maples Group’s law firm, is pleased to have advised Baidu, Inc. (“Baidu”), on two significant bond issuance transactions which were both completed on 12 March 2025.

Baidu is a Chinese multinational technology company specialising in Internet-related services and products, as well as artificial intelligence. Founded in 2000, Baidu operates the largest search engine in China and offers a wide range of services, including cloud computing, autonomous driving, and AI-powered solutions.

A team based in the firm’s Hong Kong office acted as Cayman Islands counsel to Baidu, with both transactions led by Head of Asia Corporate, Matt Roberts with assistance from Associate, Sarena Gong.

First Bond Issuance

CNY7,500,000,000 notes due in 2030 and CNY2,500,000,000 notes due in 2035 (the “Notes”). This is Baidu’s first bond issuance since 2021 and first yuan-denominated offshore bond. The Notes are listed on the Stock Exchange of Hong Kong (“HKEx”).
Skadden, Arps, Slate, Meagher & Flom acted as US and Hong Kong counsel to Baidu and Han Kun Law Offices acted as PRC counsel to Baidu. Davis Polk & Wardwell acted as US and Hong Kong counsel while Jingtian & Gongcheng acted as PRC counsel to the initial purchasers.

Second Bond Issuance

US$2,000,000,000 zero coupon exchangeable bonds due in 2032 (the “Bonds”). These Bonds are exchangeable into the ordinary shares of Trip.com Group Limited and represent the largest US dollar bond issue of its kind by an Asian issuer. The Bonds are listed on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange.

Skadden, Arps, Slate, Meagher & Flom acted as US and Hong Kong counsel to Baidu and Han Kun Law Offices acted as PRC counsel to Baidu. Latham & Watkins acted as US and Hong Kong counsel while JunHe acted as PRC counsel to the bookrunners including J.P. Morgan Securities (Asia Pacific) Limited, Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C. and Merrill Lynch (Asia Pacific) Limited.

Commenting on the transaction, Matt said, “These transactions underscore Baidu’s significant presence in the global financial markets and highlights the continued trust and collaboration between Baidu and the Maples Group.”

The Maples Group has a longstanding relationship with Baidu, having advised on many of its notable transactions over the past two decades, including its bond issuances and its secondary listing on the HKEx in 2021.