Baidu Inc has raised $3.1 billion in its Hong Kong secondary listing, according to a filing by the Chinese internet search giant. New York-listed Baidu said it will sell 95 million shares at HK$252 ($32.45) apiece as part of the transaction.

The retail tranche of the deal, which was worth 5% of the total share sale, was about 100 times oversubscribed, sources told Reuters, who added the institutional tranche was covered multiple times.

Demand for margin loans to buy into Baidu’s deal also remains strong. Online broker Futu recorded 90,000 subscriptions from investors to borrow HK$14.7 billion in margin loans, according to a spokesman.

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