In this undated file photo, an employee walks out of the Baidu headquarters in Beijing. (FAN JIASHAN / FOR CHINA DAILY)

Internet giant Baidu Inc has moved a step closer to a secondary listing of its shares in the Hong Kong Special Administrative Region (HKSAR) after completing the necessary listing hearings at the city's bourse, experts said.

Though the company has not indicated the size, timing and details of the fundraising, the news sent its shares higher by 13.58 percent on Tuesday on the Nasdaq. Earlier reports had indicated that Baidu plans to raise at least US$3.5 billion from its float in the HKSAR.

Analysts said Baidu is the latest among a slew of Chinese mainland's companies seeking secondary listings on the mainland's bourses amid mounting uncertainties in the US market. A secondary listing in the HKSAR is more appealing for these companies as they wish to have better access to resources and funds at home, which in turn will boost trading volume and liquidity.

The post hearing information shows Baidu holds the largest portfolio of AI patents and AI patent applications in the mainland as of Oct 30. The company's Baidu Open AI Platform, with a developer community of over 2.65 million members, is the largest open AI platform in the mainland, based on the number of developers as of Dec 31

According to the post hearing information pack published on the website of the bourse in the HKSAR, Baidu Chairman and CEO Robin Li holds approximately 57 percent of the voting rights in the company.

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In the document, Baidu said it was a leading artificial intelligence company with a strong internet foundation and plans to use the float proceeds for technology investment, enhancing the commercialization of its innovations centered around AI, further growth of the Baidu Mobile Ecosystem, enhancing and diversifying monetization and for general corporate purposes.

Baidu said it has been investing in the AI sector since 2010 to improve search and advertisement monetization and has used its core AI technology engine Baidu Brain to develop new AI businesses.

The document said Baidu holds the largest portfolio of AI patents and AI patent applications in the mainland as of Oct 30. The company's Baidu Open AI Platform, with a developer community of over 2.65 million members, is the largest open AI platform in the mainland, based on the number of developers as of Dec 31.

Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics, said Baidu's AI-powered Baidu Core, which excludes iQiyi and mainly provides products and services from new AI initiatives in fields like the mobile ecosystem, AI Cloud and intelligent driving, contributed over 70 percent of its total revenue.

"Baidu has now made a name in the groups of AI pioneers after years of heavy investment in AI technologies," said Ouyang. "I hold a rosy view on Baidu's technical capabilities. After the secondary listing, investors will have a better understanding of Baidu's core values in AI technologies and innovation."

Ouyang expects a growing number of US-listed firms in the mainland to list their shares on the mainland's bourses, due to the country's strong economic revival from the COVID-19 and its ongoing efforts to press ahead with financial opening-up and deeper reforms.

Baidu, Alibaba and Tencent, the mainland's three tech giants, are collectively known as BAT. However, in recent years, Baidu has lagged its other peers in market valuation and growth momentum, said Chen Duan, director of the center for integrated and innovative development of the digital economy at the Central University of Finance and Economics.

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Chen expects the secondary listing to bring Baidu back into the spotlight. "The secondary listing will enable Baidu to raise more money for tapping into strategic, emerging sectors and boost innovation-driven development. It will also help enhance its corporate brand image."