Chinese technology firm Baidu Inc. is offering as much as $2 billion in bonds that are exchangeable into Hong Kong shares of online-travel company Trip.com Group Ltd.

DONALD Trump’s push to restrict US investments in China is testing what in theory should be an ironclad financial relationship – the tight link between Chinese shares trading in New York and Hong Kong.

Baidu (NASDAQ:BIDU) has proposed an offering of up to US$2B in aggregate principal amount of exchangeable bonds due 2032. The bonds will reference ordinary shares of Trip.com Group (NASDAQ:TCOM) that are listed on the Hong Kong Stock Exchange.

China and Hong Kong markets faced setbacks with key tech stocks dropping amid rising U.S. tariff concerns. The Hang Seng Tech Index saw dips, despite previous streaks of gains influenced by strong earnings and AI optimism.

CHINESE technology firm Baidu raised US$2 billion in a sale of bonds exchangeable into the Hong Kong shares of online travel agency Trip.com Group, matching the biggest ever US dollar offering in the format by an Asian issuer.

Baidu (NASDAQ:BIDU) has announced the pricing of its US$2B in aggregate principal amount of exchangeable bonds due 2032. The bonds were offered in offshore transactions outside the U.S. to certain non-U.