Baidu, also known as China's Google, said total revenue rose to 28.13 billion yuan ($4.38 billion) in the first quarter ended March 31
Baidu has struggled to fend off competition from the likes of Tencent and ByteDance Inc., both of which are luring smartphone-savvy consumers and advertisers to their popular mini-video
The listing is expected to give the firm extra financial muscle as it squares off against rivals in the Chinese market
The company's founder livestreamed himself catching a ride in a semi-autonomous car to a conference
Money will come from large insurance funds, securities companies and others, and investment institutions for the company