AsianFin -- Chinese search engine giant Baidu will issue a 4.4 billion yuan (US$618 million) dim sum bond as it seeks to secure lower financing costs and greater operational flexibility to support its aggressive push into artificial intelligence.

The bond, carrying an annual coupon rate of 1.9 per cent, will mature in 2029. Baidu priced the offering on Tuesday, with the issuance expected to close on or around September 15, 2029.