Baidu has raised $1 billion in US dollar sustainability bond, its first environment, social and governance (ESG) issue. A 5.5-year tranche bond advanced $300 million, and the ten-year tranche grasped $700 million, the company said. The shorter-dated bond was valued at US Treasuries plus 83 basis points, while the longer-dated bond was at US Treasuries plus 113 basis points.

Baidu said that it would use the profits to pay down debt and fund ESG-related schemes in the firm. Its plan for the deal with the US Securities and Exchange Commission (SEC), Baidu accepted the impact of China’s regulatory crackdown on the tech sector is not fully confirmed. In July, China said businesses with over 1 million customers would be reviewed by the Cyberspace Administration of China (CAC) before carrying out listings abroad.

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“The draft measures are still not clear on whether the relevant requirements will be suitable to firms that are already listed in the US and thinking to transfer further equity or debt offerings. We cannot predict the result of the draft measures,” Baidu said.