Baidu converts to dual-primary HKEX listing effective September 1

Baidu will become dual-primary listed on the Hong Kong Stock Exchange and Nasdaq on September 1, converting its secondary listing without issuing new shares.

The conversion does not involve any issuance of new shares or fundraising, Baidu said in a statement.

Baidu trades on HKEX under 9888 (HKD counter) and 89888 (RMB counter), with the "S" marker removed from both counters effective September 1. One ADS represents eight Class A ordinary shares.

The conversion makes Baidu eligible for Stock Connect trading, potentially drawing mainland Chinese capital and improving liquidity, while providing a listing platform independent of US regulatory overhang.

Shareholders approved the conversion at an extraordinary general meeting held August 26, the same day the company announced the effective date. The EGM notice was dated July 27. Baidu has taken steps to comply with Hong Kong Listing Rules applicable to a dual-primary listed issuer, including changing the composition of its Audit Committee and Nominating and Corporate Governance Committee. The company said it has made the necessary arrangements to comply with all applicable laws, regulations and stock exchange rules as a dual-primary listed issuer.

The Beijing-based company, founded in 2000, has pivoted toward artificial intelligence, with AI contributing more than half of its total revenue since the first quarter of 2026, according to analyst reports. Baidu's legacy search business faces disruption from AI, while its AI infrastructure segment competes with larger cloud providers. The company describes itself as a leading AI company with a strong internet foundation.

The dual-primary status aligns Baidu with peers such as Alibaba Group and Tencent Holdings, which have pursued similar Hong Kong listing structures to broaden their investor base. A dual-primary listing subjects Baidu to the full set of Hong Kong Listing Rules, including stricter disclosure and governance requirements than a secondary listing. The conversion also removes the "S" designation that marks secondary listings, giving Baidu full primary status on the Hong Kong exchange.

For holders, the conversion strengthens Baidu's Hong Kong listing platform and could expand access to mainland capital through Stock Connect. Investors will watch whether the company's inclusion in the connect program boosts trading volumes on its 9888 counter in the coming months. The move also reduces Baidu's reliance on its US listing, giving investors a more secure Hong Kong venue independent of American regulatory overhang.

This article is for informational purposes only and does not constitute investment advice.