The company said the switch from secondary listing status remains subject to Hong Kong Stock Exchange approval, market conditions and other regulatory clearances, while shareholders will also vote on share issuance, repurchase and incentive plan proposals.
Baidu said it has applied to convert its Hong Kong listing from secondary to dual-primary status and has received acknowledgement of that application from the Hong Kong Stock Exchange. The change is expected to become effective within this year, subject to exchange approval, market conditions and other required regulatory clearances. If completed, Baidu will be dual-primary listed in Hong Kong and on the Nasdaq Global Select Market in the United States. The company also said it will ask shareholders at an upcoming extraordinary general meeting to approve an issuance mandate covering additional Class A ordinary shares and/or American depositary shares (U.S.-traded share certificates) of up to 20% of issued shares, a repurchase mandate of up to 10%, a 2026 Share Incentive Plan to comply with Hong Kong listing requirements for share schemes, and new memorandum and articles of association aligned with the Hong Kong Listing Rules. Baidu said it will provide further updates on any material progress when appropriate and cautioned shareholders and potential investors when dealing in its securities.