Baidu completed the voluntary conversion of its Hong Kong secondary listing to dual-primary status on Sept. 1, 2026, joining the Hong Kong Stock Exchange and Nasdaq Global Select Market as a dual-primary listed company. Its Hong Kong-listed ordinary shares and American depositary shares remain mutually convertible. The conversion removed the "S" marker from Baidu’s HKD and renminbi trading counters and requires simultaneous compliance with primary-listing governance and disclosure rules in Hong Kong and the United States. Baidu shares nevertheless opened lower, falling more than 3% intraday to HK$92.95. Morgan Stanley expects Stock Connect inclusion as early as Sept. 7, estimating southbound inflows of $3 billion to $6.8 billion over six to 12 months and mainland ownership of about 7% to 15% within a year. Baidu says its full-stack AI capabilities span chips, cloud infrastructure, models and applications. Founded in 2000, the company trades under BIDU on Nasdaq and 9888 on the Hong Kong Stock Exchange; one ADS represents eight Class A ordinary shares.