Baidu applies to convert Hong Kong listing to dual-primary status

Baidu, Inc. (NASDAQ: BIDU) has applied to the Main Board of the Stock Exchange of Hong Kong Limited to convert its secondary listing status to a dual-primary listing, according to a company statement.

The Hong Kong Stock Exchange has acknowledged the application. The conversion is expected to take effect before the end of this year, subject to regulatory approval. If approved, Baidu will hold dual-primary listings on the Hong Kong Stock Exchange and the Nasdaq Global Select Market.

In connection with the conversion, Baidu plans to hold an extraordinary general meeting to seek shareholder approval on several resolutions. These include an issuance mandate allowing directors to issue additional Class A ordinary shares and/or American depositary shares of up to 20% of issued shares, and a share repurchase mandate permitting buybacks of up to 10% of issued shares.

The board has also proposed adopting a 2026 Share Incentive Plan to comply with Chapter 17 of the Hong Kong Listing Rules governing share schemes that involve the issuance of new shares.

Additionally, the board has proposed replacing the existing memorandum and articles of association with a new set, primarily to comply with Appendix A1 of the Hong Kong Listing Rules and to incorporate related amendments.

The conversion remains conditional on market conditions and obtaining necessary regulatory approvals. Baidu said it will provide further updates as required by applicable laws and regulations.

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