Baidu Completes Dual-Primary Listing in Hong Kong

On September 1, 2026, Beijing-based artificial intelligence giant Baidu, Inc. officially transitioned its secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited to a dual-primary listing status. This shift means Baidu is now dual-primary listed both in Hong Kong and on the Nasdaq Global Select Market. According to the company, its Hong Kong-listed ordinary shares and its Nasdaq-listed American depositary shares (ADS) remain fully fungible and interchangeable. The transition did not involve any fundraising or the issuance of new shares, but it resulted in the removal of the "S" stock marker from Baidu's Hong Kong dollar and renminbi counters.

To comply with the stringent requirements of a dual-primary listing, Baidu restructured its Audit Committee and its Nominating and Corporate Governance Committee, securing necessary shareholder approvals during an extraordinary general meeting on August 26, 2026. While several previous exemptions lapsed, the Hong Kong Stock Exchange granted replacement waivers. These include a three-year permission to employ joint company secretaries Lin Juan and Wong Mei, and continued relief from identifying the ultimate beneficial owners of Integrity Partners V, LLC, which holds 100,320 Class B ordinary shares representing under 0.1% of voting rights. Additionally, Baidu secured relief regarding certain connected transaction rules for its Chinese operations and received permission to use U.S. accounting standards and base its ADS share option prices on Nasdaq closing figures.

For financial practitioners and investors, this structural upgrade provides a robust safeguard against geopolitical and regulatory uncertainties. By establishing dual-primary status, Baidu ensures that its trading presence in Hong Kong can stand independently of its Nasdaq listing. Under the newly adopted articles of association, signed by Chief Financial Officer Haijian He, Baidu maintains its weighted voting rights structure where each Class A share carries one vote and each Class B share carries ten votes, with one ADS representing eight Class A shares. This dual-primary framework broadens Baidu's investor base and optimizes its long-term capital market flexibility.