Market AnalysisSep 01, 20262 Min
Baidu Becomes Dual-Primary Listed On Nasdaq And Hong Kong Stock Exchange
Chinese tech firm Baidu has converted its Hong Kong listing from secondary to primary status, allowing investors from the Chinese mainland to invest in the company.
Baidu’s listing conversion, which was completed on September 1, means that the tech firm is now dual-primary listed in Hong Kong as well as on the Nasdaq Global Select Market in the US.
The move allows Baidu to broaden its investor base at a time when the tech firm is investing significantly in artificial intelligence. The tech giant’s AI strategy includes chips, foundation models, cloud computing infrastructure, and consumer and enterprise applications, as per China Daily.
https://www.chinadaily.com.cn/a/202609/01/WS6a963aece4b06d4aa055ba07.html
What Does Dual-Primary Listing Mean For Baidu?
Baidu has been trading on Nasdaq since 2005. It completed its secondary listing on the Hong Kong Stock Exchange in 2021. Companies with primary listings require more time, expense and effort than those with secondary ones.
A primary listing in Hong Kong allows Baidu to become eligible for the Stock Connect system, under which mainland investors can trade in Hong Kong stocks and vice versa.
Baidu Chief Financial Officer He Haijian had earlier said that the company is preparing to seek inclusion in the Stock Connect program as soon as possible after the listing conversion is over.
The firm has seen its shares in Hong Kong fall 40% as of Monday from a January high. This is where the Stock Connect System can provide a source of funds to Baidu, as per Nikkei Asia.
Baidu's decision to convert its listing comes after its advertising, the main factor behind its search business model, faces pressure from rivals such as Xiaohongshu as well as AI chatbots like Doubao by ByteDance.
Notably, Baidu is not the only firm to have made such a move. Alibaba did something similar in August 2024. In June this year, Chinese gaming giant NetEase completed a similar conversion.
The listings highlight Hong Kong’s increasingly important role as a platform for the return of US-listed Chinese firms, according to the Global Times.
https://www.globaltimes.cn/page/202608/1369483.shtml
The total value of southbound trading, in which mainland Chinese investors put their money in a selection of Hong Kong-listed stocks via the Shenzhen or Shanghai exchanges, catapulted over 250% year on year in 2025 to $3.68 trillion, as per Hong Kong Exchanges and Clearing.
The Stock Connect system is also crucial for fundraising capital from mainland investors. These investors may be more familiar with China's technology ecosystem, making them better at assessing the long-term value of businesses such as Baidu.
Baidu is hoping that Hong Kong may change its fortunes this year. The firm’s chip subsidiary, Kunlunxin, reportedly filed for a listing on the Hong Kong exchange at the start of 2026. Baidu’s management is hopeful that the IPO will be completed, though they did not provide any precise timeline.
