On July 23, BIDU-SW shares surged in the afternoon, rising over 4% at one point. On the news front, Baidu has formally submitted its application to convert its Hong Kong secondary listing to a dual primary listing and received an acknowledgment letter from the Hong Kong Stock Exchange. The conversion is expected to become effective later this year, subject to exchange approval. Upon completion, Baidu will be dual-primary listed on both the HKEX Main Board and Nasdaq.

The company stated the move reflects increased trading volume in Hong Kong, the close connection between Hong Kong and its mainland China operations, and its long-term business development plans. Alongside the application, Baidu proposed an issuance mandate of up to 20% of outstanding shares, a share repurchase mandate of up to 10%, and a new share incentive plan for shareholder approval. Market analysts note that if the process proceeds smoothly, Baidu could qualify for Stock Connect inclusion during the September review window, potentially unlocking significant southbound capital inflows.

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