On September 18, BIDU-W rose 3.03% in regular trading, trading at HK$90.4/share, with turnover of HK$634 million. The stock rebounded on the back of multiple converging catalysts.

On the buyback front, the company has executed share repurchases for nine consecutive trading days since September 7, accumulating approximately 5.01 million shares at a total cost of roughly HK$450 million. Each daily repurchase has been consistently sized at approximately HK$50 million, signaling management confidence in the current valuation. On September 17 alone, the company repurchased 575,300 shares at prices between HK$86.0 and HK$87.4, spending approximately HK$50 million.

Meanwhile, Hang Seng Indexes Company previously announced that BIDU-W will be added to the Hang Seng Southbound Stock Connect New Economy Index, China Technology Index, and Technology Index effective October 26, which is expected to bring incremental passive fund allocation.

On the fundamentals side, the company reported first-half revenue of RMB 63.4 billion, down 3% year-over-year, while adjusted net profit fell 58% to approximately RMB 7.036 billion. Operating cash flow recovered to RMB 6.1 billion from negative RMB 6.878 billion in the prior-year period. Citi maintained a Buy rating on the stock, noting its valuation is currently attractive.

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