BIDU-SW (09888) shares climbed more than 4% in early trading, last up 3.78% to HK$109.9 with turnover reaching HK$406 million. The rally follows the company's application to the Hong Kong Stock Exchange to convert its listing status from secondary to dual primary listing. The exchange acknowledged receipt of the application on July 22, with the effective date expected within the current year.

According to Guosheng Securities, given that Baidu already satisfies core requirements for Stock Connect inclusion, such as market capitalisation and composite index constituent criteria, the broker anticipates the stock will be added to the southbound trading link. This would enhance liquidity and broaden the investor base.

Additionally, in a supporting resolution disclosed simultaneously, Baidu plans to convene an extraordinary general meeting to seek shareholder approval for multiple authorisations. One proposal grants the board authority to allot and issue up to 20% of total issued shares in Class A ordinary shares or American Depositary Receipts (ADRs). Another establishes a share buyback mandate allowing repurchases of up to 10% of total issued shares.