On September 1, BIDU-W fell 3% in regular trading. The decline came as Baidu's voluntary conversion from a secondary listing to a dual primary listing on the Hong Kong Stock Exchange officially took effect.

Baidu announced that the conversion became effective on September 1, making the company dual-primary-listed on both the HKEX and Nasdaq Global Select Market. Ordinary shares listed in Hong Kong and American Depositary Shares listed on Nasdaq will continue to be interconvertible. The market had widely anticipated this event, with Baidu's Hong Kong shares surging over 6% on August 27 when the September 1 effective date was confirmed. The pullback reflects a classic buy-the-rumor, sell-the-news dynamic as the catalyst was fully priced in.

Market analysts estimate that under current rules, Baidu could be included in the Southbound Stock Connect as early as September 7. Morgan Stanley projects southbound capital holdings could reach 7% to 15% within the first six to twelve months following inclusion. Baidu's AI business revenue has accounted for over half of its general business revenue for two consecutive quarters.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)