Baidu (BIDU) said Thursday its board approved a plan to pursue a voluntary conversion to a dual-primary listing on the Hong Kong Stock Exchange, while maintaining its primary listing on the Nasdaq.

The company said the conversion, expected to take effect this year, would enhance the liquidity of its securities, broaden investor base and provide greater flexibility in accessing capital markets.

It added that it class A shares in Hong Kong and American depositary shares on Nasdaq will continue to trade and remain mutually fungible, it added.