Baidu Group announced on August 27th that it will voluntarily convert its secondary listing on the Hong Kong Stock Exchange to a primary listing, which will take effect on September 1, 2026. This move marks Baidu as the first dual primary listed company in both Nasdaq and the Hong Kong Stock Exchange with a full-stack AI layout. The conversion does not involve the issuance of new shares or fundraising. As of June 30, 2026, Baidu's total cash and investments reached 283.1 billion yuan, and its operating cash flow has been positive for four consecutive quarters.

Under current rules, Baidu is expected to be included in the Hong Kong-Shanghai Connect by September 7th, directly connecting with mainland and Asian investor funds, enhancing liquidity and optimizing the shareholder structure.

Baidu (1)

The change in the capital market identity reflects the accelerated scaling of Baidu's AI business. Financial reports show that Baidu's general business revenue in the second quarter was 25.2 billion yuan, with AI business revenue reaching 12.5 billion yuan, accounting for 50%, which has exceeded half for two consecutive quarters.

Baidu's "chip-cloud-model-body" full-stack closed loop is accelerating commercial deployment: the underlying Kunlun chip has started the process of independent listing, P800 million card cluster serves more than 100 leading enterprises such as China Merchants Bank and Tencent; Baidu Intelligent Cloud's GPU cloud revenue in the second quarter increased by 283% year-on-year, supporting the delivery of over 20 million L2-level assisted driving vehicles; AI application quarterly revenue reached 2.5 billion yuan, with the monthly active users of KuKu AI office exceeding 25 million; the autonomous driving platform Apollo Go has accumulated over 350 million kilometers of driving mileage, and its business has expanded to 28 cities around the world, including Dubai, London, and Hong Kong.

Market analysts generally believe that with the implementation of the dual primary listing, Baidu's valuation logic will shift from traditional internet PE to SOTP departmental valuation. The independent pricing of Baidu's full-stack AI assets is expected to unlock a trillion HKD valuation space. By institutional integration with southbound funds and regional capital, Baidu is breaking through the cognitive constraints of the traditional search framework, establishing a new market valuation benchmark as an AI-first enterprise.