Baidu Applies for Hong Kong Dual Primary Listing
Baidu (HKG:9888) has applied to convert its Hong Kong secondary listing to a dual primary listing and received acknowledgment of the application from Hong Kong Exchanges and Clearing, according to a Wednesday bourse filing.The conversion is expected to become effective later this year, subject to the exchange's approval.Upon completion, Baidu will be dual-primary listed in Hong Kong and on Nasdaq.The company said the move reflects increased trading volume in Hong Kong, the close connection between the city and its mainland China operations, and its long-term business development plans.Baidu also proposed an issuance mandate, a share repurchase mandate, a 2026 share incentive plan and amendments to its articles of association, subject to shareholder approval.The company also applied for waivers to continue using U.S. GAAP, maintain certain contractual arrangements and use Nasdaq-based pricing for certain share options.
