32 stories mentioning HKG:9888Updated 3d ago
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Baidu (HKG:9888) will be added to the Hang Seng SCHK New Economy Index, Hang Seng SCHK China Technology Index, and Hang Seng SCHK Technology Index from Oct. 26, according to a Wednesday index notice.The changes follow Baidu's inclusion in Southbound Stock Connect and will take effect after the market close on Oct. 23.
Baidu (HKG:9888) said its Class A ordinary shares have been included as eligible stocks under the Shanghai-Hong Kong Stock Connect from Monday, according to a Sept. 4 Hong Kong bourse filing.The inclusion is expected to broaden Baidu's investor base among mainland Chinese investors and improve the liquidity of its shares, the company said.
Hong Kong stocks closed higher Friday after U.S. Federal Reserve Governor Christopher Waller's comments eased concerns over another U.S. rate hike, lifting sentiment ahead of U.S. jobs data.The Hang Seng Index gained 437.56 points, or 1.7%, to close at 25,650.87, while the Hang Seng China Enterprises Index rose 169.79 points, or 2%, to 8,555.03.Waller said he would favor keeping interest rates steady if inflation continues to cool, helping boost global markets. Investors also watched developments in China's artificial intelligence sector after Moonshot AI reportedly filed confidentially for a Hong Kong IPO seeking to raise about $3 billion.Baidu (HKG:9888) which completed conversion from a secondary listing to a dual primary listing on the Hong Kong Stock Exchange earlier this week rose nearly 5%.In corporate developments, KFM Kingdom (HKG:3816) said it was unaware of reasons for unusual share price and trading activity, while its major shareholder KIG Real Estate said it was exploring potential transactions involving the company. KFM Kingdom shares rose nearly 4%InSilico Medicine (HKG:3696) also rose nearly 4% after Chairman Aleksandrs Zavoronkovs said he plans to buy up to HK$16 million of the company's shares in the secondary market this month using his personal funds.
Baidu's (HKG:9888) AI-related businesses could soon achieve profit margins comparable to those of its legacy search operations, Bloomberg News reported, citing Chief Financial Officer Henry He.AI-driven revenue, including cloud computing and applications, now accounts for more than half of Baidu's sales, according to the report.He expects the contribution to continue growing, with stronger demand for cloud services and AI chips supporting margins, the report added.Baidu's shares fell nearly 3% in recent trade in Hong Kong.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Baidu (HKG:9888) said its previously announced conversion from a secondary listing to a dual primary listing on the Hong Kong Stock Exchange became effective Tuesday, according to a same-day Hong Kong bourse filing.The company is now dual-primary listed on the Hong Kong exchange and the Nasdaq Global Select Market.Its Hong Kong-listed ordinary shares and Nasdaq-listed American depositary shares will remain fungible, Baidu said.
Baidu (HKG:9888, HKG:89888) will convert its Hong Kong secondary listing to a dual primary listing effective Sept. 1, according to a Thursday bourse filing.The move will make Baidu dual-primary-listed on the Hong Kong Stock Exchange and Nasdaq.Upon the conversion, Baidu will become subject to the full Hong Kong listing rules applicable to dual-primary issuers, with existing waivers for secondary-listed companies withdrawn or no longer applicable.HKEX has granted Baidu waivers allowing it to continue using U.S. GAAP, maintain its existing contractual arrangements for certain mainland China businesses, and use Nasdaq-based pricing for options under its share incentive plan.
Baidu (HKG:9888) has an average rating of buy and mean price target of HK$148.92, according to analysts polled by FactSet.
Uber has launched Baidu's (HKG:9888) driverless Apollo Go vehicles for use by its drivers in Dubai, according to a Thursday press release posted with Business Wire.Riders selecting an UberX or Uber Comfort when booking a ride starting Thursday may be matched with the driverless vehicle.The Autonomous option will guarantee a driverless car, initially only available in specific locations in Umm Suqeim and Jumeirah, and eventually across a wider territory.Uber plans to introduce Apollo Go vehicles in its operations globally, with the Dubai launch serving as a pilot.
Baidu (HKG:9888) has an average rating of buy and mean price target of HK$160.85, according to analysts polled by FactSet.
Baidu (HKG:9888) reported a sharp year-over-year drop in second-quarter profit, which the Beijing-based tech company attributed to lower investment income that offset steady growth in its AI cloud business.Net income attributable to shareholders plunged 68% to 2.32 billion yuan from 7.32 billion yuan, with earnings per share shrinking to 5.74 yuan from 20.35 yuan, according to its after-hours Hong Kong bourse filing on Tuesday.Baidu attributed the drop to a decrease in fair value gain from long-term investments and higher net foreign exchange losses linked to exchange rate fluctuations.Revenue slipped 4% year over year to 31.3 billion yuan, weighed down by lower revenue across its core Baidu General Business and online video streaming platform iQIYI.Cost of revenue rose year over year to 19.1 billion yuan on the back of higher traffic acquisition costs and costs related to its AI Cloud business."We are now in a critical phase of investment, and we intend to keep investing decisively in the areas that matter most to our long-term competitive position," CFO Haijian He said during an earnings call.CEO and co-founder Robin Li added during the call that AI-powered business is now at the core of the company's revenue mix, and that Baidu is "focused on building a stronger foundation for its next phase of growth."Revenue from Baidu's AI Cloud Infra segment rose 50% year over year to 7.3 billion yuan in the second quarter. Within that segment, GPU cloud revenue grew 283%, accelerating from the 184% growth in the first quarter, Li told analysts during the call.Dou Shen, executive vice president of Baidu AI Cloud Group, said demand is broadening across sectors including internet, gaming, employed AI, autonomous driving, smartphones, financial services and more.Baidu said it is moving forward with plans to convert to a dual-primary listing in Hong Kong after submitting its application in July.The company added that it has returned $259 million to shareholders since the start of the first quarter through buybacks.
Baidu's (HKG:9888) attributable profit plunged to 2.32 billion yuan in the second quarter from 7.32 billion yuan in the year-ago period, according to a Tuesday filing with the Hong Kong Exchange.Earnings per class A and class B ordinary shares at the Chinese technology company slid to 0.72 yuan from 2.54 yuan in the prior-year period.Revenue declined year over year to 31.3 billion yuan from 32.7 billion yuan.
Fitch Ratings downgraded Baidu's (HKG:9888) long-term issuer default rating and ratings on its outstanding bonds to 'A-' from 'A', according to a Thursday ratings commentary.The outlook remains stable, with Fitch citing weaker EBITDA generation amid a structural decline in Baidu's search advertising business.Fitch expects EBITDA to recover to 24 billion yuan to 25 billion yuan in 2026-2027 from 22 billion yuan in 2025, supported by growth in AI-related businesses, particularly AI cloud infrastructure.Fitch said competition from AI chatbots, short-video, and social-media platforms is putting further pressure on Baidu's search monetization.AI-generated summaries in search results could also reduce click-through rates and weigh on traditional advertising revenue.Fitch expects the company to maintain a net cash position, with operating cash flow funding capital spending and dividends.
China's Ministry of Industry and Information Technology resumed the issuance of permits for self-driving taxis following a hiatus that began in April, Bloomberg reported Thursday, citing people familiar with the matter.An outage involving dozens of robotaxis operated by Baidu's (HKG:9888) Apollo Go, which stranded passengers and disrupted traffic in Wuhan, China, triggered the suspension of permit issuances, according to the report.Among the first companies to receive new permits was newly listed Momenta Global (HKG:6880) to allow the self-driving taxi operator to run trials in Shenzhen, while Baidu's robotaxi operations could also resume service, the report said.The ministry was not immediately available for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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.
Baidu (HKG:9888) plans to convert its Hong Kong secondary listing to a dual-primary listing later this year, according to a Thursday Hong Kong bourse filing.Following the conversion, the Chinese search engine operator will hold dual-primary listings on the Hong Kong Stock Exchange and the Nasdaq Global Select Market. Its Class A ordinary shares and American depositary shares will continue to trade on the two exchanges and remain fungible.
Apple has received regulatory approval to roll out its Apple Intelligence platform on iPhones in China.The Cyberspace Administration of China cleared the feature, along with six other smartphone AI services, according to a notice published on Wednesday from the internet regulator.Apple Intelligence and Samsung's Galaxy AI were the only foreign platforms to receive approval. The remaining licenses went to Chinese smartphone makers Huawei, Oppo, Vivo, Xiaomi (HKG:1810), and ZTE (SHE:000063, HKG:0763).According to the regulator's notice, the approval applies only to iPhones and does not specify whether Apple Intelligence will also be available on iPads or Mac computers sold in China.Separately, the South China Morning Post reported that Alibaba's (HKG:9988) Qwen large language model will power Apple Intelligence features in China, while Baidu (HKG:9888) is working with Apple to develop AI capabilities for the service.
Baidu (HKG:9888) has an average rating of buy and mean price target of HK$179.67, according to analysts polled by FactSet.
Baidu's (HKG:9888) semiconductor division, Kunlunxin, is preparing for a Hong Kong listing at a target valuation of $50 billion, Reuters reported Monday, citing The Information.The publication said Kunlunxin is asking potential investors to purchase additional chips worth several times their intended IPO subscription amount.These developments come alongside Momenta's separate listing plans, which feature Mercedes and GIC as cornerstone backers, said the publication.Baidu didn't immediately respond to MT Newswire's request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Alibaba Group (HKG:9988) has sued the US Department of Defense on Tuesday, seeking to overturn its designation as a "Chinese military company" and accusing the Pentagon of acting without factual basis or fair process in branding it as a threat to national security.The lawsuit was filed in the US District Court for the Northern District of California in San Jose, also naming Secretary of Defense Pete Hegseth, Deputy Secretary Stephen Feinberg, and Assistant Secretary for Industrial Base Policy Michael Cadenazzi as defendants."The determinations have no basis in fact or law... To label Alibaba a 'Chinese military company' is to brand it an instrument of the Chinese military and a threat to US national security," Alibaba wrote.The Pentagon added Alibaba and several other Chinese companies to its Section 1260H list on June 8, tagging the e-commerce and tech company as "a military-civil fusion contributor to the Chinese defense industrial base because it is affiliated with" the Ministry of Industry and Information Technology.Prior to the lawsuit, Alibaba had denied this designation, calling it "a mistake," according to a June 9 Hong Kong bourse filing."There is no basis to conclude that Alibaba Group should be placed on the CMC List. Alibaba Group is not a Chinese military company nor part of any military-civil fusion strategy."Alibaba at the time warned that it would "take all available legal action against attempts to misrepresent the company."In its lawsuit, Alibaba said it is owned by a broad, public shareholder base, and since early 2025, the only investors to hold 5% or more of its stock are three American financial institutions: JPMorgan, Citigroup, and BlackRock."No individual shareholder controls the company, and no state-owned entity has ever controlled the company," Alibaba argued.The company also stressed that it "has no affiliation with MIIT, SASAC, or the [People's Liberation Army]."SASAC, or the State-owned Assets Supervision and Administration Commission, acts as the state's investor and manages the country's non-financial state-owned enterprises.Alibaba's complaint also noted that it held talks with the Department of Defense prior to the designation. Alibaba said it met with Pentagon officials on Jan. 21 to present information and answer any concerns.The company said it then submitted additional evidence on Jan. 30, detailing its longstanding cooperation with the US government, including a letter from the Director of the National Intellectual Property Rights Coordination Center, part of the US Department of Homeland Security.However, on Feb. 13, the Pentagon posted an updated 1260H list, designating Alibaba as a Chinese military company before withdrawing it within an hour, citing a need to review "the most recent information available."Alibaba said the Department declined to disclose to the company what information it was relying on.Starting June 30, 2026, the Pentagon will be prohibited from "enter[ing] into, renew[ing], or extend[ing] a contract for the procurement of goods, services, or technology" from companies on the designated list.Effective June 30, 2027, the ban extends to the procurement of goods or services that "include goods or services produced or developed by" companies on the list.A spokesperson for the Pentagon declined to comment to, saying the Department does not comment on ongoing litigation.China's Ministry of Commerce had already threatened to retaliate after the Pentagon added Alibaba, Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), Nio (HKG:9866), WuXi AppTec (HKG:2359, SHA:603259) and Robosense Technology (HKG:2498) to the list.The updated list supersedes an earlier version from January 2025, and reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.Alibaba is not the first Chinese company to contest the 1260H designation. WuXi AppTec filed its own suit against the Pentagon on June 11, describing its inclusion as "the product of political pressure."In January 2021, Xiaomi (HKG:1810) also sued the US after it was designated as one of several "Communist Chinese military companies" (CCMC) under the National Defense Authorization Act of 1999.The smartphone maker was then removed from the list in May 2021, with the US District Court for the District of Columbia issuing a final order vacating the Pentagon's designation of Xiaomi as a CCMC.Alibaba has also asked the court in California to vacate the designation as "arbitrary and capricious."
China has expanded its restrictions against U.S. companies, banning 46 more firms, including Lockheed Martin and Raytheon Missiles & Defense, from government procurements, the Ministry of Finance announced Monday.The measure halts government purchases of these companies' products and exempts them from operating in China.The updated list also includes subsidiaries of Lockheed Martin and Raytheon, as well as General Atomics Aeronautical Systems and Boeing Defense, Space & Security, among others.The move builds on a separate crackdown earlier on Monday, when the Ministry of Commerce blacklisted 10 US tech and defense firms, including Aveox, Red Cat Holdings, and Teal Drones.The development follows the Trump administration's military designation on Chinese tech firms, including Alibaba (HKG:9988), Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), and Nio (HKG:9866, SGX:NIO).
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