Baidu announced the Hong Kong Stock Exchange (HKEX) accepted its application for a dual-primary listing. The company expects the conversion to take effect before the end of the year.
This status grants Baidu equal listing standing on both the Nasdaq and the HKEX. The transition positions the company for inclusion in the Stock Connect program. Eligibility would allow mainland Chinese investors to trade Baidu shares directly.
Baidu is seeking shareholder approval for share issuance and buyback mandates. The company is also adopting a new share incentive plan to comply with Hong Kong regulatory requirements.