Baidu's dual primary listing begins, AI assets face revaluation and southbound funds inflow

Baidu Group announced on August 27 that it will convert its secondary listing on the Hong Kong Stock Exchange to a primary listing, effective September 1, 2026. This makes Baidu the first company to be dual primary listed on both Nasdaq and the Hong Kong Stock Exchange, with a full-stack AI layout. The move does not involve new share issuance or fundraising. As of June 30, 2026, Baidu's cash and investments totaled 283.1 billion yuan, with positive operating cash flow for four consecutive quarters. Market analysts believe the dual primary listing will shift Baidu's valuation logic 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. Baidu's AI business revenue reached 12.5 billion yuan in the second quarter, accounting for 50% of total revenue, a figure that has been exceeded for two consecutive quarters. Baidu's 'chip-cloud-model-body' full-stack closed loop is accelerating commercial deployment. The Kunlun chip is in the process of independent listing, while the P800 million card cluster serves over 100 enterprises, including Tencent and China Merchants Bank. Baidu Intelligent Cloud's GPU cloud revenue increased by 283% year-on-year, supporting over 20 million L2-level assisted driving vehicles. AI application revenue reached 2.5 billion yuan, with KuKu AI office's monthly active users exceeding 25 million. Apollo Go has accumulated over 350 million kilometers of driving mileage, expanding its business to 28 cities globally, including Dubai, London, and Hong Kong.