Abstract: Primary conversion. Baidu (9888 HK) announced on 16 Jul 2026 that its board approved pursuing dual-primary conversion. This note assesses the Connect path, conditions, and timeline. ADD timing. Baidu retains WVR through conversion, so the ADD path runs through the regular semi-annual cycle. We assess whether the September 2026 regular batch ADD is attainable. Trading perspective. Prior Connect ADD cases show positive southbound flows in all five peers and positive 10-day returns in all five.
BILIBILI, ZAI LAB, BIDU, YUM CHINA, ALIBABA, NTES
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