Changes in Hong Kong stocks | Baidu Group - SW (09888) rose more than 4% in early trading. The company has applied for a dual major listing and is expected to enter Hong Kong Stock Connect later

The Zhitong Finance App learned that Baidu Group - SW (09888) rose more than 4% in early trading. As of press release, it had risen 3.78% to HK$10.9.9, with a turnover of HK$406 million.

According to the news, Baidu Group has applied to the Hong Kong Stock Exchange to change its Hong Kong listing status from a secondary listing to a dual major listing, and received confirmation on July 22. The effective date is expected to be within this year. Guosheng Securities believes that considering that the company has met Hong Kong Stock Connect's core requirements for market capitalization, composite index constituent stocks, etc., it is expected that it will be included in the Hong Kong Stock Exchange in the future, increasing liquidity while expanding the investor base.

In addition, the supporting bill simultaneously disclosed by the company shows that Baidu plans to hold an extraordinary shareholders' meeting to request shareholders' approval of a number of authorizations. The first is a share issuance authorization, which allows the board of directors to allocate and issue Class A common shares or American Depositary Receipts (ADS), with a maximum size of 20% of the total number of issued shares; the second establishes a share repurchase authorization, which allows up to 10% of the total share capital to be repurchased.