STOCKS | Baidu Falls 2.5% As Hong Kong Dual Primary Listing Takes Effect

Baidu (09888) fell 2.5% to HK$93.8 on turnover of about 330,000 shares worth HK$31.52 million, according to ETNet. The company said its previously announced voluntary conversion of its Hong Kong Stock Exchange secondary listing into a dual primary listing took effect today. Baidu is now a dual primary listed company on the Hong Kong Stock Exchange and Nasdaq Global Select Market. Baidu added that its ordinary shares listed in Hong Kong and its American depositary shares listed on Nasdaq Global Select Market will remain convertible into each other. The Hang Seng Index was down 0.6% at 25,415, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index both fell 0.6%.