Overview

• Baidu’s Hong Kong shares jumped as much as 12% and its U.S.-listed stock gained about 9% overnight following the announcements.
• The company confirmed a partnership with state-owned China Merchants Group to deploy large language models, AI agents, and “digital employees” across real-world industrial scenarios.
• Baidu disclosed an offshore bond offering of 4.4 billion yuan due in 2029 to bolster its AI push.
• The company said proceeds will fund infrastructure such as cloud capacity, training data, and development of AI chips.
• Arete Research upgraded Baidu to Buy on improved prospects in AI cloud and chips, as Chinese tech shares broadly advanced on accelerating AI investment.