<SEC-DOCUMENT>0001193125-22-313007.txt : 20230222
<SEC-HEADER>0001193125-22-313007.hdr.sgml : 20230222
<ACCEPTANCE-DATETIME>20221228060506
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-313007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Baidu, Inc.
		CENTRAL INDEX KEY:			0001329099
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085
		BUSINESS PHONE:		(86-10) 5992 8888

	MAIL ADDRESS:	
		STREET 1:		BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Baidu.com, Inc.
		DATE OF NAME CHANGE:	20050602
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>B<SMALL>AIDU</SMALL>, I<SMALL>NC</SMALL>. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Baidu Campus </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">No.&nbsp;10 Shangdi
10th Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Haidian District, Beijing 100085 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">People&#146;s Republic of China </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;28, 2022 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Kathryn Jacobson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Robert Littlepage </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Baidu, Inc. (the &#147;Company&#148;)</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2021</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><U>Filed on March&nbsp;28, 2022 (File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-51469)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Jacobson and Mr.&nbsp;Littlepage, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the Company&#146;s responses to the comments contained in the letter dated December&nbsp;13, 2022 from the staff (the
&#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) regarding the Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2021
filed with the Commission on March&nbsp;28, 2022 (the &#147;<B>2021</B> <B>Form <FONT STYLE="white-space:nowrap">20-F</FONT></B>&#148;) and the Company&#146;s responses to the Staff&#146;s comments regarding the 2021 Form <FONT
STYLE="white-space:nowrap">20-F</FONT> submitted on August&nbsp;2, 2022 and October&nbsp;31, 2022, respectively. The Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses thereto. All capitalized terms
used but not defined in this letter shall have the meaning ascribed to such terms in the 2021 Form <FONT STYLE="white-space:nowrap">20-F.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Year Ended December&nbsp;31, 2021 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;3. Key Information </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cash Flows
through our Organization, page 7 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>In connection with your response to comment 1, to enhance transparency, please revise the Selected Condensed
Consolidating Cash Flows Information on page 11 to include captions and annotations for capital contributions, loans and principal repayments to/ from the VIEs. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company undertakes to revise the disclosure as follows (page references are made to the 2021 Form <FONT
STYLE="white-space:nowrap">20-F</FONT> to illustrate the approximate location of the disclosure) in its future Form <FONT STYLE="white-space:nowrap">20-F</FONT> filings (with deletions shown as strike-through and additions underlined, added line
items shaded in grey): </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Page 9 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Financial Information Related to the </B><B><U>Variable Interest</U></B><B> </B><B><STRIKE>Consolidated Affiliated</STRIKE></B><B>
Entities</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following tables present the condensed consolidating schedule of financial performance, financial position and cash flows
for <U>Baidu, Inc., its wholly owned subsidiaries that are the Primary Beneficiaries of the VIEs under U.S. GAAP (the &#147;Primary Beneficiaries of VIEs excluding Baidu, Inc.&#148;), its other subsidiaries that are not the Primary Beneficiaries of
VIEs (the &#147;Other Subsidiaries&#148;)</U>, <STRIKE>our consolidated affiliated entities</STRIKE> <U>the VIEs</U> and <U>the VIEs&#146; subsidiaries that we consolidate</U> <STRIKE>other entities</STRIKE> for the periods and as of the dates
presented. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>&#147;Baidu Inc.&#148; is our holding company in the Cayman Islands, and the primary beneficiary of the VIEs
including Beijing Baidu Netcom Science Technology Co., Ltd. (&#147;Baidu Netcom&#148;) and Beijing Perusal Technology Co., Ltd. (&#147;Beijing Perusal&#148;) and other VIEs. &#147;Primary Beneficiaries of VIEs excluding Baidu, Inc.&#148; mainly
refer to iQIYI, Inc., the primary beneficiary of Beijing iQIYI Science</U><U></U><U>&nbsp;&amp; Technology Co., Ltd. (&#147;Bejing iQIYI&#148;) and other iQIYI VIEs.</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>&#147;Other Subsidiaries&#148; refer to the sum of <FONT STYLE="white-space:nowrap">non-VIE</FONT>
subsidiaries, which mainly include Baidu Online Network Technology (Beijing) Co., Ltd. (&#147;Baidu Online&#148;), Baidu (China) Co., Ltd. (&#147;Baidu China&#148;), Baidu.com Times Technology (Beijing) Co., Ltd. (&#147;Baidu Times&#148;), Beijing
QIYI Century Science</U><U></U><U>&nbsp;&amp; Technology Co., Ltd (&#147;Beijing QIYI Century&#148;, a wholly-owned foreign enterprise of iQIYI, Inc.), and other wholly-owned subsidiaries, which mainly provide online marketing services to external
customers. In addition, as instructed by the primary beneficiaries of the VIEs, certain wholly-owned subsidiaries including Baidu Online and Beijing QIYI Century also provide long-term loans to the nominee shareholders of the VIEs to fund the
capitalization of these entities as well as exclusive technology consulting and services to the VIEs. </U> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>&#147;VIEs and VIEs&#146; subsidiaries&#148; refer to the sum of Baidu Netcom, Beijing Perusal, Beijing iQIYI
and other iQIYI VIEs, and other VIEs.</U> </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Page 10 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Selected Condensed Consolidat<STRIKE>ed</STRIKE><U>ing </U>Cash Flows Information </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31, 2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Baidu,<BR>Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Primary<BR>Beneficiaries<BR>of VIEs<BR>excluding<BR>Baidu, Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other<BR>Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>VIEs and<BR>VIEs&#146;<BR>subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Eliminations</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Consolidated<BR>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:1pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>(In millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(371</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(16,183</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,564</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,522</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,551</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,376</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(31,444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top">(1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,408</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(5,520</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">5,520</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by/(used in) financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(272</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(21,521</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,408</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,408</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">5,520</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(5,520</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Baidu,<BR>Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Primary<BR>Beneficiaries<BR>of VIEs<BR>excluding<BR>Baidu, Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other<BR>Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>VIEs and<BR>VIEs&#146;<BR>subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Eliminations</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Consolidated<BR>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:1pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>(In millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,912</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(295</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by/(used in) investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,921</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,284</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(27,557</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,382</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(27,552</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(3,502</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">3,502</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,507</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,507</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loan repayments from VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,136</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,136</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,757</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9,898</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">3,502</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(3,502</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,507</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,507</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loan repayments from VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(1,136</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">1,136</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31, 2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Baidu,<BR>Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Primary<BR>Beneficiaries<BR>of VIEs<BR>excluding<BR>Baidu,<BR>Inc.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other<BR>Subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>VIEs and<BR>VIEs&#146;<BR>subsidiaries</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Eliminations</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Consolidated<BR>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:1pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center"><B>(In millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,720</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(56</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by/(used in) investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,870</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,335</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(17,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,829</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19,974</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(7,057</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">7,057</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(4,633</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">4,633</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loan repayments from VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">9,127</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(9,127</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash (used in)/provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11,494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,489</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,073</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,873</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Including: Capital contribution to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (1)(2)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">7,057</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(7,057</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans provided to VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">4,633</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(4,633</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d8d8d8"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:9.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loan repayments from VIEs and VIEs&#146; subsidiaries<SUP
STYLE="font-size:75%; vertical-align:top"> (3)</SUP></P></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right"><B>&#151;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">(9,127</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">)&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">9,127</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#d8d8d8">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note:
</B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>For the years ended December</U><U></U><U>&nbsp;31, 2019, 2020 and 2021, the primary beneficiaries
designated its other subsidiaries to provide loans totaling RMB7.1</U><U></U><U>&nbsp;billion, RMB602</U><U></U><U>&nbsp;million and RMB409</U><U></U><U>&nbsp;million (US$64 million), respectively, to the nominee shareholders to fund the
capitalization of the VIEs and VIEs&#146; subsidiaries for which the primary beneficiaries does not intend to seek repayment, and nil was repaid by the nominee shareholders.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>For the years ended December</U><U></U><U>&nbsp;31, 2019, 2020 and 2021, the VIEs and VIEs&#146;
subsidiaries received nil, RMB2.9</U><U></U><U>&nbsp;billion and RMB1.0</U><U></U><U>&nbsp;billion (US$157 million), respectively, as capital contribution from the subsidiaries of Baidu, Inc.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>For the years ended December</U><U></U><U>&nbsp;31, 2019, 2020 and 2021, the VIEs and VIEs&#146;
subsidiaries received RMB4.6</U><U></U><U>&nbsp;billion, RMB1.5</U><U></U><U>&nbsp;billion and RMB5.5</U><U></U><U>&nbsp;billion (US$866 million), respectively, as loans from the subsidiaries of Baidu, Inc. and the VIEs and VIEs&#146; subsidiaries
repaid principal amounts of RMB9.1</U><U></U><U>&nbsp;billion, RMB1.1</U><U></U><U>&nbsp;billion and nil, respectively, to the subsidiaries.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Information Related to the Consolidated Affiliated Entities, page 9</U> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to prior comment 3 and your proposed presentation of Selected Condensed Consolidating
Balance Sheets and Statements of Comprehensive Income. With respect to the Condensed Consolidating Balance Sheets, please explain why the Contractual interests in the VIEs and VIEs&#146; subsidiaries are reported under &#147;Other Subsidiaries&#148;
instead of the &#147;Primary Beneficiaries of VIEs.&#148; </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the
Company presents its Contractual interests in the VIEs and VIEs&#146; subsidiaries under the equity method of accounting as prescribed in ASC 323, <I>Investments-Equity Method and Joint Ventures</I>. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 28, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Contractual interests in the VIEs and VIEs&#146; subsidiaries as reported under &#147;Baidu,
Inc.&#148; represent its capital contribution and its share of the total cumulative income (loss) of the VIEs and VIEs&#146; subsidiaries as the primary beneficiary of the VIEs. Contractual interests in the VIEs and VIEs&#146; subsidiaries as
reported under &#147;The Primary Beneficiaries of VIEs excluding Baidu. Inc&#148; was reduced to nil under the equity method of accounting as of December&nbsp;31, 2021 and 2020 due to the total cumulative losses incurred by the VIEs, mainly Beijing
iQIYI and other iQIYI VIEs, exceeding the total cumulative capital contribution made by the primary beneficiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company
respectfully advises the Staff that the &#147;Contractual interests in the VIEs and VIEs&#146; subsidiaries&#148; as reported under &#147;Other Subsidiaries&#148; mainly represent the loans provided by the wholly-owned subsidiaries to the nominee
shareholders of the VIEs, as instructed by the primary beneficiaries, to fund the capitalization of the VIEs for which the primary beneficiaries do not intend to seek repayment. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>With respect to the Consolidating Statements of Comprehensive Income, explain: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>why certain of the revenues of the VIEs and VIE subsidiaries are not included in the revenues of the primary
beneficiaries of the VIEs and appear to be included under Other Subsidiaries; and </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>why there is a difference between the net income (loss) reported by the VIEs and VIE subsidiaries and the net
income (loss) reported by the primary beneficiaries. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff that the revenue as
reported under &#147;Other Subsidiaries&#148; represents revenue generated by the wholly-owned subsidiaries through provision of online marketing services and other services to external customers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company further respectfully advises the Staff that<B> </B>the Net income (loss) reported under &#147;Baidu, Inc.&#148; includes the Net
income (loss) from &#147;Primary beneficiaries of VIEs excluding Baidu, Inc&#148;, &#147;Other subsidiaries&#148; and &#147;VIEs and VIEs&#146; subsidiaries&#148;. The Net income (loss) reported under &#147;Primary beneficiaries of VIEs excluding
Baidu, Inc&#148; mainly includes the Net income (loss) from iQIYI subsidiaries and iQIYI VIEs. In addition, the difference between the &#147;Share of (loss) income of the VIEs and VIEs&#146; subsidiaries&#148; as reported under &#147;Baidu,
Inc.&#148; and the &#147;Net income (loss)&#148; as reported under &#147;VIEs and VIEs&#146; subsidiaries&#148;<B> </B>was mainly because net income (loss) reported by the VIEs and VIEs&#146; subsidiaries includes the net income (loss) attributable
to noncontrolling interests of RMB122&nbsp;million, RMB(392) million and RMB56&nbsp;million (US$9 million) for the years ended December&nbsp;31, 2019, 2020 and 2021, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;* </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions or comments regarding the 2021 Form <FONT
STYLE="white-space:nowrap">20-F,</FONT> please contact the undersigned at +86 10 5992 8888 or the Company&#146;s U.S. counsel, Shu Du of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP at +852 3740 4858 or shu.du@skadden.com. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Rong Luo</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Rong Luo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Robin Yanhong Li, Chairman and Chief Executive Officer, Baidu, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shu Du, Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Hua Ying Li, Partner, Ernst&nbsp;&amp; Young Hua Ming LLP </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
