<SEC-DOCUMENT>0001193125-26-000097.txt : 20260102
<SEC-HEADER>0001193125-26-000097.hdr.sgml : 20260102
<ACCEPTANCE-DATETIME>20260102060227
ACCESSION NUMBER:		0001193125-26-000097
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20260102
FILED AS OF DATE:		20260102
DATE AS OF CHANGE:		20260102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Baidu, Inc.
		CENTRAL INDEX KEY:			0001329099
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51469
		FILM NUMBER:		26500097

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		NON US STATE TERRITORY:  	CHINA
		PROVINCE COUNTRY:   	F4
		ZIP:			100085
		BUSINESS PHONE:		(86-10)59928888

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		BAIDU CAMPUS, NO. 10 SHANGDI 10TH STREET
		STREET 2:		HAIDIAN DISTRICT
		CITY:			BEIJING
		NON US STATE TERRITORY:  	CHINA
		PROVINCE COUNTRY:   	F4
		ZIP:			100085

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Baidu.com, Inc.
		DATE OF NAME CHANGE:	20050602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d63607d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">6-K</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT> UNDER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of January 2026 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">000-51469</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BAIDU, INC. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Baidu Campus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>No.&nbsp;10 Shangdi 10th Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Haidian District, Beijing 100085 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The People&#8217;s Republic of China </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">20-F&#8194;&#9746;&#8195;&#8195;&#8195;&#8195;Form</FONT> <FONT
STYLE="white-space:nowrap">40-F&#8194;&#9744;</FONT> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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" ALIGN="center"><B>EXHIBIT INDEX </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></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release &#8211;&#8211; Baidu Announces Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> and Separate Listing of Kunlunxin</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Announcement &#8211;&#8211; Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> and Separate Listing of Kunlunxin on the Main Board of the Stock Exchange of Hong Kong Limited</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BAIDU, INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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">By</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">:&#8194;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Haijian He</P></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">Name</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">:&#8194;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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">Haijian He</P></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">Title</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">:&#8194;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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">Chief Financial Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: January 2, 2026 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d63607dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<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>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Baidu Announces Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> and Separate Listing of Kunlunxin </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BEIJING, Jan. 1, 2026 /PRNewswire/ &#8212; Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (&#8220;Baidu&#8221; or the
&#8220;Company&#8221;), a leading AI company with strong Internet foundation, today announced its proposed spinoff and separate listing of the H shares of Kunlunxin (Beijing) Technology Co., Ltd. (&#8220;Kunlunxin&#8221;), a <FONT
STYLE="white-space:nowrap">non-wholly</FONT> owned subsidiary of the Company, on the Main Board of the Hong Kong Stock Exchange (the &#8220;Proposed <FONT STYLE="white-space:nowrap">Spin-off&#8221;).</FONT> The Proposed <FONT
STYLE="white-space:nowrap">Spin-off</FONT> aims to independently showcase Kunlunxin&#8217;s value, attract investors focused on the AI chip sector, and leverage its standalone listing to enhance its market profile, broaden financing channels, and
better align management accountability with performance. This also supports the effort to unlock the value of Baidu&#8217;s AI-powered businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A
listing application form has been submitted to the Hong Kong Stock Exchange (the &#8220;HKEX&#8221;) on a confidential basis to apply for the listing of, and permission to deal in, the H shares of Kunlunxin on the HKEX. Following completion of the
Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> it is expected that Kunlunxin will remain as a subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of the
Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> have not yet been finalized. The Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> is subject to, among others, the obtaining of approvals from the HKEX, the completion of the filing
with the China Securities Regulatory Commission, and the final decisions of the Company and Kunlunxin. There is no assurance that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> will take place or when it may take place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall
not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Baidu </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Founded in 2000, Baidu&#8217;s mission is to
make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under &#8220;BIDU&#8221; and HKEX under &#8220;9888&#8221;. One Baidu ADS represents eight Class&nbsp;A ordinary
shares. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>Safe Harbor Statement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This announcement contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the&nbsp;U.S.&nbsp;Private
Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the&nbsp;U.S. Securities&nbsp;and
Exchange Commission&nbsp;(the &#8220;SEC&#8221;), in announcements made on the website of the&nbsp;Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu&#8217;s beliefs and expectations, are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu&#8217;s growth strategies; its future
business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in
the Company&#8217;s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the
Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in&nbsp;China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions
in&nbsp;China&nbsp;and elsewhere. Further information regarding these and other risks is included in the Company&#8217;s annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> and other documents filed with the&nbsp;SEC, and
announcements on the website of the&nbsp;Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the
date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOURCE&nbsp;Baidu, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors Relations, Baidu, Inc., Tel: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+86-10-5992-8888,</FONT></FONT> Email: ir@baidu.com
</P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d63607dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<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>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Under our weighted voting rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each Class&nbsp;A
ordinary share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise 10 votes, respectively, on all matters subject to the vote at general meetings of the Company. Shareholders and prospective
investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our American depositary shares, each representing eight of our Class&nbsp;A ordinary shares, are listed on Nasdaq in the United
States under the symbol BIDU. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This announcement is for information purposes only and does not constitute, and is not intended to be, an invitation
or offer to acquire, purchase or subscribe for, or offer to sell or a solicitation of any offer to buy securities in Hong Kong, the United States or elsewhere. Securities may not be offered or sold in the United States absent registration or an
exemption from registration. Neither this announcement nor any content contained herein shall form the basis of any contract or commitment whatsoever. Such offer or invitation will be made only by means of a prospectus that may be obtained from the
issuer and that will contain detailed information about the issuer and management, as well as financial statements and only in jurisdictions in which such offer or invitation may legally and validly be made. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g63607n1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Baidu, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:pmingliu">&#30334;&#24230;&#38598;&#22296;&#32929;&#20221;&#26377;&#38480;&#20844;&#21496;</FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>(A company controlled through weighted voting rights and incorporated in the Cayman Islands
with limited liability) </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Stock Codes: 9888 (HKD counter) and 89888 (RMB counter)) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPOSED <FONT STYLE="white-space:nowrap">SPIN-OFF</FONT> AND SEPARATE LISTING OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>KUNLUNXIN ON THE MAIN BOARD </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF THE STOCK EXCHANGE OF HONG KONG LIMITED </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Reference is made to the voluntary announcement of the Company dated December&nbsp;7, 2025 in relation to its assessment of a
possible <FONT STYLE="white-space:nowrap">spin-off</FONT> and separate listing of Kunlunxin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">The Company submitted a proposal in relation
to the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> to the Hong Kong Stock Exchange pursuant to PN15 of the Listing Rules and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed <FONT
STYLE="white-space:nowrap">Spin-off.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">The Company hereby announces that on January&nbsp;1, 2026, Kunlunxin,
through its joint sponsors, on a confidential basis, submitted a listing application form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the Kunlunxin Shares on the Main Board of the Hong Kong Stock
Exchange. </P></div>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


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


<Center><DIV STYLE="width:8.5in" align="left">
 <div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">It is currently proposed that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> will be effected by way of the
Global Offering of Kunlunxin Shares, comprising (i)&nbsp;a Hong Kong public offering of Kunlunxin Shares for subscription by the public in Hong Kong; and (ii)&nbsp;a placing of Kunlunxin Shares to institutional and professional investors. As at the
date of this announcement, Kunlunxin is a <FONT STYLE="white-space:nowrap">non-wholly</FONT> owned subsidiary of the Company. Following completion of the Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> it is expected that Kunlunxin will
remain as a subsidiary of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Details in respect of the Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> including the
size and structure of the Global Offering, the extent of the decrease in shareholding percentage of the Company in Kunlunxin, have not yet been finalised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman"><B>The Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> is subject to, among other things, the obtaining of
approvals from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the Kunlunxin Shares, the completion of the filing with the China Securities Regulatory Commission for the listing and offering of
Kunlunxin Shares, and the final decisions of the Company and Kunlunxin. Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> will take place
or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the securities of the Company. </B></P></div>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to the voluntary
announcement of the Company dated December&nbsp;7, 2025 in relation to its assessment of a possible <FONT STYLE="white-space:nowrap">spin-off</FONT> and separate listing of Kunlunxin. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company submitted a proposal in relation to the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> to the Hong Kong Stock Exchange pursuant to PN15
of the Listing Rules and the Hong Kong Stock Exchange has confirmed that the Company may proceed with the Proposed <FONT STYLE="white-space:nowrap">Spin-off.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company hereby announces that on January&nbsp;1, 2026, Kunlunxin, through its joint sponsors, on a confidential basis, submitted a listing application
form (Form A1) to the Hong Kong Stock Exchange to apply for the listing of, and permission to deal in, the Kunlunxin Shares on the Main Board of the Hong Kong Stock Exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE PROPOSED <FONT STYLE="white-space:nowrap">SPIN-OFF</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> is currently intended to be effected by way of Global Offering of Kunlunxin Shares, comprising
(i)&nbsp;a Hong Kong public offering of Kunlunxin Shares for subscription by the public in Hong Kong; and (ii)&nbsp;a placing of Kunlunxin Shares to institutional and professional investors. As at the date of this announcement, Kunlunxin is a <FONT
STYLE="white-space:nowrap">non-wholly</FONT> owned subsidiary of the Company and is an industry-leading provider of AI computing chips and related integrated hardware-software systems, dedicated to making computing more intelligent. Following
completion of the Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> it is expected that Kunlunxin will remain as a subsidiary of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>REASONS FOR AND BENEFITS OF THE PROPOSED <FONT STYLE="white-space:nowrap">SPIN-OFF</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company considers that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> is commercially beneficial to the Company and Kunlunxin and in the
interest of the Shareholders as a whole, among others, for the following reasons: </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">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> could better reflect the value of the Kunlunxin
Group on its own merits and increase its operational and financial transparency, through which investors would be able to appraise and assess the performance and potential of the Kunlunxin Group separately and distinctly from those of the Retained
Group; </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="4%" VALIGN="top" ALIGN="left">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">Kunlunxin&#8217;s business would be appealing to an investor base that specialized in the business of
general-purpose AI computing chips and related software-hardware systems, which is different from the relatively more diverse business model of the Retained Group&#8217;s operations; and </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="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the business of the Kunlunxin Group has a size sufficient to pursue a listing status and the Company considers
that such status will be beneficial to the Company and Kunlunxin, given that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> will (i)&nbsp;enhance Kunlunxin&#8217;s profile among its customers, suppliers, and potential strategic
partners and its position to negotiate and solicit more business, so that the Retained Group will be able to benefit from the growth of Kunlunxin through its shareholding in Kunlunxin; (ii)&nbsp;enable Kunlunxin to directly and independently access
both equity and debt capital markets in the future should the need arise, which allows a more efficient deployment of financial resources of the Retained Group; and (iii)&nbsp;lead to a more direct alignment of the responsibilities and
accountability of the management of both the Company and Kunlunxin with their respective operating and financial performance, which would result in enhanced management focus and corporate governance. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WAIVER FROM STRICT COMPLIANCE WITH PARAGRAPH 3(F) OF PN15 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements under paragraph 3(f) of PN15, a listed company contemplating a spin-off is required to have due regard to the interests of its
existing shareholders by providing them with an assured entitlement to the shares of the <FONT STYLE="white-space:nowrap">spun-off</FONT> entity, either by way of a distribution in specie of existing shares in the
<FONT STYLE="white-space:nowrap">spun-off</FONT> entity or by way of preferred application in any offering of existing or new shares in the <FONT STYLE="white-space:nowrap">spun-off</FONT> entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has applied for, and the Hong Kong Stock Exchange has granted, a waiver from strict compliance with the requirement that the Shareholders be
provided an assured entitlement to Kunlunxin Shares (as set out under paragraph 3(f) of PN15) (the &#8220;<B>Waiver</B>&#8221;) on the basis that: (i)&nbsp;the extensive endeavour and substantial costs for providing the assured entitlement by way of
distribution in specie or preferred application in any offering would be disproportionate or excessive to the benefits of the Company&#8217;s shareholders conferred by the assured entitlement, as U.S. securities laws would require Kunlunxin to
conduct a public offering in the United States and file a registration statement with the SEC under the U.S. Securities Act among other procedures that would be unduly burdensome, (ii)&nbsp;as a dual listed company, the Company&#8217;s securities
are primarily listed and traded on Nasdaq and there is no similar requirement under applicable U.S. securities laws and Nasdaq listing rules, (iii)&nbsp;it is unduly burdensome and not practically necessary to seek Shareholders&#8217; approval with
regard to the waiver of the assured entitlement as set out under paragraph 3(f) of PN15, and (iv)&nbsp;the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> is insignificant to the Company and its Shareholders with reference to the
Company&#8217;s total asset, revenue and gross profit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">The Board is of the view that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> and the Waiver
are fair and reasonable and in the interests of the Company and the Shareholders as a whole. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPLICATIONS UNDER THE LISTING RULES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details in respect of the Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> including the size and structure of the Global Offering, the extent of the
decrease in shareholding percentage of the Company in Kunlunxin, have not yet been finalised. It is expected that the Proposed <FONT STYLE="white-space:nowrap">Spin-off,</FONT> if materialises, will not affect the Company&#8217;s eligibility or
suitability as a secondary listed issuer on the Hong Kong Stock Exchange under Chapter 19C of the Listing Rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Proposed <FONT
STYLE="white-space:nowrap">Spin-off</FONT> is subject to, among other things, the obtaining of approvals from the Listing Committee of the Hong Kong Stock Exchange for listing of, and permission to deal in, the Kunlunxin Shares, the completion of
the filing with the China Securities Regulatory Commission for the listing and offering of Kunlunxin Shares, and the final decisions of the Company and Kunlunxin. Shareholders and potential investors of the Company should be aware that there is no
assurance that the Proposed <FONT STYLE="white-space:nowrap">Spin-off</FONT> will take place or as to when it may take place. Shareholders and potential investors of the Company should therefore exercise caution when dealing in or investing in the
securities of the Company. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further announcement(s) will be made by the Company in relation to the Proposed
<FONT STYLE="white-space:nowrap">Spin-off</FONT> as and when appropriate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this announcement, the following expressions shall have the meaning set out below unless the context requires otherwise: </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="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;ADS(s)&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the American Depositary Share(s), each ADSs representing eight Class&nbsp;A ordinary shares of the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Board&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the board of the Directors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Company&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Baidu, Inc., a company incorporated in the Cayman Islands on January&nbsp;18, 2000 as an exempted company, with its ADSs listed on Nasdaq in the United States and its Class&nbsp;A ordinary shares secondarily listed on the Main
Board of the Hong Kong Stock Exchange</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Director(s)&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the director(s) of the Company</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


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


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

<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="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Global Offering&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the offer of Kunlunxin Shares for subscription by the public in Hong Kong and the placing of the Kunlunxin Shares to professional and institutional investors</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Group&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Company, its subsidiaries and consolidated affiliated entities</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Hong Kong&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Hong Kong Special Administrative Region of the PRC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Hong Kong Stock Exchange&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Stock Exchange of Hong Kong Limited</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Kunlunxin&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kunlunxin (Beijing) Technology Co., Ltd.* (<FONT STYLE="font-family:pmingliu">&#23825;&#23833;&#33455;&#65288;&#21271;&#20140;&#65289;&#31185;
</FONT><FONT STYLE="font-family:pmingliu">&#25216;&#32929;&#20221;&#26377;&#38480;&#20844;&#21496;</FONT>), a limited liability company established under the laws of the PRC, which has been converted into a joint stock company incorporated in the
PRC with limited liability, and a non-wholly owned subsidiary of the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Kunlunxin Group&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kunlunxin and its subsidiaries</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Kunlunxin Shares&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the ordinary share(s) in the share capital of Kunlunxin with a nominal value of RMB0.4 each, which are to be subscribed for and traded in Hong Kong dollars and to be listed on the Hong Kong Stock Exchange</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Listing Rules&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (as amended from time to time)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;PN15&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Practice Note 15 of the Listing Rules</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;PRC&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the People&#8217;s Republic of China which, for the purpose of this announcement only, does not include Hong Kong, the Macau Special Administrative Region and Taiwan</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Proposed <FONT STYLE="white-space:nowrap">Spin-off&#8221;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the proposed <FONT STYLE="white-space:nowrap">spin-off</FONT> of Kunlunxin by way of a separate listing of the Kunlunxin Shares on the Main Board of the Hong Kong Stock Exchange</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;Retained Group&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Group, excluding the Kunlunxin Group</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8220;SEC&#8221;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the Securities and Exchange Commission of the United States of America</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


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


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

<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="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></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">&#8220;Share(s)&#8221;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the ordinary share(s) of par value of US$0.000000625 each in the share capital of the Company, which include both Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#8220;Shareholder(s)&#8221;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the shareholder(s) of the Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#8220;subsidiary(ies)&#8221;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">has the meaning as ascribed thereto in the Listing Rules</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#8220;U.S.&#8221;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">the United States</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#8220;US$&#8221;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US dollar(s), the lawful currency of the U.S.</TD></TR>
</TABLE> <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="bottom" ALIGN="center">By order of the Board</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><B>Baidu, Inc.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><B>Mr.&nbsp;Robin Yanhong Li</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Chairman of the Board</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>and Chief Executive Officer</I></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hong Kong, January&nbsp;2, 2026 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>As at the date of this announcement, the board of directors of the Company comprises Mr.&nbsp;Robin Yanhong Li as director, and Mr.&nbsp;James Ding,
Mr.&nbsp;Yuanqing Yang, Mr.&nbsp;Jixun Foo, Ms.&nbsp;Sandy Ran Xu and Ms.&nbsp;Xiaodan Liu as independent directors. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g63607n1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g63607n1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0+R17AI9@  34T *@    @ ! $[  (
M   -   !2H=I  0    !   !6)R=  $    :   "T.H<  <   $,    /@
M   <Z@    $
M
M
M
M
M
M4VAE:6L@3F%G;V]R    !9 #  (    4   "II $  (    4   "NI*1  (
M   #,#D  )*2  (    #,#D  .H<  <   $,   !F@     <Z@    $
M
M
M
M
M
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MS@9^AP?PKZAKFQ>'5"=ELRH2YE<****Y"PHHHH **** "BBB@ HHHH ****
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MLW.I0R>(/+M;%6S(BOEW [#TSZU]E'&47#F;/E/9RO8]E\(AT\$Z(LGWQI\
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ME\#[6>T\%7B74,D+G4'(612I(\N/GFKWB3QQH'PXAM]+M[,O,(U*V\"A=J=
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M_9U>=/#81V[J^OX'FD/QE\2V\,<,.GVZQQJ$11&> !@"I;;XW>(I;Z&%[>U
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MT4?]Y?JSQLTG%Y%12>MH?D8/[0"3&RT.1<^0LDROZ;B$V_H&K@_A9K%KHGQ
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MET:RCM(2<D)DECZDGD_B:T:*J56I-6E)OYB22V"C%%%9C#%&*** #%&!110
8F!1@4M% !BC%%% !BC HHH **** /__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
