Key Highlights

● Baidu repurchased 576,400 Class A ordinary shares on September 24, 2026 for approximately HKD 49.99 million.

● Shares were bought at prices ranging from HKD 86.1 to HKD 88.1 and are designated for cancellation.

● Since the August 26, 2026 mandate, Baidu has repurchased 7,823,550 shares, about 0.286% of shares outstanding.

● A moratorium on new share issuance tied to the buyback program runs through October 24, 2026.

Baidu, Inc. (NASDAQ:BIDU) disclosed in a Form 6-K filed September 25 that it repurchased 576,400 Class A ordinary shares on September 24 for approximately HKD 49.99 million, continuing a buyback program the Chinese search and AI company has been running under a board mandate approved in August.

The Single-Day Repurchase

The filing's Exhibit 99.1, a "Next Day Disclosure Return" required under Hong Kong listing rules, shows Baidu bought 576,400 shares on September 24, 2026, at prices ranging from HKD 86.1 to HKD 88.1 per share, for a total of HKD 49,991,690.76. All shares repurchased are designated for cancellation, meaning they will be retired rather than held as treasury stock, which permanently reduces the company's total share count.

The Broader Buyback Mandate

The disclosure states the company's shareholders authorized a repurchase mandate covering up to 273,356,149 shares, with that resolution dated August 26, 2026. Since the mandate took effect, Baidu has repurchased a cumulative 7,823,550 shares, about 0.286% of the shares issued and outstanding as of the mandate's resolution date. The filing indicates 14 separate repurchase transactions took place between September 7 and September 24, 2026, with per-share prices across that stretch ranging from HKD 86.73 to HKD 92.38.

A moratorium on new share issuance tied to the buyback program runs through October 24, 2026, a standard feature of Hong Kong-style repurchase mandates intended to prevent a company from simultaneously buying back and issuing shares in a way that could be used to influence its share price.

Why the Filing Exists

Next Day Disclosure Returns are routine filings required by the Hong Kong Stock Exchange, where Baidu maintains a secondary listing alongside its Nasdaq listing, whenever a listed issuer executes share buybacks. Because Baidu is a foreign private issuer under SEC rules, this disclosure, originally made to Hong Kong regulators, is furnished to the SEC via Form 6-K rather than through a domestic buyback disclosure form.

Company Background

Baidu is a Chinese technology company best known for its internet search engine and, more recently, for its investments in artificial intelligence, autonomous driving and Cloud Computing services. The company trades as American depositary shares on Nasdaq and as Class A ordinary shares in Hong Kong, and routinely uses share repurchases as part of its capital-return approach alongside any Dividend policy it maintains. Its dual listing means capital-markets activity like this buyback is disclosed under both Hong Kong Stock Exchange Listing Rules and, in parallel, U.S. securities law, giving investors on either exchange access to the same underlying transaction data.

What the Filing Does Not Say

The 6-K does not state Baidu's rationale for the timing or pace of these repurchases, nor does it disclose the total dollar or share amount the company intends to spend under the full mandate before it expires or is exhausted. It also does not compare this period's repurchase pace to prior months, and it does not say whether Baidu plans to seek a renewed or expanded mandate once the current 273,356,149-share authorization is used up or lapses.

Because the disclosure covers only a single trading day, it offers a snapshot rather than a running total investors can extrapolate from; the cumulative figures reported alongside it, the 7,823,550 shares repurchased to date, are the more relevant gauge of how much of the authorized mandate remains available.

Mandate Milestones Ahead

Investors should watch for continued Next Day Disclosure Returns as Baidu executes further tranches under its buyback mandate, and for the October 24, 2026 date when the associated share-issuance moratorium lifts, which could coincide with a change in the company's repurchase or financing activity.