Baidu voluntarily converts its Hong Kong listing to primary effective September 1 2026 becoming the first dual primary listed Nasdaq-HK company with full-stack AI. This move excludes new share issuance and aims to include Baidu in Hong Kong-Shanghai Connect by September 7 enhancing liquidity. With AI revenue hitting 50% of Q2 total 25.2 billion yuan and positive cash flow, Baidu accelerates commercial deployment of its Kunlun chips and Apollo Go autonomous driving across 28 cities. Analysts expect a valuation shift from internet PE to SOTP potentially unlocking trillion HKD value as Baidu repositions as an AI-first enterprise through southbound fund integration.