On September 8, Baidu fell 7.95% in regular trading, trading at $91.62/share, with turnover of $80.91 million. The decline was driven by a classic sell-the-news dynamic following the formal inclusion of Baidu's Class A ordinary shares into the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, which took effect on September 7.

Baidu completed its conversion to dual primary listing on September 1, and the market had fully priced in the Stock Connect inclusion expectations ahead of the effective date. On September 7, Baidu's Hong Kong-listed shares opened higher but reversed sharply, falling over 5.5% intraday, with selling pressure subsequently spilling into U.S. trading sessions. The company repurchased 545,000 shares for approximately HK$49.96 million on the same day, signaling management's support for the current valuation, but the buyback failed to offset short-term selling pressure.

Separately, Baidu's CFO had previously stated that the company expected 10%-15% incremental capital inflows following the Stock Connect inclusion, while the Hong Kong Exchange also added Baidu to its Tech 100 Index on the same day.

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