FORM 2 - Corporate Substantial Shareholder Notice
Form Serial Number
:
CS20260923E00549
1.
Date of relevant event
:
18/09/2026
(dd/mm/yyyy)
2.
Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later)
:
23/09/2026
(dd/mm/yyyy)
3.
Stock code
:
09888
4.
Name of listed corporation
:
Baidu, Inc. - W
5.
Class of shares
:
Ordinary Shares
6.
Number of issued shares in class
:
2,209,541,178
7.
Name of substantial shareholder
:
Citigroup Inc.
8.
Registered office
:
388 Greenwich Street, New York, 10013, USA
9.
Principal place of business in Hong Kong
:
50/F, Champion Tower, 3 Garden Road, Central, Hong Kong
15.
Exchange on which listed
:
NYSE
16.
Name of listed parent and exchange on which parent is listed
:
17.
Details of relevant event
:
Brief description of relevant event
Capacity in which shares were/are held
Number of shares bought/sold or involved
Currency of transaction
On Exchange
Off Exchange
Before relevant event
After relevant event
Highest price (per share)
Average price (per share)
Average consideration (per share)
Nature of consideration
Long position
1013
You first acquire a notifiable interest because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
2201
Interest of corporation controlled by you
111,516,486
HKD
0.0000
0.0000
0.0000
Short position
1403
You came to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares increased because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
2201
Interest of corporation controlled by you
26,329,884
18.
Total shares immediately before the relevant event
:
Total number of shares
Percentage figure (%)
Long position
0
0.00
Short position
0
0.00
Lending Pool
0
0.00
19.
Total shares immediately after the relevant event
:
Total number of shares
Percentage figure (%)
Long position
111,516,486
5.04
Short position
26,329,884
1.19
Lending Pool
86,880,758
3.93
20.
Capacity in which interests disclosed in Box 19 are held
:
Capacity code
Number of shares
2201
Interest of corporation controlled by you
Long position
24,635,728
Short position
26,329,884
2502
Approved lending agent
Long position
86,880,758
Short position
0
21.
Further information in respect of derivative interests
:
Derivatives code
Number of shares
4101
Listed derivatives - Physically settled
Long position
14,275,332
Short position
3,490,582
4105
Unlisted derivatives - Physically settled
Long position
1,497,755
Short position
11,373,039
4106
Unlisted derivatives - Cash settled
Long position
3,392,943
Short position
3,174,812
22.
Further information in relation to interests of corporations controlled by substantial shareholder
:
Name of controlled corporation
Address and place of incorporation
Name of controlling person
% control
Direct interest (Y/N)
Number of shares
Citicorp LLC
388 Greenwich Street, New York, NY 10013, USA
Citigroup Inc.
100.00
N
Long position
89,153,478
Short position
1,932,977
Citibank, N.A.
5800 S Corporate Place, Sioux Falls, SD 57108, Lincoln, USA
Citicorp LLC
100.00
Y
Long position
89,031,238
Short position
1,932,977
Citigroup Global Markets Holdings Inc.
388 Greenwich Street, New York, NY 10013, USA
Citigroup Inc.
100.00
N
Long position
22,252,918
Short position
23,883,233
Citigroup Financial Products Inc.
388 Greenwich Street, New York, NY 10013, USA
Citigroup Global Markets Holdings Inc.
100.00
N
Long position
22,252,918
Short position
23,883,233
Citigroup Global Markets Hong Kong Limited
50/F, Champion Tower, Three Garden Road, Central, Hong Kong
Citigroup Financial Products Inc.
100.00
Y
Long position
6,409,584
Short position
12,281,901
Citigroup Global Markets Inc.
388 Greenwich Street, New York, NY 10013, USA
Citigroup Financial Products Inc.
100.00
Y
Long position
2,990,036
Short position
633,028
Citigroup Global Markets Holdings Bahamas Limited
Caves Corporate Centre Building No. 2, West Bay Street P.O. Box N-1576, Nassau, New Providence, Bahamas
Citigroup Financial Products Inc.
90.00
N
Long position
12,853,298
Short position
10,968,304
Citigroup Global Markets Limited
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, England
Citigroup Global Markets Holdings Bahamas Limited
100.00
Y
Long position
12,853,298
Short position
10,968,304
Citi GSCP Inc.
388 Greenwich Street, New York, NY 10013, USA
Citicorp LLC
100.00
N
Long position
122,240
Short position
0
TRV Investments LLC
388 Greenwich Street, New York, NY 10013, USA
Citi GSCP Inc.
100.00
N
Long position
122,240
Short position
0
COHM Overseas Mexico Holding, S. de R.L. de C.V.
Prolongación Reforma 1196, Santa Fe Cuajimalpa, 05348 Ciudad de México, Mexico
TRV Investments LLC
100.00
N
Long position
122,240
Short position
0
Citicorp (Mexico) Holdings LLC
Moras 850, Mexico City, Distrito Federal, 03240, Mexico
COHM Overseas Mexico Holding, S. de R.L. de C.V.
100.00
N
Long position
122,240
Short position
0
Grupo Financiero Citi Mexico, S.A. de C.V.
Prolongación Reforma 1196, Santa Fe Cuajimalpa, 05348 Ciudad de México, Mexico
Citicorp (Mexico) Holdings LLC
99.99
N
Long position
122,240
Short position
0
Citi Mexico Casa de Bolsa, Sociedad Anonima de Capital Variable, Grupo Financiero Citi Mexico
Prolongación Reforma 1196, Santa Fe Cuajimalpa, 05348 Ciudad de México, Mexico
Grupo Financiero Citi Mexico, S.A. de C.V.
99.99
Y
Long position
122,240
Short position
0
Citigroup Global Markets Holdings Inc.
388 Greenwich Street, New York, NY 10013, USA
Citigroup Inc.
100.00
Y
Long position
110,090
Short position
513,674
23.
Further information in relation to interests held by substantial shareholder jointly with another person
:
Name of joint shareholder
Address
Number of shares
24.
Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust
:
Names of trust
Address
Status code
Number of shares
25.
Further information from a party to an agreement under Section 317 (Please see Notes for further information required)
:
Names of other parties
Address
Number of shares
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26.
Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act
:
Names
Address
Relationship Code
Percentage (%)
27.
Supplementary information
:
Citigroup Inc. has borrowed the shares from our Prime Brokerage clients. The increase in the short position was due to an increase in our obligation to return the borrowed shares to our Prime Brokerage clients.
28.
Log/Serial Number of the previous form
:
29.
Number of concert party document(s) under section 317 attached/uploaded
:
Date of filing this Form 2
:
23/09/2026
(dd/mm/yyyy)