FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260928E00227 
1. Date of relevant event: 23/09/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 25/09/2026
(dd/mm/yyyy)
3. Stock code: 09888
4. Name of listed corporation: Baidu, Inc. - W 
5. Class of shares: Others 
6. Number of issued shares in class: 2,209,541,178
7. Name of substantial shareholder: JPMorgan Chase & Co. 
8. Registered office: 270 Park Avenue, New York, New York, NY, 10017, United States
9. Principal place of business in Hong Kong: N/A 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: N/A 
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
1013You first acquire a notifiable interest because:
any other event (you must briefly describe the relevant event in the Supplementary Information box)
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 190,292,364 HKD 90.7000 89.6588 90.2720
3101Cash
Short position 
1403You 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)
 
2201Interest of corporation controlled by you
 
2201Interest of corporation controlled by you
 		 84,225,359           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position00.00
Short position00.00
Lending Pool00.00
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position190,292,3648.61
Short position84,225,3593.81
Lending Pool107,159,2304.84
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position78,558,146
Short position84,176,327
2102Investment manager
Long position4,497,296
Short position49,032
2106Person having a security interest in shares
Long position50,324
Short position0
2301Trustee
Long position27,368
Short position0
2502Approved lending agent
Long position107,159,230
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position37,439,102
Short position37,625,930
4102Listed derivatives - Cash settled
Long position172,615
Short position727,593
4105Unlisted derivatives - Physically settled
Long position2,585,256
Short position6,375,897
4106Unlisted derivatives - Cash settled
Long position19,531,364
Short position19,651,828
4103Listed derivatives - Convertible instruments
Long position0
Short position78
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
JPMorgan Securities (Thailand) Limited548 One City Centre Building, 50th Floor, Ploenchit Road, Lumphini, Pathum Wan, Bangkok 10330 ThailandJ.P. Morgan International Finance Limited99.00Y
Long position6
Short position28,699
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position24,251,466
Short position23,806,586
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position81,148
Short position0
J.P. Morgan Chase Bank BerhadLevel 18 Integra Tower The Intermark 348 Jalan Tun Razak, Wilayah Persekutuan Kuala Lumpur 50400 MalaysiaJ.P. Morgan International Finance Limited100.00Y
Long position0
Short position9,630,000
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position107,747,677
Short position20,000
JPMorgan Asset Management (Asia Pacific) Limited19 & 20/F, Chater House 8 Connaught Road Central Hong Kong Hong KongJPMorgan Asset Management (Asia) Inc.100.00Y
Long position2,074,550
Short position0
JPMorgan Asset Management (China) Company Limited42F&43F 479 Lujiazui Ring Road China (Shanghai) Pilot Free Trade Zone Shanghai 200120 ChinaJPMorgan Asset Management Holdings Inc.100.00Y
Long position401,950
Short position0
JPMorgan Asset Management (Taiwan) Limited20F & 21, No.1 Song Zhi Rd, Xin Yi District, Taipei City, Taiwan. Taipei 110 Taiwan (Province of China)JPMorgan Asset Management (Asia) Inc.100.00Y
Long position218,150
Short position0
55I, LLCOne Liberty Square Suite 200 Boston MA 02109 United States55 Institutional Partners, LLC100.00Y
Long position32
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position22,413,354
Short position22,369,588
J.P. MORGAN MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00Y
Long position1,231,990
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position1,030,403
Short position13,712
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position337,628
Short position337,628
J.P. Morgan Structured Products B.V.Luna Arena Herikerbergweg 238 Amsterdam 1101 CM NetherlandsJ.P. Morgan International Finance Limited100.00Y
Long position0
Short position24,078
J.P. Morgan Trust Company of Delaware500 Stanton Christiana Road Newark DE 19713-2107 United StatesJPMorgan Chase Holdings LLC100.00Y
Long position27,368
Short position0
J.P. Morgan Alternative Asset Management, Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position0
Short position15,320
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position30,476,642
Short position27,979,748
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position52,890,002
Short position60,032,113
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position52,890,002
Short position60,032,113
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position24,589,094
Short position24,144,214
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position29,654,685
Short position24,173,246
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position81,148
Short position0
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position3,806,233
Short position29,032
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position2,292,700
Short position0
55 Institutional Partners, LLCOne Liberty Square Suite 200 Boston MA 02109 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position32
Short position0
J.P. MORGAN FINANCIAL INVESTMENTS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJPMorgan Chase Holdings LLC100.00N
Long position1,231,990
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position337,628
Short position337,628
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position30,476,642
Short position27,979,748

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
N/AAddresses of individuals are not displayed.
5101Trustee of a trust
Long position27,368
Short position0
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber 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:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information: JP Morgan Chase & Co. acquired a notifiable interest as the percentage of shares held in its lending pool was deemed to have increased. The firm also came to hold a short position of 1% or more in BAIDU INC shares, or its short position increased. As of the relevant event date, BAIDU INC had 2,209,541,178 Class A shares in issue. This disclosure resulted from the stock's removal from the Part XV exemption list published as of 31 Aug 2026.
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: 28/09/2026
(dd/mm/yyyy)