Baidu share slide wipes $2.4 billion off market value amid speculation over Xi meeting

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Baidu Share Slide Wipes $2.4 Billion off Market Value Amid Speculation Over Xi Meeting

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Baidu share slide wipes $2.4 billion off market value amid speculation over Xi meeting

The Hong Kong shares of Baidu plunged on Monday, wiping $2.4 billion off its market value, after the founder of the Chinese search engine giant was not spotted at a rare meeting between President Xi Jinping and corporate leaders.

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Baidu Inc.'s stock price plunged in Hong Kong on Monday, wiping $2.4 billion off its market value, after the Chinese search giant's founder Robin Li failed to appear at a rare forum between Chinese Communist Party leader Xi Jinping and private business chiefs.

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Baidu releases annual results amid share price tumble

On 18 February, Chinese tech giant Baidu released its annual report which covers Q4 2024 and the full year’s financial results. The company earned 133.1 billion RMB (18.35 billion USD) last year, down 1% year-on-year (YoY), while Baidu’s core business earnings was 104.7 billion RMB (14.35 billion USD), up 1% from 2023. The adjusted EBITDA of 2024 was 33.1 billion RMB (4.53 billion USD), while the adjusted EBITDA profit margin was 25%. The report…

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Chinese President Xi Jinping held a meeting on Monday with private business leaders. The absence of Robin Li, founder of Baidu, the Chinese Google, was noticed on the stock exchange: the group's action plunged by almost 9%.

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On February 17, Xi Jinping, the leader of the Chinese Communist Party, held a symposium for private enterprise leaders in mainland China. Li Yanhong, the founder of Baidu, one of the leading Internet technology companies in mainland China, was not invited to attend the symposium. This absence caused widespread speculation and had an impact on Baidu's stock price. Baidu's stock price in Hong Kong stocks closed down nearly 7% that day, and its mar…