Baidu's Hong Kong-listed shares fell approximately 6% on December 15, 2025. This decline mirrored a broader negative trend in the market. Both the Hang Seng Index (HSI) and the Hang Seng Tech Index closed lower.
The negative performance followed an investor alert issued by the Pomerantz Law Firm on December 14, 2025. The firm is investigating claims on behalf of Baidu investors.
The investigation stems from a late November report alleging the Pentagon may add Baidu to a list of companies aiding the Chinese military. This potential listing has created headwinds for the company's stock.