[HK]百度集团-SW(09888):刊发发售备忘录 – 百度集团股份有限公司 - 人民币7,500,000,000 元於2030 年到期的2.70%优先票据及人民币2,500,000,000 元於20.
原标题:百度集团-SW:刊发发售备忘录 – 百度集团股份有限公司 - 人民币7,500,000,000 元於2030 年到期的2.70%优先票据及人民币2,500,000,000 元於2035 年到期的3.. 責任。 本公告及本文所述上市文件乃按香聯合交易所有限公司證券上市規則規定僅供參考，並不屬於出售或收購任何 證券的要約或購買任何證券的要約招攬。本公告及本文所述任何內容（括上市文件）並非任何合約或承諾的依 32 據。為免生疑，刊發本公告及本文所述的上市文件不應被視為就香法例第 章公司（清盤及雜項條文）條例而言 571 根據發行人或其代表刊發的招債章程提出的證券發售要約，亦不屬於香法例第 章證券及期貨條例所指其中 載有向公眾人士發出邀請以訂立或要約訂立有關購買、出售、認購或銷證券的協議的廣告、邀請或文件。 根據不同投票權架構，我們的股本括A類普通股及B類普通股。對於提呈本公司股東大會投票的所有事宜，A類 1 10 普通股持有人每股可投票，而B類普通股持有人則每股可投 票。股東及有意投資務請留意投資不同投票權架 構公司的潛在風險。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達克上市，股份代碼為 BIDU。 本公告並非在美國或任何其他司法管轄區要約出售或收購證券的邀請或要約或要約收購、購買或認購證券的招 攬，未根據任何該等司法管轄區的證券法登記或獲批准而於上述司法管轄區進行的相關邀請、要約、招攬、收購 或出售均屬違法。 本公告及其任何副本不得帶入美國或其他司法管轄區，亦不得在美國或其他司法管轄區分發，未根據任何該等司 法管轄區的證券法登記或獲批准而於上述司法管轄區進行的相關要約、招攬或出售均屬違法。 1933 本公告所述證券並無亦不會根據《 年美國證券法》（經修訂）或向美國任何州或其他司法管轄區的任何證券監管 1933 機構登記，且不會在美國提呈發售或出售，惟獲得《 年美國證券法》（經修訂）及相關州或地方證券法登記規定 1933 的適用豁免，或屬不受《 年美國證券法》（經修訂）及相關州或地方證券法登記規定約束的交易則除外。凡在美 國公開發售證券，均須基於招股章程進行。該招股章程將載有關於作出要約的公司及其管理層以及財務報表的詳 細資料。我們不會在美國公開發售證券。 7 500 000 000 2030 2 70 人民幣 , , , 元於 年到期的 . %優先票據 85012 （債務股份代號： ） 及 2 500 000 000 2035 3 00 人民幣 , , , 元於 年到期的 . %優先票據 85013 （債務股份代號： ） （統稱「票據」）Baidu, Inc. 百度集團股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 9888 89888 （股份代號： （元櫃台）及 （人民幣櫃台）） 刊發發售備忘錄 香投資謹請注意：百度集團股份有限公司（「本公司」）確認票據擬僅供專業投資37 （定義見上市規則第 章）購買，並已按該基準於聯交所上市。因此，本公司確認票據不適合作為香散戶之投資。投資應審慎考慮所涉及的風險。 發售備忘錄並不構成向任何司法管轄區的公眾提呈出售任何證券的招股章程、通告、備忘錄、宣傳冊或廣告，且並非向公眾發出邀請以就認購或購買任何證券作出要約，亦非供傳閱以邀請公眾就認購或購買任何證券作出要約。 發售備忘錄不得視為認購或購買我們任何證券的勸誘，且並無意進行有關勸誘。在做出投資決策時，潛在投資必須依賴對我們的審查以及本次發售的條款，括所涉及的優勢和風險。 承董事會命 百度集團股份有限公司 董事長兼首席執行官 李彥宏先生 2025 3 13 香， 年月 日 於本公告日期，本公司董事會括董事李彥宏先生；以及獨立董事丁健先生、楊元慶先生、符績勛先生、許冉女士及劉曉丹女士。 IMPORTANT NOTICE (NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS) You must read the following disclaimer before continuing. The following disclaimer applies to the document following this page and you are therefore advised to read this disclaimer carefully before accessing, reading or making any other use of the attached document. In accessing the attached document, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. You acknowledge that the attached document and the information contained therein are strictly confidential and intended for you only. You are not authorized to and you may not forward or deliver the attached document, electronically or otherwise, to any other person or reproduce such document in any manner whatsoever, nor may you disclose the information contained in the attached document to any third-party or use it for any other purpose. Any forwarding, distribution, publishing or reproduction of the attached document in whole or in part or disclosure of any information contained therein or any use of such information for any other purpose is unauthorized. Failure to comply with this directive may result in a violation of the securities laws of applicable jurisdictions. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES REFERRED TO IN THE ATTACHED DOCUMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, RESOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO, OR FOR THE BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”)) EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE FOLLOWING OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. CONFIRMATION OF YOUR REPRESENTATION: IN ORDER TO BE ELIGIBLE TO VIEW THE ATTACHED DOCUMENT, INVESTORS MUST COMPLY WITH THE FOLLOWING PROVISIONS. YOU HAVE BEEN SENT THE ATTACHED DOCUMENT ON THE BASIS THAT YOU HAVE CONFIRMED TO CLSA LIMITED, CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LIMITED, BANK OF CHINA (HONG KONG) LIMITED, INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED, CHINA MINSHENG BANKING CORP., LTD. HONG KONG BRANCH, INDUSTRIAL BANK CO., LTD. HONG KONG BRANCH, BANK OF COMMUNICATIONS CO., LTD. HONG KONG BRANCH, AGRICULTURAL BANK OF CHINA LIMITED HONG KONG BRANCH, ABCI CAPITAL LIMITED AND STANDARD CHARTERED BANK (HONG KONG) LIMITED, AS THE INITIAL PURCHASERS, THAT YOU (I) ARE A NON-U.S. PERSON OUTSIDE THE UNITED STATES AND, TO THE EXTENT YOU PURCHASE THE SECURITIES DESCRIBED IN THE ATTACHED DOCUMENT, YOU WILL BE DOING SO IN AN OFFSHORE TRANSACTION, AS DEFINED IN REGULATION S, IN COMPLIANCE WITH REGULATION S; AND (II) CONSENT TO DELIVERY BY ELECTRONIC TRANSMISSION. If you have gained access to this transmission contrary to the foregoing restrictions, you will be unable to purchase any of the securities described therein. This document has been made available to you in electronic form. You are reminded that documents transmitted via affiliates accepts any liability or responsibility whatsoever in respect of any difference between the document distributed to you in electronic format and the hard copy version. This offering memorandum is being furnished in connection with an offering in offshore transactions outside the United States in compliance with Regulation S solely for the purpose of enabling a prospective investor to consider the purchase of the securities described in this offering memorandum. You are reminded that the information in the attached offering memorandum is not complete and may be changed. You are responsible for protecting against viruses and other destructive items. Your receipt of this electronic transmission is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. CONFIDENTIALBaidu,Inc. CNY7,500,000,0002.70%SeniorNotesdue2030atanIssuePriceof100.00%CNY2,500,000,0003.00%SeniorNotesdue2035atanIssuePriceof100.00%WeareofferingCNY7,500,000,000ofour2.70%seniornotesdue2030,orthe2030NotesandCNY2,500,000,000ofour3.00%seniornotesdue2035,orthe2035Notes, and,togetherwiththe2030Notesarereferredtointhisofferingmemorandumasthe“Notes.”The2030NoteswillmatureonMarch12,2030andthe2035Noteswillmatureon March12,2035.InterestontheNoteswillaccruefromMarch12,2025andbepayablesemi-annuallyinarrearsonMarch12andSeptember12ofeachyear,beginningon September12,2025.TheNoteswillbeissuedindenominationsofCNY1,000,000andintegralmultiplesofCNY10,000inexcessthereof. Wemayredeemthe2030NotesatanytimepriortoFebruary12,2030andthe2035NotesatanytimepriortoDecember12,2034,ineachcase,inwholeorinpart,upon givingnotlessthan30days’normorethan60days’noticetoholdersoftheapplicableNotes(whichnoticeshallbeirrevocable)andtheTrustee,ataredemptionamountequalto thegreaterof(i)100%oftheprincipalamountoftheapplicableNotestoberedeemedand(ii)themakewholeamount(asprovidedelsewhereinthisofferingmemorandum),plus, ineachcase,accruedandunpaidinterest,ifany,to(butnotincluding)theapplicableredemptiondate.Wemayalsoredeemthe2030NotesatanytimefromorafterFebruary12, 2030andthe2035NotesatanytimefromorafterDecember12,2034,ineachcase,inwholeorinpart,upongivingnotlessthan30days’normorethan60days’notice,ata redemptionpriceequalto100%oftheprincipalamountoftheapplicableNotestoberedeemedplusaccruedandunpaidinterest,ifany,onsuchNotesto,butnotincluding,the applicableredemptiondate.WemayalsoredeemalloftheNotesofanyseriesatanytimeupontheoccurrenceofcertaintaxevents.UpontheoccurrenceofaTriggeringEvent (asdefinedinthisofferingmemorandum)andsubjecttocertainotherconditions,wemustmakeanoffertorepurchaseallNotesoutstandingatapurchasepriceequalto101%of theirprincipalamount,plusaccruedandunpaidinterest,ifany,to(butnotincluding)thedateofrepurchase.ThereisnosinkingfundfortheNotes. TheNotesareourseniorunsecuredobligationsandwill(1)rankseniorinrightofpaymenttoallofourexistingandfutureobligationsexpresslysubordinatedinrightof paymenttotheNotes,(2)rankatleastequallyinrightofpaymentwithallofourexistingandfutureunsecuredandunsubordinatedobligations(subjecttoanypriorityrights pursuanttoapplicablelaw),(3)beeffectivelysubordinatedtoallofourexistingandfuturesecuredindebtedness,totheextentofthevalueoftheassetsservingassecurity therefor,and(4)bestructurallysubordinatedtoallexistingandfutureobligationsandotherliabilitiesofoursubsidiariesandconsolidatedaffiliatedentities.Weintendtousethe netproceedsoftheofferingforrepaymentofcertainexistingindebtedness,paymentofinterestandgeneralcorporatepurposes.ForamoredetaileddescriptionoftheNotes,see “DescriptionoftheNotes”beginningonpage28. ApplicationwillbemadetoTheStockExchangeofHongKongLimited(the“HongKongStockExchange”),forthelistingof,andpermissiontodealin,theNotesbyway ofdebtissuestoprofessionalinvestors(asdefinedinChapter37oftheHongKongListingRules(asdefinedinthisofferingmemorandum))(the“ProfessionalInvestors”)only. ThisdocumentisfordistributiontoProfessionalInvestorsonly.Pleaseseethesellingrestrictionssetoutunderthesectionentitled“PlanofDistribution.” NoticetoHongKonginvestors:WeconfirmthattheNotesareintendedforpurchasebyProfessionalInvestorsonlyandwillbelistedontheHongKongStockExchangeon thatbasis.Accordingly,weconfirmthattheNotesarenotappropriateasaninvestmentforretailinvestorsinHongKong.Investorsshouldcarefullyconsidertherisksinvolved. TheHongKongStockExchangehasnotreviewedthecontentsofthisdocument,otherthantoensurethattheprescribedformdisclaimerandresponsibility statements,andastatementlimitingdistributionofthisdocumenttoProfessionalInvestorsonlyhavebeenreproducedinthisdocument.ListingoftheNotesonthe HongKongStockExchangeisnottobetakenasanindicationofthecommercialmeritsorcreditqualityoftheNotesorusorqualityofdisclosureinthisdocument. HongKongExchangesandClearingLimitedandtheHongKongStockExchangetakenoresponsibilityforthecontentsofthisdocument,makenorepresentationastoits accuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthis document.Wecompletedthepre-issuanceregistrationoftheofferingoftheNoteswiththeNationalDevelopmentandReformCommissionofthePRC,ortheNDRC,and obtainedacertificateevidencingsuchregistrationonJanuary24,2025,inaccordancewiththeAdministrativeMeasuresfortheReviewandRegistrationofMedium-andLong- termForeignDebtsofEnterprises,ortheNDRCForeignDebtMeasures,effectivefromFebruary10,2023.TheNoteshavenotbeenandwillnotberegisteredundertheUnitedStatesSecuritiesActof1933,asamended,ortheSecuritiesAct,andmaynotbeofferedorsold withintheUnitedStatesorto,orfortheaccountorbenefitofU.S.persons(asdefinedinRegulationSundertheSecuritiesAct,orRegulationS),exceptpursuanttoan exemptionfrom,orinatransactionnotsubjectto,theregistrationrequirementsoftheSecuritiesAct.Foradescriptionofcertainrestrictionsonresaleortransfer,see “TransferRestrictions”beginningonpage60. WeexpecttheNotestoberatedA3byMoody’sInvestorServiceLimited,orMoody’sandAbyFitchRatingsLtd.,orFitch.Asecurityratingdoesnotconstitutea recommendationtopurchase,holdorselltheNotesinasmuchassuchratingdoesnotcommentastomarketpriceorsuitabilityforaparticularinvestor. InvestingintheNotesinvolvesrisks.See“RiskFactors”beginningonpage12.Theglobalnoteswillberegisteredinthenameof,andlodgedwithasub-custodianfor,theHongKongMonetaryAuthorityasoperator,ortheCMUOperator,oftheCentral MoneymarketsUnitService,ortheCMUortheClearingSystem,andwillbeexchangeablefordefinitiveNotesinregisteredcertificatedform,orCertificatedNotes,onlyinthe circumstancessetouttherein.Exceptasdescribedintheglobalnotes,ownersofinterestintheNotesrepresentedbytheglobalnoteswillnotbeissuedinexchangeforinterestsin theglobalnotes.ForpersonsseekingtoholdabeneficialinterestintheNotesthroughEuroclearBankSA/NV,orEuroclear,orClearstreamBankingS.A.,orClearstream,such personswillholdtheirinterestthroughanaccountopenedandheldbyEuroclearorClearstream(asthecasemaybe)withtheCMUOperator.Beneficialinterestsintheglobal notewillbeshownon,andtransfersthereofwillbeeffectedonlythrough,recordsmaintainedbytheCMUOperator.JointGlobalCoordinatorsandJointBookrunners CITICSecurities ChinaInternationalCapitalCorporation BankofChina(HongKong) ICBC(Asia)JointBookrunners ChinaMinshengBankingCorp.,Ltd.HongKongBranch IndustrialBankCo.,Ltd.HongKongBranchBankofCommunications AgriculturalBankofChina StandardCharteredBankThedateofthisOfferingMemorandumisMarch5,2025. TABLEOFCONTENTS IMPORTANTNOTICETOINVESTORS ...................................................... iiMARKETDATA .......................................................................... viWHEREYOUCANFINDADDITIONALINFORMATION ....................................... viiINCORPORATIONBYREFERENCE ......................................................... viiiCONVENTIONSTHATAPPLYTOTHISOFFERINGMEMORANDUM............................ ixFORWARD-LOOKINGSTATEMENTS ....................................................... xiSUMMARY .............................................................................. 1SUMMARYCONSOLIDATEDFINANCIALDATA ............................................. 6THEOFFERING .......................................................................... 9RISKFACTORS .......................................................................... 12USEOFPROCEEDS ....................................................................... 23CAPITALIZATION ........................................................................ 24DIVIDENDPOLICY ....................................................................... 25DESCRIPTIONOFOTHERINDEBTEDNESS .................................................. 26DESCRIPTIONOFTHENOTES ............................................................. 28TAXATION .............................................................................. 49ENFORCEABILITYOFCIVILLIABILITIES................................................... 51PLANOFDISTRIBUTION.................................................................. 53TRANSFERRESTRICTIONS................................................................ 60LEGALMATTERS ........................................................................ 62INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM ................................... 63IMPORTANTNOTICETOINVESTORS Youshouldrelyonlyontheinformationcontainedorincorporatedbyreferenceinthisofferingmemorandum.Wehavenotauthorizedanyonetoprovideyouwithdifferentinformation.Wearenot,andCLSALimited,ChinaInternationalCapitalCorporationHongKongSecuritiesLimited,BankofChina(HongKong)Limited,IndustrialandCommercialBankofChina(Asia)Limited,ChinaMinshengBankingCorp.,Ltd.HongKongBranch,IndustrialBankCo.,Ltd.HongKongBranch,BankofCommunicationsCo.,Ltd.HongKongBranch,AgriculturalBankofChinaLimitedHongKongBranch,ABCICapitalLimitedandStandardCharteredBank(HongKong)Limited,astheinitialpurchasers,arenot,makinganofferoftheNotesinanyjurisdictionwheretheofferisnotpermitted.Youshouldnotassumethattheinformationcontainedorincorporatedbyreferenceinthisofferingmemorandumisaccurateasofanydateotherthanthedateonthefrontofthisofferingmemorandum. WearerelyingonexemptionsfromregistrationundertheSecuritiesActforoffersandsalesofsecuritiesthatdonotinvolveapublicoffering.ProspectivepurchasersareherebynotifiedthatsellersoftheNotesmayberelyingontheexemptionfromtheprovisionofSection5oftheSecuritiesActprovidedbyRegulationSundertheSecuritiesAct.ThesecuritiesofferedbythisofferingmemorandumhavenotbeenandwillnotberegisteredundertheSecuritiesActorunderthesecuritieslawsofanyotherjurisdiction.Unlesstheyareregistered,theNotesmaybe transferredorresoldonlyintransactionsthatareexemptfromsuchlaws.BypurchasingNotes,youwillbedeemedtohavemadetheacknowledgements,representations,warrantiesandagreementsdescribedundertheheading“TransferRestrictions”inthisofferingmemorandum.Youshouldunderstandthatyoumayberequiredtobearthefinancialrisksofyourinvestmentforanindefiniteperiodoftime. Thisofferingmemorandumisbasedoninformationprovidedbyusandbyothersourcesthatwebelievearereliable.Theinitialpurchasers,thetrustee,theagents,oranypersonwhocontrolsanyofthem,ortheirrespective directors,officers,employees,agents,representatives,advisersandaffiliates,makenorepresentationsorwarranties, expressorimplied,astotheaccuracyorcompletenessofanyoftheinformationsetforthinthisofferingmemorandum,andyoushouldnotrelyonanythingcontainedinthisofferingmemorandumasapromiseorrepresentation,whetherastothepastorthefuture.Wecannotassureyouthatthisinformationobtainedfromotherpartiesisaccurateorcomplete.Thisofferingmemorandumsummarizesandincorporatescertaindocumentsandotherinformation,andwereferyoutothemforamorecompleteunderstandingofwhatwediscussinthisofferingmemorandum.Inmakinganinvestmentdecision,youmustrelyonyourownexaminationofourcompanyandthetermsoftheofferingandtheNotes,includingthemeritsandrisksinvolved.Youacknowledgethat(a)youhavenotreliedontheinitialpurchasersoranypersonaffiliatedwiththeinitialpurchasersinconnectionwithyourinvestigationoftheaccuracyofsuchinformationoryourinvestmentdecisionand(b)nopersonhasbeenauthorizedtogiveanyinformationortomakeanyrepresentationconcerningusortheNotesotherthanascontainedorincorporatedbyreferenceinthisofferingmemorandum,and,ifgivenormade,suchotherinformationorrepresentationsshouldnotberelieduponashavingbeenauthorizedbyusortheinitialpurchasers. WearenotmakinganyrepresentationtoanypurchaseroftheNotesregardingthelegalityofaninvestmentintheNotesbysuchpurchaserunderanylegalinvestmentorsimilarlawsorregulations.Youshouldnotconsideranyinformationinthisofferingmemorandumtobelegal,businessortaxadvice.Youshouldconsultyourownattorney,businessadvisorortaxadvisorforlegal,businessandtaxadviceregardinganinvestmentintheNotes.ThisofferingmemorandumishighlyconfidentialandhasbeenpreparedbyussolelyforuseinconnectionwiththeproposedprivateplacementoftheNotesdescribedinthisofferingmemorandum.Weandtheinitialpurchasersreservetherighttowithdrawthisofferingatanytimebeforeclosing,torejectanyoffertopurchase,inwholeorinpart,foranyreason,ortoselllessthantheamountofNotesofferedbythisofferingmemorandum.ThisofferingmemorandumdoesnotconstituteanoffertosellorasolicitationofanoffertobuytheNotestoanypersoninanyjurisdictionwhereitisunlawfultomakesuchofferorsolicitation.ThedistributionofthisofferingmemorandumandtheofferingoftheNotesmayincertainjurisdictionsberestrictedbylaw.Personsintowhosepossessionthisofferingmemorandumcomesarerequiredbythecompanyandtheinitialpurchaserstoinformthemselvesaboutandtoobserveanysuchrestrictions.Foradescriptionoftherestrictionsonoffers,salesandresalesoftheNotesanddistributionofthisofferingmemorandum,see“TransferRestrictions”and“PlanofDistribution.” ThisofferingmemorandumispersonaltoeachoffereeanddoesnotconstituteanoffertoanyotherpersonortothepublicgenerallytosubscribefororotherwiseacquireNotes.Distributionofthisofferingmemorandumtoanypersonotherthantheoffereeandthosepersons,ifany,retainedtoadvisesuchoffereewithrespecttheretoisunauthorized,andanydisclosureofanyofitscontents,withoutourpriorwrittenconsent,isprohibited.Eachprospectivepurchaser,byacceptingthisofferingmemorandum,agreestotheforegoingandtomakenophotocopiesofthisofferingmemorandumoranydocumentsreferredtointhisofferingmemorandum.EachoffereewillnotifyitsadvisorsoftherestrictionsimposedbytheUnitedStatessecuritieslawsonthepurchaseandsaleofsecuritiesand onthecommunicationofconfidentialinformationtoanyotherperson.Theinitialpurchasersmayengageintransactionsthatstabilize,maintainorotherwiseaffectthepriceoftheNoteswhich,ifcommenced,maybediscontinued.Specifically,theinitialpurchasersmayover-allotinconnectionwiththisofferingandmaybidforandpurchasetheNotesintheopenmarket.Foradescriptionoftheseactivities,see“PlanofDistribution.” ThisofferingmemorandumincludesparticularsgivenincompliancewiththeHongKongListingRulesforthepurposeofgivinginformationwithregardtous.Thecompanyacceptsfullresponsibilityfortheaccuracyoftheinformationcontainedinthisofferingmemorandum(includinginformationincorporatedbyreferenceherein)andconfirms,havingmadeallreasonableenquiries,thattothebestofitsknowledgeandbelieftherearenootherfactstheomissionofwhichwouldmakeanystatementhereinmisleading. NeithertheSecuritiesandExchangeCommission,orSEC,noranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesorpassedupontheadequacyoraccuracyofthisofferingmemorandum.Anyrepresentationtothecontraryisacriminaloffense. NoticetoProspectiveInvestorsinHongKong Youareadvisedtoexercisecautioninrelationtotheoffer.Ifyouareinanydoubtaboutanyofthecontentsofthisofferingmemorandum,youshouldobtainindependentprofessionaladvice.TheNotesmaynotbeofferedorsoldinHongKongbymeansofanydocumentotherthan(i)incircumstanceswhichdonotconstituteanoffertothepublicwithinthemeaningoftheCWUMPOorwhichdonotconstituteaninvitationtothepublicwithinthemeaningoftheSFO,or(ii)to“professionalinvestors”asdefinedintheSFOandanyrulesmadethereunder,or(iii)inothercircumstanceswhichdonotresultinthedocumentbeinga“prospectus”asdefinedintheCWUMPO,andnoadvertisement,invitationordocumentrelatingtotheNotesmaybeissuedormaybeinthepossessionofanypersonforthepurposeofissue(ineachcasewhetherinHongKongorelsewhere),whichisdirectedat,orthecontentsofwhicharelikelytobeaccessedorreadby,thepublicinHongKong(exceptifpermittedtodosounderthesecuritieslawsofHongKong)otherthanwithrespecttotheNoteswhichareorareintendedtobedisposedofonlytopersonsoutsideHongKongoronlyto“professionalinvestors”inHongKongasdefinedintheSFOandanyrulesmadethereunder. NoticetoCapitalMarketIntermediariesandProspectiveInvestorsPursuanttoParagraph21oftheHongKongSecuritiesandFuturesCommissionCodeofConduct–ImportantNoticetoProspectiveInvestorsProspectiveinvestorsshouldbeawarethatcertainintermediariesinthecontextofthisofferingoftheNotes,includingcertaininitialpurchasers,are“capitalmarketintermediaries,”orCMIs,subjecttoParagraph21ofthe CodeofConductforPersonsLicensedbyorRegisteredwiththeSecuritiesandFuturesCommission,ortheSFCCode.ThisnoticetoprospectiveinvestorsisasummaryofcertainobligationstheSFCCodeimposesonsuchCMIs,whichrequiretheattentionandcooperationofprospectiveinvestors.CertainCMIsmayalsobeactingas“overallcoordinators,”orOCs,forthisofferingandaresubjecttoadditionalrequirementsundertheSFCCode.Prospectiveinvestorswhoarethedirectors,employeesormajorshareholdersoftheIssuer,aCMIoritsgroupcompanieswouldbeconsideredundertheSFCCodeashavinganassociation,orAssociation,withtheIssuer,theCMIortherelevantgroupcompany.ProspectiveinvestorsassociatedwiththeIssueroranyCMI(includingitsgroupcompanies)shouldspecificallydisclosethiswhenplacinganorderfortheNotesandshoulddisclose,atthesametime,ifsuchordersmaynegativelyimpactthepricediscoveryprocessinrelationtothisoffering.Prospective investorswhodonotdisclosetheirAssociationsareherebydeemednottobesoassociated.WhereprospectiveinvestorsdisclosetheirAssociationsbutdonotdisclosethatsuchordermaynegativelyimpactthepricediscoveryprocessinrelationtothisoffering,suchorderisherebydeemednottonegativelyimpactthepricediscoveryprocess inrelationtothisoffering. Prospectiveinvestorsshouldensure,andbyplacinganorderprospectiveinvestorsaredeemedtoconfirm,thatordersplacedarebonafide,arenotinflatedanddonotconstituteduplicatedorders(i.e.twoormorecorrespondingoridenticalordersplacedviatwoormoreCMIs).Ifaprospectiveinvestorisanassetmanagementarmaffiliatedwithanyinitialpurchaser,suchprospectiveinvestorshouldindicatewhenplacinganorderifitisforafundorportfoliowheretheinitialpurchaseroritsgroupcompanyhasmorethan50%interest,inwhichcaseitwillbeclassifiedasa“proprietaryorder”andsubjecttoappropriatehandlingbyCMIsinaccordancewiththeSFCCodeandshoulddisclose,atthesametime,ifsuch“proprietaryorder”maynegativelyimpactthepricediscoveryprocess inrelationtothisoffering.Prospectiveinvestorswhodonotindicatethisinformationwhenplacinganorderareherebydeemedtoconfirmthattheirorderisnota“proprietaryorder”.Ifaprospectiveinvestorisotherwiseaffiliatedwithanyinitialpurchaser,suchthatitsordermaybeconsideredtobea“proprietaryorder”(pursuantto theSFCCode),suchprospectiveinvestorshouldindicatetotherelevantinitialpurchaserwhenplacingsuchorder.Prospectiveinvestorswhodonotindicatethisinformationwhenplacinganorderareherebydeemedtoconfirmthattheirorderisnota“proprietaryorder”.Whereprospectiveinvestorsdisclosesuchinformationbutdonotdisclose thatsuch“proprietaryorder”maynegativelyimpactthepricediscoveryprocessinrelationtothisoffering,such “proprietaryorder”isherebydeemednottonegativelyimpactthepricediscoveryprocessinrelationtothisoffering. ProspectiveinvestorsshouldbeawarethatcertaininformationmaybedisclosedbyCMIs(includingprivatebanks)whichispersonaland/orconfidentialinnaturetotheprospectiveinvestor.Byplacinganorder,prospective investorsaredeemedtohaveunderstoodandconsentedtothecollection,disclosure,useandtransferofsuchinformationbytheinitialpurchasersand/oranyotherthirdpartiesasmayberequiredbytheSFCCode,includingtotheIssuer,anyOCs,relevantregulatorsand/oranyotherthirdpartiesasmayberequiredbytheSFCCode,itbeingunderstoodandagreedthatsuchinformationshallonlybeusedforthepurposeofcomplyingwiththeSFCCode,duringthebook-buildingprocessforthisoffering.Failuretoprovidesuchinformationmayresultinthatorderbeing rejected. ThisofferingmemorandumandanyotherdocumentormaterialsrelatingtotheissueoftheNotesisnotbeingmade,andthisofferingmemorandumandsuchotherdocumentsand/ormaterialshavenotbeenapproved,byanauthorizedpersonforthepurposesofsection21oftheUnitedKingdom’sFinancialServicesandMarketsAct2000,asamended,ortheFSMA.Accordingly,thisofferingmemorandumandsuchotherdocumentsand/ormaterialsarenotbeingdistributedto,andmustnotbepassedonto,thegeneralpublicintheUnitedKingdom.Thisofferingmemorandumandsuchotherdocumentsand/ormaterialsarefordistributiononlytopersonswho(i)haveprofessionalexperienceinmattersrelatingtoinvestmentsandwhofallwithinthedefinitionofinvestmentprofessionals(asdefinedinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,asamended,ortheFinancialPromotionOrder),(ii)fallwithinArticle49(2)(a)to(d)oftheFinancialPromotionOrder,(iii)areoutsidetheUnitedKingdom,or(iv)areotherpersonstowhomitmayotherwiselawfullybemadeundertheFinancialPromotionOrder(allsuchpersonstogetherbeingreferredtoas“relevantpersons”).Thisofferingmemorandumandsuchotherdocumentsand/ormaterialsaredirectedonlyatrelevantpersonsandmustnotbeactedonorreliedonbypersonswhoarenotrelevantpersons.Anyinvestmentorinvestmentactivitytowhichthisofferingmemorandumandanysuchotherdocumentormaterialsrelateswillbeengagedinonlywithrelevantpersons.AnypersonintheUnitedKingdomthatisnotarelevantpersonshouldnotactorrelyonthisofferingmemorandumoranysuchotherdocumentsormaterialsrelatingtotheissueoftheNotesoranyoftheircontents. MARKETDATA Marketdatausedinorincorporatedintothisofferingmemorandumwereobtainedfrominternalsurveys,marketresearch,publiclyavailableinformationandindustrypublications.Industrypublicationsgenerallystatethat theinformationcontainedthereinhasbeenobtainedfromsourcesbelievedtobereliable,butthattheaccuracyandcompletenessofsuchinformationisnotguaranteed.Similarly,internalsurveys,industryforecastsandmarketresearch,whilebelievedtobereliable,havenotbeenindependentlyverified,andneitherwenortheinitialpurchasersmakeanyrepresentationastotheaccuracyofsuchinformation.WHEREYOUCANFINDADDITIONALINFORMATION WearecurrentlysubjecttoperiodicreportingandotherinformationalrequirementsoftheExchangeActasapplicabletoforeignprivateissuersandtheHongKongListingRulesasapplicabletolistedissuersontheMainBoardoftheHongKongStockExchange.Accordingly,wearerequiredtofilereports,includingannualreports,andotherinformationwiththeSECandtheHongKongStockExchange.AllinformationfiledwiththeSECcanbeobtainedovertheInternetattheSEC’swebsiteatwww.sec.gov,andallinformationfiledwiththeHongKongStockExchangecanbeobtainedovertheInternetattheHongKongStockExchange’swebsiteatwww.hkexnews.hk.INCORPORATIONBYREFERENCE ThisofferingmemorandumincorporatesbyreferencecertainreportsandotherinformationthatwehavefiledwiththeSECundertheExchangeAct.Thismeansthatwearedisclosingimportantbusinessandfinancialinformationtoyoubyreferringyoutothosedocuments.Weincorporatebyreferencethedocumentslistedbelow(includingeachoftheexhibitsreferencedtherein): ? ourannualreportonForm20-FforthefiscalyearendedDecember31,2023filedwiththeSEConMarch15,2024,orthe2023AnnualReport; ? ourregistrationstatementonFormS-8furnishedtotheSEConJune7,2024,includingExhibit10.1whichisour2023ShareIncentivePlan; ? ourcurrentreportonForm6-KfurnishedtotheSEConOctober8,2024,includingExhibit99.1titled“PressRelease”; ? ourcurrentreportonForm6-KfurnishedtotheSEConFebruary24,2025;? ourcurrentreportonForm6-KfurnishedtotheSEConFebruary25,2025,includingExhibit99.1titled“PressRelease—BaiduAcquiresJOYY’sLiveStreamingBusinessinChina”;and? allsubsequentreportsonForm20-FandanyreportonForm6-KthatindicatesitisbeingincorporatedbyreferencethatwefilewithorfurnishtotheSEConorafterthedatehereofanduntiltheterminationorcompletionoftheofferingbymeansofthisofferingmemorandum. Unlessexpresslyincorporatedbyreference,nothinginthisofferingmemorandumshallbedeemedtoincorporatebyreferenceinformationfurnishedto,butnotfiledwith,theSEC.Totheextentthereareinconsistenciesbetweentheinformationcontainedinthisofferingmemorandumandtheinformationcontainedinthedocumentsincorporatedbyreferenceasofthedatehereof,theinformationinthisofferingmemorandumshallbedeemedtosupersedetheinformationinsuchincorporateddocuments.Anystatementcontainedinthisofferingmemorandumorinadocumentincorporatedordeemedtobeincorporatedbyreferenceintothisofferingmemorandumshallbedeemedtobemodifiedorsupersededforpurposesofthisofferingmemorandumtotheextentthatastatementcontainedinthisofferingmemorandumorinanyothersubsequentlyfileddocumentwhichalsoisorisdeemedtobeincorporatedbyreferenceintothisofferingmemorandummodifiesorsupersedesthestatement.Anystatementsomodifiedorsupersededshallnotbedeemed,exceptassomodifiedorsuperseded,toconstituteapartofthisofferingmemorandum. Statementscontainedinthisofferingmemorandumorinanydocumentincorporatedbyreferenceintothisofferingmemorandumastothecontentsofanycontractorotherdocumentreferredtohereinorthereinarenotnecessarilycomplete,andineachinstancereferenceismadetothecopyofsuchcontractorotherdocumentfiledasanexhibittothedocumentsincorporatedbyreference,eachsuchstatementbeingqualifiedinallrespectsbysuchreference. Uponwrittenororalrequest,wewillprovideyouwithacopyofanyoftheincorporateddocumentswithoutcharge(notincludingexhibitstothedocumentsunlesstheexhibitsarespecificallyincorporatedbyreferenceinto thedocuments).RequestsfordocumentsshouldbedirectedtoBaidu,Inc.,BaiduCampus,No.10Shangdi10thStreet,HaidianDistrict,Beijing100085,ThePeople’sRepublicofChina,Telephone:+(8610)5992-8888,Fax:+(8610)5992-0000. CONVENTIONSTHATAPPLYTOTHISOFFERINGMEMORANDUM Inthisannualreport,exceptwherethecontextotherwiserequiresandforpurposesofthisannualreportonly:? “ADSs”refertoourAmericandepositaryshares,eachADSrepresentingeightClassAordinaryshares;? “ArticlesofAssociation”referstoourAmendedandRestatedArticlesofAssociation,adoptedonJune27,2023,asamendedandrestatedfromtimetotime; ? “board”or“boardofdirectors”referstoourboardofdirectors,unlessotherwisestated;? “China”or“PRC”referstothePeople’sRepublicofChina,includingHongKong,MacauandTaiwan;and“mainlandChina”referstothePeople’sRepublicofChina,excludingHongKong,MacauandTaiwan;? “ClassAordinaryshares”refertoClassAordinarysharesofthesharecapitalofourcompanywithaparvalueofUS$0.000000625each,conferringaholderofaClassAordinaryshareonevotepershareonallmatterssubmittedforvotingatgeneralmeetingsofourcompany; ? “ClassBordinaryshares”refertoClassBordinarysharesofthesharecapitalofourcompanywithaparvalueofUS$0.000000625each,conferringweightedvotingrightsinourcompanysuchthataholderofaClassBordinaryshareisentitledto10votespershareonallmatterssubmittedforvotingatgeneralmeetingsofourcompany; ? “CMU”referstoTheCentralMoneymarketsUnitServiceoperatedbytheHongKongMonetaryAuthority; ? “CWUMPO”referstotheCompanies(WindingupandMiscellaneousProvisions)Ordinance(Chapter32oftheLawsofHongKong),asamended,andtherulesandregulationspromulgatedthereunder;? “director(s)”referstomember(s)ofourboard,unlessotherwisestated;? “ExchangeAct”referstotheUnitedStatesSecuritiesExchangeActof1934,asamended,andtherulesandregulationspromulgatedthereunder; ? “foreignprivateissuer”referstosuchtermasdefinedinRule3b-4undertheU.S.ExchangeAct;? “HongKong”or“HK”or“HongKongS.A.R.”referstotheHongKongSpecialAdministrativeRegionofthePRC; ? “HongKongListingRules”referstotheRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited,asamendedorsupplementedfromtimetotime;? “HongKongStockExchange”referstoTheStockExchangeofHongKongLimited;? “Memorandum”referstoourmemorandumofassociation(asamendedfromtimetotime);? “NDRC”referstotheNationalDevelopmentandReformCommissionofthePRC;? “MAU”,ormonthlyactiveuser,referstothenumberofmobiledevicesthatlaunchedourmobileappsduringagivenmonth; ? “ourcompany”orthe“Issuer”referstoBaidu,Inc.,whichisnotaPRCoperatingcompanybutaCaymanIslandsholdingcompanywithoperationsprimarilyconductedthrough(i)ourmainlandChinasubsidiariesand(ii)contractualarrangementswiththevariableinterestentities,ortheVIEs,basedinmainlandChina.Thisstructureentailsuniqueriskstoinvestors,see“Item3.D.KeyInformation—RiskFactors—RisksRelatedtoourCorporateStructure”inour2023AnnualReportformoredetails;? “RMB”or“Renminbi”referstothelegalcurrencyofmainlandChina;? “SAFE”referstotheStateAdministrationofForeignExchangeofthePRC,thePRCgovernmentalagencyresponsibleformattersrelatingtoforeignexchangeadministration,includinglocalbranches,whenapplicable; ? “SEC”referstotheUnitedStatesSecuritiesandExchangeCommission;? “SecuritiesAct”referstotheUnitedStatesSecuritiesActof1933,asamended,andtherulesandregulationspromulgatedthereunder; ? “SFO”referstotheSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong),asamendedorsupplementedfromtimetotime; ? “shares”or“ordinaryshares”referstoourordinaryshares,whichincludebothClassAordinarysharesandClassBordinaryshares; ? “U.S.”or“UnitedStates”referstotheUnitedStatesofAmerica,itsterritories,itspossessionsandallareassubjecttoitsjurisdiction; ? “U.S.GAAP”referstogenerallyacceptedaccountingprinciplesintheUnitedStates;? “we,”“us,”“our,”or“Baidu”referstoBaidu,Inc.,itssubsidiaries,and,inthecontextofdescribingour operationsandconsolidatedfinancialinformation,thevariableinterestentitiesincorporatedinmainlandChinaandotherconsolidatedaffiliatedentitiesinwhichwedonothaveanyequityownershipbutwhosefinancialresultshavebeenconsolidatedintoourconsolidatedfinancialstatementsbasedsolelyoncontractualarrangementsinaccordancewithU.S.GAAP.Thesevariableinterestentitiesinclude,butarenotlimitedto,BeijingBaiduNetcomScienceTechnologyCo.,Ltd.,orBaiduNetcom,BeijingPerusalTechnologyCo.,Ltd.,orBeijingPerusal,BeijingiQIYIScience&TechnologyCo.,Ltd.,orBeijingiQIYI; ? “iQIYI”referstoiQIYI,Inc.,acompanyincorporatedintheCaymanIslandslistedonNasdaqunderthesymbol“IQ”andoneofoursubsidiaries; ? “$,”“dollars,”“US$”or“U.S.dollars”referstothelegalcurrencyoftheUnitedStates;and? alldiscrepanciesinanytablebetweentheamountsidentifiedastotalamountsandthesumoftheamountslistedthereinareduetorounding. OurreportingcurrencyistheRenminbi.ThisofferingmemorandumcontainstranslationsofRenminbiamountsintoU.S.dollarsatspecificratessolelyfortheconvenienceofthereader.Unlessotherwisenoted,alltranslations fromRenminbitoU.S.dollarsandfromU.S.dollarstoRenminbiinthisannualreportaremadeatarateofRMB7.0999toUS$1.00,theexchangerateineffectasofDecember29,2023assetforthintheH.10statisticalreleaseofTheBoardofGovernorsoftheFederalReserveSystem.WemakenorepresentationthatanyRenminbiorU.S.dollaramountscouldhavebeen,orcouldbe,convertedintoU.S.dollarsorRenminbi,asthecasemaybe,atanyparticularrate,oratall. FORWARD-LOOKINGSTATEMENTS Thisofferingmemorandumcontainsforward-lookingstatements.forward-lookingstatementsthatreflectourcurrentexpectationsandviewsoffutureevents.Thesestatementsaremadeunderthe“safeharbor”provisionsofthe U.S.PrivateSecuritiesLitigationReformActof1995.Youcanidentifytheseforward-lookingstatementsbyterminologysuchas“may,”“will,”“expect,”“anticipate,”“future,”“intend,”“plan,”“believe,”“estimate,”“is/are likelyto,”orothersimilarexpressions.Wehavebasedtheseforward-lookingstatementslargelyonourcurrentexpectationsandprojectionsaboutfutureeventsandfinancialtrendsthatwebelievemayaffectourfinancialcondition,resultsofoperations,businessstrategy,andfinancialneeds.Theseforward-lookingstatementsinclude, amongotherthings: ? ouroperationsandbusinessprospects; ? ourbusinessandoperatingstrategiesandourabilitytoimplementsuchstrategies;? ourabilitytodevelopandmanageouroperationsandbusiness; ? competitionfor,amongotherthings,capital,technologyandskilledpersonnel;? ourabilitytocontrolcosts; ? ourabilitytoidentifyandconductinvestmentsandacquisitions,aswellasintegrateacquiredtarget(s);? changestoregulatoryandoperatingconditionsintheindustryandgeographicalmarketsinwhichweoperate; ? ourdividendpolicy;and ? allotherrisksanduncertaintiesdescribedinthe“RiskFactors”sectioninthisofferingmemorandumand“Item3.D.KeyInformation—RiskFactors”ofour2023Form20-F. Theforward-lookingstatementsincludedinthisofferingmemorandumaresubjecttorisks,uncertainties,andassumptionsaboutourcompany.Ouractualresultsofoperationsmaydiffermateriallyfromtheforward-lookingstatementsasaresultoftheriskfactorsdisclosedinthisofferingmemorandum.Wewouldliketocautionyounottoplaceunduerelianceontheseforward-lookingstatementsandyoushouldreadthesestatementsinconjunctionwiththeriskfactorsdisclosedhereinandinthedocumentsincorporatedbyreferenceforamorecompletediscussionoftherisksofaninvestmentinoursecurities.Weoperateinarapidlyevolvingenvironment.Newrisksemergefromtimetotimeanditisimpossibleforourmanagementtopredictallriskfactors,norcanweassesstheimpactofallfactorsonourbusinessortheextenttowhichanyfactor,orcombinationoffactors,maycauseactualresultstodifferfromthosecontainedinanyforward-lookingstatement.Wedonotundertakeanyobligationtoupdateorrevisetheforward-lookingstatementsexceptasrequiredunderapplicablelaw.
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