Baidu announced yesterday that a special shareholders' meeting will be held at 11:00 a.m. Beijing time on March 1, 2021 at No. 10, Shangdi 10th Street, Haidian District, Beijing. At this shareholders' meeting, the company will split each class a share, class B share and preferred share into 80 shares for deliberation and voting at the special shareholders' meeting.
Baidu's board of directors has approved the adjustment of the conversion ratio between American Depository shares (ads) and common shares after the split, from 10 ads representing 1 class a common share to 1 ads representing 8 class a common shares. The adjustment will take effect on March 1, 2021. Of course, the premise is that shareholders approve the 1:80 split proposal.
As of yesterday's close, Baidu's price per ads was US $252.75, corresponding to US $2527.5 per share; after the split, Baidu's price per ads was US $31.59375, equivalent to HK $244.9 per share.