Benzinga | Dec 3, 2021 10:24AM EST

Why Baidu Shares Are Falling Today

Shares of several Chinese companies, including Baidu Inc (NASDAQ:BIDU), are trading lower Friday morning in sympathy with DiDi Global Inc (NYSE:DIDI) after the company announced its plans to delist from the New York Stock Exchange.

DiDi said it will ensure that American depositary shares (ADSs) will be convertible into freely tradable shares of the company on another internationally recognized stock exchange at the election of ADS holders.

DiDi announced that it will organize a shareholder meeting to vote on the matter, following necessary procedures.

Baidu is the largest Internet search engine in China with 84% share of the search engine market in September 2021 per web analytics firm, Statcounter.

See Also: Alibaba, JD, Baidu And Nio Rival Xpeng Dip In Mixed Hong Kong Market; Li Auto Strikes Gains

BIDU Price Action: Baidu has traded as high as $354.82 and as low as $135.89 over a 52-week period.

The stock was down 8.51% at $136.48 at time of publication.

Photo: Daniel Cukier from Flickr.