The investment-grade notes are due 2030 and 2035

Davis Polk advised the initial purchasers in connection with a Regulation S offering by Baidu, Inc. of CNY7.5 billion of 2.70% notes due 2030 and CNY2.5 billion of 3.00% notes due 2035.

Baidu, Inc. is a leading AI company with a strong internet foundation. Baidu’s ADSs trade on the Nasdaq Global Select Market and its Class A ordinary shares trade on the Main Board of the Hong Kong Stock Exchange.

The Davis Polk corporate team included partner James C. Lin, counsel Bingqing Pan and registered foreign lawyers Moran Zhang and Anlei Zuo. All members of the Davis Polk team are based in the Hong Kong office.

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