Perennial International Limited Announces Discloseable Transaction: Acquisition of Baidu Shares

Key Highlights of the Transaction

• Acquisition Activity: On 13 March 2026, Perennial International Limited (Stock Code: 00725), through its wholly-owned subsidiary Glitter Wire and Cable Company Limited, acquired 20,000 Baidu shares on the open market. This represents approximately 0.00073% of Baidu’s total issued shares.
• Transaction Value: The total consideration for the recent acquisition was approximately HK\$2,464,000, at an average price of about HK\$123.20 per Baidu share, excluding transaction costs.
• Aggregated Acquisitions: Including previous acquisitions within the past 12 months, the Purchaser has acquired a total of 80,000 Baidu shares, representing roughly 0.00291% of Baidu’s total shares, at an aggregated consideration of approximately HK\$9,960,000 (average price: HK\$124.50 per share, excluding transaction costs).
• Listing Rules Implication: The aggregated acquisition exceeds the 5% threshold but remains below 25% under the applicable percentage ratios defined by the Hong Kong Listing Rules. As a result, this transaction is classified as a discloseable transaction under Chapter 14 of the Listing Rules and is subject to reporting and announcement requirements.

Details on Baidu and Financial Information

• Baidu Overview: Baidu, Inc. is incorporated in the Cayman Islands and is listed on both the Hong Kong Stock Exchange (Stock Code: 9888 for HKD Counter and 89888 for RMB Counter) and the Nasdaq Global Market (NASDAQ: BIDU). Baidu is a leader in internet content services, value-added telecom services, internet map services, audio and video services, and mobile app distribution in mainland China.
• Financial Performance:
  • Revenue for FY2025: RMB 129,079 million (unaudited)
  • Revenue for FY2024: RMB 133,125 million (audited)
  • Net Income for FY2025: RMB 5,457 million (unaudited)
  • Net Income for FY2024: RMB 24,175 million (audited)
  • Consolidated net asset value as of 31 December 2025: RMB 276,560 million (unaudited)

Information on Perennial International Limited and the Purchaser

• The Group: Perennial International Limited is an investment holding company primarily engaged in the manufacturing and trading of electric cable and wire products.
• The Purchaser: Glitter Wire and Cable Company Limited, a wholly-owned subsidiary, focuses on investment holding.
• Financing: The acquisition was financed through the Group’s existing financial resources.

Implications and Potential Impact for Shareholders

• Strategic Rationale: The Board considers Baidu a leader in the information technology sector, which is crucial for ongoing economic development. Management expects Baidu’s future prospects and development potential to be positive, which could enhance the performance of the Group’s investment portfolio.
• Transaction Terms: All acquisitions were executed at prevailing market prices in the open market. Directors, including independent non-executive directors, believe the terms are fair, reasonable, and in the best interests of the Company and its shareholders.
• Potential Price Sensitivity: Investors should note that the aggregated acquisition constitutes a discloseable transaction under Hong Kong Listing Rules. This could be considered price-sensitive information, as it signals a strategic investment in a major technology company and may influence investor perception of Perennial International’s growth strategy and diversification.
• Counterparty Information: The identities of the sellers of Baidu shares cannot be ascertained, but to the best knowledge of the Board, they are independent third parties.
• Executive and Non-Executive Directors: The Board includes experienced leadership such as Mr. MON Chung Hung, Mr. CHAN Chun Yiu, Ms. MON Wai Ki, Vicky, Ms. MON Tiffany, Mr. MON Derek, Ms. KOO Di An, Louise (non-executive), and independent non-executive directors Mr. LAU Chun Kay, Mr. LEE Chung Nai, Jones, and Ms. CHUNG Kit Ying.

Important Definitions

• Aggregated Acquisition: Total acquisition of 80,000 Baidu shares within a 12-month period.
• Previous Acquisitions: 60,000 Baidu shares acquired between 25 February 2026 and 3 March 2026 at a total consideration of HK\$7,496,000.
• Transactions: 20,000 Baidu shares acquired on 13 March 2026 at HK\$2,464,000.
• Purchaser: Glitter Wire and Cable Company Limited, a wholly-owned subsidiary of Perennial International Limited.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional financial advisors before making any investment decisions. The information provided is based on publicly available disclosures as of 13 March 2026 and may be subject to change.

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