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Baidu Announces Pricing of US$2 Billion Offering of Zero Coupon Exchangeable Bonds

BEIJING, March 7, 2025 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced the pricing of its US$2 billion in aggregate principal amount of exchangeable bonds due 2032 (the “Bonds”). The Bonds were offered in offshore transactions outside the United States to certain non-U.S. persons (the “Bonds Offering”) in reliance on Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”). The Company expects to close the Bonds Offering on or about March 12, 2025, subject to the satisfaction of customary closing conditions.

The Bonds will reference ordinary shares of Trip.com Group Limited that are listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) (HKEX: 9961) (“Trip.com Shares”). Holders of the Bonds may not exchange their Bonds prior to the first anniversary of the issue date of the Bonds. If an event of default has occurred and is continuing, holders of the Bonds may exchange the Bonds at any time. Between the first anniversary of the issue date and the date falling 6 months prior to the maturity date of the Bonds, holders of the Bonds may exchange the Bonds into cash only upon the satisfaction of certain contingencies. Thereafter and until the second scheduled trading day preceding the maturity date, holders may exchange the Bonds into cash at any time. Subject to certain conditions, the Company may elect to deliver Trip.com Shares held by the Company in lieu of cash or a combination of cash and Trip.com Shares. The Bonds are not exchangeable for American depositary shares of Trip.com Group Limited (Nasdaq: TCOM) (“Trip.com ADSs”).

The initial exchange ratio of the Bonds will be 1,107.0457 Trip.com Shares per US$100,000 principal amount of Bonds (which is equivalent to an initial exchange price of approximately HK$702.13 per Trip.com Share and represents an approximately 43% exchange premium over the per-share price in the delta placement described below, which was HK$491.00 per Trip.com Share). The initial exchange ratio represents the exchange property referenced by the Bonds as of the issue date, and such exchange property will be subject to adjustment on the terms set forth in the Bonds.

The Bonds will not bear regular interest, and the principal amount of the Bonds will not accrete. The Bonds will mature on March 12, 2032, unless repurchased, redeemed, or exchanged in accordance with their terms prior to such date. Holders of the Bonds may require the Company to repurchase all or part of their Bonds for cash on March 12, 2029 at a repurchase price equal to 100% of the principal amount of the Bonds to be repurchased. In addition, the Company may redeem the Bonds subject to certain conditions.

The Company intends to use the net proceeds from the Bonds Offering for repayment of certain existing indebtedness, payment of interest and general corporate purposes.

The Bonds have not been and will not be registered under the Securities Act or any state securities laws. They may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Trip.com Shares currently held by the Company are “restricted securities” (within the meaning of Rule 144 under the Securities Act). Any Trip.com Shares that the Company may elect to deliver upon exchange of the Bonds shall be freely transferable for the purposes of the Securities Act. 

The Bonds are expected to be listed on the Open Market segment of the Frankfurt Stock Exchange.

Investor Hedging Transactions

The Company expects that certain investors in the Bonds who employ a convertible arbitrage strategy may establish a short position to hedge their exposure to the Bonds by short selling Trip.com Shares and/or Trip.com ADSs or by entering into short derivative positions with respect to such securities. Any such activity could take place shortly after the Bonds Offering and could decrease (or reduce the size of any increase in) the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities. Further, such investors may dynamically modify their hedges from time to time while the Bonds are outstanding, by selling or purchasing Trip.com Shares and/or Trip.com ADSs in secondary market transactions or entering into equivalent derivative positions, which could affect the market price of Trip.com Shares, Trip.com ADSs or any securities referencing such securities at the time.  

Concurrently with the pricing of the Bonds, certain bookrunner of the Bonds Offering (and/or their respective affiliates) facilitated a sale of Trip.com Shares (for the avoidance of doubt, not Trip.com ADSs), representing the expected initial delta of such hedging investors’ short position, in off-market privately negotiated transactions (such sale, a “delta placement”).

Other Matters

This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, in the United States or elsewhere, and shall not constitute an offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This announcement contains information about the pending Bonds Offering, and there can be no assurance that the Bonds Offering will be completed.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement and in the attachments is as of the date of the announcement, and Baidu undertakes no duty to update such information, except as required under applicable law.

NYSE Content advisory: Pre-market update for March 7th

NEW YORK, March 7, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) is proud to offer a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins. 

 

NYSE Content advisory: Pre-market update for March 7th

Kristen Scholer delivers the pre-market update on March 7th

  • Shares of Gap (NYSE: GAP) jumped pre-market after beating Q4 estimates
  • Investors await results from February Jobs Report this morning
  • Jobs data Thursday signaled layoffs soared to highest level since 2020

Watch NYSE TV Live every weekday 9:00-10:00am ET 

 

Guangdong Demonstrates Openness, Confidence and Responsibility as an Economic Powerhouse

GUANGZHOU, China, March 7, 2025 /PRNewswire/ — On the afternoon of March 6, 2025, the Guangdong Delegation to the third session of the 14th National People’s Congress convened a plenary meeting, drawing 267 journalists from 107 domestic and international media organizations. During the Q&A session, reporters were invited to engage with Guangdong’s leadership. Provincial Party Secretary Huang Kunming, Governor Wang Weizhong, and other delegates answered their questions, offering diverse perspectives on Guangdong’s latest advancements and breakthroughs in pursuing Chinese modernization, as well as its ongoing initiatives. Huang Chuping, Director of the Standing Committee of the Guangdong Provincial People’s Congress, presided over the event.

A plenary meeting of the Guangdong Delegation to the Third Session of the 14th National People’s Congress takes place on the afternoon of March 6, drawing 267 journalists from 107 domestic and international media organizations.
A plenary meeting of the Guangdong Delegation to the Third Session of the 14th National People’s Congress takes place on the afternoon of March 6, drawing 267 journalists from 107 domestic and international media organizations.

A reporter from South China Morning Post inquired: “As a leading economic province and manufacturing powerhouse, what is Guangdong’s strategy for building a modern industrial system, and what key priorities will guide your next steps?”

Huang Kunming responded that Guangdong will spearhead the integration of scientific and technological innovation with industrial innovation. This will involve constructing a robust and modern industrial system, enabling the province to fulfill its responsibility as a major economic engine and lead the way in advancing Chinese modernization. He emphasized that Guangdong’s continuously evolving industrial system facilitates significant advancements in productivity, solidifying its position as China’s top economic province and a crucial global manufacturing hub.

He noted that Guangdong has a vast and comprehensive industrial base, encompassing all 31 major manufacturing categories and housing nine industrial clusters, each exceeding 1 trillion yuan ($138 billion) in value. Furthermore, Guangdong’s strength in innovation and robust infrastructure, coupled with its specialized workforce and diverse application scenarios, ensure the rapid translation of research findings and innovative concepts into superior products and services. In 2024, Guangdong’s total import and export volume reached 9 trillion yuan ($1.2 trillion), further underscoring the benefits of its opening-up policy. He also highlighted the launch of the Action Plan for Attracting a Million Talents to South Guangdong, aimed at recruiting 1 million college graduates to work and start businesses within the province.

A reporter from Macao Daily News then asked, “What are Guangdong’s plans and initiatives for collaborating with Hong Kong and Macao to further develop the Greater Bay Area?”

Wang Weizhong responded by highlighting the region’s economic significance: despite occupying less than 1 percent of China’s land and housing only 6 percent of its population, the Greater Bay Area generates one-ninth of the nation’s GDP. Last year, the area’s GDP reached 14.5 trillion yuan ($2 trillion), a substantial increase of 3.7 trillion yuan ($511 billion) compared to 2018, prior to the official unveiling of the development outline for the area in early 2019. He further emphasized Hengqin’s crucial role as a platform for diversifying Macao’s economy. From 2009 to 2024, Hengqin’s GDP surged from 285 million yuan ($39 million) to 53.8 billion yuan ($7.4 billion), reflecting an impressive average annual growth rate of 27.4 percent. During the same period, the number of Macao-funded enterprises increased more than 400-fold in Hengqin. Currently, “four-new” industries (new materials, new energy, new equipment, and new medicine) account for 59.4 percent of Hengqin’s industrial added value.Wang emphasized that Guangdong will support Hong Kong and Macao in deepening their integration into China’s broader national development strategy.

The “Open Day” format offers delegations a valuable platform to showcase their region’s economic and social progress to the world. As China’s leading economic province, Guangdong naturally attracted considerable attention. By embracing transparency and demonstrating an open, confident, and responsible approach, the Guangdong delegation made a lasting positive impression on the media representatives.

SKF Annual Report 2024 published online; significant decarbonization milestone reached

GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ — AB SKF has today published its Annual and Sustainability Report 2024 on the Group’s website. The Report focuses on SKF’s value creation activities for customers, shareholders, and other stakeholders by outlining the Group’s strategic transformation, operational progress and financial performance. Major updates include a revised Remuneration Report for increased transparency and an extended Sustainability Report.

“Also in 2024, we diligently executed on our strategy to further strengthen us as a company. The initiated process to establish Automotive as an independent business is one key example of these value-adding activities. I firmly believe that we today are in a better position to capitalize on profitable growth opportunities as demand recovers,” says Rickard Gustafson, President and CEO.

The Annual and Sustainability Report also highlights the progress towards SKF’s 2030 decarbonization target of a 95% reduction in scope 1 and 2 emissions from a 2019 baseline. In 2024, a 59% reduction was achieved, which is well ahead of the verified Science Based Targets initiative (SBTi) trajectory of a 43% reduction. SKF accelerated its decarbonization efforts in 2024 by achieving a year-on-year emission reduction for scope 1 and 2 emissions of 32%, up from 18% in the previous year.

In addition to these efforts, SKF has made significant strides in renewable energy adoption. In 2024, 72% of SKF’s electricity use came from renewable sources, up from 64% in 2023. This is also important progress on SKF’s commitment as part of the Renewable Energy 100 (RE100) initiative to source 100% of its electricity from renewable sources by 2030.

“The progress we made in 2024 represents a significant achievement and underscores our commitment to achieve our long-term sustainability goals. These, and other achievements, would not have been possible without the hard work and dedication throughout the year from our employees all over the SKF world,” says Rickard Gustafson.

The SKF Annual and Sustainability Report is available for download on https://investors.skf.com.

Aktiebolaget SKF
(publ)

AB SKF is obliged to make this Annual Report public pursuant to the Securities Markets Act. The report was submitted for publication through the agency of the contact person set out below on 7 March 2025 at 13.00 CET.

Gothenburg, 7 March 2025

For further information, please contact:
Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com 
Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908 072; sophie.arnius@skf.com 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skf/r/skf-annual-report-2024-published-online–significant-decarbonization-milestone-reached,c4115866

The following files are available for download:

 

Huawei and Turkcell Sign Memorandum of Understanding for Leading Network Joint Innovations at MWC 2025

BARCELONA, Spain, March 7, 2025 /PRNewswire/ — During MWC2025, Huawei and Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye’s technology leader signed Memorandum of Understanding to develop sustainable leading networks using innovative products and solutions in Turkcell Enhanced Network.

The collaboration between the companies includes further developing smart cities using next-generation features of 5G Advanced Technology in wireless network as well as innovations in ultra-speed broadband services in access network and Quantum Key distribution technology in IP network.

MoU signing between Turkcell and Huawei in Barcelona
MoU signing between Turkcell and Huawei in Barcelona

With the power of 5G-A Technology, Turkcell and Huawei will design smart cities that aim to provide the best experience in areas focused on creating efficiency using cutting-edge technologies, such as autonomous vehicles, transportation, manufacturing facilities, and large venues. Companies will test and verify Tunnel Antenna Technology to reduce cable usage and improve coverage, Integrated Sensing and Communication (ISAC) Technology to improve high-accuracy localization, motion capture and activity recognition, Supersite Technology which uses the satellite as backhaul to enable redundant and sustainable communication. In other areas, such as Home Broadband, IP and WDM Network, Symmetric 50GPON Technology, which provides ultra-speed broadband connectivity for both download and upload and Quantum Key Distribution Technology, which establishes quantum safe encrypted services will be tested in the field.

Prof. Dr. V. Çağrı Güngör, Chief Technology Officer at Turkcell said: “Turkcell is committed to leading the way in next-generation network innovations. Our focus on 5G-A technology enables us to develop smart, efficient networks that are ready to meet the future demands of connectivity. Through continuous innovation, we aim to create networks that are more intelligent, sustainable, and capable of enhancing the digital experience for all.”

Mr. Jim Lu, President of Huawei European Region said: “Huawei is dedicated to advancing the capabilities of 5G-A technology to drive the next generation of connectivity. Our focus is on supporting intelligent, sustainable networks that support the evolving needs of users and businesses. By innovating with cutting-edge technologies, we are shaping a more connected and resilient future.”

Türkiye: Opus consortium awarded a 20-year vehicle inspection concession for all vehicles

GOTHENBURG, Sweden, March 7, 2025 /PRNewswire/ — In late February, the MOI Group consortium, anchored by Met-Gün and Opus Group, was awarded the 20-year concession to inspect all vehicles (passenger cars, trucks, buses, motorcycles and more) in Türkiye. This concession – one of the largest of its kind – will commence in August 2027 covering more than 30 million registered vehicles (28.7 million as of the end of 2023) in the country.

“This is a significant win for Opus and MOI Group”, says Lothar Geilen, CEO of Opus Group.  “We are looking forward to developing a technology-first, world class inspection program in Türkiye that centers around customer service. We welcome the opportunity to engage in constructive and purposeful dialogue with both current and potential local vehicle inspection station operators in Türkiye to explore collaborative opportunities under our newly introduced vehicle inspection scheme. Our approach is built on transparency, partnership, and shared value, and we look forward to engaging in discussions on how we can collectively elevate industry standards and deliver outstanding service”, Geilen continued.

To handle the inspection volume in Türkiye, more than 300 inspection stations will be built and equipped and over 6.000 inspectors trained to meet the new inspection standards.  Opus will deploy its lane inspection software, and its vehicle inspection data management system will be used to manage the vehicle inspection program in Türkiye.

Follow this link for an interview with the CEO of Opus Group, Lothar Geilen: https://opus.global/news/articles/tuerkiye-opus-consortium-awarded-a-20-year-vehicle-inspection-concession-for-all-vehicles/

About:

Opus Group, headquartered in Sweden, is a technology-driven, global leader in the Vehicle Inspection and the Intelligent Vehicle Support markets. Opus manages more than 30 million inspections annually and among other, is the clear leader in operating emission inspection programs in the United States.

Opus operates in five continents, in the United States, UK, Germany, Mexico, Argentina, Philippines, and Australia.

MOI Group is a consortium consisting of Met-Gün Inşaat Taahuut Ve Ticaret A.Ş., Opus Group AB (publ), Inversia Gestión sl, and VTV Norte S.A., an Opus Group company.

For more information contact Opus Group: opusturkiye@opusgroup.se

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/opus-group/r/turkiye–opus-consortium-awarded-a-20-year-vehicle-inspection-concession-for-all-vehicles,c4115849

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IMO Celebrates 60 Years of Car Wash Innovation with Exciting Upgrades

MANCHESTER, England, March 7, 2025 /PRNewswire/ — As IMO Car Wash marks its 60th anniversary on March 8th, the world’s favourite car wash is celebrating in style—dressed in its bold new blue identity and unveiling a wave of cutting-edge innovations designed to deliver even better performance, value, and quality for drivers everywhere.

 

IMO celebrate 60 years of car wash innovation
IMO celebrate 60 years of car wash innovation

 

For six decades, IMO’s flagship washes have been trusted by millions across the globe. But never one to rest on its laurels, IMO has partnered with the smart minds at WashTec to launch a new range of enhanced wash products and services—setting new standards in car care while remaining kinder to the environment.

Introducing Graphene G60 – A Breakthrough in Car Protection

Leading the innovation charge for 2025 is Graphene G60, a game-changing wash formula that blends advanced carbon weave technology with a self-cleaning finish, delivering a ‘new car’ look with every wash. This revolutionary product is being trialled in 2025 at select IMO sites, giving customers the ultimate in innovation, protection and shine.

But the good news doesn’t stop there. Sustainability remains at the heart of IMO’s operations, with brand-new fine-mist applicators and next-generation water nozzles designed to minimise water consumption. Coupled with IMO’s continued investment in solar and wind power, as well as rainwater capture, the iconic blue brand is proving that innovation and eco-consciousness go hand in hand.

A Legacy of Excellence, A Future of Innovation

In a world of change, one thing remains constant—IMO’s dedication to car wash innovation. With 60 years of expertise, best-in-class products, and cutting-edge science, IMO continues to lead the way, serving over 25 million customers a year across 720 locations in Europe and Australia.

Here’s to 60 years of car wash excellence—and to an even brighter, cleaner future ahead.

Appotronics Nominated Exclusive Supplier of Automotive Cockpit Optical Components by Prominent Automaker

SHENZHEN, China, March 7, 2025 /PRNewswire/ — Appotronics (688007.SH), a pioneering company listed on the STAR Market of the Shanghai Stock Exchange, has announced that it has been selected by a prominent international automaker as the exclusive supplier of automotive optical components for the cockpit. This nomination underscores Appotronics’ exceptional technical expertise, robust technological advantages, and reinforces its leadership in the global automotive smart cockpit optics industry. It is expected to significantly enhance the company’s revenue from the automotive sector.

After more than half a year of intense competition with dozens of domestic and international rivals, Appotronics has emerged victorious. The company will provide a brand-new, cutting-edge product for the smart cockpit, complementing its previous offerings such as rollable laser projection screens. However, specific details about the product will only be revealed when the unnamed, yet highly reputable automaker, known for its rigorous standards, unveils its new vehicle models. The product will be integrated into a range of vehicles from this automaker, with an expected project lifecycle of five years. This is anticipated to substantially increase Appotronics’ automotive business revenue.

Appotronics’ 2024 annual performance forecast indicates that its automotive business will exceed RMB 600 million, driven by the timely delivery of laser products to automakers like Seres and Geely. Notably, the Seres AITO M9 model, featuring a rollable giant laser projection screen powered by Appotronics, has received over 200,000 cumulative firm orders within 12 months since its launch in December 2023. This has significantly accelerated Appotronics’ strategic shift towards the automotive sector, which began around 2022.

To date, Appotronics has secured 13 development orders for its automotive optics products, with three of these being confirmed in 2025.

About Appotronics

Appotronics is the inventor of the ALPD® laser display technology and a pioneering company listed on the STAR Market of the Shanghai Stock Exchange. From optics for the home, cinemas, and the automotive industry, even to AR glasses, Appotronics’ cutting-edge products are designed to meet the evolving needs of consumers and businesses worldwide.