Baidu Inc. (NASDAQ:BIDU) has appointed Haijian He as its new Chief Financial Officer (CFO), effective immediately
What Happened: According to Reuters' report, Baidu, a major player in China’s tech industry, has named Haijian He as successor of Junjie He, who has been serving as the interim CFO since October last year. Junjie He will now take on the role of Senior Vice President.
He’s appointment comes at a crucial time for Baidu, as the company is navigating through the challenges posed by US sanctions. The sanctions have led to a shortage of Nvidia Corp processors, prompting Chinese tech giants like Baidu to turn to domestic chips for their AI development.
Why It Matters: In March, Baidu launched two new AI models, ERNIE X1 and ERNIE 4.5, claiming they matched top rivals like DeepSeek and OpenAI in performance while costing less. The release came as Baidu sought to reassert itself in the global AI race following recent market setbacks. This move made the company a potent player in the AI realm.
Baidu’s stock has been performing well despite the company’s market value plummeting by $2.4 billion in February following its CEO’s absence from a crucial meeting led by Chinese President Xi Jinping. Baidu has since recovered, with its stock showing resilience in the face of geopolitical tensions and regulatory challenges. On a year-to-date basis, the stock has risen 3.7%, while in the last month it has gained 3.25%.
Price in Action: According to Benzinga Pro data, Baidu after closing at $85.76, down 0.43% for the day, saw a slight uptick of 0.10% amounting to $85.85 during after-hours trading.
Benzinga’s Edge Stock Rankings indicates Baidu stock has Momentum in the 40th percentile. Find out how rivals in the search industry rank.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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