[SCHEDULE 13G/A] Baidu, Inc. SEC Filing

Rhea-AI Filing Summary

Baidu, Inc.'s Schedule 13G/A discloses that Robin Yanhong Li and Handsome Reward Limited are the reporting persons for Class A and Class B ordinary shares. Mr. Li is shown as beneficially owning 521,447,432 ordinary shares, representing 19.2% of the class and 60.2% of the total voting power when Class A and Class B shares are combined into a single class. Handsome Reward Limited beneficially owns 448,857,368 shares, or 16.6% of the class and 59.3% of the voting power.

The filing breaks down Mr. Li's holdings into direct Class A shares, ADSs, large Class B holdings held by Handsome Reward Limited, options and restricted shares exercisable or vesting within 60 days, and 66,046,096 ADSs held by employees subject to irrevocable voting proxies. The filing also notes that certain shares are recorded in the name of Mr. Li's spouse and that Mr. Li disclaims beneficial ownership of those shares.

Positive

• Clear, itemized disclosure of beneficial ownership and voting power for Robin Yanhong Li and Handsome Reward Limited
• Quantified voting control: Mr. Li's holdings represent 60.2% of total voting power, explicitly stated

Negative

• Highly concentrated voting control in a single individual and related vehicle, which may limit minority shareholder influence
• Complex ownership structure involving spouse-recorded shares and irrevocable voting proxies that could complicate governance analysis

Insights

Corporate Governance Expert

TL;DR: Founder Robin Li controls majority voting power through Class B shares and voting proxies, creating concentrated governance control.

The Schedule 13G/A quantifies Mr. Li's control: 60.2% of combined voting power despite owning 19.2% of the economic interest in the ordinary shares. This control arises from Class B shares carrying ten votes each and from irrevocable voting proxies for employee-held ADSs. The filing also discloses related-party holdings in the name of Mr. Li's spouse and an express disclaimer of beneficial ownership. For investors, the material fact is the high concentration of voting authority in the founder and his vehicle, which is a governance feature with clear implications for shareholder influence over corporate decisions.

Securities Analyst

TL;DR: The filing provides detailed, machine-readable disclosure of ownership and voting power; the holdings are material and precisely quantified.

The statement lists exact counts including 521,447,432 shares for Mr. Li and 448,857,368 for Handsome Reward Limited, and enumerates components such as direct Class A shares, ADS holdings, 439,200,000 Class B shares held by Handsome Reward Limited, and 1,404,960 option shares exercisable within 60 days. It also confirms that 66,046,096 ADSs are subject to irrevocable voting proxies. The filing's level of disclosure supports accurate modeling of voting control and potential dilution from near-term option vesting.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 19)

Baidu, Inc.

(Name of Issuer)

Class A ordinary shares, Class B ordinary shares

(Title of Class of Securities)

G07034104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G07034104

1

Names of Reporting Persons

Robin Yanhong Li

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 521,447,432.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 455,401,336.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

521,447,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: 1. The 521,447,432 ordinay shares beneficially owned with sole voting power include (i) 3,013,200 Class A ordinary shares directly held by Mr. Li on record, (ii) 3,530,768 Class A ordinary shares in the form of ADSs held by Mr. Li in the brokerage account of the administrator of the Issuer's employee stock option program, (iii) 439,200,000 Class B ordinary shares held on record by Handsome Reward Limited, a British Virgin Islands company wholly owned by Mr. Li, (iv) 7,399,504 Class A ordinary shares in the form of ADSs held by Handsome Reward Limited in the brokerage account of the administrator of the Issuer's employee stock option program, (v) 1,404,960 Class A ordinary shares issuable to Handsome Reward Limited upon exercise of options within 60 days after June 30, 2025, (vi) 852,904 Class A ordinary shares issuable to Handsome Reward Limited upon vesting of restricted shares within 60 days after June 30, 2025, and (vii) 66,046,096 Class A ordinary shares in the form of ADSs held by certain employees who have granted Mr. Li irrevocable voting proxies with respect to these shares on their behalf. However, Mr. Li does not have any economic interest with respect to the 66,046,096 Class A ordinary shares in the form of ADSs held by certain employees that are subject to irrevocable voting proxies. 2. The voting power of the ordinary shares beneficially owned represent 60.2% of the total outstanding voting power of the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of June 30, 2025 (taking into account the number of shares that the reporting person had the right to acquire based on the options and restricted shares that shall have become vested within 60 days after June 30, 2025). Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share on all matters submitted to the shareholders for a vote. 3. As of June 30, 2025, Melissa Ma, Robin Yanhong Li's wife, was the record holder of 3,732,240 Class A ordinary shares and 85,040,000 Class B ordinary shares, and also owned 46,719 ADSs in the brokerage account of the administrator of the Issuer's employee stock option program. Robin Yanhong Li may be deemed to share beneficial ownership of the shares owned by Melissa Ma. Mr. Li expressly disclaims such beneficial ownership of the shares beneficially owned by Ms. Ma.

SCHEDULE 13G

CUSIP No. G07034104

1

Names of Reporting Persons

Handsome Reward Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 448,857,368.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 448,857,368.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

448,857,368.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.6 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 1. The 448,857,368 ordinay shares beneficially owned with sole voting power include (i) 439,200,000 Class B ordinary shares held on record by Handsome Reward Limited, (ii) 7,399,504 Class A ordinary shares in the form of ADSs held by Handsome Reward Limited in the brokerage account of the administrator of the Issuer's employee stock option program, (iii) 1,404,960 Class A ordinary shares issuable upon exercise of options within 60 days after June 30, 2025, and (iv) 852,904 Class A ordinary shares issuable upon vesting of restricted shares within 60 days after June 30, 2025. 2. The voting power of the ordinary shares beneficially owned represent 59.3% of the total outstanding voting power of the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of June 30, 2025 (taking into account the number of shares that the reporting person had the right to acquire based on the options and restricted shares that shall have become vested within 60 days after June 30, 2025). Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share on all matters submitted to the shareholders for a vote.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Baidu, Inc.
(b)	Address of issuer's principal executive offices: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 100085, The People's Republic of China
Item 2.
(a)	Name of person filing: Robin Yanhong Li Handsome Reward Limited
(b)	Address or principal business office or, if none, residence: Robin Yanhong Li Baidu Campus No. 10 Shangdi 10th Street Haidian District, Beijing 100085 The People's Republic of China Handsome Reward Limited c/o Robin Yanhong Li Baidu Campus No. 10 Shangdi 10th Street Haidian District, Beijing 100085 The People's Repurblic of China
(c)	Citizenship: Robin Yanhong Li - The People's Republic of China Handsom Reward Limited - British Virgin Islands
(d)	Title of class of securities: Class A ordinary shares, Class B ordinary shares
(e)	CUSIP No.: G07034104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Robin Yanhong Li - 521,447,432 Handsom Reward Limited - 448,857,368
(b)	Percent of class: Robin Yanhong Li - 19.2% Handsom Reward Limited - 16.6
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Robin Yanhong Li - 521,447,432 Handsom Reward Limited - 448,857,368
	(ii) Shared power to vote or to direct the vote: Robin Yanhong Li - 0 Handsom Reward Limited - 0
	(iii) Sole power to dispose or to direct the disposition of: Robin Yanhong Li - 455,401,336 Handsom Reward Limited - 448,857,368
	(iv) Shared power to dispose or to direct the disposition of: Robin Yanhong Li - 0 Handsom Reward Limited - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Robin Yanhong Li

Signature:	/s/ Robin Yanhong Li
Name/Title:	Robin Yanhong Li
Date:	08/14/2025

Handsome Reward Limited

Signature:	/s/ Robin Yanhong Li
Name/Title:	Director
Date:	08/14/2025

FAQ

How many Baidu (BIDU) shares does Robin Yanhong Li beneficially own?

Robin Yanhong Li beneficially owns 521,447,432 ordinary shares, representing 19.2% of the class and 60.2% of voting power.

What stake does Handsome Reward Limited report in Baidu (BIDU)?

Handsome Reward Limited reports beneficial ownership of 448,857,368 ordinary shares, equal to 16.6% of the class and 59.3% of voting power.

How is the voting power calculated between Class A and Class B shares?

Each Class A ordinary share carries one vote and each Class B ordinary share carries ten votes; voting power percentages combine both classes as a single class.

Are there near-term options or restricted shares included in the ownership totals?

Yes. The filing includes 1,404,960 Class A ordinary shares issuable upon exercise of options within 60 days and 852,904 Class A ordinary shares issuable upon vesting of restricted shares within 60 days.

Does Robin Li have voting proxies from employees?

Yes. The filing reports 66,046,096 Class A ordinary shares in the form of ADSs held by certain employees who granted Mr. Li irrevocable voting proxies; Mr. Li does not have an economic interest in those ADSs.