Recently, Baidu submitted a 20-F document to the U.S. Securities and Exchange Commission (SEC). According to document information disclosure, as of January 31, 2025, Baidu owned a total of 2,750,167,168 shares, including 2,225,826,848 Class A shares and 524,340,320 Class B shares.The total number of Class A shares and Class B shares is 2,750,167,168 shares.

in,Baidu founder and CEO Robin Li holds a total of 19.1% of the shares and 59.9% of the voting rights.This shows that Robin Li is the "ultimate boss" of Baidu, and he firmly controls the control and management of Baidu.

It is worth noting thatBlackRock (BlackRock Group), one of Baidu's shareholders, holds only 4.7% of the shares and 1.6% of the voting rights.

According to the above-mentioned documents, in addition to Robin Li, Baidu's other management includes CTO Wang Haifeng, executive vice presidents Luo Rong and Shen Dou, senior vice presidents Liang Zhixiang and Cui Shanshan, and the company's interim CFO He Junjie are all listed.

in addition,Baidu’s independent directors are Ding Jian, partner of Jinshajiang Venture Capital, Jixun Fo, partner of GGV, Ms. Xu Ran, CEO of JD.com, and Ms. Liu Xiaodan, managing partner of Morning One Fund.

Finally, I would like to add that Class A shares and Class B shares are differentiated equity structures designed by listed companies for different shareholder groups.The core difference lies in the distribution of voting rights and income rights. Class B shares usually have higher voting rights.

Taking Baidu as an example, Robin Li holds 59.9% of the voting rights with about 5% of the shares by holding Class B shares (1 share has 10 votes), firmly controlling the company's decision-making power.

Financing function of Class A shares: Public investors hold Class A shares (1 share, 1 vote). Although they have low voting rights, they enjoy equal dividend rights and stock price appreciation gains.