Baidu (09888) fell 2.7% to HK$91.2, extending its losing streak to two sessions with a cumulative decline of 5.2%, according to ETNet. The stock traded about 2.08 million shares, worth HK$191 million.

The weakness came as global long-dated bond yields stayed elevated and technology shares softened. U.S. 10-year and 30-year Treasury yields rose, while Japan's 10-year yield climbed above 3% for the first time since 1996 and Britain's 30-year gilt yield hit its highest level since 1998.

Separately, Baidu CFO He Haijian said the company's investment in artificial intelligence could soon generate profits and cash returns comparable to its traditional search business. He said AI-driven revenue, including cloud computing and applications, already accounts for more than half of total sales, and expects the trend to continue. He added that margins in the AI business could reach search levels in the near term as demand for cloud services and chips strengthens, and that new GPU clusters built to support AI services could pay back their investment within two to three years.