8 Most Promising Chinese Stocks According to Hedge Funds

6. Baidu, Inc. (NASDAQ:BIDU)

Number of Hedge Fund Holders: 42

Baidu, Inc. (NASDAQ:BIDU) is a Chinese tech giant that runs the largest internet search engine in China. The company generates most of its revenue from advertising and search. Baidu also offers online marketing services such as pay-for-performance and auction-based services. The company is now focusing on AI business, with a strong emphasis on autonomous driving technology.

Baidu’s (NASDAQ:BIDU) management is fully focused on AI and is confident that it will be a key driver for the company’s growth in the future. Moreover, Baidu’s AI cloud services are also experiencing rapid growth. Being a leader in search engines and now adding AI to it along with diversification in autonomous vehicles is a huge plus for the company. The company’s autonomous vehicles through the Apollo project have garnered significant attention. The company’s Apollo Go ride-hailing service positions it to capitalize on this growing market. According to Fortune Business Insights, the autonomous driving market is forecasted to grow, with a CAGR of 32% over the next six years, reaching nearly $39 billion by 2030.

Baidu, Inc. (NASDAQ:BIDU) plans to deploy 1,000 RT6 robotaxis in Wuhan by the end of 2024. Whereas, the company’s latest RT6 model, at $27,500 costs half the price of its previous vehicles. Moreover, Baidu’s Apollo Go Robotaxi also costs half compared to conventional ride-hailing services.

For the twelve months ending June 30, Baidu (NASDAQ:BIDU) has experienced significant growth, with a net income of $2.70 billion, up by 24.44% from a year ago.