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Investing.com-- Baidu shares rose sharply in Hong Kong trade on Monday, boosted by optimism over more international forays by its robotaxi unit, as well as by Cathie Wood’s Ark Invest buying more shares in the Chinese internet giant.
Baidu Inc (HK:9888) jumped over 5% to HK$124.30 to a near two-week high, driving a 1% rise in the Hang Seng index.
The company had last week announced a partnership with Switzerland’s PostBus to launch its Apollo Go robotaxis in the European country. The deal is Baidu’s latest attempt at expanding its international robotaxi footprint, and comes after deals with Lyft and Uber earlier this year.
Robotaxis have become a hot topic in recent months, with investors seeing potential in the sector, especially amid growing, broader optimism over artificial intelligence.
Baidu, through its Apollo service, is among China’s biggest robotaxi operators, and is seeking to expand rapidly in international markets.
Baidu shares were also supported by Cathie Wood’s Ark Invest buying more shares in the company across its several funds. Ark purchased about $6.5 million worth of additional shares in Baidu last week.
Baidu peer Alibaba’s (HK:9988) shares also rose in Hong Kong trade on Monday, after Ark disclosed that it had purchased more shares in the e-commerce giant.
Ark has been steadily snapping up shares in Chinese tech stocks, amid growing confidence in their AI prospects.