BIDU-SW (09888.HK) -3.600 (-3.069%) Short selling $139.35M; Ratio 18.046% 's 4Q25 revenue aligned with expectations, while its earnings performance beat forecasts, thanks to cost control that boosted its gross margin, according to a Daiwa research report.Management revealed that the plan to spin off Kunlunxin is still progressing, which Daiwa believes will serve as a short-term catalyst for valuation. In the broker's estimate, the implied equity value of Kunlunxin per share is already equivalent to about half of BIDU-SW's latest market cap, which is likely to trigger a significant re-rating.Related NewsCLSA: BIDU-SW (09888.HK) Quarterly Results in Line; Growth Expected to Resume in 2H; Rating Kept at OutperformDaiwa has reiterated a Buy rating on BIDU-SW and lifted its target price from HKD171 to HKD175.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-04 12:25.)