
Baidu Inc (NASDAQ:BIDU) shares are trading lower by 5.41% to $145.91 Wednesday morning. Shares of Chinese companies at large are trading lower after Shanghai announced it will be conducting mass COVID-19 testing in several districts following a rise in cases.
Per CNN, China's northwestern city of Xi'an, a financial hub home to 13 million people, was partially shut down on Wednesday after it reported the country's first outbreak of a highly transmissible new Omicron subvariant.