Why did Baidu's stock drop 7% and what does it signify?

Baidu's stock dropped 7% following speculation triggered by the absence of founder Robin Lee at a rare symposium hosted by President Xi Jinping in Beijing. While other prominent business leaders like Alibaba's Jack Ma and Huawei's Ren Zhengfai attended, Lee's absence was conspicuous. Investors closely monitor corporate leaders' attendance at such high-profile meetings because absences often signal potential shifts in a company's standing. The immediate decline in Baidu's shares after news of the founder's absence amplified concerns about the company's future, making it the biggest loser on both the Hang Seng Index and Hang Seng Tech Index.