February 13th, 2026. The date Infini Capital Management Ltd. officially threw Baidu – the so-called “Google of China” – overboard. A complete liquidation. 33,399 shares GONE. $4.4 million vanished into the ether. Let’s be clear: this wasn’t some polite divestiture. This was a full-scale, screaming-tire exit. A financial flinch from a fund suddenly realizing it was holding a tiger by the tail. And the beast, frankly, had begun to LOOK tired.
The Ghost of Gains Past
The SEC filing landed like a bad trip. Infini, a fund that once saw Baidu as a cornerstone, a shimmering promise of digital dominance, simply…pulled the plug. $4.4 million in value evaporated, a cold reminder that even in the booming Chinese market, fortunes can shift faster than a fentanyl-fueled nightmare. They didn’t just trim the position; they performed a complete lobotomy on their Baidu holdings. A brutal, clinical severing. The historical record will show a tidy transaction. I see a panicked retreat.
What’s Left in the Wreckage?
As of the latest reckoning, Infini’s portfolio resembles a ghost town. VNET (that’s a networking outfit, for those keeping score) now commands a ludicrous 97.7% of their reportable assets. 97.7%! CHA, some sort of energy play, limps along with a pathetic 2.3%. It’s a portfolio built on a prayer and a whole lot of leverage. A house of cards waiting for the slightest breeze.
Meanwhile, Baidu itself? Still afloat, surprisingly. Shares were trading at $138.38 as of February 12th, a 48.3% climb over the past year. Outperforming the S&P 500 by a cool 35.35 percentage points. The numbers should be reassuring. But in this business, numbers are just illusions. Mirages in the desert of greed.
The Bones of the Beast
| Metric | Value |
|---|---|
| Price (as of market close 2/12/26) | $138.38 |
| Market Capitalization | $46.93 billion |
| Revenue (TTM) | $18.15 billion |
| Net Income (TTM) | $1.23 billion |
Baidu, for the uninitiated, is a sprawling empire of online marketing, cloud services, AI-driven gizmos, and digital entertainment. They pump out search results, peddle cloud storage, and flood the screens of millions with streaming video. It’s a behemoth, alright. But even behemoths can stumble. And stumble they did, apparently.
The Why of the Wipeout
Infini isn’t offering up a confession. No tearful explanation of market miscalculations or strategic reassessments. Just silence. But let’s connect the dots, shall we? A $2.2 billion impairment charge? That’s enough to send shivers down the spine of even the most hardened Wall Street shark. A nearly $1.6 billion loss in a single quarter? That’s not a correction; that’s a catastrophe. And an 18% drop in advertising revenue? That’s the sound of the money stopping.
They held 180,360 Baidu shares at the end of 2024. Then, quarter after quarter, they chipped away at the position, like a sculptor dismantling his own masterpiece. Until, finally, in Q4, the statue was reduced to rubble. They didn’t just trim the fat; they performed a full amputation.
And let’s not forget: Infini was on a selling spree. They dumped nine of their eleven holdings in Q4. Baidu was just one casualty in a wider purge. This wasn’t about Baidu, necessarily. This was about Infini desperately trying to stay afloat in a sea of red ink.
The fund is now dangerously concentrated. It’s a high-wire act with no safety net. A single wrong move, a single market tremor, and the whole thing could come crashing down.
So, what does it all mean? It means that even in the seemingly unstoppable Chinese market, risk is everywhere. It means that fortunes can change in an instant. And it means that sometimes, the smartest thing to do is to cut your losses and run like hell.
And as for Infini? They’ve made their choice. They’ve traded potential gains for a fleeting sense of security. They’ve abandoned the tiger and retreated to the safety of the cage. Whether that was a wise decision remains to be seen. But one thing is certain: the digital jungle is a dangerous place. And in this game, there are no guarantees.
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2026-02-14 01:33