Baidu.com announces plans for US stock float
1 August 2005
Chinese search site Baidu.com has announced plans for an initial public offering (IPO) in the US.
The five-year-old internet start-up hopes to raise around $45 million for the stock float and take on Google in the public search arena. The block of shares being offered values the whole company at $650 million.
Baidu.com was founded in 2000 by Robin Li, who studied computer science in the US, and Eric Xu, who has a PhD from Texas.
Google purchased 2.6 per cent of Baidu.com last year and the website is now the sixth most-visited in the world.
By contrast, competitor 3721.com -- bought in 2003 by US-based Yahoo! -- is a busier, colourful site with animated graphics.
Search engines operating in China face navigating strict censorship legislation from Beijing and many sites are blocked on Chinese versions of top search sites, such as MSN and Google.
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