Wednesday, July 13, 2005

Baidu Files for Nasdaq IPO

From Forbes: China's to raise 80 mln usd from Nasdaq IPO

", a leading Chinese language Internet search engine, said it is looking to raise 80 mln usd from its initial public offering to develop new products and expand network capacity. "

"Baidu, in which Google Inc holds a 2.6 pct stake, said it has applied to be quoted under the symbol as 'BIDU'. Goldman Sachs (Asia) LLC, Credit Suisse First Boston LLC and Piper Jaffray & Co will act as underwriters."

"However, the major risk is its ability to maintain a leading position in the Internet search industry in China, Baidu warned, without providing further details. Earlier state media reports said that Google, which also made its debut on Nasdaq last August, will likely buy a much larger stake in the Chinese company once it lists."

From MotleyFool: Is "Baidu" Chinese for "Google"?

"It's almost the one-year anniversary of Google's IPO, and of course, there are many happy shareholders. Investors taking part in the firm's online Dutch auction snagged their shares at a mere $85 a piece.
But at $291.78 per share, even diehard Google fans are starting to wonder whether the big gains are over. What's a Google investor to do?"

"The next move might be Baidu, which filed to go public yesterday. The company will list on Nasdaq with the ticker symbol BIDU.
According to Baidu's prospectus, it is "the leading Chinese-language Internet search provider." In Web traffic, it ranks No. 2 in China and No. 6 in the world. Much like Google, Baidu has built its traffic mostly through word-of-mouth and the so-called Baidu Union. Over 76,000 third-party websites have posted Baidu's search box on their pages; if their users search Baidu via that box, and click on ads in the process, Baidu Union members get a piece of the resulting profits."