Baidu, China’s leading search engine with more than 50% of the China search engine market share, has had informal talks with China’s stock regulator as they are considering a domestic listing. Baidu, a big hit in their Nasdaq debut last year, saw its shares more than quadruple on its first day of trading in June 2000 to $122.54 per share after opening at $27.00. In June 2006 shares of Baidu fell as much as 6.8 percent after Google reported it sold its 2.6 percent stake.
‘We have made some informal communications with officials at the China Securities Regulatory Commission for a possible domestic listing,’ Wang told a group of reporters on the sidelines of a forum in Shanghai, China’s financial hub.
‘However, we are still facing many legal obstacles if we want to list domestically as there hasn’t been any specific regulations which allow the likes of Baidu to list domestically,’ he said, adding that legally, Baidu is a wholly foreign capital-invested company.
A listing would further Baidu’s long-term interest… and we are also continuously interested in acquiring search engine-related companies which would complement the company’s core business,’ said Wang, who did not say how much Baidu aimed to raise from the listing.
David Temple
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