Baidu's market value tops Chinese Internet corporations

17:14, March 25, 2011      

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Share price of China's search engine Baidu, which went public on the U.S. NASDAQ Stock Market in 2005, closed at higher than 132.58 U.S. dollars on March 24. At the same time, the market value of Baidu became No. 1 among Chinese Internet corporations.

The market value of Baidu reached 46 billion U.S. dollars yesterday and was even higher than Tencent, which topped other Chinese Internet corporations for five consecutive years and has a current market value of 44.6 billion U.S. dollars.

Baidu implemented a stock split in the proportion of 10 to 1 in mid-May of last year. Since then, its share price, which was 72.82 dollars at the time, has been rising constantly. In the last 10 months, it gained an increase of nearly 82.7 percent. Now, Baidu has become the third highest market value Internet corporations in the world after Google and Amazon, the market values of which are 187.2 billion U.S. dollars and 74.6 billion U.S. dollars, respectively.

Analysts say that Google's withdrawal from the Chinese mainland aided Baidu's strong development to some extent.

After Baidu's stock situation was issued, Goldman Sachs adjusted Baidu's target share price from 115 dollars to 130 dollars and pointed out that it would dominate the Chinese search engine market for a long time in the future and its profit rates are secured.

Meanwhile, Li Zhongcun, the initiator of kejixun.com, said Tencent's share price had been dropping for a few days due to the impact from the news as well as its unpromising anticipation about Tencent's e-business and network games.

By Wang Hanlu, People's Daily Online
 
 
     
 
 
 
     
 
 
 
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(Editor:李艳程)

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