China’s Baidu to buy back US$1 billion shares after stock price tumble

Baidu shares plummeted this week, leading the company to conduct a US$1 billion buy back. Photo: Simon Song

Baidu, China’s biggest internet search engine company, said on Thursday it will buy back shares worth US$1 billion after the company’s stock price slid following a weak earnings report earlier this week.

Thursday, 30 July, 2015, 1:45pm

Baidu loses US$10 billion as firm sees steepest decline in share price since 2008

Baidu lost US$10 billion in value after its stocks took a sharp slide. Photo: Reuters

Chinese online search giant Baidu saw the steepest decline in its US-traded shares since 2008, wiping off about US$10 billion from the company’s value.

Shares of Nasdaq-listed Baidu were down 15 per cent to finish at US$168.03 on Tuesday. That was also the stock’s lowest close since it reached US$166.42 on June 5 last year.

29 Jul 2015 - 11:13am 2 comments

Baidu shares down despite solid Q2 results as Wall Street wary of firm's heavy investments

Baidu posted decent results in the second quarter, but shares were down amid concerns about its investment portfolio. Photo: AFP

Baidu forecast third-quarter revenue below Wall Street expectations as the Chinese internet search giant continued to pursue major investments, sending its US-traded shares lower on Monday.

Nasdaq-listed Baidu posted a 3.3 per cent increase in net profit in the second quarter, but that was offset by higher operating expenses.

28 Jul 2015 - 9:22am

Search giant Baidu pumps US$3.2 billion into Nuomi online-to-offline platform

Baidu joins a growing list of Chinese tech giants that are jumping into the online-to-offline (O2O) market. Photo: Reuters

Baidu, China’s No. 1 search engine, will invest over 20 billion yuan (US$3.2 billion) in its Baidu Nuomi group-buying platform, it said on Tuesday.

The investment will be spread over three years to expand Nuomi’s online-to-offline (O2O) platform under a strategy called “Membership Plus”, CEO Robin Li said. 

30 Jun 2015 - 8:07pm

Chinese e-commerce site Biyao vows to make luxury cheaper with new manufacturing model founder Bi Sheng also sees a niche in China's e-commerce market for customised product purchases, which have already taken off in the US. Here he demonstrates his website's 3D software. Photo: Simon Song

A Chinese entrepreneur who courted controversy four years ago by calling e-commerce operations “a scam” is bidding to revolutionise the industry by trimming the fat from the supply chain so that shoppers can buy products from suppliers of luxury brands like Prada at cheaper prices.

30 Jun 2015 - 4:26pm

Baidu-backed video streaming service iQiyi tops 5 million paid subscribers

China has over half a billion internet users. More Chinese companies are moving to tap the online video market. Photo: Reuters

Highlighting China’s growing demand for online video, iQiyi, a subsidiary of leading Chinese search engine Baidu, has now attracted five million paid subscribers, the company said on Tuesday.

17 Jun 2015 - 9:21am

Honesty is an essential element of China's push for innovation

Baidu initially denied the claims of wrongdoing, saying it had made an "honest mistake". Photo: Simon Song

How innovative is China these days? The answer is getting increasingly unclear after a series of embarrassing events.

First there was Fudan, one of the most prestigious universities in China, and then Baidu, the No1 homegrown search engine. The two incidents have forced people to rethink how competitive China could be, from its education level to its technology development.

14 Jun 2015 - 7:45pm 3 comments

Baidu fires scientist responsible for breaching rules in high-profile supercomputer AI test

Baidu says it has 'zero tolerance' for rule-breaking after its team was disqualified from an international AI competition. Photo: Simon Song

Chinese search giant Baidu has sacked the lead scientist of a research team that was disqualified for breaking the rules in an international competition testing artificial intelligence, the company said on its blog late this week. 

The team was left po-faced after the organisers of the ImageNet Large Scale Visual Recognition Challenge kicked it out of the race last month.

12 Jun 2015 - 6:27pm 2 comments

Search engine Baidu invests in free Wi-fi service on Chinese buses

Baidu's latest investment should further broaden its access to mobile internet users. Photo: Simon Song

China’s biggest search engine Baidu and two private equity firms have invested US$11.5 million in a public transport advertising network and provider of free Wi-fi on buses and metro systems in China.

5 Jun 2015 - 3:16pm

Baidu scientists admit to ‘mistake’ on supercomputer test amid cheating claims

Baidu's reputation has been tarnished by claims of cheating in a supercomputer test. Photo: Reuters

A group of scientists from Chinese search engine giant Baidu have apologised amid claims they cheated on a complex image-recognition test, which led to their being banned from similar events by the organiser for a year.

4 Jun 2015 - 4:12pm

Baidu buys 'multi-million dollar' stake in content discovery platform Taboola

China's largest search engine Baidu is partnering with Israeli content discovery platform Taboola. Photo: Simon Song

China's largest online search engine has announced a 'multi-million dollar' investment in content discovery engine Taboola.

19 May 2015 - 8:46am

Power struggles, regulatory uncertainties challenge China's new internet dream

Earlier this year Kuaidi and Didi announced a US$6 billion merger, partly in an effort to work together in a fast-changing regulatory environment. Photo: Simon Song

Premier Li Keqiang has recently become a big fan of the internet. Wherever he goes and speaks, he promotes Beijing's "Internet Plus" strategy, which is aimed at transforming the mainland's labour intensive economy into a more innovative, internet-driven one.

3 May 2015 - 8:09pm 1 comment

Chinese transport officials raid Uber’s Guangzhou office in smartphone taxi-app crackdown

The use of the Uber smartphone app, which books taxis, has faced a number of legal challenges around the world. Photo: AFP

Authorities have raided the offices of Uber in the city of Guangzhou as the transport authority said it had started a crackdown on web-connected private-car taxi companies allegedly offering illicit services.

17 Aug 2015 - 10:16am

Baidu-backed video site iQiyi to expand into Hong Kong with major advertising deal

A woman looks at her phone on an escalator inside a Hong Kong MTR station. The mobile video market in the city is heating up. Photo: David Wong

Baidu-backed video streaming provider iQiyi is gearing up for a major expansion into Hong Kong as it seeks to take on Chinese rival Youku Tudou and Google's Youtube.

27 Apr 2015 - 10:31am

Top Baidu scientist says search firm wants to make the internet 'your second brain'

A promotional image for the BaiduEye. Photo: SCMP Pictures

BaiduEye shows how the Chinese search giant is innovating in areas outside of its core business, according to one of the firm's chief scientists.

21 Apr 2015 - 10:28am 2 comments