Baidu shares tumble most since May on report Google to launch censored search app in China
Baidu’s 7.7 per cent slump in New York trading is the steepest since the announcement in May that chief operating officer Lu Qi was stepping down
Baidu Inc., which operates China’s dominant search engine, slumped the most in more than two months in Nasdaq trading on the prospect that Google may be seeking to re-enter the world’s biggest internet market with a censored product that meets China’s requirements.
Beijing-based Baidu tumbled 7.7 per cent to US$228.07 as of the close of trading on Wednesday. That is the steepest drop since May 18, when the company announced chief operating officer Lu Qi has stepped down from management. Lu, a former Microsoft executive, was one of the key hires by Baidu to spearhead its push into artificial intelligence.