Google sells stake in Baidu.com
(Shanghai Daily)
Updated: 2006-06-23 13:56
Google Inc said it has sold its stake in Chinese rival Baidu.com, the
Associated Press reported today.
Google registered to sell all of the 749,625 shares of Beijing-based
Baidu.com Inc it owns, according to a Tuesday filing with the Securities and
Exchange Commission.
The filer of such a document is permitted to sell the shares within 90 days
after the registration.
Google bought about 2.6 percent of Baidu.com's outstanding Class A ordinary
shares for about US$5 million before the Chinese search engine's initial public
offering last year. The shares are valued at more than US$60 million, based on
Baidu.com's current stock price.
Baidu.com, often called the "Chinese Google," went public last August. Its
American depositary shares hit a high of US$151.31 on their first day of
trading, up from the IPO price of US$27 each. The shares fell to a low of
US$44.44 each on February 6.
Baidu's shares fell US$4.20, or 5 percent, to close at US$80.20 yesterday on
the New York Stock Exchange. Volume of about 3.4 million shares was well above
the daily average of 2.2 million.
Google's shares fell US$2.18 to close at US$399.95 yesterday on the
NYSE.
(For more biz stories, please visit Industry Updates)
|
