Chinese tech giant in search of US listing
February 1, 2005
Shanghai - China's largest Internet search engine, Baidu.com, is preparing to issue shares in New York, hoping to raise more than $200 million (R1.19 billion), the Financial Times newspaper reported on Tuesday.
Beijing-based Baidu.com refused comment on the report, which said the company may have appointed investment banks Credit Suisse First Boston and Goldman Sachs to manage its initial public offering.
"I can only say 'no comment,"' said Funny Bi, Baidu's marketing manager. "I can only assure you that the Financial Times' information isn't based on our official channels."
The newspaper said that Baidu, which is backed by US venture capitalists, plans to sell about 25 percent of its equity, possibly in the second half of this year. The IPO could be delayed, depending on market conditions, it said.
Industry and Chinese media reports earlier reported that Baidu was planning to list its shares on the Nasdaq.
Web search giant Google, which issued shares on the Nasdaq last year, has a minority stake in Baidu, which is China's biggest independent search engine and has a highly popular music search tool.
Most of Baidu's revenues come from companies that pay to be listed on its site. - Sapa-AP
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