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Baidu Bests Google With China's Wealthy
By David A. Utter
Staff Writer
Article Date: 2006-01-12
Rumors of Google's world domination will have to wait a while, as the search engine in which Google has a minority stake holds greater search market share in China than its famed stakeholder.
Between the long-running Kai-Fu Lee saga and the crush of applicants for positions with Google China, the assumption that Google would soon brush aside search competitors. Put the brooms away, though, the sweep hasn't happened yet.
Baidu has managed to hold off the Google juggernaut, at least among the richest Chinese citizens, IDG News said in a report. The article cited a Chinese magazine called the Hurun Report for the standings.
Out of 600 entrepreneurs in ten provinces, Baidu rated ahead of Google in seven provinces, but saw the big G score ahead of it in Shanghai, Guangdong province, and Jiangsu province, Hurun said. It is not known how close the two were as far as percentages go, as these were not part of the article.
Baidu debuted on the NASDAQ exchange in August 2005. At one point the market valued the company, with less than $8 million USD in annual revenue, at $4.7 billion. The company had hoped to raise $80 million in the marketplace. After hitting a high of $153.98, shares of Baidu (BIDU) trade at $64.65 as of today's close.
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About the Author:
David Utter is a staff writer for WebProNews covering technology and business.
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