BEIJING, Oct. 17 /Xinhua-PRNewswire/ -- Baidu.com, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced its strategic plan to enter the Chinese e-commerce market. Baidu will leverage its high user traffic and large online communities to build a
consumer-to-consumer (C2C) service.
"We are very excited to enter the rapidly growing Chinese e-commerce market," said Robin Li, chairman and chief executive officer of Baidu. "Baidu's extensive user base and rich experience in Chinese language search makes e-commerce a natural step for expansion."
Search engines already play a critical role in the Chinese e-commerce market. According to iResearch, 49% of China's current C2C users conducted searches before visiting e-commerce sites(1).
(1) Source: iResearch, June 2007
"In China, e-commerce is still in the early stages of development," continued Mr. Li. "With Baidu's high user traffic, popular community platforms, cutting edge technology and commitment to providing users with the best Internet experience, we are confident that Baidu will become a leader in the Chinese e-commerce space."
Baidu has already established a new department dedicated to the development of innovative e-commerce technologies. The Company plans to continue talent recruitment and launch the C2C service in 2008.
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs, each of which represents one Class A ordinary share, are currently trading on the NASDAQ Global Market under the symbol "BIDU."
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, quotations from management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statements. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. All information provided in this press release is as of October 17, 2007, and Baidu undertakes no duty to update such information, except as required under applicable law.
