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Business and Finance
Baidu IPO: investors go nuts but doubts remainPosted by Jeremy Goldkorn, August 8, 2005 1:13 PM
Can anyone say "irrational exuberance"? This week, Baidu became the Britney Spears of American stock markets as investors rushed in a teenage frenzy to buy shares of the Chinese search engine immediately after its IPO. The Financial Times (August 6) reports: Shares in Baidu.com - "China's Google" - shot up more than 250 per cent in New York yesterday, in one of the most spectacular stock market debuts since the height of the dotcom mania of the late 1990s. Baidu's Google-glow enchanted investors, whose enthusiasm was not dampened in the slightest by an IPR infringement suit brought against the Chinese search engine by the producers of Zhang Yimou's film House of Flying Daggers, reported by Bloomberg just days before the IPO. Not everyone is impressed. CNN.com published an article yesterday that included the following quotes: "People are buying shares in Baidu because of Google," said Tat Au Yeung, managing director of Apex Capital Management in Hong Kong. "But the pricing looks expensive." The go-go years were good while they lasted. But they didn't last all that long. Links and Sources
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