Last week, Baidu (BIDU), China's largest search engine, announced that it will acquire 59% stake in Nuomi.com for $160 million. Nuomi offers group-buying and local information services in China. Group buying services allow customers to buy products and services at discounted prices. Nuomi is a wholly owned subsidiary of Renren (NYSE:RENN), which is a leading social networking services, or SNS, website in China. Renren aka ''Facebook of China'' is popular amongst college students, and its website portfolio includes sites such as Games.renren.com -- where consumers can play free and paid games and 56.com -- which is dedicated to video sharing. Through this partnership, Baidu is looking forward to enhance its dominance by diversifying its...
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