Baidu's (ticker: BIDU) stock price rose 354% in its debut on the Nasdaq on Friday. Some analysts believe the company is now overvalued. IPO analyst Francis Gaskins has this to say:
....The whole online e-commerce market in China last year was $130
million. So, [Baidu.com's market cap] is approaching 30 times the
entire market in 2004. And it's just a regional market. Chinese is not
the international language. People are buying the story that it's the
second largest web site in China's growing market. But they forget it's
very much a one-country wonder.
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