real-time news and commentary for investors
Monday, Aug 26
Nuomi eying IPO following Baidu's purchase of 59% stake
- Shortly after Baidu (BIDU) acquired a 59% stake in Renren's (RENN) Nuomi Chinese group-buying site for $160M (via newly-issued shares), Nuomi's CEO has sent out a memo stating the business will be split from Renren, and is eventually looking to go public.
- Reviewing the deal, Tech in Asia's C. Custer suggests Baidu bought a controlling stake in Nuomi to shore up its e-commerce bona fides as it increasingly butts heads with fellow Chinese Web giants Alibaba and Tencent. He also notes Baidu could cross-promote Nuomi's deals via Baidu Maps (Google has begun doing something similar with Google Offers and Maps).
- Also: The Next Web's Jon Russell takes a look at Baidu's Light App platform, which enables mobile users to quickly load Web-based apps by inputting a search term. Light App bears a strong resemblance to Baidu's popular Box Computing PC search/app platform.
- Baidu says Light App will be monetized via ads and revenue-sharing deals, and could potentially serve different apps based on a user's device or location.