- Baidu Finance Center (BIDU -2%), an online wealth management platform the aims to give depositors an 8% annual return, is being launched in partnership with China Asset Management Co.
- Alibaba and Tencent, both of whom are increasingly butting heads with Baidu (and each other) in a number of markets, are making their own forays into online financial services, as China Internet giants see an opportunity to take share from massive state-owned banks.
- Meanwhile, Baidu-controlled online travel site Qunar has set a price range of $9.50-$11.50 for its 11.1M-share IPO. That spells a valuation range of $1.07B-$1.3B. (S-1)
- Baidu currently owns 61.1% of Qunar, which will trade under the symbol QUNR; it'll have a 58.8% stake following the IPO.
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