Chinese internet search giant Baidu Inc will sell nearly a third of its stake in...
SHANGHAI - Chinese internet search giant Baidu Inc will sell nearly a third of its stake in online travel firm Ctrip.com International Ltd, aiming to raise about $1 billion as it looks to invest in new revenue streams.
Baidu, Ctrip’s biggest shareholder with a 19% stake, is offering 31.3 million American Depositary Shares , each representing 0.125 ordinary share of Ctrip. Underwriters will have a greenshoe option of 4.7 million ADS, Ctrip said in a statement. Baidu, whose search engine dominates the market in China, is struggling amid tougher government regulation and as a trade war-hit economy has sapped customers’ wallets, hurting advertising revenue.
Baidu is pulling away from businesses like Ctrip’s that connect online consumers to offline services like hotels, and focusing on building its own content ecosystem, Xue said.
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