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Baidu Acquires 29% Stake in Leftbrain

Shanghai Securities News, 6/23/11

Beijing-based online ratings site operator Leftbrain Technology has announced that Chinese internet company Baidu (Nasdaq: BIDU) acquired 2.9 mln shares in the company for RMB 31.03 mln (at RMB 1.07 per share) on June 15 and 16. After the transaction is completed, Baidu will be the company's second largest shareholder with a 29% stake.

As of February 2011, Leftbrain's two online ratings websites focused on mobile phones (Cnmo.com) and automobiles (Xgo.com.cn) had over 5 mln registered users with daily average pageviews reaching 23 mln. As of the end of 2010, the company had RMB 11.59 mln in total assets, with net assets valued at RMB 10.62 mln, and annual profits reaching RMB 5.69 mln.

Editor's Note: For more information on this topic, please see "Rumor: Baidu Invests Nearly RMB 10 Mln in Leftbrain," MD 6/10/11 issue.

Keywords: online search online advertising Internet Baidu Cnmo registered users BIDU Leftbrain online ratings Xgo investment profit

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