Chinese Internet company Baidu (BIDU) said in a non-public prospectus that it wants to secure as much as $500 million for its Web-based food ordering platform Baidu Takeout Delivery, according to an unconfirmed report on Tuesday. The funding round began in November and should be completed in January, according to Marbridge Consulting, which cited a report appearing on Chinese news site Caixin.com. Representatives for Baidu did not immediately
China’s banking sector is already sizzling, with cash-rich Internet giants Alibaba Group and Tencent Holdings recently jumping into the country’s rapidly growing online banking industry. But get ready for a powerful new player in China’s banking market. China Internet search leader Baidu (BIDU) announced last month that it will partner with the state-run China CITIC Bank to operate an online bank. The joint effort, called Baixin Bank Co., joins an
Baidu (BIDU) and Alibaba (BABA) are running food takeout-delivery businesses in China that will not make any money, according to a research report. Takeout delivery companies in China, such as those operated by Chinese search giant Baidu and online shopping leader Alibaba, use subsidies to incentivize shoppers to be loyal to platforms, as well as attract new customers in the competitive sector. Summit Research doesn’t believe the model is