Wednesday, June 20, 2007

Baidu Plans Online Payment System?

Baidu's CFO, Shawn Wang made statements in London today, indicating Baidu's next ambitious move.

Wang told Xiaoxiang Morning News reporter Li Wei that Baidu is ready to move into the online e-commerce area. New e-commerce initiatives serving internet users and small and medium companies, such as online payment system, will be the next goldmine for Baidu's future growth.

Wang also denied that Baidu intended to move into Europe. In the near term, Baidu will only be focused on China and Japan.

Wang said that Baidu has no intention to split the stock. Today, Baidu's stock reached all time high, surpassing the "crazy high price" recorded on the day Baidu made it's IPO debut on Nasdaq. He indicated that there is no need for a stock split since the price of the stock has not hindered the trading activity with significant volumes.

Baidu has partnerships with Industrial and Commerce Bank of China as well as eBay's Paypal unit for online payment services. With the recent joining of Haoyu Sheng, who is the vice-president in charge of personal card business for the world's largest credit card company, American Express, the online payment system could be indeed a large goldmine for Baidu's future growth.


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