Baidu files for IPO

Baidu, one of China's leading Internet search engines, registered this week for an US$80bn initial public offering on the Nasdaq stock exchange, according to published reports. Details about the estimated price range for the IPO were not disclosed in Baidu's filing with the US Securities and Exchange Commission. Beijing-based Baidu said it plans to use the proceeds from the fundraising to expand its customer base and for general corporate purposes.