Baidu raises IPO price

Baidu, China's largest Internet search engine, hopes to raise as much as US$101m in a NASDAQ IPO today after raising the offer by 30% to meet investor demand and raising the offer price to US$25 a share, up from US$21, reflecting the high hopes of a startup with a large user base and little profits. Baidu earned US$1.8m on revenue of US$13.6m in the first half this year.