Baidu to release 3m lock-up shares

In a move to boost share liquidity, underwriters of China's top Internet search engine Baidu announced Wednesday that they will release three million lock-up shares ahead of schedule, reported The Standard of Hong Kong. Baidu, whose share price on New York's NASDAQ has dropped more than 50% since its August 4 initial public offering, has seen its trading volume fall sharply over the last 10 days. The released shares would increase the company's trading volume to about 23% from the current level of about 14%.