On March 24, Chinese online search giant Baidu.com Inc.’s (NYSE:BIDU) market value has surpassed that of Tencent Holdings Ltd.’s (0700.HK) for the first time, making it China’s most valuable listed internet company.
Baidu stock gained 4.32% on Wednesday to close at a 52-week high of $132.58, giving it a market value of $46.07 billion, beating out Tencent’s $44.6 billion. Baidu’s market value has increased almost 53 times from $870 million after its debut in 2005.
. Baidu generated fourth quarter 2010 revenue of RMB 2.45 billion, up 94% year-on-year, according to the company’s latest report. Baidu’s full-year revenue increased 78% to RMB 7.92 billion, while net profit rose 137.4% from a year earlier to RMB3.53 billion. Online advertising was still the major revenue stream for the company last year, Baidu said in its Q4 financial results.
Baidu has seen its market share increase steadily after its biggest rival, Google Inc., pulled out of the mainland China online search market in March 2010.
. Tencent’s Q4 revenue jumped 49.8% year-on-year to RMB 5.5 billion; net profit rose 45.9% y-o-y to RMB 2.2 billion, the company said in its financial report released on March 16. Full-year revenue increased 57.9% from a year earlier to RMB 19.6 billion; net profit attributable to equity holders was RMB 8.05 billion, up 56.2% y-o-y, the company said in the report.
The day Tencent released its latest financial results, its stock price slipped from HK$216.8 to HK$193.2, down 10.8%, after the company failed to meet investors’ expectations.
SOURCES: Business China, Baidu (25/03/2011)