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Interest in top Chinese search site Baidu sold
Google is apparently reassessing its Chinese ambitions after making a significant profit on the disposal of its 2.6 percent interest in major Chinese search site Baidu. The local search engine outpunches Google in the Chinese market.
Analysts suggest that Google is instead intending to focus on its own Chinese business, targeting the world's second largest Internet market, with more than 100 million users.
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Google and other foreign firms see huge potential for growth in China but their alleged willingness to censor access to politically sensitive material in order to comply with Chinese government demands, has attracted fierce criticism.
According to US regulatory documents, Google made a substantial profit on its investment in Baidu. It sold its holding for more than $60 million, having acquired the shares for just $5 million last year. Baidu shares are currently trading at about $80 each.
"It has always been our goal to grow our own successful business in China and we are very focused on that," Google spokesperson Debbie Frost said, confirming the share sale.
Google was also busy this week on the run-up to its launch of a new online payments product, dubbed Gbuy by the media. The Wall Street Journal reports that Google is set to introduce a test version of its online-payment service as early as this week. To attract customers, the search engine giant plans to offer an unspecified rebate to people who make online purchases using the service, known as Gbuy, the Journal said.
The service, which would challenge payment options by Ebay Inc.'s PayPal and others, has been expected since early this year.
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