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Baidu shares plunge over poor revenue outlook

Beijing - Shares in Chinese internet giant Baidu plunged as much as 15 percent in after hours trading Friday when it said revenues would take a hit in the final quarter because of self-imposed content restrictions during the Communist Party congress. The projected decline in revenue at Baidu's movie and television streaming unit iQiyi, came from...

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Main Alibaba’s competitor gets 1 billion yuan funding

Wanda E-commerce, the online business of Dalian Wanda Group, has received 1 billion yuan (161 million dollars) funding from Alibaba’s direct competitors Tencent and Baidu. According to Wanda Group, the investment values 4-month-old Wanda E-commerce at 20 billion yuan (3.22 billion dollars). Dalian Wanda Group Co. Ltd., one of China’s largest...

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