Buy Du

I think this is what’s called “irony.” The U.S. political establishment goes nuts over CNOOC trying to buy Unocal. But one tiny Chinese search engine goes public, and Americans throw gobs of money at it.

Baidu, the Chinese search engine company, hit the Street today. At least for a few moments today, the 90’s were back. This was the easily the hottest IPO since Google went public last summer. Baidu’s offering price range was raised twice. The shares finally hit the open market at $27.

The first trade: $66. And it went up from there. The high trade today (so far) is $99.50.

Baidu is unstoppable. I can’t even think of a good metaphor. It’s like some mighty ocean-going vessel, steaming its way through the chilly North Atlantic. What can possibly stop it?

Posted by on August 5th, 2005 at 2:20 pm


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