Baidu shares decrease 3.7%
By Zhu Shenshen |
August 17, 2011, Wednesday
|
Print Edition
Print Edition
BAIDU Inc's share price decreased in the US stock market on Monday after China's biggest search engine was criticized by a Chinese state broadcaster for lack of advertising oversight.
A China Central Television program that aired on Monday night said Baidu's advertising system, which is called PhoenixNest, lacked "internal controls and oversight over their paid advertisers."
Baidu's share price on the Nasdaq market decreased 3.7 percent to close at US$144.64 after the CCTV report was broadcast. The Nasdaq gained 1.88 percent on Monday.
In the report, Baidu was criticized for allowing firms without legal business certificates to advertise on its website. In some cases, it even encouraged paid clients to make fake licenses, the report said.
Meanwhile, the website was also found overcharging users for unnecessary services, according to the report.
Beijing-based Baidu declined to comment.
Baidu holds a 70 percent share of the Chinese online search market, compared with 20 percent for Google.
A China Central Television program that aired on Monday night said Baidu's advertising system, which is called PhoenixNest, lacked "internal controls and oversight over their paid advertisers."
Baidu's share price on the Nasdaq market decreased 3.7 percent to close at US$144.64 after the CCTV report was broadcast. The Nasdaq gained 1.88 percent on Monday.
In the report, Baidu was criticized for allowing firms without legal business certificates to advertise on its website. In some cases, it even encouraged paid clients to make fake licenses, the report said.
Meanwhile, the website was also found overcharging users for unnecessary services, according to the report.
Beijing-based Baidu declined to comment.
Baidu holds a 70 percent share of the Chinese online search market, compared with 20 percent for Google.
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