Baidu Travel Unit Plans U.S. IPO in 2012
Chinese travel website operator Qunar.com Information Technology Co., a unit of Chinese search engine Baidu Inc., plans an initial public offering in the U.S. next year, a Qunar spokeswoman said Thursday.
The plan comes as many Chinese Internet companies have sought to list shares in the U.S. in the past year, but market volatility and concerns about accounting issues at some U.S.-listed Chinese firms in recent months have softened investor interest in Chinese Internet IPOs.
Details aren’t yet available on Qunar’s IPO plans, said the spokeswoman, Jenna Qian. A Baidu spokesman declined to comment. Baidu announced a $306 million investment in Qunar in June. It didn’t specify the size of its stake but said the move made Baidu the company’s majority shareholder. It also said Qunar would continue to operate as an independent company while cooperating with Baidu in travel-search services.