Baidu shares plummet 28%
15 September 2005
The Nasdaq-listed stock of Chinese search engine Baidu.com plunged 28% Wednesday, after two research firms, Goldman Sachs and Piper Jaffray, rated the company's shares at "underperform". The two banks, both of which were among lead underwriters for Baidu's IPO, said they were bullish about the stock, but could not justify the current price which has risen to four times the IPO price of US$27. Baidu's shares fell Wednesday from US$113.59 to US$81.32.