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China's Baidu.com Aims To Dissolve Its Internet Connection
December 16, 2008 |
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Chinese Internet search engine Baidu.com (BIDU) held its annual general meeting on Tuesday and the company approved dropping part of its Internet moniker.
The company's official name has now changed from Baidu.com, Inc. to Baidu, Inc., which further removes a connection to the company's pure Internet-related assets. No reason for the change has been forthcoming from the company.
At the same time, the company proposed repurchase of its Class A ordinary shares represented by American depositary shares with an aggregate value of up to USD200 million before the end of 2009.
The company also resolved to create amendments of the company's articles of association to specifically set forth the manner for certain share repurchases that may be authorized by the board without the need to seek shareholder approval.
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