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Friday, December 12, 2014

China's Baidu to invest in taxi-hailing app Uber, (NASDAQ: BIDU)

Search engine Baidu Inc will invest in taxi-hailing app maker Uber Technologies Inc, a person familiar with the matter said on Friday, becoming the latest Chinese Internet firm to take an interest in the flourishing market for transportation apps. The size of Baidu's investment - and its valuation of Uber - are unknown, but the Chinese firm has scheduled a press conference to announce an investment into an unnamed U.S.-based startup on Dec. 17 in Beijing.State media outlet China National Radio reported the deal earlier this week.Uber's alliance with Baidu mirrors partnerships between dominant Chinese taxi-hailing apps Kuaidi Dache and Didi Dache, which have been backed by Baidu rivals Alibaba Group Holding Ltd and Tencent Holdings Ltd respectively.Uber said earlier this month it raised funding valuing the company at $40 billion, propelling it into the ranks of the world's most richly valued private companies.

Baidu, Inc. (Baidu) is a Chinese-language Internet search provider. Shares of BIDU traded higher by 1.83% or $4.11/share to $229.23. In the past year, the shares have traded as low as $140.66 and as high as $251.99. On average, 3682400 shares of BIDU exchange hands on a given day and today's volume is recorded at 3037672.