BEIJING, July 30, 2015 /PRNewswire/ -- Baidu, Inc.
(NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese
language Internet search provider, today announced that its board
of directors has authorized a share repurchase program under which
the Company may repurchase up to US$1
billion of its shares over the next 12 months.
The Company's proposed repurchases may be made from time to time
on the open market at prevailing market prices, in privately
negotiated transactions, in block trades and/or through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations. The Company's
board of directors will review the share repurchase program
periodically, and may authorize adjustment of its terms and size.
The Company plans to fund repurchases from its existing cash
balance.
About Baidu
Baidu, Inc. is the leading Chinese language Internet search
provider. As a technology-based media company, Baidu aims
to provide the best and most equitable way for people to find what
they're looking for. In addition to serving individual Internet
search users, Baidu provides an effective platform for
businesses to reach potential customers. Baidu's ADSs
trade on the NASDAQ Global Select Market under the symbol "BIDU".
Currently, ten ADSs represent one Class A ordinary share.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Baidu
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are
not historical facts, including statements about Baidu's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding such risks is included in our annual report on Form 20-F
and other documents filed with the Securities and Exchange
Commission. Baidu does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release is as of the date of
the press release, and Baidu undertakes no duty to update such
information, except as required under applicable law.
For investor and media inquiries, please contact:
Sharon Ng
Baidu, Inc.
Tel: +86-10-5992-4958
Email: ir@baidu.com
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SOURCE Baidu, Inc.