Boston, MA 03/28/2014 (wallstreetpr) – The famous Chinese search giant Baidu Inc (ADR) (NASDAQ:BIDU) is rolling up new partnerships and innovative products in the mobile game market. The company is also making efforts for amassing funds and licenses for setting the investment in action. Baidu has carved its niche in Chinese market and is gearing up to give competition to ace players like Google Inc (NASDAQ:GOOG).
Launch of new mobile gave division
Chinese search tycoon Baidu is known for its strong hold in the mobile gaming market. Recently the Company revealed its plans to integrate two business namely Duokoo mobile game with 91 wireless games. The Company is silent about the approx. sum for investment in the support of the business but the company is ready to give competition in the market. The significance of the strategic tie-ups can be estimated by the growth figure of Chinese mobile market, which grew remarkably by 156% up to $2.2 billion.
Application for Chinese banking license
Baidu Inc (ADR) (NASDAQ:BIDU) is reported to have entered into a partnership seeking to apply for becoming a certified financial institution. It is all set to obtain a private banking license. Reportedly they have lured investors in millions owing to the fact that they after offering higher interest rates on consumer deposits than offered by banks. The consumer deposits will be subject to a cap of 3.3% for annual savings.
Defeats the U.S. in a Lawsuit
Baidu Inc (ADR) (NASDAQ:BIDU) of China was alleged to have restrained illegally political speech on China’s most popular Internet search engine. Baidu won the dismissal of the lawsuit of the U.S., which was reportedly filed by pro-democracy extremists who made the above-mentioned allegation. They were video producers and writers from the U.S. who alleged that Baidu had been blocking users from the U.S. from viewing videos and articles revealing a more democratic China. But according to sources, it was said that search engine of Baidu constituted protected free speech as defined under the U.S. Constitution.