Robin Li, the CEO of Baidu, gave a rare speech at the Web 2.0 Summit in mid-November, giving some sought-after insight into the success and progress of China’s search giant.
Baidu’s stock has more than doubled since January, and is now roughly the same size as auction site eBay’s. However, with 420 million people being online in China, which is in fact only one third of the population, there is still a lot of room for growth for the search engine. Li claims that 99% of internet users ion China use Baidu to search online, and was reported as saying “Baidu answers more search queries in China than any other search engine in any other market, including Google in the US.”
Li also said that he doesn’t regret turning down offers of up to $2 billion from Google, Microsoft and Yahoo in the earlier years “I knew Baidu had more potential than 1-2 billion,” Li said. Baidu’s revenue has grown more than 30 times in the last five years.