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Baidu Said in Talks to Develop Smart Televisions

Baidu Said in Talks to Develop Smart Televisions

Baidu Inc. (BIDU), China’s largest search engine, is in talks with a Chinese manufacturer to help develop televisions connected to the Internet, according to two people familiar with the matter. The company is discussing working with Huan Technology Ltd. to develop a set-top box or a chip for use in smart TVs, the people said, asking to not be identified because the discussions are private. Huan Technology is a joint venture between Sichuan Changhong Electric Co. and TCL Multimedia Technology Holdings. (1070) TCL is the third-largest flat-panel TV maker in the world by revenue share, researcher DisplaySearch said in June.Baidu is expanding its online video business to boost its share of a market that consultant IResearch estimates may generate 16.2 billion yuan ($2.6 billion) in revenue next year. The U.S.-listed company is competing for users with Alibaba Group Holding Ltd., China’s largest e-commerce company, which said in July it had designed a smart TV operating system and set-top box.

Baidu, based in Beijing, declined to comment in an e-mailed statement. He Dan, a spokeswoman for Guangzhou-based Huan Technology, declined to comment.

Shares of Baidu fell 2.8 percent to $135.12 in New York trading yesterday. The stock has gained 35 percent this year, compared with a 19 percent increase in the Nasdaq Composite Index. (CCMP)

The company last week agreed to buy a 59 percent stake in e-commerce website operator Nuomi Holdings Inc. for about $160 million.

Baidu also bought Internet video business PPStream Inc. in June for $370 million and has been combining it with IQiyi.com, which it acquired last year, to create China’s largest online video platform.

To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.net

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About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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