Baidu plunges as IPO bankers call stock overvalued
A Reuters newswire article, via Yahoo! News, reports that:
Baidu.com shares plunged as much as 21 percent on Wednesday after two of the investment banks that managed the Chinese Internet company's meteoric initial public offering said the stock price was overblown.
Goldman Sachs and Piper Jaffray both rated the stock "underperform," given its extraordinary debut on August 5, when it rose more than fourfold.
The eagerly anticipated IPO of Baidu, known as the Chinese Google, recalled the dot-com heyday, when first-day price rise records were broken weekly.
The debut of China's largest Web search company eclipsed even that of Google Inc., but a steady drumbeat of critiques over its valuation has surfaced since then.
posted by Fergie @ 9/14/2005 09:49:00 AM
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