BEIJING, Dec 13, 2005 /PRNewswire-Xinhua via COMTEX News Network/ -- Baidu.com, Inc. (Nasdaq: BIDU),
the leading Chinese language Internet search provider, announced today that
Goldman Sachs (Asia) L.L.C. and Credit Suisse First Boston LLC, co-lead
underwriters for Baidu's IPO in August 2005, have decided to release a total
of up to three million outstanding ordinary shares from lock-up restrictions,
effective from December 19, 2005. This early partial release will allow each
shareholder who is subject to lock-up restrictions to sell, transfer or
otherwise dispose of part of its shares on a pro rata basis as determined
based on the number of shares held by such shareholder and the total number of
shares held by all the shareholders subject to lock-up restrictions as of
December 2, 2005. With respect to the shareholders who are currently subject
to the standard 180-day lock-up restrictions, all of their remaining shares
will be released upon expiration of the 180-day lock-up period. In addition,
the co-lead underwriters have agreed to release from the lock-up restrictions
25% of the shares held by each shareholder who is currently subject to the
extended lock-up restrictions beyond the standard 180-day period, beginning on
the 180th day after August 4, 2005, and to release all the remaining shares
held by such shareholder beginning on the 360th day after August 4, 2005. The
underwriters' original lock-up restrictions on Baidu's ordinary shares are
detailed in Baidu's IPO prospectus, available at http://ir.baidu.com.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20041011/BAIDULOGO )
As of September 30, 2005, approximately 32.9 million ordinary shares of
Baidu were issued and outstanding, including approximately 4.6 million shares
represented by Baidu's American Depositary Shares ("ADSs"), each of which
represents one Class A ordinary share of Baidu. Baidu's ADSs commenced
trading on the NASDAQ National Market on August 5, 2005
About Baidu
Baidu.com, Inc. is the leading Chinese language Internet search provider.
As a technology-based media company, Baidu aims to provide the best way for
people to find information. In addition to serving individual Internet search
users, Baidu provides an effective platform for businesses to reach potential
customers. Baidu's ADSs, each of which represents one Class A ordinary share,
are currently trading on the NASDAQ National Market under the symbol "BIDU."
SOURCE Baidu.com, Inc.
China - Cynthia He of Baidu.com, Inc. (Beijing), +8610-8262-1188, ir@baidu.com, or
Christina Splinder of Ogilvy Public Relations Worldwide (Beijing), +8610-8520-6550,
christina.splinder@ogilvy.com, or US - Stefan Anikewich of Hill & Knowlton (New
York), +1-212-885-0505, stefan.anikewich@hillandknowlton.com, all for Baidu.com, Inc.
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