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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Baidu, Inc.    BIDU

BAIDU, INC.

(BIDU)
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Baidu : China orders ByteDance's Toutiao to fix search, saying national hero smeared

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11/12/2019 | 12:33am EDT
Signs of Bytedance and its news aggregator app Jinri Toutiao are pictured at its office in Beijing

China's internet regulator ordered ByteDance news app Jinri Toutiao to clean up its search engine, saying the search function threw up "slanderous" information on a late Communist Party military leader.

The Beijing office of the Cyberspace Administration of China (CAC) said in a post published on Monday night on its official WeChat account that the search engine's results show inaccuracies on Fang Zhimin, who is viewed as a revolutionary martyr by the party.

The move highlights the intense regulatory scrutiny Chinese internet platforms are under in China and how oversight, especially over how Chinese history is portrayed, is growing.

Last year, China passed a law making it potentially a criminal offence to defame or deny the deeds and spirit of the country's historic heroes and martyrs.

The CAC said it had asked Toutiao to "thoroughly clean up relevant information and punish relevant responsible persons", as well as "improve the search function."

The app should "prevent information dissemination that distorts, demonises, blasphemes and negates the deeds and spirits of heroes,” the regulator added.

Toutiao representatives were quoted in the CAC post as saying that it will carry out "rectification" in time. ByteDance did not offer an immediate comment when contacted by Reuters.

Toutiao is a popular AI-driven news aggregator that recommends different news articles to users in China with different interests and is one of the flagship apps run by ByteDance, which also operates the short video app TikTok.

In August, Toutiao launched a Chinese-language search engine that collates content within its app and the rest of the internet, becoming a competitor with Chinese search engine giant Baidu.

It is not the first time ByteDance has been rapped by regulators. In 2018, its joke app "Neihan Duanzi" was shut down by authorities after being criticised for "vulgar" content. Toutiao too has been temporarily taken down from Chinese app stores on previous occasions.

ByteDance, which was valued at $78 billion late last year, has ambitions to expand globally and its TikTok short video app is popular in the United States.

However, it is now facing regulatory scrutiny. Reuters reported this month that Washington has launched a national security review of TikTok's $1 billion acquisition of U.S. social media app Musical.ly.

(Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; Editing by Muralikumar Anantharaman)

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Sales 2020 106 B 15 617 M 15 617 M
Net income 2020 11 145 M 1 647 M 1 647 M
Net cash 2020 97 742 M 14 443 M 14 443 M
P/E ratio 2020 27,2x
Yield 2020 -
Capitalization 291 B 42 966 M 42 966 M
EV / Sales 2020 1,83x
EV / Sales 2021 1,44x
Nbr of Employees 37 779
Free-Float 78,9%
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Number of Analysts 37
Average target price 1 027,15 CNY
Last Close Price 843,64 CNY
Spread / Highest target 59,4%
Spread / Average Target 21,8%
Spread / Lowest Target 4,09%
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Yan Hong Li Chairman & Chief Executive Officer
Herman Yu Chief Financial Officer
Hai Feng Wang Chief Technology Officer
Ji An Ding Independent Director
Brent Callinicos Independent Director
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