Google Inc has sold its small stake in China’s leading search engine, Baidu.com Inc.
Mountain View, California-based Google sold its roughly 2% stake in rival Baidu, worth about $63m, on May 25, according to a company filing with US regulators.
We have disposed of our modest investment in Baidu, said Google spokesperson Debbie Frost, in an email. It has always been our goal to grow our own successful business in China and we are very focused on that.
Currently, Google’s operations in China lag behind that of Chinese market leader Baidu’s.