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Baidu shares plunge over poor revenue outlook

Beijing - Shares in Chinese internet giant Baidu plunged as much as 15 percent in after hours trading Friday when it said revenues would take a hit in the final quarter because of self-imposed content restrictions during the Communist Party congress. The projected decline in revenue at Baidu's movie and television streaming unit iQiyi, came from...

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Business

App stores must register with state in China

App stores in China must register with the state from Monday, a government statement said, as China tightens its control over the internet. App stores are "not strict" when they examine and approve apps, the China Cyberspace Administration, the country's internet watchdog, said in a statement. Lax standards have led to the "frequent appearance...

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Business

Main Alibaba’s competitor gets 1 billion yuan funding

Wanda E-commerce, the online business of Dalian Wanda Group, has received 1 billion yuan (161 million dollars) funding from Alibaba’s direct competitors Tencent and Baidu. According to Wanda Group, the investment values 4-month-old Wanda E-commerce at 20 billion yuan (3.22 billion dollars). Dalian Wanda Group Co. Ltd., one of China’s largest...

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