(Yicai Global) March 8 --  Beijing-based search engine giant Baidu is planning to purchase its  first stake in a listed company, which has prompted suspicions of its  intentions for a back door listing.

The Shenzhen Stock  Exchange asked Baidu on March 5 to clarify if it is aiming for a reverse  merger via an acquisition of Chinese software firm Hand Enterprise  Solutions.

Hand's controlling shareholder Chen Diqing and  actual controller Fan Jianzhen will jointly transfer a 5 percent stake  to Baidu, the Shanghai-based target firm said in a statement on March 1.

Hand and Baidu intend to  cooperate in cloud computing, as well as in terms of sharing healthcare  and financial verticals, according to the statement. Baidu has no plan  to integrate Hand's assets, business and personnel in the following 12  months after the investment, the report added.

Hand's partnership with  Baidu aims to support its existing business and boost innovation,  industry insiders told Yicai Global. This is similar to Alibaba Group  Holding's investment in supermarket chain Sanjiang Shopping Club, as  well as its rival Tencent Holdings' bet on Yonghui Superstores, they  added.

Hand's stock price [SHE:300170] has risen the daily limit of 10 percent each day this week to CNY20.32 (USD3) today. 

Editor: Emmi Laine