(Yicai Global) Oct. 12 -- Baidu, Inc. [NASDAQ:BIDU], China's largest searching engine, announced the establishment of its own investment fund, Baidu Capital, whose endowment will go up to CNY 20 billion. Baidu CEO Mr. Robin Li has been appointed chairman of this investment arm.
Baidu Capital will focus on investing in the field of internet applications in mid- or late-development stages, Baidu said. The average amount of each project investment will range from USD 50 to 100 million.
Baidu established a venture capital fund -- Baidu Venture -- one month before this into which it injected USD200 million.