Baidu, Inc. (NASDAQ: BIDU) shares are trading lower following reports Chinese antitrust regulators could veto the company's acquisition of JOYY's live streaming business.
The stock could also be trading lower in sympathy with other Chinese companies amid continued regulatory concerns following proposed oversight of the gaming sector in Macau. Regulatory actions in the education and tech space have put pressure on Chinese stocks this year.
Baidu is the largest Internet search engine in China with a 75% share of the search engine market in March 2021. The firm generated 68% of revenue from online marketing services and the rest from other segments in 2020. Baidu is a technology-driven company and has been investing in AI technology, such as autonomously driven cars.
Baidu has a 52-week high of $354.82 and a 52-week low of $120.79.
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