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Baidu Inc. (NASDAQ:BIDU) saw its shares climb in Hong Kong trading on Wednesday after confirming its $2.1 billion acquisition of YY Live from JOYY Inc. (NASDAQ:YY). Baidu’s stock (HK:9888) surged up to 3% to HK$88.65, contributing to a 2% gain in the Hang Seng index.
The deal marks Baidu’s entry into China’s booming livestreaming market, strengthening its position against competitors like Douyin and ByteDance. This move follows an earlier failed attempt in 2024, after Baidu initially offered $3.6 billion for YY Live in 2020. That deal collapsed in early 2023 due to regulatory hurdles. However, with China easing its scrutiny on tech firms to stimulate economic growth, Baidu has now secured the acquisition.
This strategic purchase helps Baidu diversify beyond its core advertising business while unlocking $1.6 billion in escrow funds from the original 2020 agreement. The company is expected to reinvest this capital into AI development, especially following the launch of DeepSeek in January, signaling growing momentum in China’s AI sector.
As competition in digital entertainment and AI intensifies, Baidu’s expansion into livestreaming positions it for stronger growth and innovation in a rapidly evolving market.
