Sun Yao, spokeswoman at Baidu said that the market will show a negative reaction over the short term, but not in the long term. Baidu.com has not said when it expects to find a replacement for Mr Wang.
The company said that Mr Wang died on December 27 in an accident in China during the Christmas holiday vacation. It also said that the Wang family had asked that the details about his death not be released to the media.
Baidu shares have fallen 4.7% in the two trading days since the announcement of his death, after rising for seven straight days. Baidu declined $9.07 or 2.3% to $389.80 in New York trading on December 31 2007. The stock, which more than tripled in 2007, was the biggest gainer and the only Chinese company in the Nasdaq 100 Index.
According to Beijing-based research firm Analysys International, the company's share in the Chinese internet search market rose to 61% in the third quarter from 58% in the second, while its closest rival, US-based Google increased its share to 24% from 23%.
According to government- backed China Network Information Center, China has the second largest internet users after the US with about 162 million users at the end of June 2007.
Source: ComputerWire daily updates
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