What’s the latest on the chinese search giant’s search war
Chinese search giant Baidu is taking aim at Google’s dominance of the web by building a rival in the search space.
The company, which has a $20 billion market capitalisation, said it has signed a deal with Alphabet to acquire a 33% stake in a new search engine in China.
“Baidu search is the first ever internet search service, with the goal to connect people around the world,” Google said in a statement.
“This is the next stage in Baiduu search.”
Baiduu is based in Beijing and operates the search engine Chuan.
Google, which owns the search giant, is also building a Chinese rival to its own.
The deal is the latest in a series of moves by China’s internet companies to take on Google.
It is not the first time that China has been in competition with Google.
In September, Google said it had bought a 19% stake from Alibaba for $5.8 billion.
Last month, Alibaba agreed to buy another 20% stake for $3.4 billion.
Google said it planned to invest $3 billion in China, with an additional $1 billion in the first year.