Baidu To Launch IM Chat Application

Chinese search portal Baidu (BIDU) has announced its plans to launch a new chat/instant messaging application. Named "Baidu Hi", the application has been in development for a year and the company is actively hiring staff to complete the product. The company notes that the product is currently in the internal testing stage. No date was provided for a public launch.

This news comes three months after Baidu launched branded search marketing result pages in an attempt to increase revenue for the company. Since November, Baidu's stock has dropped from a high of $409.19 to yesterday's close at $253.00, a drop of 39%.