In a statement, Baidu said that CFO Shawn Wang had died in “an accident” whilst on holidays in China. No further details on the death were provided. Baidu shares dropped $9.07 following the news.
On a more positive note a Beijing appeals court ruled that Baidu was not guilty of copyright infringement for posting links to websites that offer illegal music downloads. Baidu offers music search on its front page and the service is often cited as being one of the core reasons behind its success in China over Google, who does not offer a similar music search facility. Yahoo China lost a similar case December 21.