On the Record · Baidu
Baidu acquisitions, on the record
The businesses Baidu bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
iQIYI, Inc.Word for word“In November 2012, we obtained the controlling interest in iQIYI, Inc., or iQIYI, a prior equity method investee, and have since then consolidated its financial results into our consolidated financial statements.” 20-F for 2023 | acquisition | November 2012 | — |
Du Xiaoman (financial services business unit)Word for word“In August 2018, we completed the divestiture of a majority equity stake in our financial services business unit, which has been rebranded as Du Xiaoman Financial and subsequently further rebranded as Du Xiaoman.” 20-F for 2023 | divestiture | August 2018 | — |
YY Live (from JOYY Inc. and certain of its affiliates)Word for word“We entered into definitive agreements with JOYY in November 2020, which were subsequently amended and supplemented, including in February 2021, to acquire YY Live, which includes the YY mobile app, the YY.com website and PC YY, among other things, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments.” 20-F for 2023 | agreed acquisition | November 2020 | approximately US$3.6 billion |
JOYY's domestic video-based entertainment live streaming business in China, known as YY LiveWord for word“Baidu (Hong Kong) Limited, our wholly-owned subsidiary, entered into a share purchase agreement on November 16, 2020 with JOYY Inc. and certain of its affiliates, which are collectively referred to as JOYY, to acquire JOYY’s domestic video-based entertainment live streaming business in China, known as YY Live, for an aggregate price of approximately US$3.6 billion.” 20-F for 2024 | agreed acquisition | November 16, 2020 | approximately US$3.6 billion |
YY LiveWord for word“After negotiation with JOYY on next steps following the termination, Baidu (Hong Kong) Limited entered into new agreements on February 25, 2025 with JOYY to acquire, and acquired, YY Live for an aggregate price of approximately US$2.1 billion.” 20-F for 2024 | acquisition | February 25, 2025 | approximately US$2.1 billion |
financial services business unit, rebranded as Du Xiaoman Financial and subsequently further rebranded as Du XiaomanWord for word“In August 2018, we completed the divestiture of a majority equity stake in our financial services business unit, which has been rebranded as Du Xiaoman Financial and subsequently further rebranded as Du Xiaoman.” 20-F for 2024 | divestiture | August 2018 | — |
majority equity stake in financial services business unit (Du Xiaoman)Word for word“In August 2018, we completed the divestiture of a majority equity stake in our financial services business unit, which has been rebranded as Du Xiaoman Financial and subsequently further rebranded as Du Xiaoman.” 20-F for 2025 | divestiture | August 2018 | — |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) |
|---|---|
| 2016-12-31 | $0 |
| 2017-12-31 | $85 million |
| 2018-12-31 | $288 million |
| 2019-12-31 | $139 million |
| 2020-12-31 | $367 million |
| 2021-12-31 | $39 million |
| 2022-12-31 | $2 million |
| 2023-12-31 | $16 million |
| 2025-12-31 | $170 million |
Read from Baidu’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-03-17. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.