BEIJING, Feb. 25, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), announced it has completed the acquisition of JOYY Inc.'s video-based entertainment live streaming business in mainland China, known as YY Live, for an aggregate of approximately US$2.1 billion. This transaction includes the full release of approximately US$1.6 billion that Baidu had previously placed in escrow under a now-terminated share purchase agreement. Baidu intends to use these released funds to bolster its cloud and AI infrastructure. About Baidu Founded in 2000, Baidu is a prominent AI company with a strong Internet foundation, trading under NASDAQ as “BIDU” and on HKEX as “9888”. One Baidu ADS equals eight Class A ordinary shares. Safe Harbor Statement This announcement contains forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “will,” “expects,” “anticipates,” “future,” and similar terms generally identify such forward-looking statements. Baidu's future outcomes are subject to various risks, including the competitive landscape for online marketing in China and the company's ability to innovate and attract users. More detailed information about risks can be found in Baidu's filings with the Securities and Exchange Commission. Baidu does not intend to update these forward-looking statements except as legally required.