0402 GMT - The completion of Baidu's YY Live acquisition is a relief after an extended delay, Citi analysts say in a research note. Baidu said back in 2020 that it had entered into definitive agreements with JOYY to acquire its video-based entertainment live-streaming business in China. The completion of the acquisition indicates a resolution to a long unresolved situation, Citi says. The release of US$1.6 billion in cash from escrow is positive for Baidu, especially given that the tech giant plans to invest the funds in its cloud and AI infrastructure, the bank says. Baidu's H-shares are 2.3% higher at HK$88.00. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
February 25, 2025 23:02 ET (04:02 GMT)
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