In the cc there was a question about the VIEs. Jennifer Li referred to the straightforward disclosures and the current Form 20-F. This includes, from page F-8,
As of December 31, 2011, the Company also effectively controls the following variable interest entities (“VIE”) through Baidu Online:
• Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”) incorporated under the laws of the PRC on June 5, 2001,
• Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”) incorporated under the laws of the PRC on June 6, 2006,
• Beijing BaiduPay Science and Technology Co., Ltd. (“BaiduPay”) incorporated under the laws of the PRC on February 27, 2008, and
• Baidu HR Consulting (Shanghai) Co., Ltd. (“Baidu HR”) incorporated under the laws of the PRC on December 28, 2010.
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