Google Buys Stake in Chinese Social Web Site

Google Inc revealed on Monday that it had acquired a stake in Chinese community Web site Tianya.cn, indicating a foray by the global search leader into social networking in the world's second-largest Internet market. A Google spokeswoman confirmed the stake holding by email, but declined to give further details. Various local media reports on Monday put the estimated size of Google's stake at anywhere from less than 10 percent to up to 60 percent. Other media reports have said Google may be eyeing acquisitions in China. Google is rushing to close the gap with rival Baidu.com Inc , which dominated the search market in China in the second quarter with a 58.1 percent share, according to research firm Analysys International. Google followed with a 22.8 percent share and Yahoo China with 11.6 percent, Analysys said.
http://www.cnn.com/2007/TECH/biztech/08/20/google.china.tianya.reut/index.html

http://www.techcrunch.com/2007/08/20/google-takes-stake-in-tianyacn/