Baidu will set up a joint venture with Japan’s Electronic Commerce

January 28th news, according to foreign media reports, Chinese search leader Baidu and Lotte Company of Japan’s largest e-commerce operators (Rakuten) announced an agreement in the next three years into a joint venture to jointly invest $50 million to build a huge online shopping mall for the "B2B2C" China Internet users.

according to the terms of the agreement, Lotte will become the new, so far there is no majority shareholder named joint venture, shares accounted for 51%. Baidu owns 49% of the remaining shares.

B2B2C is a "B2B" and "enterprise to consumer (B2C)" business to provide value-added services and link them to the online market. The online market is expected to start operations in the second half of 2010, with the aim of providing customers with a range of well-known Chinese and foreign brands of goods and small and medium enterprises. The online store is expected to soon become China’s largest online B2B2C shopping mall.

Lotte really should operation of this kind of joint venture experience. Lotte was founded in 1997, Japan’s leading business Lotte market. This market has more than 30 thousand businesses, its e-commerce flat platform registered goods have 47 million.

Baidu two executives left this month, Baidu (chief technology officer Li Yinan and chief operating officer Ye Peng resigned for personal reasons). However, this did not prevent Baidu and other companies to consolidate its position in china.

earlier this month, there are rumors that Baidu will work with Hulu investor Providence Equity Partners to set up a new independent online video company.