Commenting on Ms. Wu’s appointment, Mr. Li said, “Jenny has intensive experience and knowledge in the research of TMT industries and the management of large Internet company as well as the investments.”

Ms. Wu said, “the combination of Baidu’s strategic resources with Baidu Capital’s independent operating mechanism creates great opportunities and potential.” Ms. Wu hopes to grow Baidu Capital into a first-tier private equity fund in China and globally in the near future with her experience and capabilities.