According to reports in the Chinese press, it has been revealed that Facebook Inc. has signed the deal with the Baidu Inc., the biggest Chinese search engine, to open up a social networking site in China. The site will not include the blocked Facebook in China, but a new social networking site.

Baidu Inc. stated that it has plans to develop more social-networking services, as the owner of the biggest search engine of China follows Tencent Holdings Ltd. its Chinese Internet rival in expanding its product line to win users.

The internet search engine, Baidu, which offers its services in Chinese, witnessed revenue for the Company rising to twice the revenue it had earned in the previous year. The reason behind the windfall profits is being stated to be because of the inception of online marketing customers.

It has been reported that the leading Internet search engine of China, Baidu, seems to be on a roll, as their earnings for the first quarter has surpassed all expectations, by turning out to be a whopping amount which is actually more than double of what was forecast.

Benefiting noticeably from rival Google's destabilized position in China, the local search engine Baidu has shown a more than two-fold increase in its first-quarter earnings; and its profit and a sales forecast has surpassed the estimates of the analysts. With average spending by clients likely to continue, Baidu expects "healthy" growth in customers.

Official figures shared by Baidu have confirmed that for the past year's fourth-quarter, the Chinese search engine giant's earnings managed to rise by a whopping 48%, topping expectations pegged by Wall Street analysts.

On Monday, Chinese search engine giant Baidu Inc. confirmed that the company's Chief Technology Officer, Yinan Li decided to resign for personal reasons, and the development has come a mere 10 days after the firm's Chief Operating Officer also resigned for "personal reasons".

Baidu, the Beijing based company, dominates the search engine market in China, but it seems that Google is now stepping forward to take the popular Chinese search engine's place. The task, apparently, will not be easy as Baidu dominates most of China's market.

Baidu Inc., the firm behind Baidu. com, China's leading search engine, reported on Tuesday that while its profits have surged a whopping 42%, share rates have gone down. Revealing its third quarter report, the company said the fall in share rates is not a warning sign. They have temporarily been hurt because Baidu is switching over to a new advertising system.

After the criticism from the government for hosting links to vulgar or pornographic content, three Chinese websites - Baidu, NetEase. com. Inc, and SINA Corp - offered apologies on Wednesday for the alleged inappropriateness. Google's China office too assured to "work hard" with Internet users and society for building an Internet culture with a positive impact.