Wall Street was partying like it was 1999 last night, after shares in Baidu.com, the Google of China, rose 354% in their market debut, the best performing initial public offering in five years.
The spectacular rise recalled the heady days of the dotcom boom when technology and internet-related companies routinely trebled in value in their first day on the market.
Baidu.com sits at the intersection of the two hottest markets of 2005 – China and the internet.