Beijing Renews Google’s License

Google Inc GOOG is set to secure its foothold in the fast-growing Chinese Internet market, after Beijing renewed GOOG’s license. JP Morgan considers the renewal of Google’s license by the Chinese authorities as the legal re-registration of the "Google.cn” domain name in the country. The Mountain View, California-based company had recently stopped redirecting users to its uncensored Hong Kong site due to a warning by Chinese officials. After the renewal of the license, the Google.cn site will act as a landing page to bring users to the company’s Hong Kong server. Google doesn’t have strong presence in China. GOOG's Chinese competitor Baidu Inc BIDU has around 60% share of the market, as compared to 30% of Google. GOOG’s shares gained 4.28% to $476.10, while BIDU’s shares fell 5.88% to $68.17 in pre-market trading. Read more from Benzinga's Markets.