WSJ writes about Baidu, the Chinese search engine which had an amazing IPO recently:

Search engine Baidu, which has its headquarters in Beijing, garners revenue the same way Google does, by selling keyword-based advertisements, or paid links, most of which pop up when people perform a search on the site.

But Baidu, whose American depositary shares more than quadrupled in their first day of trading on the Nasdaq Stock Market Friday...is operating on the furthest frontier of the Internet. It faces brutal competition and possible heavy government regulation, even as the legitimacy of its own content has come under legal challenge.