Today, with the release of Q3 financial report, Baidu (NASDAQ:BIDU) annouced that it will close the old bid ranking service, and migrate the customer to new system called “Feng Chao“. Feng Chao is a new marketing tool that developed by baidu, to replace the bid ranking service, it went public on Apirl 20th, 2009.

And the bid ranking service, which was the most profitable one, and which supported Baidu’s eight years of rapid growing, will be finally closed in December, 2009. However, Baidu has also lowered profit forecast in the financial report, which lead its share price drop.

“About 70% of our customers are now taking advantage with Feng Chao, so it’s the right time to migrate all customers to the new platform”, said Robin Li, CEO of Baidu. It is no less than a phoenix‘s nirvana of Baidu; and in Chinese, “Feng Chao” means “the nest of phoenix”.

Best wishes.