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Baidu’s Qunar Rises After $167 Million IPO Exceeds Target

Qunar Cayman Islands Ltd., the Chinese travel-booking service controlled by Baidu Inc., surged on its first day of trading after raising $167 million in a U.S. initial public offering that priced above a marketed range.

Qunar, which means “where to go” in Chinese, jumped 92 percent to $28.75 at 2:17 p.m. in New York. The company sold