The Hollywood Reporter -- Chinese Internet giant Baidu Inc., often referred to as the "Google of China," is developing its own version of Google Glass, according to a report in Chinese news portal Sina Tech.

Called "Baidu Eye," the wearable device has reportedly been in development for several years and is now in the prototype testing stage. Much like Google Glass, the technology is a conventional pair of glasses enhanced with small LCD screens, voice control, image recognition, and bone conduction (allowing minute sound to be conducted to the inner ear through the bones of the skull).

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Sina Tech says the project is being led by Baidu's chief product designer Sun Yun-feng.

Founded in 2000, by Chinese billionaires Robin Li and Eric Xu, Baidu dominates the Chinese Internet search space, with around 70 percent market share, but has faced increased competition from local upstart Qihoo 360. At the end of 2012, Baidu had 71.5 percent market share for Chinese search. As of March that figure had dipped to 70.5 percent. Qihoo 360, meanwhile, had jumped from 10.4 percent of all Chinese Internet searches to 13. 5 percent.

The successful launch of a new piece of innovative hardware such as the purported Baidu Eye would be a strong step towards the company's ongoing goal of diversifying and becoming less revenue dependent on search.

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