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Sohu Surges as Its Chinese Search Engine Prepares U.S. IPO
Bloomberg News
July 31, 2017, 11:23 PM GMT+8
Sohu.com Inc. rose the most in almost five years after its chairman said the Chinese company’s search engine subsidiary Sogou is on a “very good trajectory” as it prepares for a public listing in the U.S.
Sohu told investors Monday it planned to file paperwork with the U.S. Securities and Exchange Commission for an initial public offering of its mobile-centric search engine Sogou this year. The company didn’t say how many American depositary shares would be offered or at what price. Earlier this year, Bloomberg reported that Sogou was planning to sell about 10 percent of its shares in an IPO that would value China’s third-biggest search engine at as much as $5 billion.
Getting more funding is vital for Sohu as its cash-burning streaming video service battles more popular rivals backed by bigger tech giants such as Baidu Inc. and Tencent Holdings Ltd. Once known as one of China’s leading internet portals, it has failed to report an annual profit since fiscal 2012 as users and advertisers shift to more popular online services.
More details in https://www.bloomberg.com/news/articles/...es-u-s-ipo
Bloomberg News
July 31, 2017, 11:23 PM GMT+8
Sohu.com Inc. rose the most in almost five years after its chairman said the Chinese company’s search engine subsidiary Sogou is on a “very good trajectory” as it prepares for a public listing in the U.S.
Sohu told investors Monday it planned to file paperwork with the U.S. Securities and Exchange Commission for an initial public offering of its mobile-centric search engine Sogou this year. The company didn’t say how many American depositary shares would be offered or at what price. Earlier this year, Bloomberg reported that Sogou was planning to sell about 10 percent of its shares in an IPO that would value China’s third-biggest search engine at as much as $5 billion.
Getting more funding is vital for Sohu as its cash-burning streaming video service battles more popular rivals backed by bigger tech giants such as Baidu Inc. and Tencent Holdings Ltd. Once known as one of China’s leading internet portals, it has failed to report an annual profit since fiscal 2012 as users and advertisers shift to more popular online services.
More details in https://www.bloomberg.com/news/articles/...es-u-s-ipo
Specuvestor: Asset - Business - Structure.