Flickr is acquired by photo storage service SmugMug
Apple is offering free battery replacement for some MacBooks with battery flaw
Vivo launches V9 Youth with AI-powered selfie camera at Rs 18990
LG encounters issues in the supply of screens for new Apple iPhones
Huawei P20 Pro Smartphone With Triple Camera Setup Headed For India
Tencent-backed search firm Sogou jumps 10 percent in U.S. market debut
10 November 2017, 06:24 | Lucia Cruz
Pony Ma chairman and chief executive of Tencent Holdings which is launching Sogou shares in New York PA Images
Sogou then hovered around $13.50 for most of its first day of trading, closing the day at $13.51, up about 4 percent.
Founded in 2005 by internet firm Sohu.com Inc (O:), Sogou runs China's second largest search engine by mobile queries, rivaling Baidu Inc (O:), and Alibaba's (N:) UCWeb.
Sogou has said in filings with the U.S. Securities and Exchange Commission that it expects to use proceeds from the $585-million IPO for research and development, sales and marketing, and general corporate purposes.
Sohu will remain Sogou's controlling shareholder after the IPO, while Tencent will own a 38.7 percent stake.
The flotation was jointly managed by United States banks JPMorgan and Goldman Sachs, along with Credit Suisse and China's CICC.
"Under the lead of Xiaochuan, the (Sougou) team has been pushing forward for innovation in technologies and products and established competitive advantages to redefine the search by AI and big data", said Zhang Chaoyang, CEO of Sohu.
John Lewis and adam&eve unveil Christmas Moz the Monster
This year, the retailer's festive advert followed the story of schoolboy Joe and a shy monster who lived under his bed. The video saw Joe and Moz the monster an adorable friendship and enjoy exciting adventures every night.
Sogou is the latest in a string of private Chinese internet companies to make offshore listings over the last two months. Sogou is controlled by internet portal operator Sohu.com Inc., but counts Tencent as a major shareholder with almost 40% of the company.
The company, which competes with Baidu, reported net income of $66.7 million for the nine months ended Sept 30, compared with $45.4 million for the same period a year earlier.
Its IPO follows Wednesday's hugely successful Hong Kong IPO of China Literature Ltd (HK:), the e-book unit of Chinese internet and media giant Tencent Holdings Ltd (HK:).
The failure of the market to fully embrace Sogou's float and drive its share price north is not fully clear given previous Chinese tech companies going public in the US have been popular.
Xinhua contributed to this story.
The pricing of the IPO was at the top of its expected range of between $11-$13 and the 45 million shares are expected to debut on NYSE under the symbol SOGO later on Thursday.
#OutOfOffice: How women are marking Equal Pay Day
It said the date, 10 November, had not shifted for the past three years because of the lack of progress closing the gap. The gender pay gap highlighted by Equal Pay Day is only the start of the financial divides between men and women.
Bid to Save Pacific Rim Trade Pact Comes to a Head
The leaders of the 11 nations look to officially agree on the deal Friday and release the details of the reformed trade pact. He said the flight of American manufacturing to China after it opened to foreign trade and investment hurt US workers.
Flight diverted after husband caught cheating
The family was kept at the airport until the woman sobered up, and returned to Doha without further incident. Check out the top 10 travel destinations for 2018 as voted for by Lonely Planet.
England appoint Anderson as vice-captain
And spinning allrounder Moeen Ali is yet to feature in the warm-up matches as he struggles with a side strain. Anderson holds the record of most wickets for England in both one-day worldwide (ODI) and Test cricket.