Economy

Chinese search engine Sogou's US IPO priced at $13/ADS

The ADSs have been approved for listing on the New York Stock Exchange and are expected to begin trading on November 9 under the ticker symbol "SOGO". Our industry-leading Sogou Input Method, the robust ecosystem we have built and shared with Tencent and other strategic partners, and significant breakthroughs in AI uniquely position us to capture opportunities in China's search and Internet industry.

Its IPO follows Wednesday's hugely successful Hong Kong IPO of China Literature Ltd 0772.HK , the e-book unit of Chinese internet and media giant Tencent Holdings Ltd 0700.HK .

Sogou is launching American Depository Receipts on the NY exchange, with each representing one of the company's Class A ordinary shares. The shares are expected to begin trading in the USA on Thursday.

Baidu, in contrast, had some 665 million monthly active mobile search users in December 2016, the last period for which it disclosed the metric.

Beijing-based Sogou, which competes with Baidu (BIDU.O) and Alibaba's (BABA.N) UCWeb, reported a net income of $66.7 million for the nine months ended September 30, compared with $45.4 million for the same period a year earlier. 30 jumped 47% to $66.7 million, while total revenue increased 29% to $630.6 million.

The flotation was jointly managed by USA banks JPMorgan and Goldman Sachs, along with Credit Suisse and China's CICC.



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