Sohu's attempt: The portal on the left and online games on the right

Previously, the Sohu Game split, called "ready for all" by Zhang Chaoyang, went public, and finally launched its first shot in 2009. On September 18, March 18, Sohu submitted a public prospectus for Changyou, its controlling subsidiary, to the U.S. securities regulatory commission. If it was successfully implemented, it would be the first IPO of China Internet in 2009, sohu will also have two U.S. listed companies, portal and online game.

Worrying about the choice of the city's objective environment

According to the prospectus, Sohu is the controlling shareholder of Changyou, with 70.7% of its shares and 81.5% of its voting rights. Changyou is listed on Nasdaq and will sell 7.5 million U.S. depositary shares (ADS). ADS is priced at US dollars per unit, which is calculated based on the medium price of the issue price, changyou listed a total of about $0.1046 billion. The prospectus also announced Changyou's management team. Sohu's board chairman and CEO Zhang Chaoyang served as Changyou's board chairman, and Sohu's vice president Wang Yu served as Changyou's director and CEO.

Currently, Chinese online gaming companies such as NetEase, Shanda, Jiucheng, and perfect time and space are available in the NASDAQ market. According to the financial report published by Sohu, the revenue of online games in the fourth quarter was USD 58.4 million, it is 2.4 times that of the same period of the previous year, up 7% from the previous quarter. in 2008, Sohu's online game revenue was USD 0.2018 billion, 4.8 times that of the previous year, accounting for about 47% of Sohu's total revenue. --- From the perspective of revenue scale, it is no longer a problem, but the question that Sohu chooses to go public on NASDAQ and the objective environment of the overseas capital market at present is a serious concern.

The first road show has started.

In last September, the crowd also announced a plan to split the listing of its company Haoye, which eventually failed due to market reasons. However, it is understood that, currently, Sohu Changyou's first prospectus was held in Hong Kong on the 18 th.

It is understood that after Changyou went public, Sohu continued to focus on its media business. Changyou, as a subsidiary of Sohu Holdings, will focus on MMORPG (a large-scale multiplayer online role-playing game) business after going public, sohu's media business will also be provided with more funds and resource support, further enhancing the overall competitiveness of Sohu's media business.

According to General American accounting standards, Sohu's financial report combines Changyou's revenue and expenses by 100%. "I believe that, as Changyou's controlling shareholder, Sohu will also benefit from Changyou's first public release, this initial public release allows Changyou to link the compensation incentive plan with Changyou's U.S. stock market performance and its financial performance to motivate management and employees and enhance the sense of responsibility and cohesion of the team." Reporter Li Kuan-Kuan (source: Southern network author: Li Kuan-kuan)