Sogou’s latest equity structure exposure: Tencent has replaced Sohu as its largest shareholder

Today, sources informed from the SEC inquiry that Tencent has replaced Sohu as the largest shareholder of Sogou. Its shareholding ratio is as high as 45%, and Sohu's shareholding ratio is 38.35%.

Three years ago, Tencent incorporated Soso and QQ input methods into Sogou, and at the same time injected US$448 million into Sogou, and subsequently obtained a fully diluted 36.5% stake in Sogou. Before Tencent stayed, Sohu held 73.18%, Zhang Chaoyang personal fund Photon held 17.45%, China Web held 6.55%, Sogou and Sohu executives held 3.11%. On September 16, 2013, Tencent entered into: Sohu holds 39.6%, Tencent holds 36.5%, Zhang Chaoyang’s personal fund Photon holds approximately 9.2%, and Sogou management holds 14.9%.

After Tencent Investment, Sohu and its related parties are still the controlling shareholders of Sogou, and Sogou will continue to operate independently as a subsidiary of Sohu. At that time, analysts said that Tencent’s shareholding ratio will increase to around 40% in the short term.

As of June 30, 2016, the SEC's search results were:

Sohu holds 131,697,750 Class A ordinary shares, including 4,484,500 shares, which may be repurchased by Sohu's management and core backbone under certain conditions. Sohu currently holds 38.35% of Sogou;

Zhang Chaoyang’s personal investment company Photon Group holds 32,000,000 ordinary shares, which account for 9.56% of the equity;

Tencent holds 6,757,875 Class A ordinary shares, holds 65,431,579 Class B common shares, and holds 79,368,421 non-voting Class B common shares; Tencent currently holds a 45% stake in Sogou.

The core backbone of Sogou and Sohu held 19,414,557 Class A common stocks, with a shareholding ratio of 5.8%.

It can be seen from the above data that Tencent has replaced Sohu and become the largest shareholder of Sogou, but Sohu still has the largest voting power of Sogou.

Via: Lei Tenet

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