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Name | Symbol | Market | Type |
---|---|---|---|
Sogou Inc | NYSE:SOGO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.95 | 0 | 01:00:00 |
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Sogou Inc.
Level 15, Sohu.com Internet Plaza No. 1 Unit Zhongguancun East Road, Haidian District Beijing 100084, China Attention: Fion Zhou Tel: +86-10-5689-9999 |
| |
Tencent Holdings Limited
THL A21 Limited TitanSupernova Limited Tencent Mobility Limited 29/F, Three Pacific Place No. 1 Queen’s Road East Wanchai, Hong Kong Tel: +852 3148 5100 |
|
|
Timothy B. Bancroft
Goulston & Storrs PC 400 Atlantic Avenue Boston, MA 02110, USA Tel: +1 (617) 574-3511 |
| |
Miranda So
Davis Polk & Wardwell LLP 18th Floor, The Hong Kong Club Building 3A Chater Road Hong Kong Tel: +852-2533-3373 |
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Calculation of Filing Fee
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Transaction Valuation***
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| | |
Amount of Filing Fee****
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$2,131,468,516.28
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| | |
$232,543.22
|
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| | | | | 1 | | | | |||
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| | | | | 78 | | | | |||
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| | | | | 80 | | | | |||
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| | | | | 83 | | | | | |
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Management Projections
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Fiscal Year Ending December 31,
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2020E
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2021E
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2022E
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2023E
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2024E
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2025E
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(in RMB million except percentage)
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Total Revenue(1)
|
| | | | 6,864 | | | | | | 6,902 | | | | | | 8,264 | | | | | | 10,302 | | | | | | 12,808 | | | | | | 15,584 | | |
Cost of Revenue
|
| | | | 5,298 | | | | | | 5,143 | | | | | | 5,890 | | | | | | 6,928 | | | | | | 7,967 | | | | | | 9,472 | | |
Gross Profit(2)
|
| | | | 1,566 | | | | | | 1,759 | | | | | | 2,373 | | | | | | 3,374 | | | | | | 4,481 | | | | | | 6,112 | | |
Gross Margin
|
| | | | 23% | | | | | | 25% | | | | | | 29% | | | | | | 33% | | | | | | 38% | | | | | | 39% | | |
Operating Expense(3)
|
| | | | 2,585 | | | | | | 2,826 | | | | | | 3,024 | | | | | | 3,388 | | | | | | 3,812 | | | | | | 4,276 | | |
Operating Income
|
| | | | (1,019) | | | | | | (1,066) | | | | | | (651) | | | | | | (14) | | | | | | 1,029 | | | | | | 1,837 | | |
% Margin
|
| | | | −15% | | | | | | −15% | | | | | | −8% | | | | | | 0% | | | | | | 8% | | | | | | 12% | | |
Depreciation and Amortization(4)
|
| | | | 390 | | | | | | 412 | | | | | | 431 | | | | | | 451 | | | | | | 468 | | | | | | 486 | | |
EBITDA(5) | | | | | (629) | | | | | | (655) | | | | | | (220) | | | | | | 437 | | | | | | 1,497 | | | | | | 2,322 | | |
% Margin
|
| | | | −9% | | | | | | −9% | | | | | | −3% | | | | | | 4% | | | | | | 12% | | | | | | 15% | | |
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Online Search Companies
|
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•
Alphabet Inc.
|
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•
Baidu, Inc.
|
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•
Z Holdings Corporation
|
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•
NAVER Corporation
|
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•
Yandex N.V.
|
|
| | | |
•
Kakao Corp.
|
|
| | | | | | | |
REVENUE GROWTH
|
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EBITDA GROWTH
|
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EBITDA MARGIN
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | |
3-YR
CAGR |
| |
LTM
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
3-YR
AVG |
| |
LTM
|
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2020
|
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2021
|
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2022
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
Alphabet Inc.
|
| | | | 21.5% | | | | | | 12.0% | | | | | | 7.1% | | | | | | 20.6% | | | | | | 16.2% | | | | | | 17.3% | | | | | | 3.0% | | | | | | −3.7% | | | | | | 27.2% | | | | | | 16.2% | | | | | | 30.8% | | | | | | 27.7% | | | | | | 26.7% | | | | | | 28.2% | | | | | | 28.2% | | | | | ||
| | | | |
Baidu, Inc.(1)
|
| | | | 15.2 | | | | | | 0.1 | | | | | | −1.6 | | | | | | 13.1 | | | | | | 11.4 | | | | | | −3.0 | | | | | | 68.4 | | | | | | 20.0 | | | | | | 24.8 | | | | | | 15.2 | | | | | | 18.5 | | | | | | 16.1 | | | | | | 14.5 | | | | | | 16.0 | | | | | | 16.6 | | | | | ||
| | | | |
Z Holdings Corporation
|
| | | | 7.2 | | | | | | 13.2 | | | | | | 12.9 | | | | | | 7.5 | | | | | | 26.8 | | | | | | −0.7 | | | | | | 32.7 | | | | | | 16.0 | | | | | | 16.7 | | | | | | 19.8 | | | | | | 22.6 | | | | | | 23.6 | | | | | | 22.8 | | | | | | 24.8 | | | | | | 23.4 | | | | | ||
| | | | |
NAVER Corporation
|
| | | | 17.9 | | | | | | 17.0 | | | | | | 16.7 | | | | | | 16.2 | | | | | | 12.2 | | | | | | −1.2 | | | | | | 19.3 | | | | | | 19.5 | | | | | | 34.4 | | | | | | 19.8 | | | | | | 23.1 | | | | | | 19.2 | | | | | | 18.8 | | | | | | 21.7 | | | | | | 23.1 | | | | | ||
| | | | |
Yandex N.V.
|
| | | | 32.2 | | | | | | 23.3 | | | | | | 25.8 | | | | | | 43.2 | | | | | | 26.0 | | | | | | 31.7 | | | | | | −11.3 | | | | | | −2.5 | | | | | | 47.9 | | | | | | 40.0 | | | | | | 28.4 | | | | | | 22.9 | | | | | | 21.2 | | | | | | 21.9 | | | | | | 24.3 | | | | | ||
| | | | |
Kakao Corp.
|
| | | | 28.0 | | | | | | 27.3 | | | | | | 28.6 | | | | | | 23.4 | | | | | | 19.6 | | | | | | 22.6 | | | | | | 103.6 | | | | | | 56.2 | | | | | | 43.4 | | | | | | 20.8 | | | | | | 12.4 | | | | | | 16.2 | | | | | | 16.8 | | | | | | 19.5 | | | | | | 19.7 | | | | | | |
| | | | | Mean | | | | | 20.3% | | | | | | 15.5% | | | | | | 14.9% | | | | | | 20.7% | | | | | | 18.7% | | | | | | 11.1% | | | | | | 36.0% | | | | | | 17.6% | | | | | | 32.4% | | | | | | 22.0% | | | | | | 22.6% | | | | | | 21.0% | | | | | | 20.1% | | | | | | 22.0% | | | | | | 22.5% | | | | | | |
| | | | | Median | | | | | 19.7% | | | | | | 15.1% | | | | | | 14.8% | | | | | | 18.4% | | | | | | 17.9% | | | | | | 8.3% | | | | | | 26.0% | | | | | | 17.8% | | | | | | 30.8% | | | | | | 19.8% | | | | | | 22.8% | | | | | | 21.0% | | | | | | 20.0% | | | | | | 21.8% | | | | | | 23.3% | | | | | | |
| | | | |
Baidu Core Business(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31.5% | | | | | | 31.3% | | | | | | 31.9% | | | | | | 28.0% | | | | | | 25.3% | | | | | | |
| | | | |
Sogou Inc.(3)
|
| | | | 22.6% | | | | | | 3.2% | | | | | | −15.2% | | | | | | 0.6% | | | | | | 19.7% | | | | | | 9.3% | | | | | | −15.1% | | | | | | NM | | | | | | NM | | | | | | NM | | | | | | 14.0% | | | | | | 6.2% | | | | | | −8.9% | | | | | | −9.2% | | | | | | −2.4% | | | | | | |
| | | | | | | |
ENTERPRISE VALUE AS MULTIPLE OF
|
| | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | |
3-YR
AVG EBITDA |
| |
LTM
EBITDA |
| |
2020
EBITDA |
| |
2021
EBITDA |
| |
2022
EBITDA |
| |
3-YR
AVG EBIT |
| |
LTM
EBIT |
| |
2020
EBIT |
| |
2021
EBIT |
| |
2022
EBIT |
| |
LTM
Revenue |
| |
2020
Revenue |
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2021
Revenue |
| |
2022
Revenue |
| | | | | ||||||||||||||||||||||||||||||||||||||||||
| | | | |
Alphabet Inc.
|
| | | | 21.6x | | | | | | 19.6x | | | | | | 19.5x | | | | | | 15.3x | | | | | | 13.2x | | | | | | 27.7x | | | | | | 27.1x | | | | | | 27.5x | | | | | | 20.7x | | | | | | 17.1x | | | | | | 5.45x | | | | | | 5.22x | | | | | | 4.33x | | | | | | 3.72x | | | | | | |
| | | | |
Baidu, Inc.(1)
|
| | | | 11.9 | | | | | | 12.2 | | | | | | 13.6 | | | | | | 10.9 | | | | | | 9.5 | | | | | | 16.9 | | | | | | 19.4 | | | | | | 21.4 | | | | | | 15.7 | | | | | | 10.1 | | | | | | 1.98 | | | | | | 1.97 | | | | | | 1.74 | | | | | | 1.56 | | | | | | |
| | | | |
Z Holdings Corporation
|
| | | | 16.2 | | | | | | 13.5 | | | | | | 13.4 | | | | | | 11.5 | | | | | | 9.6 | | | | | | 22.1 | | | | | | 20.8 | | | | | | 20.8 | | | | | | 15.8 | | | | | | 14.3 | | | | | | 3.19 | | | | | | 3.06 | | | | | | 2.84 | | | | | | 2.24 | | | | | | |
| | | | |
NAVER Corporation
|
| | | | 29.8 | | | | | | 27.7 | | | | | | 26.1 | | | | | | 19.5 | | | | | | 16.2 | | | | | | 40.0 | | | | | | 45.6 | | | | | | 36.2 | | | | | | 25.2 | | | | | | 20.2 | | | | | | 5.32 | | | | | | 4.90 | | | | | | 4.22 | | | | | | 3.76 | | | | | | |
| | | | |
Yandex N.V.
|
| | | | 43.9 | | | | | | 38.9 | | | | | | 35.2 | | | | | | 23.8 | | | | | | 17.0 | | | | | | NM | | | | | | NM | | | | | | 57.4 | | | | | | 36.8 | | | | | | 25.1 | | | | | | 8.89 | | | | | | 7.46 | | | | | | 5.21 | | | | | | 4.13 | | | | | | |
| | | | |
Kakao Corp.
|
| | | | NM | | | | | | 49.1 | | | | | | 41.6 | | | | | | 29.0 | | | | | | 24.0 | | | | | | NM | | | | | | NM | | | | | | 62.7 | | | | | | 39.3 | | | | | | 30.5 | | | | | | 7.97 | | | | | | 6.97 | | | | | | 5.65 | | | | | | 4.72 | | | | | | |
| | | | | Mean | | | | | 24.7x | | | | | | 26.9x | | | | | | 24.9x | | | | | | 18.3x | | | | | | 14.9x | | | | | | 26.7x | | | | | | 28.2x | | | | | | 37.7x | | | | | | 25.6x | | | | | | 19.6x | | | | | | 5.47x | | | | | | 4.93x | | | | | | 4.00x | | | | | | 3.36x | | | | | | |
| | | | | Median | | | | | 21.6x | | | | | | 23.7x | | | | | | 22.8x | | | | | | 17.4x | | | | | | 14.7x | | | | | | 24.9x | | | | | | 24.0x | | | | | | 31.9x | | | | | | 22.9x | | | | | | 18.7x | | | | | | 5.38x | | | | | | 5.06x | | | | | | 4.27x | | | | | | 3.74x | | | | | | |
| | | | |
Baidu Core Business(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1.02x | | | | | | 1.04x | | | | | | 0.92x | | | | | | 0.84x | | | | | | |
Announced
Date |
| |
Target Name
|
| |
Acquirer Name
|
| | |
Enterprise
Value |
| |
Equity
Value |
| |
LTM
Revenue |
| |
LTM
EBITDA |
| |
LTM
EBIT |
| |
EBITDA
Margin |
| |
EV /
EBITDA |
| |
EV /
EBIT |
| |
EV /
Revenue |
| | | | | |||||||||||||||||||||||||||
7/12/20
|
| |
Webcentral Group Limited
|
| | Web.com Group, Inc. | | | | | $ | 59 | | | | | $ | 8 | | | | | $ | 58 | | | | | $ | 7 | | | | | $ | 1 | | | | | | 12.2% | | | | | | 8.3x | | | | | | 47.4x | | | | | | 1.02x | | | | | | |
4/2/20
|
| | 58.com Inc. | | |
General Atlantic; Warburg
Pincus; Ohio River Investment; Ocean Link Partners; THL E Limited; Huang River Investment |
| | | | $ | 7,987 | | | | | $ | 9,002 | | | | | $ | 2,131 | | | | | $ | 813 | | | | | $ | 729 | | | | | | 38.2% | | | | | | 9.8x | | | | | | 11.0x | | | | | | 3.75x | | | | | | |
9/3/19
|
| | Team Internet AG | | | CentralNic Group Plc | | | | | $ | 51 | | | | | $ | 48 | | | | | $ | 68 | | | | | $ | 11 | | | | | | NA | | | | | | 15.9% | | | | | | 4.8x | | | | | | NA | | | | | | 0.76x | | | | | | |
6/20/18
|
| | Web.com Group, Inc. | | | Siris Capital Group, LLC | | | | | $ | 2,035 | | | | | $ | 1,422 | | | | | $ | 751 | | | | | $ | 142 | | | | | $ | 83 | | | | | | 18.9% | | | | | | 14.3x | | | | | | 24.6x | | | | | | 2.71x | | | | | | |
5/9/18
|
| | Mitula Group Limited | | | LIFULL Co., Ltd. | | | | | $ | 145 | | | | | $ | 160 | | | | | $ | 27 | | | | | $ | 7 | | | | | $ | 5 | | | | | | 27.5% | | | | | | 19.5x | | | | | | 27.9x | | | | | | 5.36x | | | | | | |
11/26/17
|
| | Bazaarvoice, Inc. | | |
Marlin Equity Partners,
LLC; Marlin Equity IV LP; Marlin Equity V |
| | | | $ | 456 | | | | | $ | 516 | | | | | $ | 206 | | | | | $ | 1 | | | | | | NA | | | | | | 0.4% | | | | | | NM | | | | | | NA | | | | | | 2.21x | | | | | | |
7/24/17
|
| | WebMD Health Corp. | | | MH SUB I, LLC | | | | | $ | 2,641 | | | | | $ | 2,527 | | | | | $ | 709 | | | | | $ | 185 | | | | | $ | 167 | | | | | | 26.0% | | | | | | 14.3x | | | | | | 15.8x | | | | | | 3.73x | | | | | | |
6/20/17
|
| |
ARI Network Services, Inc.
|
| | True Wind Capital Management, L.P.; True Wind Capital, L.P. | | | | | $ | 138 | | | | | $ | 123 | | | | | $ | 51 | | | | | $ | 7 | | | | | $ | 4 | | | | | | 12.8% | | | | | | 21.1x | | | | | | 35.6x | | | | | | 2.69x | | | | | | |
8/25/16
|
| | Oneclickretail.com LLC | | | Ascential plc | | | | | $ | 225 | | | | | $ | 44 | | | | | $ | 5 | | | | | $ | 3 | | | | | | NA | | | | | | 69.4% | | | | | | 66.2x | | | | | | NA | | | | | | 45.92x | | | | | | |
7/23/16
|
| | Yahoo! Inc., Operating Business | | | Verizon Communications Inc. | | | | | $ | 4,476 | | | | | $ | 4,476 | | | | | $ | 5,169 | | | | | $ | 381 | | | | | $ | (127) | | | | | | 7.4% | | | | | | 11.8x | | | | | | NM | | | | | | 0.87x | | | | | | |
6/27/16
|
| | ReachLocal, Inc. | | | Gannett Co., Inc. | | | | | $ | 158 | | | | | $ | 139 | | | | | $ | 362 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 0.44x | | | | | | |
2/11/16
|
| | Yodle, Inc. | | | Web.com Group, Inc. | | | | | $ | 418 | | | | | $ | 300 | | | | | $ | 208 | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | NA | | | | | | 2.01x | | | | | | |
| | | | | | | | | | Mean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18.9x | | | | | | 27.0x | | | | | | 5.95x | | | | | | | |||
| | | | | | | | | | Median | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14.3x | | | | | | 26.2x | | | | | | 2.45x | | | | | | |
|
Ownership Before the Share Purchase
|
| |
Ownership After the Share
Purchase and Before the Merger |
| |
Ownership After the Merger
|
| |||||||||||||||||||||||||||
|
Net Book Value
|
| |
Net income
|
| |
Net Book Value
|
| |
Net income
|
| |
Net Book Value
|
| |
Net income
|
| ||||||||||||||||||
|
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
| |
US$
|
| |
%
|
|
| | | |
(In thousands, except for percentage)
|
| ||||||||||||||||||||||||||||||
|
381,471
|
| |
39.0
|
| |
(42,206)
|
| |
39.0
|
| |
711,102
|
| |
72.7
|
| |
(78,677)
|
| |
72.7
|
| |
978,132
|
| |
100.0
|
| |
(108,221)
|
| |
100.0
|
|
| | |
Class A Ordinary Shares
|
| |
Vested Company Options
|
| | | | | | | ||||||||||||||||||||||||
| | |
Number of
Class A Ordinary Shares(1) |
| |
Cash
Payment |
| |
Underlying
Class A Ordinary Shares |
| |
Exercise
Price |
| |
Cash
Payment |
| |
Total Cash
Payment |
| ||||||||||||||||||
Charles Zhang
|
| | | | 24,686,863(2) | | | | | $ | 222,181,767 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 222,181,767 | | |
Xiaochuan Wang
|
| | | | 20,086,400 | | | | | $ | 180,777,600 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 180,777,600 | | |
Yu Yin
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joanna Lu
|
| | | | 45,000 | | | | | $ | 405,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 405,000 | | |
Bin Gao
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Janice Lee
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jinmei He
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hongtao Yang
|
| | | | 1,935,000 | | | | | $ | 17,415,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 17,415,000 | | |
Tao Hong
|
| | | | 824,313 | | | | | $ | 7,418,817 | | | | | | 200,000 | | | | | $ | 0.001 | | | | | $ | 1,799,800 | | | | | $ | 9,218,617 | | |
Fion Zhou
|
| | | | — | | | | | | — | | | | | | 75,000 | | | | | $ | 0.001 | | | | | $ | 674,925 | | | | | $ | 674,925 | | |
All directors and executive officers as a group
|
| | | | 47,577,576 | | | | | $ | 428,198,184 | | | | | | 275,000 | | | | | | | | | | | $ | 2,474,725 | | | | | $ | 430,672,909 | | |
| | | | | | | | |
Unvested Company Options
|
| |||||||||
| | |
Restricted Shares
|
| |
Number of Class A
Ordinary Shares |
| |
Exercise
Price |
| |||||||||
Xiaochuan Wang
|
| | | | 1,440,000(1) | | | | | | — | | | | | $ | — | | |
Hongtao Yang
|
| | | | — | | | | | | — | | | | | $ | — | | |
Tao Hong
|
| | | | — | | | | | | 600,000(2) | | | | | $ | 0.001 | | |
Fion Zhou
|
| | | | — | | | | | | 225,000(3) | | | | | $ | 0.001 | | |
Description
|
| |
Amount
|
| |||
Legal fees and expenses
|
| | | $ | 4,256,000 | | |
Financial advisory fees and expenses
|
| | | $ | 682,000 | | |
Special Committee Fees
|
| | | $ | 546,000 | | |
Depositary (including printing and mailing)
|
| | | $ | 75,000 | | |
Filing Fees
|
| | | $ | 233,000 | | |
Miscellaneous fees and expenses
|
| | | $ | 3,878,000 | | |
Total
|
| | | $ | 9,670,000 | | |
| | |
Trading Price
(US$) |
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
2019
|
| | | | | | | | | | | | |
Third Quarter
|
| | | | 5.50 | | | | | | 3.25 | | |
Fourth Quarter
|
| | | | 5.80 | | | | | | 4.53 | | |
2020 | | | | | | | | | | | | | |
First Quarter
|
| | | | 5.58 | | | | | | 3.00 | | |
Second Quarter
|
| | | | 4.46 | | | | | | 2.95 | | |
Third Quarter
|
| | | | 8.90 | | | | | | 4.01 | | |
Fourth Quarter
|
| | | | 8.94 | | | | | | 7.90 | | |
2021 | | | | | | | | | | | | | |
First Quarter
|
| | | | 8.63 | | | | | | 7.50 | | |
Second Quarter
|
| | | | 8.70 | | | | | | 7.49 | | |
Third Quarter (from July 1, 2021 to July 23, 2021)
|
| | | | 8.92 | | | | | | 8.32 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(audited)
|
| |||||||||
BALANCE SHEET | | | | | | | | | | | | | |
Current Assets
|
| | | | 1,304,722 | | | | | | 1,187,425 | | |
Non-Current Assets
|
| | | | 217,680 | | | | | | 207,707 | | |
Current Liabilities
|
| | | | 453,213 | | | | | | 406,279 | | |
Non-current Liabilities
|
| | | | 5,686 | | | | | | 10,721 | | |
Total shareholders’ Equity
|
| | | | 1,063,503 | | | | | | 978,132 | | |
| | |
For the year ended
December 31, |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
(audited)
|
| |||||||||
STATEMENT OF OPERATIONS | | | | | | | | | | | | | |
Total Revenue
|
| | | | 1,172,252 | | | | | | 924,664 | | |
Gross Profit
|
| | | | 433,798 | | | | | | 190,589 | | |
Operating Income/(loss)
|
| | | | 64,435 | | | | | | (140,159) | | |
Net Income/(loss)
|
| | | | 89,105 | | | | | | (108,832) | | |
Net income/(loss) attributable to the Company
|
| | | | 89,105 | | | | | | (108,221) | | |
Basic net income/(loss) per ordinary share
|
| | | | 0.23 | | | | | | (0.28) | | |
Diluted net income/(loss) per ordinary share
|
| | | | 0.23 | | | | | | (0.28) | | |
| | |
Class A
Ordinary Shares(1)(2) |
| |
Class B
Ordinary Shares(1) |
| |
Percentage
of Class A Ordinary Shares and Class B Ordinary Shares |
| |
Percentage
of Total Voting Power |
| ||||||||||||
Directors and Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
Charles Zhang(3)
|
| | | | 24,686,863 | | | | | | — | | | | | | 6.4% | | | | | | 0.9% | | |
Xiaochuan Wang(4)
|
| | | | 21,526,400 | | | | | | — | | | | | | 5.5% | | | | | | 0.7% | | |
Yu Yin
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joanna Lu
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | |
Hongtao Yang
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | |
Tao Hong
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | |
Fion Zhou
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | |
Bin Gao
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Janice Lee
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jinmei He
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a group
|
| | | | 49,017,576 | | | | | | — | | | | | | 12.6% | | | | | | 1.7% | | |
Principal Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sohu.com(5)
|
| | | | 3,717,250 | | | | | | 127,200,000 | | | | | | 33.7% | | | | | | 44.0% | | |
Tencent(6)
|
| | | | — | | | | | | 151,557,875 | | | | | | 39.0% | | | | | | 52.3% | | |
Charles Zhang(3)
|
| | | | 24,686,863 | | | | | | — | | | | | | 6.4% | | | | | | 0.9% | | |
Period
|
| |
Total Number of
Shares Purchased |
| |
Range of Prices
Paid per Share |
| |
Average Price Paid
per Share* |
| |||||||||
Second Quarter 2019
|
| | | | — | | | | | | — | | | | | | — | | |
Third Quarter 2019
|
| | | | 3,798,953 | | | | | | 4.0320-5.3138 | | | | | | 4.5569 | | |
Fourth Quarter 2019
|
| | | | 4,891,665 | | | | | | 4.5822-5.4814 | | | | | | 4.9971 | | |
First Quarter 2020
|
| | | | 1,894,016 | | | | | | 4.1646-4.6000 | | | | | | 4.3528 | | |
| | | | SOGOU INC. | | |||
| | | | By: | | |
/s/ Bin Gao
Name: Bin Gao
Title: Chairman of the Special Committee |
|
| | | | TENCENT HOLDINGS LIMITED | | |||
| | | | By: | | |
/s/ Martin Lau
Name: Martin Lau
Title: Authorized Signatory |
|
| | | | THL A21 LIMITED | | |||
| | | | By: | | |
/s/ Martin Lau
Name: Martin Lau
Title: Authorized Signatory |
|
| | | | TITANSUPERNOVA LIMITED | | |||
| | | | By: | | |
/s/ Hongda Xiao
Name: Hongda Xiao
Title: Director |
|
| | | | TENCENT MOBILITY LIMITED | | |||
| | | | By: | | |
/s/ Martin Lau
Name: Martin Lau
Title: Authorized Signatory |
|
| | | | SOHU.COM LIMITED | | |||
| | | | By: | | |
/s/ Charles Zhang
Name: Charles Zhang
Title: Chief Executive Officer |
|
| | | | SOHU.COM (SEARCH) LIMITED | | |||
| | | | By: | | |
/s/ Xiufeng Deng
Name: Xiufeng Deng
Title: Director |
|
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Charles (Chaoyang) Zhang(1)
|
| | Level 18, Sohu.com Media Plaza, Block 3, No. 2 Kexueyuan South Road, Haidian District, Beijing 100190, People’s Republic of China | | | Chairman of the Sogou Board; and Chairman of Board and Chief Executive Officer of Sohu.com | | | China | |
Xiaochuan Wang(2) | | | Level 15, Sohu.com Internet Plaza No. 1 Unit Zhongguancun East Road, Haidian District Beijing 100084, People’s Republic of China | | | Director and Chief Executive Officer of Sogou | | | China | |
Yu Yin(3) | | | 99 Shen Nan Boulevard, Shenzhen Guangdong, People’s Republic of China | | | Director of Sogou | | | China | |
Joanna Lu (Yanfeng Lv)(4) | | | Level 18, Sohu.com Media Plaza, Block 3, No. 2 Kexueyuan South Road, Haidian District, Beijing 100190, People’s Republic of China | | | Director of Sogou | | | China | |
Hongtao Yang(5) | | | Level 15, Sohu.com Internet Plaza No. 1 Unit Zhongguancun East Road, Haidian District Beijing 100084, People’s Republic of China | | | Chief Technology Officer of Sogou | | | China | |
Tao Hong(6) | | | Level 15, Sohu.com Internet Plaza No. 1 Unit Zhongguancun East Road, Haidian District Beijing 100084, People’s Republic of China | | | Chief Marketing Officer of Sogou | | | China | |
Fion Zhou(7) | | | Level 15, Sohu.com Internet Plaza No. 1 Unit Zhongguancun East Road, Haidian District Beijing 100084, People’s Republic of China | | | Chief Financial Officer of Sogou | | | China | |
Bin Gao(8) | | | Room 3519, 35/F, Two Pacific Place, 88 Queensway, Hong Kong | | | Independent Director of Sogou | | | China | |
Janice Lee(9) | | | 8/F, Goldin Financial Global Centre, 17 Kai Cheung Road, Kowloon Bay | | | Independent Director of Sogou | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Jinmei He(10) | | | 23890 Copper Hill Dr. Suite 189, Valencia, CA 91354 | | | Independent Director of Sogou | | | China | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Ma Huateng(1) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Executive director, Chairman of the Board and Chief Executive Officer of Tencent Holdings Limited | | | People’s Republic of China | |
Lau Chi Ping Martin(2) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Executive director and President of Tencent Holdings Limited | | |
Hong Kong
|
|
Jacobus Petrus (Koos) Bekker(3)
|
| |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Non-executive director of Tencent Holdings Limited and non-executive chairman of Naspers Limited | | | Republic of South Africa | |
Charles St Leger Searle(4) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Non-executive director of Tencent Holdings Limited and the Chief Executive Officer of Naspers Internet Listed Assets | | | Republic of South Africa | |
Dong Sheng Li(5) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Independent non-executive director of Tencent Holdings Limited, Chairman and Chief Executive Officer of TCL Technology Group Corporation, Chairman and executive director of TCL Electronics Holdings Limited | | | People’s Republic of China | |
Ian Charles Stone(6) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Independent non-executive director of Tencent Holdings Limited, Chief Executive Officer of Saudi Integrated Telecom Company, Director of Franco Development Ltd | | |
Hong Kong
|
|
Yang Siu Shun(7) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Independent non-executive director of Tencent Holdings Limited | | |
Hong Kong
|
|
Ke Yang(8) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Independent non-executive director of Tencent Holdings Limited | | | People’s Republic of China | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Xu Chenye(9) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Chief Information Officer of Tencent Holdings Limited | | | People’s Republic of China | |
Ren Yuxin(10)
|
| |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Chief Operating Officer and President of Platform & Content Group and Interactive Entertainment Group of Tencent Holdings Limited | | | People’s Republic of China | |
James Gordon Mitchell(11)
|
| |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Chief Strategy Officer and Senior Executive Vice President of Tencent Holdings Limited | | |
United Kingdom of
Great Britain and Northern Ireland |
|
David A M Wallerstein(12)
|
| |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Chief Exploration Officer and Senior Executive Vice President of Tencent Holdings Limited | | | United States of America | |
John Shek Hon Lo(13)
|
| |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Chief Financial Officer and Senior Vice President of Tencent Holdings Limited | | |
Hong Kong
|
|
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Ma Huateng(1) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Executive director, Chairman of the Board and Chief Executive Officer of Tencent Holdings Limited | | | People’s Republic of China | |
Charles St Leger Searle(2) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Non-executive director of Tencent Holdings Limited and the Chief Executive Officer of Naspers Internet Listed Assets | | | Republic of South Africa | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Leiwen Yao(1) | | |
Genesis Beijing,
No. 8 Xinyuan South Road, Chaoyang District, Beijing 100027, China |
| | Vice General Manager of Merger and Acquisition Department of Tencent Holdings Limited | | | People’s Republic of China | |
Hongda Xiao(2) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Director of Merger and Acquisition Department of Tencent Holdings Limited | | | People’s Republic of China | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Ma Huateng(1) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Executive director, Chairman of the Board and Chief Executive Officer of Tencent Holdings Limited | | | People’s Republic of China | |
Charles St Leger Searle(2) | | |
c/o Tencent Holdings Limited,
29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong |
| | Non-executive director of Tencent Holdings Limited and the Chief Executive Officer of Naspers Internet Listed Assets | | | Republic of South Africa | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Charles Zhang(1) | | | Level 18, Sohu.com Media Plaza, Block 3, No. 2 Kexueyuan South Road, Haidian District, Beijing 100190, People’s Republic of China | | | Chairman of the Board and Chief Executive Officer of Sohu.com Limited | | | China | |
Xiaochuan Wang(2) | | | Level 15, Sohu.com Internet Plaza, No. 1 Unit Zhongguancun East Road, Haidian District, Beijing 100084, People’s Republic of China | | | Chief Executive Officer of Sogou Inc. | | | China | |
Dewen Chen(3) | | | Changyou Building, Raycom Creative Industrial Park, No. 65 Bajiao East Road, Shijingshan District, Beijing | | | Chief Executive Officer of Changyou.com Limited | | | China | |
Joanna Lu (Yanfeng Lv)(4) | | | Level 18, Sohu.com Media Plaza, Block 3, No. 2 Kexueyuan South Road, Haidian District, Beijing 100190, People’s Republic of China | | | Chief Financial Officer of Sohu.com Limited | | | China | |
Charles Huang(5) | | | Suite 5206, Central Plaza, Wanchai, Hong Kong | | | Director of Sohu.com Limited | | |
Hong Kong
|
|
Zhonghan Deng(6) | | | 16/F, Shining Tower, No. 35, Xueyuan Road, Haidian District, Beijing 100191, People’s Republic of China | | | Independent Director of Sohu.com Limited | | | China | |
Dave De Yang(7) | | | 24W435 Arrow Ct. Naperville, IL 60540, the United States | | | Independent Director of Sohu.com Limited | | | United States | |
Dave Qi(8) | | | the CKGSB, Tower E3, Oriental Plaza, 1 East Chang An Avenue, Beijing 100005, People’s Republic of China | | | Independent Director of Sohu.com Limited | | |
Hong Kong
|
|
Shi Wang(9) | | | Vanke Architecture Research Center, No. 68 Meilin Road, Futian District, Shenzhen 518049, People’s Republic of China | | | Independent Director of Sohu.com Limited | | | China | |
Name
|
| |
Business Address
|
| |
Present Principal Occupation or
Employment |
| |
Country of
Citizenship |
|
Xiufeng Deng(1) | | | Level 18, Sohu.com Media Plaza, Block 3, No. 2 Kexueyuan South Road, Haidian District, Beijing 100190, People’s Republic of China | | | Director | | | China | |
1 Year Sogou Chart |
1 Month Sogou Chart |
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