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Chinese Internet IPO Shoots Skyward
April 3, 2009 |
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Comments | Category: Business, Internet
The massively multi-player online role-playing games subsidiary for Chinese Internet portal Sohu.com Inc., Changyou.com Limited, ended its first day of Nasdaq trading at USD20.02, up USD4.02 from its starting point.
Of the total of 7,500,000 American Depositary Shares of Changyou that were being offered in the initial public offering, 3,750,000 ADSs were being offered by Changyou and 3,750,000 ADSs, plus up to an additional 1,125,000 ADSs to cover over-allotments, are being offered by an indirect wholly-owned subsidiary of Sohu.
Sohu will hold approximately 70.7% of the total outstanding equity interests in Changyou and control 81.5% of the total voting power.
Dr. Charles Zhang, chairman and CEO of Sohu.com, sstated, "Today's IPO represents a new and significant chapter in Sohu's corporate history. We believe that Changyou's carve-out IPO allows for a sharper focus on the MMORPG business and related strategic opportunities while simultaneously helping us to pave the way for Sohu to push ahead with our long-term vision to maintain our position as a leading Internet company in China. Following the IPO, Sohu remains as Changyou's majority shareholder, and we expect to continue to provide Changyou with strong marketing and game development support."
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