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Sohu falls from grace in China’s intensified internet scene
Sohu, a Chinese internet pioneer, tumbles out of the billion-dollar stock market club – South China Morning Post
What happened: The market value of Sohu, one of China’s leading internet portals, has declined to below $1 billion, showing a further decline from the company’s peak in 2011. Shares of Sohu were closed at $ 25.2, an 11-year low, on the New York Stock Exchange. The share price has declined more than 70% since its record $105.74 in April 2011.
Why it’s important: Sohu was the first company in mainland China to be connected to a trunk line to the Internet in 1996. It then launched its own search engine, online games portal, video and news site. Despite being a pioneer in China’s Internet scene, Sohu gradually fell behind as products developed by companies such as Alibaba, Bytedance, and Tencent gradually ate up Sohu’s market share.