Weibo parent Sina and search engine Sogou latest to delist from US

Chinese tech giant Tencent, the parent company of social media company WeChat, plans to take the US-listed search engine Sogou private AFP/GREG BAKERBEIJING: The parent company of China's vast Weibo platform and one of the country's biggest search engines have announced plans to delist from US stock markets in deals totalling over US$6 billion as relations between Washington and Beijing grow increasingly tense.

A growing number of Chinese companies have delisted from the US or opted for secondary, domestic listings as the world's two superpowers butt heads over a number of issues including technology, Hong Kong and the coronavirus. This represents a premium of approximately 56.5 per cent to the closing trading price of Sogou on Jul 24, shortly before the company announced it had received a proposal on going private from Tencent.If the share purchase is completed, Sohu's subsidiary Sohu.com will receive an aggregate consideration of around US$1.18 billion in cash, and Sohu will no longer have any beneficial ownership interest in Sogou.

Tighter US rules could push companies towards Hong Kong or Shanghai, with e-commerce giants Alibaba and JD.com having launched huge offerings in Hong Kong in the past year.China has eased listing rules over the past couple of years to encourage more domestic share issues by big Chinese tech firms, as Beijing challenges the US for global tech dominance.

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