BEIJING - 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. 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.
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