Word: sohu
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...long ago, the three NASDAQ-listed Chinese Internet portals, or chortals, were serious dogs. Trading in NetEase was suspended for four months last year as the company sorted through earnings misstatements and a shareholder lawsuit. Sohu's stock bottomed out in April 2001 at 60, and Sina's shares dove from $54.50 that spring to $1.07 some 18 months later...
...dogs are having their day again, with chortal stocks among the best performers of 2002. NetEase, which resumed trading in January after appealing its delisting, closed last week at $8.26?a gain of 895% for the year. Sina is up 325% in 2002, and Sohu has soared 475%. "I've had more funds call me in the last six weeks than in the last two years," says Sohu's CFO Derek Palaschuk...
...deal ratchets up the pressure for China's struggling former Internet darlings such as Sohu, Netease and Sina to find powerful foreign partners of their own. Even as they cope with serious internal troubles, executives from Sina and Netease shared a table at the AOL-Legend celebratory banquet in Beijing, which struck some as a symbolic wake for China's early homegrown Internet businesses. Now all will be watching to see if this new venture can figure out what those ventures never could: how to make money...
...placate the censors while opening chat rooms on controversial topics?from sexual mores to a tragic schoolhouse explosion?that Chinese wanted to discuss. They also found ways to bypass China's byzantine regulatory system and tap into U.S. capital markets. Netease raised $70 million, Sina $68 million, while Sohu brought in $60 million...
...deep trouble. Zhang of Sohu still believes he and his local rivals can survive. "If Yahoo! goes down, Sohu doesn't necessarily follow," says the entrepreneur, who was so enthused with the Yahoo! model that he originally named his company Sohoo! But most of China's Internet leaders are more pessimistic. The three big portals have limited options: merge, tie up with a Chinese conglomerate or sell out to a global buyer. Disgruntled shareholders may force the issue. At some point, argues Mao, "Shareholders will say, 'That's it, baby. The game is over. You leave. I'm leaving...