China’s third-biggest search engine expects to hold a US initial public offering at a valuation of as much as $5 billion as it raises cash to close the gap with leader Baidu Inc. in the mobile market, Bloomberg reports. Sogou, whose name means “search dog,” plans to sell about 10% of its shares in an IPO that will probably be held this year, CEO Wang Xiaochuan said in an interview. The company, which is backed by social media giant Tencent Holdings Ltd. and Sohu.com Inc., hasn’t formally hired banks to run the listing. Sohu shares rose the most in 10 months. Wang plans to use part of the IPO proceeds to improve search results by backing companies developing artificial intelligence and machine-learning technologies. While Baidu remains the biggest provider across all platforms in China, it’s under siege after a scandal over medical advertising.
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