This article from the micro-channel public number & ldquo; qubit & rdquo; (ID: QbitAI), of: Xia B, Lee,
A few hours ago, Sogou prospectus officially disclosed.
This is a 200-page full English file detailing Sogou's financial, equity, competitive landscape, future plans, and risk expectations. A lot of dry goods, but it is estimated that there are many people who have the patience to read & hellip;
Quantum bit quickly extract the core points from the species.
The future, Sogou to "SOGO & rdquo; for the securities code landing on the NYSE, and through the IPO to raise 600 million US dollars (3.95 billion yuan) of funds. JP Morgan Chase, Credit Suisse, Goldman Sachs, CICC, etc. will be the lead underwriter, Huaxing Capital will serve as deputy underwriter.
Financial information shows that 2014,2015 and 2016 for three consecutive years, Sogou's total revenue were: 386 million US dollars (2.54 billion), 592 million US dollars (3.9 billion) and 6.60 billion (4.35 billion) US dollars.
In the same period, Sogou's pre-tax net profit was $ 26.8 million (loss of $ 170 million), $ 109 million ($ 718 million), $ 56.1 million ($ 370 million), net income of $ 38.8 million in the first half of 2017 ($ 250 million).
Equity information shows that before the listing of Sogou, Chairman Zhang Chaoyang holdings of 9.2%, CEO Wang Xiaochuan shareholding ratio of 5.5%. Institutional shareholders, Sohu holding 37.8%, Tencent holding 43.7%.
According to the agreement, Sogou listed three years, the board of directors of the seven seats in four seats by Sohu appointed, two seats appointed by Tencent, there is a belongs to Sogou CEO, this position has also been Wang Xiaochuan.
In addition, the prospectus, Sogou total mention 90 times artificial intelligence (AI). The concept of artificial intelligence is mentioned by Sogou in important position. Sogou claiming to stand in the forefront of AI research and development, and a clear road map, AI is also a key driver of intelligent hardware.
Whether it is Sogou listed seven of their own competitive advantage, or the future of the six strategies, artificial intelligence has a heavy status of residence. Sogou also mentioned that in order to cope with future competition, will continue to strengthen R & D investment, especially in AI technology.
To some extent, Sogou will be the first to the United States listed China AI concept stocks. So Sogou IPO listing, will also directly test Wall Street for the emerging AI concept of the company's judgments.
Sogou affected, Sohu shares opened higher tonight. Good luck ~
Below, is more detailed information on the information.
Look at revenue.
2014,2015 and 2016 for three consecutive years, Sogou's total revenue were: 386 million US dollars (2.54 billion), 592 million US dollars (3.9 billion) and 6.60 billion (4.35 billion) US dollars.
($ 3.36 billion), $ 540 million ($ 3.56 billion) and $ 597 million ($ 3.94 billion) respectively, accounting for 92.7%, respectively, and 91.2% %, 90.5%.
If you look at the latest first half of 2017, Sogou total revenue of 373 million US dollars, the first half of 2016 total revenue of $ 323 million over the same period. Which search advertising profit model, respectively, contributed $ 329 million and $ 294 million, accounting for 88.2% and 91%.
Look at revenue costs.
In order to achieve the above revenue, Sogou for three consecutive years of revenue costs: 2014 cost of $ 166 million (1.09 billion), the cost of spending in 2014 $ 248 million (1.64 billion), 2016 annual cost of 303 million ( 1.9 billion yuan), the first half of 2017 the cost of expenditure was 193 million US dollars (1.27 billion yuan).
Among them, 2014-2016 operating expenses for three consecutive years were: $ 253 million, $ 242 million, $ 286 million, 2017 in the first half of $ 143 million.
R & D expenditure, the first half of 2014-2017 situation: $ 123 million ($ 810 million), $ 131 million (860 million yuan), 138 million US dollars (900 million yuan), 71.3 million US dollars (470 million yuan).
Operating profit, 2014-2017 in the first half were: -3190 million, 102 million US dollars, 71.6 million US dollars, 37.7 million US dollars.
Three to see net profit.
(2014) The first half of the net income of 38.8 million US dollars (250 million yuan).
Finally look at cash flow.
As of June 30, 2017, the total amount of cash and cash equivalents held by Sogou was $ 310.9 million ($ 2.05 billion).
Sogou's board of directors has a total of seven seats, the current members of the board include chairman Zhang Chaoyang, as well as three directors: Sogou CEO Wang Xiaochuan, Tencent COO Ren Yu Xin, Sohu agent CFO Lu Yanfeng, another three board seats vacant.
The management of the Sogou listed in the prospectus, including CEO Wang Xiaochuan, COO in 2016, CTO Yang Hongtao, CMO Hong Tao, and CFO appointed in July 2017, Deng Xiufeng and Deputy Chief Financial Officer Yi
The prospectus discloses the holdings of Sogou management, board members and major shareholders as of September 30, 2017,
Prior to Sogou's listing, all board members and executives held a total of 57,095,000 A shares of common stock, with a stake of 16.5. Among them, Chairman Zhang Chaoyang holds 32 common shares of A common shares, holding 9.2% stake, CEO Wang Xiaochuan holds 19 ordinary shares of A common shares, holding 5.5% stake.
Sogou main shareholders are Sohu and Tencent, Sohu holds 3,720,250 shares of Class A common stock, 127,200,000 shares of Class B common stock, the total shareholding ratio of 37.8%; Tencent holds 15,5,7,875 common shares of Class B, holding 43.7% of the shares.
Although the largest shareholder is Tencent, but Sogou control, or in the hands of Sohu.
The company's control
Sogou is still listed after the Sohu subsidiary, Sohu through the largest shareholder Tencent signed a voting agreement, mastered most of the board seats.
Sogou's stock is divided into Class A common stock and Class B common stock, the difference between the two is the difference between voting rights and conversion rights. Class B ordinary shares are 10 times the voting rights of Class A ordinary shares and Class A common shares can not be converted into Class B Ordinary Shares, but Class B Ordinary Shares may be converted into Class A Ordinary Shares at any time.
After listing, Sogou holding parent company Sohu, Tencent and Sogou management will control the holding of A and B class of common stock ratio to protect a certain percentage of voting rights.
According to Sohu, Tencent and Sogou signed the Voting Agreement (Voting Agreement), Sogou listed within three years, the board of seven seats in four seats by Sohu appointment, two seats appointed by Tencent, there is a Sogou CEO, this position as of Has also been Wang Xiaochuan.
Three years later, Sohu has the right to change the size and composition of the board, will be able to appoint most of the directors, just to Tencent stay at least one seat.
By holding Class B common stock, Sohu and Tencent enjoy the control of Sogou, all the shareholders need to vote on the affairs of the decision, both have the right to decide.
In the prospectus, Sogou total refers to 90 times artificial intelligence (AI), 7 times machine / depth study, and 9 natural language processing.
Obviously, the concept of artificial intelligence was mentioned in the important position of the Sogou. Sogou claiming to stand in the forefront of AI research and development, and have a clear road map and focus on natural interaction and knowledge computing, voice, image, machine translation, Q & A and other major breakthroughs, and has successfully integrated into the Sogou Products and services in & rdquo ;.
When it comes to industry, Sogou said: Web search engine is one of the most important applications of AI. At the same time, the search for the required core functions and data, is also the cornerstone of AI development. As a result, search companies are in the most advantageous position to take advantage of new artificial intelligence products and services. AI is also a key driver of smart hardware.
Sogou cited its seven major competitive advantages: China's search and Internet market leader, personalized online search service, advanced large data capabilities, has proven frontier AI technology, proven performance growth capabilities with shareholders Strategic cooperation (Quantum Note: should mainly refer to Tencent), insightful leadership team and technology-driven culture.
Sogou's six future strategies are: to expand the search market, the development of the next generation of man-machine interface, unlock the value of large data, continue to develop AI technology, improve liquidity, seek strategic investment and alliance.
Sogou also mentioned that in order to cope with future competition, will continue to strengthen R & D investment, especially in AI technology. Sogou also enumerated their core AI technology: voice recognition, image recognition, semantic understanding, machine translation, knowledge computing.
In the description of the industry, Sogou mentioned several points: 1, China's search market there is a huge room for growth 2, AI and large data is to create new opportunities 3, information technology evolution and the main influencing factors: technology, Especially AI technology.
In addition Sogou also listed in the field of AI has been established, such as winning in the competition, and Tsinghua University set up AI research institutions, Wang Tsai robot login TV program "one stop" and so on.