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Jade Bird to Buy 3.07 Million Shares of Sohu Stock
Beida Jade Bird is negotiating with Intel to buy 3.07 million shares of Sohu stock, as is revealed by Xu Zhendong, general manager of Beida Jade Bird in an interview with Hong Kong media.
Xu did not disclose details but said that trading price is under negotiation. He did not give direct reply either when asked whether Jade Bird will acquire or restructure Sohu. He said that the move is a "strategic investment". As to further details, he declined to give any comment as he said that the deal is under negotiation.
Some media reported that Intel has sold all its remaining Sohu stocks. In accordance with the agreement signed by the two sides, Intel agrees to sell the last part of 3.074 million shares of Sohu stock to the latter. This sum accounts for 8.63 percent of Sohu's stock. Prior to this, Intel ever sold 7 times Sohu's stock from January 29 to March 15, 2001 at the price of US $ 0.83 to US $1.47 per share, with 277,000 shares in all.
Sohu is one of China's three portal websites listed on Nasdaq. So far, its stock price stands at US $1.3 or so.
In recent years, Beida Jade Bird has been engaged in expanding businesses in the mainland and Hong Kong. It has three subsidiaries as Beijing Tianqiao Beida Jade Bird Sci-Tech Co.Ltd and Beida Jade Bird Huaguang Sci-Tech Co.Ltd listed in Shanghai and Beijing Beida Jade Bird Universal Sci-Tech Co.Ltd listed in HK GEM.
According to insiders, the move adopted by the company aims at constructing a larger "platform" for raising funds.
By PD Online staff member Li Yan
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