Sohu Jumps Amid Qihoo Acquisition Bet: China Overnight
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Sohu.com Inc. led gains among Chinese equities in New York on speculation Qihoo 360 Technology Co. is a step closer to buying a stake in its Sogou online search engine unit.
The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. rose 0.5 percent to 95.84 yesterday, gaining for the first time this week. Online news portal Sohu jumped the most since May 20, while Qihoo, China’s second biggest search engine, slid for the first time in a week on concern its sale of convertible bonds will sink its stock value. Digital map provider AutoNavi Holdings Ltd. tumbled 14 percent, the most on record, on plans to offer free navigation applications.