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For many internet companies, escaping the allure of going public seems nearly impossible. Just as ancient travelers gazed towards Chang'an from afar, these companies often dream of achieving similar success. Among the numerous unicorns still plotting their paths, names like Didi, the US-based review group, and Toutiao stand out. Sogou, which has already caught glimpses of its potential, is preparing for its final step—going public.
On July 31st, Sohu's Q2 financial report was released during a relatively calm period in the capital markets, signaling that Sogou’s controlling body was readying for a US IPO. Shortly thereafter, Sogou CEO Wang Xiaochuan confirmed this news in an internal letter stating, “Sougou will proceed with its US listing process according to market conditions.†After seven years since its spin-off, Sogou is now leveraging its IPO to gain attention across various platforms, including WeChat groups and media outlets.
In reality, the buzz around domestic internet unicorns going public has been constant, though concrete conclusions remain scarce. Companies rumored to be on the verge of listing include the US-based review group, Xiaomi, Toutiao, Didi, and Ant Financial. Most of these firms were established (or split off) between 2010 and 2012. After five or six years of growth, their mature businesses have driven new ventures forward, and their profit models have become increasingly clear. Early analyses suggested 2017 might be the ideal time for them to go public.
Beyond their own business structures and revenue data, the reasons 2017 is seen as a favorable year for unicorns to go public include two key pressures:
1. The impending exit timeline for investment institutions. For instance, when the US review group secured funding at the end of 2015, some media outlets reported that they had agreed with new investors to list within two years. Although unconfirmed, this still places 2017 as a significant milestone.
2. The impact of domestic policies on company valuations. Last month, both Bloomberg and Reuters quoted sources suggesting Didi would list in the US. Despite Cheng Wei, Didi’s chairman, later stating otherwise, listing sooner could secure a higher valuation due to current domestic policy constraints.
Surprisingly, in the most logical sense, Sogou became the first unicorn to cross this threshold and prepare for its grand debut. Compared to the pressures driving other unicorns to list, Sogou appears to have encountered the best timing for its IPO in 2017. In fact, Sogou might represent the most suitable IPO candidate for Chinese internet companies today. Why do I say this?
Overall, the capital markets point to 2017 as the golden period for listings.
2014 was a prosperous year for Chinese companies listing in the US, with 15 IPOs raising $25.4 billion. However, 2015 and 2016 have been less promising, with a sharp decline in listings and smaller scales.
As the lowest level of IPO financing in the US market since 2010, the overvaluation in 2016 deterred investors. But 2017 presents a different scenario: Trump's promises to cut taxes, increase spending, and ease regulations have stabilized the market. Overseas capital, influenced by economic recovery, is regaining interest in Chinese internet companies, exemplified by Alibaba’s strong performance on the US stock market.
With this warming trend, there is a need for a catalyst to boost long-term investor confidence in Chinese stocks.
The core message of Wang Xiaochuan’s internal letter highlights:
1. Sogou’s Q2 search revenue reached 1.45 billion yuan, a 26% increase year-over-year.
2. Mobile search revenue contributed 76% of overall search revenue, up from 49% last year.
3. Voice input frequency on Sogou’s mobile keyboard reached 260 million times, a 80% increase from last year, making it China’s largest voice input app.
4. Sogou won the Chinese-English translation championship at the WMT (Workshop on Machine Translation).
Combining these figures with previous years, it’s evident Sogou’s revenue and operations have grown steadily at a rapid pace.
Seeing Sogou’s Q2 revenue of 1.45 billion yuan, comparisons naturally arise with Baidu’s Q2 earnings. Considering Sogou’s approximately 2,000 employees versus Baidu’s 50,000, per capita productivity is comparable. The rise in mobile search revenue represents the "rapid growth beyond industry standards" mentioned in Wang Xiaochuan’s letter, showcasing Sogou’s differentiated competitive edge.
Under stable revenue, Sogou’s AI narrative aligns perfectly with Wall Street investors’ interests.
To a degree, AI development mirrors nurturing human growth anew. While the AI story appears promising, is it truly compelling? Google initially championed AI but remains grounded in its advertising business. Similarly, Baidu’s "All in AI" mantra sometimes falls short. Sogou, however, tells its AI story effectively, with an IPO imminent.
Focusing on the letter’s core points, items three and four highlight Sogou’s AI language comprehension efforts. Detailed examples include providing machine translation services for top-tier events like the World Internet Conference and the RISE Conference in Hong Kong.
Wang Xiaochuan explicitly outlined Sogou’s AI future in the letter: “Search is upgraded to a question-answering system, input methods evolve into dialogue systems, and Chinese language translation connects the globe.â€
Moreover, domestic policies support Sogou. Recently, the State Council released the “New Generation Artificial Intelligence Development Plan,†aiming for global competitiveness by 2030, with core industries exceeding 1 trillion yuan and related industries surpassing 10 trillion yuan. Sogou’s language comprehension focus is included in the plan, providing positive news for its valuation or IPO process.
For Sogou, going public is inevitable, and the timing is perfect: strong business and revenue performance coincide with a bullish US market. Wang Xiaochuan crafted an engaging AI story early on. Amid the AI wave, Sogou’s enthusiasm for US listing will capture market attention. Other contenders like Ant Financial, Didi, Meituan, Xiaomi, and Toutiao follow closely behind.
In the PC era, Sogou studied diligently. In the mobile age, it adapted swiftly. In the AI era, securing its place among elite firms is a given. The only question remaining is how many competitors will catch up?
Application scenarios of sunlight readable LCD Monitor in different work fields:
Sunlight readable monitors for outdoor advertising and information display: In outdoor places such as bus stops and subway stations, sunlight readable display can clearly display advertising content and public transportation information. Even in strong sunlight, passengers can easily obtain the required information. Large outdoor billboards, whether for commercial advertising or public welfare promotion, can ensure excellent display performance in the sunlight during the day.
Sunlight readable computer monitor in transportation: inside the cockpit of an aircraft, it provides pilots with clear flight data and navigation information, unaffected by direct sunlight. The bridge of the ship enables crew members to accurately read navigation instruments and monitoring footage under strong sunlight at sea. The car dashboard and center console ensure that drivers can clearly see key information such as vehicle speed and fuel consumption on sunny days.
Sunshine readable LCD monitor are used in industrial control and monitoring: in outdoor work areas of factories, such as petrochemicals and mines, they are used to display equipment operation status, production data, and safety warnings. Workers can timely grasp important information under strong outdoor light. Outdoor substations in the power industry clearly display the operating parameters and status monitoring information of power equipment.
Sunlight readable display in sports events and venues: the scoreboard and information display screen for outdoor sports events, allowing viewers to clearly see competition results and related information even under sunlight. Outdoor signage and advertising display for sports venues.
Direct sunlight monitor in agriculture and meteorological monitoring: an outdoor meteorological station in the agricultural field, which clearly displays meteorological data and provides accurate weather information for agricultural production. The automated irrigation and fertilization control system in farmland facilitates farmers to view relevant parameters during field operations.
Sunlight readable Touch Screen Monitor in tourism and scenic areas: The outdoor guide screen of the scenic area provides tourists with maps, scenic spot introductions, and route guidance, which can be used normally even in strong sunlight.
Sunlight readable LCD monitor, with their excellent display performance under strong light, provide clear and reliable information display solutions for the aforementioned work fields, improving work efficiency and safety.