Beijing – Chinese Web portal Sohu.com announced on Monday
that it will sell a 16% minority stake in its Sogou online search unit to a
fund owned by Sohu chairman Jack Ma, and Chinese e-commerce firm Alibaba Group.
Financial terms of the transaction were not disclosed.
Yahoo owns a 40% stake
in Alibaba Group. Sogou is China’s third-leading search engine, accounting for
0.8% of the market — compared to Baidu’s 70.8% and Google’s 27.3% — according
to iResearch data.
Sogou plans to use the net proceeds from investors to
further develop its search business.