Tencent Takes Over Sohu's Sogou
Tencent Holdings Ltd (HKG: 0700), China's biggest Internet company by market cap, said it has invested $448 million in Sogou.com, Sohu.com Inc's (Nasdaq: SOHU) search engine. Tencent said it will merge its search engine Soso.com with Sogou and the investment gives it a 36.5% stake which it will increase to 40% in the near term. Sogou and Soso captured a 10% and 3.2% share of China's search market in August 2013, ranking third and fourth respectively, according to Guotai Junan's Morning Research Focus report. Qihoo 360 Technology Co (NYSE: QIHU), the developer of China's most used antivirus, was a prospective buyer of Sogou. Qihoo 360's So.com is China's second largest search engine after dominant Baidu Inc (Nasdaq: BIDU).
China Life Premium Up 8% Through August
China Life Insurance Co (NYSE: LFC, HKG: 2628, SHA: 601628), the nation's biggest insurer by premium income, said it premium incomes rose 7.7% year on year to 246.9 billion yuan in the first 8 months of 2013, including 23.8 billion yuan in August, which was up 15.9% from July. Premiums from agencies and bancassurance rose marginally by 1% and 5% year on year respectively in August.
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