The meeting with Charles turned out well.

Although Lin Feng was in the name of choosing a yacht, he actually wanted to talk to Charles about investing in Sogou.

But he did really want to buy another yacht.

After Ye Weiyu gave birth to Dandan, her body will be weaker, and if she wants to take a child when she goes to sea again, the previous "Vivian" is a sailing ship after all, suitable for sports and not for leisure, and the bumps on the sea are too great.

In addition, it will be more comfortable to buy a yacht for the family to go out to sea.

So Lin Feng and Charles really seriously discussed the purchase of a yacht.

Charles once participated in a Manhattan64 test drive organized by Sunseeker, so he is very recognizable to this famous British yacht brand.

Lin Feng was also a little interested in what he said, but after chatting with the yacht sales consultant of the yacht club, he found that there is only one Manhattan 66 with the best Shengxi yacht in China.

Anyway, the world's top yacht brands, in addition to the British Sunseeker, there are other brands such as Riva and Ferretti in Italy.

He is not like Charles who has a preference for Shengxi.

Speaking of which, Lin Feng has a better impression of Beneteau of France, who bought a sailboat before.

In the end, Zhang Chaoyang bought a Shengxi Manhattan 66 by himself, spending more than 20 million yuan.

Lin Feng bought a Ferretti Yachts flagship 881RPH, 55 million.

Everyone was happy.

By the way, the two also chatted about investing in Sogou.

Lin Feng's conditions were much more generous than Charles imagined:

1. Spun off Sogou and operate independently. This is the way it should be.

2. Fengxing injected capital into the company and established a joint venture with Sohu to jointly develop Sogou. Lin Feng values Sogou at US$150 million, Fengxing injects US$70 million and owns 49% of the new joint venture (of which 5% Fengxing promises to be issued to Sogou's management team in the form of options), and Sohu retains 51% of Sogou's equity and retains its position as a major shareholder.

3. Fengxing merged FF input method and Maxthon Browser 30% shares into Sogou (Sogou is responsible for operation), and opened the PC traffic entrance of Fengxing to Sogou, such as hao123, etc.

4. The new joint venture company Sogou still uses the original Sogou team headed by Wang Xiaochuan, and Wang Xiaochuan is the CEO of Sogou.

5. The two parties agreed that from the cooperation between the two parties to 2009, if the domestic market share of Sogou search engine cannot reach 30% or the annual profit of Sogou cannot reach 10 million yuan within two years, Fengxing has the right to increase its shareholding in Sogou to 65%.

Charles didn't have much of an opinion on these conditions.

Since the launch of the Sogou project in 2004, Sohu has used the resources of the whole company to provide strong support from the beginning, and the investment has been huge, but it has still been fruitless for three years.

Seeing the fruitful results of Baidu and Google, Baidu plus Google's market share accounts for more than 90%, while the market share of the three portal searches, including Sogou, Soso, and Youdao, is less than 10%.

In June this year, Sina reluctantly chose to give up its own search and switch to Google's search technology under the premise of launching the "Aiwen" search for two years without results, which was the first case of the three major portals to withdraw from the search engine market.

For Sogou, there is still no market share for three years, and it has been losing money, Charles has also borne a lot of pressure from shareholders and the board of directors, and once thought about giving up Sogou, but he always felt reluctant, after all, the search engine market is huge, and Sohu has invested so long......

Now Fengxing put forward the idea of cooperation, and is willing to invest huge amounts of money and resources to develop Sogou together, which is in Charles's hands.

As for the terms of the VAM, if there is support from Fengxing, after 2 years of development, it will not be able to occupy a certain market share or make a profit, then even if Sogou is given to Fengxing, Charles feels that it doesn't matter.

The two of them toasted and drank, and the deal was settled.

…………

On June 25, 2007, Sohu and Fengxing jointly held a press conference, announcing that Sohu would introduce capital and strategic investment from Fengxing Group and independently form the Sogou Division. Fengxing Group and Sohu have reached an agreement that the two parties will establish a joint venture company to jointly develop Sogou. Wang Xiaochuan, head of Sogou, will become CEO of the new joint venture. Sohu will retain the status of a major shareholder of Sogou, with a strategic investment of US$50 million and a 49% stake by Fengxing Group.

The initial non-binding letter of intent to introduce Fengxing Group as a strategic investor in the form of the sale of preferred shares to become a minority shareholder of Sogou's online search business, and the terms of the proposed letter of intent will be to issue an additional 49% of Sogou's shares to Fengxing Group on a mortarized basis, and Sohu will retain 51% of Sogou's shares. Sogou will further establish an equity incentive plan for the management team and important employees.

Sohu's audit committee and all members of the board of directors have preliminarily approved the planned transaction. The planned transaction is subject to a third-party evaluation of Sogou's search business.

As soon as the news came out, it immediately made the headlines of major technology and financial media, and Sohu and Fengxing married Sogou, which is undoubtedly a "little boy" nuclear bomb of the equivalent level for the domestic search engine market!

The search engine market has changed dramatically.

You know, although at this time, Baidu, Google and Yahoo almost occupy more than 95% of the search market share, Sogou only has a pitiful 1.8%.

However, industry insiders know that Sogou's technology is not weak, and the reason why it couldn't get up before was because there was no traffic!

As the largest Internet company in China, Fengxing has sufficient traffic entrances.

The combination of the two can produce explosive effects that are unpredictable......

Not to mention anything else, just the search bar of hao123 website home, if the current Baidu search is changed to Sogou, it will bring 1-20 million traffic to Sogou every day!

Maxthon Browser, a subsidiary of Fengxing, now has a market share of about 30%, and after a part of its shares and operating rights are merged into Sogou, it is even more powerful for Sogou.

People are exclaiming that a new search giant is forming!

In fact, like Microsoft's Bing search, it also has the blessing of IE, and it is not still powerless ...... Chinese market, and resources are not everything.

It can only be said that Lin Feng's miraculous achievements have made every investment in the industry over-associated.

The shock caused by this acquisition in the industry was quickly reflected in the capital market.

For a long time, Fengxing Group's lack of layout in the Internet's most popular search engine market is a shortcoming. Now, the shareholding in Sogou has made up for the last link of the popular Internet business ecosystem.

In addition, Fengxing Group has recently launched a series of capital operations, first investing in and merging several overseas game companies, and then investing in Guangguang Media and Huace Film and Television, and now there is news of investment in Sogou.

These capital operations also naturally affect the judgment of investment banks on the valuation of Fengxing, for example, Goldman Sachs Group announced that the valuation of Fengxing has risen to $50 billion.

Goldman Sachs Group, which previously valued Alibaba at $30 billion, has now doubled its valuation to $50 billion.

On June 30, 2007, Fengxing filed a supplement to the prospectus on Form F-1/A with the SEC.

In the updated prospectus, Fengxing announced its 2006 annual financial results for the first time and the first quarter of 2007, in addition to announcing that its valuation remained unchanged at $32 billion, with a pricing range of $38-40. The most eye-catching thing is that Fengxing also announced the performance data of some subsidiaries and investment and acquisition companies for the first time.

The important information of these prospectus updates has also aroused heated discussions in the capital market. 10