Sohu.com, China's third-biggest internet portal, received a lukewarm reception from investors on its first day of trading on Nasdaq. The shares closed unchanged at $13, even after the company cut back the price by 31%. The response mirrors the reception given two weeks ago to rival Netease.com. Still, China's portal wars are just beginning and sentiment could quickly change, analysts say.
Beijing-based Sohu sold 4.6 million shares at $13 to raise $59.8 million. It had hoped to raise as much as $87.4 million, over-optimistically raising its price less than two weeks ago to between $16 and $19 from an earlier range of $13 to $16. Last month Netease.com, China's second-biggest portal, sold 4.5...
