Sohu and Netease jump on fundraising bandwagon

The two Chinese portals seek to follow Sina Corp and tom.com with plans to raise $100 million each through the convertible market.

Investors report that Nasdaq-listed Sohu.com and Netease.com are preparing to issue convertible bonds early this week through Deutsche Bank, which has the mandate for both of the competing internet operators. News of their issuance plans is unlikely to come as much of a surprise given the stock price performance of both companies and the success of transactions last week for Sina Corporation and tom.com.

Market participants comment that all four have been keen to capitalize on the run-up in their share prices and a number of company directors have also been offloading shares over the past couple of months. Netease currently ranks as the best performing stock on the Nasdaq in 2003 and...

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