Sohu denies Nasdaq delisting plan

Chinese gaming and search giant Sohu.com has denied a report that it plans to delist from U.S. Nasdaq, reports Sina Tech.

The Chinese Internet media is in talks with several investment banks, including Credit Suisse, about a possible financing plan to take the company private, the South China Morning Post reported today, citing four financial industrial sources.

Credit Suisse was also helping Sohu to seek new investors, most likely private equity firms, to finance the plan, the report said.

The report quoted one of the sources as saying that the company's founder and Chairman Charles Zhang was unsatisfied with Sohu stock's performance, which was "significantly undervalued at present".

The news is not true, Sohu chief financial officers Yu Chuyuan told Sina. "The company has never been engaged with any talks about privation and delisting."

The stock hit a high of 49.67 U.S. dollars before closing at 48.84, up 11.92 percent, compared with an opening price of around 44 U.S. dollars and an intra-day low of 39.8 U.S. dollars, with the volume on stock exchanges spiked to 3.9 million from an average of 500,000.