This excerpt taken from the SOHU 8-K filed Jul 30, 2008.
Plan for Confidential Filing of Draft Registration Statement for IPO of Changyou.com*
Sohu also announced today that it plans to submit on a confidential basis to the U.S. Securities and Exchange Commission (the SEC) a draft registration statement for a possible initial public offering (or IPO) of American Depositary Shares (or ADSs) representing ordinary shares of Changyou.com Limited (or Changyou), a recently-organized Cayman Islands company that is the Companys online games business subsidiary. The number and dollar amount of ADSs proposed to be offered and sold have not yet been determined.
Sohus and Changyous purposes for conducting the IPO, if commenced, include allowing Sohu to focus principally on its core online media, communications, search, and mobile value-added services businesses, and providing Changyou a sharper focus on the online games business and related strategic opportunities, with Sohu remaining Changyous majority shareholder.
The IPO is expected to commence as market conditions permit, and is subject to Changyous filing with the SEC a registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended (or the Securities Act), and the SECs declaring such registration statement effective.