Tencent buys 36.5% holding in Sogou

Internet giant Tencent Holdings Ltd said on Monday it bought a stake of 36.5 percent in the Sogou, the country's third-largest search engine, for $448 million plus other assets.

The announcement came on the same day that Tencent's market capitalization exceeded $100 billion, making the company the biggest Internet corporation in Asia.

Tencent's shares rose 2.5 percent to HK$421.2 ($54.32) in Hong Kong on Monday, pushing the market value to HK$782.8 billion. Baidu Inc, the second-largest dotcom in the country, has a market capitalization of about $50 billion.