Dragon Oath

Sohu.com Form 20-F: Fiscal Year 2025

Sohu.com Limited’s 2025 fiscal year report details the company’s financial performance, corporate structure, and the extensive regulatory environment governing its operations in the Chinese mainland.

• Sohu operates through a Variable Interest Entity (VIE) structure to navigate Chinese regulations that restrict foreign ownership in sectors including online games, news, and internet publishing.
• The company faces significant regulatory and financial risks related to its VIE structure, including potential claims from third-party creditors and heightened scrutiny from U.S. regulators regarding the legality of these arrangements.
• Sohu's subsidiary, Changyou, faces operational risks from potential security breaches, intellectual property piracy, and the challenges of integrating acquired businesses and technologies.