What do you need to know about Chinese search engine Sogou?

A few days ago, the news emerged that Chinese search engine Sogou (搜狗) is aiming to raise up to $585 million in a U.S. Initial Public Offering. Sogou, which is owned by internet company Sohu, Inc., announced the terms for its proposed IPO on Friday. The news has caused a stir among those keeping an eye on the Chinese tech space, as Sogou is backed by Chinese tech giant Tencent, the company behind the hugely popular messaging apps WeChat and QQ. But for those of us who might not be up on the state of search in China, what do you need to know about Sogou, and how does its IPO play into the wider search landscape? And could there be any potential knock-on effects for the rest of the industry?