Shares of Chinese Internet company (SOHU) - Get Report are rallying after a Chinese newspaper said the company was holding talks about partnering with Google (GOOG) - Get Report , (GOOGL) - Get Report .

WHAT'S NEW: and Google have discussed the possibility of partnering on Chinese Internet searches, The South China Morning Post quoted an unnamed source as saying. Under the deal being discussed, Google "would perform some of the searches," while's search engine, Sogou, would screen the results, the newspaper stated. Moreover, other Google applications, including Google Play and Google Maps, would return to the Chinese market, the newspaper stated.

WHAT'S NOTABLE: Thursday, announced that Sogou would partner with Microsoft's (MSFT) - Get Report Bing search engine, the South China Morning Post stated. Under the deal, Bing will provide Sogou with English search results, the newspaper said.

PRICE ACTION: In early trading, jumped more than 4.8% to $40.58.

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