USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Finance

Qihoo 360 set to return to China's A-share market

By Fan Feifei | chinadaily.com.cn | Updated: 2017-11-03 13:51

Qihoo 360 set to return to China's A-share market

People visit the stand of Qihoo 360 during the 2015 Appliance and Electronics World Expo in Shanghai, Mar 13, 2015.[Photo/IC]

Chinese internet security company Qihoo 360 Technology Co is set to return to A-share market through a backdoor listing after agreeing a 50.4 billion yuan ($7.61 billion) deal with elevator maker SJEC Corp.

SJEC said in a stock exchange statement on Friday that it would acquire Qihoo 360 through an asset swap and share issue which would allow for the internet security company's backdoor A-share listing.

After the deal, Zhou Hongyi, chairman and CEO of Qihoo 360 will become the listed company's controlling shareholder as he will hold 12.14 percent of its shares, and an additional 51.56 percent shares will be held by two other shareholders that he controls. SJEC said the deal was still subject to shareholder and regulators' approval.

Qihoo 360 was listed in the United States in 2011, but it went private for about $9.3 billion in cash, delisting from US exchanges to sell equity locally at a higher valuation.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US