Qihoo 360 eyes China expansion
Print Edition
QIHOO 360 will target Chinese startup companies and expand mobile game channels in China with the US$900 million it hopes to raise from a bond float.
“We need money to invest or acquire small and medium startup firms in China to compete with bigger rivals,” Qihoo 360 Chairman Zhou Hongyi said at the ongoing ChinaJoy 2014 yesterday.
Zhou said the New York-listed firm will increase its investment in mobile games and wearable computing sectors.
The company plans to raise US$900 million through a convertible bond issuance.
At present, Qihoo 360 has more than 300,000 developer partners, including 100,000 mobile game developers. It is China’s top Internet security service provider.
Meanwhile, Qihoo 360 and online game developer and operator The9 have agreed on a joint venture for The9’s online shooter game FireFall in China. With the cooperation, Qihoo 360 expects to gain more client-based gaming resources while The9 will be able to lower its traffic costs.
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