Qihoo 360 given nod for US$9.3b privatization
Print Edition
THE shareholders of New York-listed Qihoo 360 yesterday approved a US$9.3 billion privatization plan, providing a boost to the ambitions of China’s largest online security firm to re-float on home soil.
The company is expected to launch a domestic initial public offering — probably through a shell company — as early as the end of this year, industry insiders have said.
The key players in the cash buyout include Qihoo Chairman Zhou Hongyi, Citic Securities, Golden Brick Capital and Sequoia Capital China.
The privatization deal is a “strategic choice after considering overseas and domestic market conditions,” Zhou was quoted as saying in a statement yesterday.
The Chinese government has been encouraging overseas-listed firms to return to the domestic capital markets.
In the past couple of years, games company Giant Interactive and advertising firm Focus Media have both floated in China after completing similar privatization deals.
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