Qihoo 360 rises 134% on debut
Source: Xinhua |
April 1, 2011, Friday
|
Print Edition
Print Edition
QIHOO 360 Technology Co Ltd, China's third biggest internet company by users, got a warm welcome by the American investors on Wednesday, when its share prices more than doubled on debut on the New York Stock Exchange.
Beijing-based Qihoo 360 priced its 12.11-million-share initial public offering at US$14.50 above the expected range. However, due to strong demand from investors, the stock rose 86 percent to US$27 after the market opened on Wednesday and finally ended the session at US$34, up 134.48 percent.
"We don't look at our IPO here in New York as a major achievement," said Zhou Hongyi, chairman and CEO of Qihoo 360. "We regard it as an opportunity for further brand promotion and market growth. After our IPO, we need to provide our 300 million Chinese Internet users with better services so that we can turn our potential into a competitive advantage."
Qihoo 360's shining debut on Wall Street reminded investors of the Internet IPO boom in late 2010.
Beijing-based Qihoo 360 priced its 12.11-million-share initial public offering at US$14.50 above the expected range. However, due to strong demand from investors, the stock rose 86 percent to US$27 after the market opened on Wednesday and finally ended the session at US$34, up 134.48 percent.
"We don't look at our IPO here in New York as a major achievement," said Zhou Hongyi, chairman and CEO of Qihoo 360. "We regard it as an opportunity for further brand promotion and market growth. After our IPO, we need to provide our 300 million Chinese Internet users with better services so that we can turn our potential into a competitive advantage."
Qihoo 360's shining debut on Wall Street reminded investors of the Internet IPO boom in late 2010.
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