(Yicai Global) April 6 -- Shares of 360 Security Technology, also known as Qihoo 360, tumbled after the Chinese cybersecurity behemoth said its founder and chairman will transfer part of his stake in the company to his wife as part of an amicable divorce settlement.

360 Security [SHA: 601360] closed 5.5 percent lower at CNY18.97 (USD2.76) a share today, after slumping by as much as 7.9 percent at one stage. The stock has nearly tripled in value since the start of the year and hit a three-year high on April 4.

Zhou Hongyi will hand 446 million of 360 Security shares, equal to nearly 6.3 percent of the company’s total and worth nearly CNY8.6 billion (USD1.2 billion), to Hu Huan, the Beijing-based company announced on April 4.

Zhou will remain the main shareholder and actual controller of 360 Security, as he directly owns a 5.3 percent stake, the company added, noting that Hu will not sell her shares in the upcoming six months. It is still unclear whether the 8 percent that Zhou indirectly holds was also split or not.

Following the firm’s statement, investors began to ask whether Zhou viewed the move as an opportunity to reduce his stake in the company. But Zhao Luming, 360 Security’s board secretary, denied the speculation, noting that the process major shareholders must follow when cutting their holdings is very complicated.

The last time Zhou and Hu were seen together was in 2018 when 360 Security went public. She has supported Zhou since the start of the business and was acknowledged first in his autobiography.

Editor: Futura Costaglione