Chinese Security Firm Qihoo 360 Makes Progress with Backdoor Listing on A-Share Market
(Yicai Global) Sept. 6 – Chinese internet security giant Qihoo 360 Technology Co., has made progress in its efforts to backdoor-lt on the A-share market by suspending trading of companies related to the lting.>
"Qihoo 360 indeed planning backdoor lting and related companies have suspended trading. But in what way to land in A-share market, Qihoo 360 has prepared in two ways, that , IPO and backdoor lting," said a reporter at financial news outlet Shanghai Securities. The report did not mention specific information regarding the target companies.
The firm's wholly-owned subsidiary Beijing Qihoo 360 Technology Co. lted on the New York Stock Exchange (NYSE) in 2011. The company announced the completion of a privatization deal in July 2016, as well as plans to de-lt in New York.
Tianjin Qixin Zhicheng Technology Co. holds a 51.78 percent stake in Qihoo 360, and its controlling shareholder. Eight A-share lted companies including CITIC Guoan Information Industry Co. [SHE:000839] directly or indirectly have holdings in the enterpre. These companies will achieve returns on investments after the backdoor lting.
Qihoo 360, China's largest Internet security firm, offers products including computer security guards, antivirus software and web browsers. The lting will have a significant impact on the A-share market's information sector.