(Yicai Global) Sept. 6 – Chinese internet security giant Qihoo 360 Technology Co., has made progress in its efforts to backdoor-list on the A-share market by suspending trading of companies related to the listing.
"Qihoo 360 is indeed planning backdoor listing and related companies have suspended trading. But in what way to land in A-share market, Qihoo 360 has prepared in two ways, that is, IPO and backdoor listing," 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. listed 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-list in New York.
Tianjin Qixin Zhicheng Technology Co. holds a 51.78 percent stake in Qihoo 360, and is its controlling shareholder. Eight A-share listed companies including CITIC Guoan Information Industry Co. [SHE:000839] directly or indirectly have holdings in the enterprise. These companies will achieve returns on investments after the backdoor listing.
Qihoo 360, China's largest Internet security firm, offers products including computer security guards, antivirus software and web browsers. The listing will have a significant impact on the A-share market's information sector.