(Yicai Global) Sept. 7 -- Guizhou-based Gohigh Data Networks Technology Co. [SHE:000851] denies it could become Chinese internet security giant Qihoo 360 Technology Co.'s target for a backdoor A-share listing, the firm said on an investor interaction platform.
Gohigh's holding shareholder Datang Telecom Technology Co. [SHA:600198] only holds 13.13 percent equity, and its main business is complementary to that of Qihoo 360, making it a good candidate for the backdoor listing, investors pointed out.
While it is true that the holding shareholder only holds a small portion of shares, it has no intention of selling off shares and stop being the second-largest holder, the company said.
Qihoo 360's A-share backdoor listing plan has made substantial progress, and the target company has suspended trading, Shanghai Securities News reported on Sept. 6.
360 is the largest internet security company in China, and its wholly-owned subsidiary, Beijing Qihu Technology Co., was listed in New York Stock Exchange in 2011. The firm will return to the A-share market as part of a privatization plan.