(Yicai Global) Dec. 23 -- Chinese cybersecurity giant Qihoo 360 Technology will sell all of its stake in Tencent Music Entertainment, expecting to gain about USD158 million for working capital.

Qihoo plans to sell the shares at an minimum average price of USD6.50 apiece, lower than TME’s closing price of USD8.30 yesterday, the Beijing-based company said yesterday.

Qihoo paid just USD5.6 million for 18 percent of TME, the music streaming platform of internet giant Tencent Holdings, in 2016. After a number of stake sales, the firm now owns 25.1 million shares in TME, equal to 1.5 percent of TME’s total stock outstanding.

Shares of Qihoo [SHA: 601360] rose 1.7 percent to close at CNY6.58 (94 US cents) apiece in Shanghai today. TME [NYSE: TME] dropped 2.1 percent to USD8.30 in New York yesterday.

As their businesses have diverged since the time of Qihoo’s initial investment, the web security company said it had decided to sell its remaining holding in TME to supplement working capital for its core business.

Qihoo had a net loss of CNY1.6 billion (USD224.1 million) in the three months ended Sept. 30, after revenue sank 28 percent to CNY2.1 billion (USD302.2 million) from a year ago. TME’s quarterly net profit jumped 39 percent to USD154 million, while revenue fell 5.6 percent to USD1 billion.

Editor: Futura Costaglione