Qihoo to Delist From NYSE on July 18 After USD9.4 Billion Take-Private Deal
Yicai Global
/SOURCE : Yicai
Qihoo to Delist From NYSE on July 18 After USD9.4 Billion Take-Private Deal

(Yicai Global) July 15 -- Qihoo 360 Technology Co., a Chinese Internet security company, is set to delist from the New York Stock Exchange on July 18.

The Beijing-based company said late last year that it had concluded its USD9.4 billion take-private deal and secured USD3.4 billion in debt financing from investors led by China Merchants Bank.

Qihoo will break down the variable interest entity after delisting and may shortly thereafter re-list on China's A-share market through a backdoor listing or on the strategic emerging industries board, according to a well-informed source.

The total value of take-private deals received by Chinese concept stocks in 2015 exceeded that in the past 12 years combined. About 33 Chinese companies announced plans to privatize and delist from US stock markets, representing a total market capitalization of about USD40 billion.

In addition to Qihoo, Jumei and Zhaopin, the two Chinese companies that listed in the US at the same time as Qihoo, proposed take-private deals early this year. As of February, Air Media and Taomi reached final agreements on privatization, and CMGE and Shanda Games had already been delisted.

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