Qihoo 360, China’s largest internet security company, delisted from the New York Stock Exchange in June 2016 and announced a backdoor listing deal on November 6, 2017, with Shanghai-listed lift maker SJEC.
“Qihoo 360 is one of the first Chinese internet companies returning home from the US market. But I think this is just the beginning,” Zhou Hongyi, founder and chairman of Qihoo 360, said at its listing ceremony. He controls 63.7 per cent of 360 Security Technology.
At a market cap of US$9 billion, Qihoo 360 was undervalued in the US market, he said.
“We hope to find support from the local capital market,” Zhou said on Wednesday. “We also expect more Chinese internet companies to come back, grow in the home market and share their growth with home investors.”
China has entered a new age, with its economy now the world’s second-largest, said Zhou. But it also needed a matching capital market, he added.
He said 360 Security Technology hoped to ride the boom in China’s internet technology sector, which includes artificial intelligence, big data and blockchain, and offer better internet security products to users globally.
Founded in 2005, Qihoo 360 went public in New York in 2011 and exceeded US$14 billion in market value in 2014.
Chuan Thor, the founding partner of ALPHAX PARTNERS, invested in Qihoo 360 in 2006 and became the largest institutional shareholder. Later he became the director and actively assisted in the company’s initial development. Then, he was invited to participate in the privatization and the business spin-off investment project of Qihoo 360.
Guangdong Yu, another founding partner of ALPHAX PARTNERS, served as senior vice president of Qihoo 360 in charge of the Internet PC and mobile products, the overall commercialization and marketing department of the company.