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Wednesday, January 8, 2014

China's Qihoo 360 denies Alibaba to take stake in company, (NYSE: QIHU)

Chinese Internet company Qihoo 360 Technology Co Ltd denied on Thursday that Alibaba Group Holding Ltd would take a stake in the company. "These are rumours someone has made up," said Qu Xiaodong, vice-chairman of Qihoo, which has a market capitalisation of $10.93 billion. Qihoo's shares had risen 9.3 percent on Wednesday on speculation the two were in talks on a deal.

Qihoo 360 Technology Co Ltd (Qihoo 360), formerly Qihoo Technology Company Limited, is engaged in the operations of Internet services and sales of third party anti-virus software in the People's Republic of China. Shares of QIHU traded higher by 9.34% or $7.6/share to $89.00. In the past year, the shares have traded as low as $27.76 and as high as $96.74. On average, 2675150 shares of QIHU exchange hands on a given day and today's volume is recorded at 9406962.