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Thursday, January 9, 2014

REFILE-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 e-commerce giant Alibaba Group Holding Ltd would take a stake in the company after its shares surged almost 10 percent on Wednesday on speculation the two were in talks."These are rumours someone has made up," said Qu Xiaodong, vice chairman of Qihoo, which has a market capitalisation of $10.93 billion and specialises in security software and is China's second-largest search engine by users.Alibaba, which is gearing up for an IPO that could conservatively value the company at more than $100 billion, said it does not comment on rumours or speculation.Qihoo shares shot up 9.3 percent on Wednesday on rumours the two companies were in the advanced stages of discussions for Alibaba to take a stake in Qihoo.

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, 2754580 shares of QIHU exchange hands on a given day and today's volume is recorded at 9406962.