BEIJING, March 29, 2011 /PRNewswire/ -- Qihoo 360
Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU),
the No. 3 Internet company in China as measured by user base, today
announced that it has priced its initial public offering of
12,110,800 American Depositary Shares ("ADSs") at $14.50 per ADS. Every two ADSs represent three
Class A ordinary shares. The ADSs will begin trading on
Wednesday, March 30, 2011 on the New
York Stock Exchange under the symbol "QIHU."
All of the 12,110,800 ADSs are being offered by the Company. The
underwriters have been granted an overallotment option, exercisable
within 30 days of the pricing date, to purchase up to an additional
1,816,620 ADSs from Qihoo 360.
UBS Investment Bank and Citi acted as joint book runners for
this offering, and Stifel Nicolaus Weisel and Cowen and Company
acted as co-managers for the offering.
The Company's registration statement relating to these has been
declared effective as of March 29,
2011, by the United States Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
The offering of the securities is made only by means of a
prospectus forming a part of the effective registration statement.
A copy of the prospectus relating to the offering may be obtained
from UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attention: Prospectus
Department, telephone: 1-888-827-7275, or from Citi, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, Attention:
Prospectus Department, telephone: 1-800-831-9146.
About Qihoo 360 (NYSE: QIHU)
Qihoo 360 Technology Co. Ltd. is the No. 3 Internet company in
China as measured by user base, according to a report commissioned
by the Company from iResearch. In January
2011, the Company had 339 million monthly active Internet
users, representing a user penetration rate of 85.8% in China,
according to iResearch. The Company is also the No. 1 provider of
Internet and mobile security products in China as measured by user
base, according to iResearch. Recognizing security as a fundamental
need of Internet and mobile users, Qihoo 360 offers comprehensive
high-quality Internet and mobile security products free of charge,
providing users with secure access points to Internet activities.
As a result, the Company has amassed a large and loyal user base,
which it monetizes primarily through offering online advertising
and Internet value-added services.
For further information, please contact:
US
Athanasia Sfikas
Hill & Knowlton (New York)
Tel: (1) 212 885 0415
Email: Athanasia.Sfikas@hillandknowlton.com
China
Frances Sun
Hill & Knowlton China
Tel: (86) 137 0118 0862
Email: Frances.Sun@hillandknowlton.com.cn
SOURCE Qihoo 360 Technology Co. Ltd.