BEIJING, Dec. 16, 2014 /PRNewswire/ -- Qihoo 360
Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), a
leading Internet company in China,
today announced it has formed a strategic partnership with Coolpad
Group Limited ("Coolpad") (HKSE: 2369), a leading smartphone
company in China, through
investing $409.05 million in cash to
take a 45% stake in a joint venture with Coolpad (the "JV").
The JV will primarily focus on mobile terminal products that are
distributed through Internet as the primary channel, through
building a strong mobile ecosystem involving designing,
manufacturing, marketing and selling best in class smartphones and
other mobile Internet devices with innovative user experiences in
China. The JV will leverage on
Coolpad's extensive experience in smartphone design, manufacturing,
supply chain management, and aftermarket services, while benefiting
from Qihoo 360's strong capability in mobile app development and
online marketing. The JV will market smartphones under "Dazen"
brand, which is already one of the leading e-commerce
smartphone brands in China.
Through the partnership, Qihoo 360 will also become the default
provider of key mobile services on full portfolio of Coolpad's
smartphones, including mobile security, mobile app store and mobile
search, etc. Coolpad is one of the leading smartphone makers in
China. According to third party
data, Coolpad is also the largest 4G smartphone provider in
China in terms of accumulative
unit shipment as of October 2014.
Commenting on the partnership, Mr. Hongyi Zhou, Chairman and Chief Executive
Officer of Qihoo 360, said, "We are very excited to form the
partnership with Coolpad. Combining Coolpad's extensive experience
in smartphone industry with Qihoo 360 strong presence in mobile
Internet, the partnership will build one of the leading mobile
Internet ecosystems in China,
which offers users smooth integration of hardware, software and
applications. This is one of the key initiatives we are taking to
strengthen our position in Chinese mobile Internet and further
establish ourselves as a leading mobile Internet platform in
China."
Mr. Deying Guo, Chairman and
Chief Executive Officer of Coolpad, said, "The partnership with
Qihoo 360 will be an important step for Coolpad to construct a
strong mobile Internet ecosystem. Qihoo 360 is the leading provider
of the mobile security and other mobile Internet services in
China with massive user base. By
combining each other's strength, we will enable individual users to
enjoy better and fully integrated mobile Internet experience."
About Qihoo 360
Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) is a leading Internet
company in China. The Company is
also the number one provider of Internet and mobile security
products in China as measured by
its user base, according to iResearch. Qihoo 360 also provides
users with secure access points to the Internet via its market
leading web browsers and application stores. The Company has built
one of the largest open Internet platforms in China and monetizes its massive user base
primarily through online advertising and through Internet
value-added services on its open platform.
About Coolpad
Coolpad Group Limited (formerly known as China Wireless
Technologies Limited) was founded in 1993, and was listed on the
Main Board of the Stock Exchange of Hong
Kong in December 2004. The
Group is a leading developer and provider of integrated solutions
for smartphones, mobile data platform systems and value-added
business operations in China. The
Group provides its products and services to enterprises, government
organizations and mobile operators as well as individual consumers
in China. The Group has developed
advanced research and development capabilities in mobile
communications. Its "Coolpad" brand has become a renowned leader in
China's smartphone market.
Meanwhile, the sub-brand "Dazen" is already one of the leading
Internet smartphone brands in China.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward- looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. Among other things,
the management's quotations contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Qihoo
360 and the industry. Potential risks and uncertainties
include, but are not limited to: the Company's ability to continue
to innovate and provide attractive products and services to attract
and retain users; the Company's ability to keep up with rapid
changes in technologies and Internet-enabled devices; the Company's
ability to leverage its user base to attract customers for our
revenue-generating services; and the Company's dependence on online
advertising for a substantial portion of our revenues; and the
Company's ability to compete effectively. All information provided
in this press release is as of the date of the press release,
and Qihoo 360 undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although Qihoo 360 believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by Qihoo
360 is included in Qihoo 360's filings with
the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F dated April 25, 2014.
For investor and media inquiries, please contact:
Qihoo 360 Technology Co. Ltd.
In China:
Tel: +86 10-5878-1574
E-mail: ir@360.cn
In the U.S.:
The Piacente Group, Inc.
Don Markley or Glenn Garmont
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
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SOURCE Qihoo 360