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Qihoo 360 Technology (QIHU) |
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WIKI ANALYSIS
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Qihoo 360 Technology (NYSE:QIHU) is an internet security company based in China. It offers its clients safe web browsers and secure access points to the internet. This allows its users to primarily protect against identity theft, to prevent viruses and malware, and to securely download and manage software. Qihoo is the 3rd largest Chinese internet company in terms of user base and receives roughly 85.8% of all Chinese internet users at some time each month. Qihoo's Safe Browser is also the 2nd most used browser in China after Microsoft Internet Explorer. The company makes money through online advertising on its websites and platform products and through value-added services like web games and technical support.[1]
Qihoo expects internet usage in China to continue to rise significantly as China's middle class gains wealth and access to broadband technologies. According to iResearch, internet in CHina grew from 137M users to 457M users from 2006 to 2010. By 2013, iResearch forecasts the number of users to be 667M. In addition to total usage, Qihoo believes that users will increasingly use the internet to pass on personal and sensitive information. Due to the dangers of malicious attacks, demand for Qihoo's security platforms will increase.[2]
The company's initial public offering of stock on the NYSE occurred on March 29, 2011. The company offered 12.1M ADSs each for $14.50. This was above the initial price range of $10.50-$12.50. The lead underwriters of the IPO were UBS and Citi.[3] On its first trading day, Qihoo's price rose by 134%. This makes it 3rd largest first day jump in the last 10 years. Qihoo's rise is beaten by Baidu.com (BIDU) in 2005 and Youku.com (YOKU) in 2010. All three of these IPOs are Chinese internet companies.[4]
In 2010, Qihoo reported a total revenue of $58M. This was a 79% increase over the 2009 figure of $32M. Qihoo also increased its total income from $4.2M in 2009 to 48.5M in 2010. This was a 102% increase.[5]
References
- ↑ QIHU F-1/A 2011 PROSPECTUS SUMMARY "Overview" pg 1-2
- ↑ QIHU F-1/A 2011 PROSPECTUS SUMMARY "Industry Background" pg 2
- ↑ Renaissance Capital - IPO Home "Qihoo 360 prices IPO at $14.50, above the $10.50-$12.50 range" 29 March 2011
- ↑ Renaissance Capital - IPO Home "China's Qihoo 360 soars 134 percent in market debut; third best US listed IPO performance in post tech-bubble era" 30 march 2011
- ↑ QIHU F-1/A 2011 PROSPECTUS SUMMARY "Overview" pg 1-2
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