(Yicai Global) March 28 -- Online security firm Qihoo 360 Technology Co. is preparing to go public in China after delisting from the Nasdaq last year, a recent statement suggests.
China’s security regulator’s Tianjin office said online that Huaitai Securities signed an IPO advisor agreement with Qihoo 360 last week. The firm’s legal representative will be its founder, Zhou Hongyi.
The Beijing-based firm is one of the leading players in China’s internet security market. It was valued at around USD9.3 billion when it delisted in the US last July after raking in USD1.8 billion in revenue in 2015. It left the US exchange because it was undervalued, Zhou said. Ever since the delisting, speculation has been rife about plans for an A share offering in China.
Qihoo 360 has increased its registered capital to CNY2 billion (USD million) from CNY56 million this month since exiting Nasdaq, according to public data.