(Yicai Global) Oct. 10 -- Shares in 360 Ludashi Holdings, a subsidiary under Chinese software giant Qihoo 360 Technology, have surged in its Hong Kong debut today, opening over 48 percent higher and more than doubling in morning trade.
Its share price [HKG:3601] sat at HKD6.00 (76 US cents) as of midday, 122 percent higher than its initial public offering price of HKD2.70 a share.
The Chengdu-based firm is best known for its computer systems tool Master Lu, which can check the authenticity of hardware, test system configurations, take a computer's temperature and check for viruses, among other features. It also has several other software and applications, including Master Lu for Android, Master Lu Game, and Power Saver.
360 Ludashi made CNY28 million (USD3.9 million) in net profit through the first four months of this year, on revenue of CNY114 million. It earned CNY76 million in profit in 2018, more than double its 2016 takings of CNY32 million as revenue increased to CNY320 million from CNY70 million over the same period.
The personal computer version of Master Lu had 65.6 million active users in the fourth months through April, compared with 59.3 million monthly active users in 2018 -- up from 40.1 million in 2016. The mobile version had 7.2 million during the first four months, against 5.9 million in 2018 and 3.4 million in 2016.
Qihoo 360 was Ludashi's largest shareholder before the IPO, with a near 41.4 percent stake. Chairman Tian Ye was the second-biggest with 29.5 percent and Shanghai Songheng Network Technology was its third-largest with a 23.8 percent holding.
360 Ludashi makes most of its money from online advertising and gaming, according to its prospectus. Its main customers are Qihoo 360 and Songheng, and it expects this to remain the case in future.
Editor: James Boynton