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Dec. 29, 2015, 7:10 AM
Dec. 18, 2015, 6:18 AM
- Qihoo 360 (NYSE:QIHU) has agreed to be acquired by a consortium of investors for approximately $9.3B, including about $1.6B of debt.
- The group includes Citic Guoan, Golden Brick Silk Road Capital, Sequoia Capital China, Taikang Life Insurance, Ping An Insurance, Sunshine Insurance, New China Capital, Huatai Ruilian and Huasheng Capital.
- If completed, the move will result in the firm becoming a privately-held company and its ADSs will no longer be listed on the NYSE.
Dec. 1, 2015, 8:53 AM
- The investor group offering to acquire Qihoo 360 (NYSE:QIHU) is nearing a $9B definitive agreement to pay around $77/share for the company, WSJ reports.
- The proposed buyout, which would be the largest take-private deal for a U.S.-listed Chinese firm, is expected to be completed in the coming weeks with financing from a mostly domestic investor group.
- QIHU +4.4% premarket
- Previously: Investor group may bail on $9B offer for Qihoo 360 (Aug. 28 2015)
Nov. 13, 2015, 2:02 AM
- MSCI has outlined which overseas-listed Chinese shares will be added to its Emerging Markets Index (ETF: EEM) from Dec. 1, a move that is likely to draw investments of $70B.
- ADRs to be included: 58.com (NYSE:WUBA), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), Ctrip.com (NASDAQ:CTRP), JD.com (NASDAQ:JD), NetEase (NASDAQ:NTES), New Oriental Education (NYSE:EDU), Qihoo 360 (NYSE:QIHU), Qunar (NASDAQ:QUNR), SouFun (NYSE:SFUN), TAL Education (NYSE:XRS), VipShop (NYSE:VIPS), Youku Tudou (NYSE:YOKU) and YY.
- Stocks listed in mainland China, known as A-shares, are still under review for inclusion in the index.
- Previously: MSCI paves road for A-share inclusion through ADRs (Nov. 02 2015)
Nov. 12, 2015, 7:21 PM
- Yiran Xu, formerly the chief business officer at Chinese game developer Perfect World (recently taken private) has been named the head of Qihoo's (NYSE:QIHU) gaming ops. Yundan Zheng, formerly a VP at a Chinese real estate developer, has been named an SVP in charge of HR management and "general corporate administration."
- Games account for the lion's share of Qihoo's Internet value-added service (IVAS) revenue, which equaled 28% of total revenue in Q2. IVAS revenue fell 8.6% Q/Q and 16.4% Y/Y in Q2 to $122.2M, thanks in large part to online lottery suspensions.
- Qihoo's Q3 report is expected in the coming weeks. Shares rose 4.8% in regular trading to $63.37, hitting their highest levels since August.
Oct. 15, 2015, 3:59 PM
- After suspending online lottery sales earlier this year, Beijing plans to allow provinces to approve plans for lottery sales and payouts.
- Chinese online sports lottery vendor 500.com (WBAI +5.8%) has turned in a good day, and so has Qihoo (QIHU +4%), whose value-added service revenue has been pressured by the suspension. A broader rally in Chinese tech stocks is likely helping out, as is a 1.8% gain for the Nasdaq.
- 500.com was hammered earlier this year due to suspension worries, but eventually rebounded. Shares +16% YTD in what has been a rough year for many Chinese Internet stocks.
Oct. 2, 2015, 12:13 PM
- Hammered over the last several months as macro concerns and plunging local markets took a toll, U.S.-traded Chinese tech stocks are up strongly (CQQQ +3.2%) today even as the Nasdaq and S&P post modest declines.
- Web/mobile stocks posting big gains include giants Alibaba (BABA +5.3%) and Baidu (BIDU +4.5%), with the former naturally taking Yahoo (YHOO +4%) higher with it. Yahoo rose earlier this week after stating it's still pushing ahead with a spinoff of its 384M-share Alibaba stake.
- Other gainers include Vipshop (VIPS +6.6%), SouFun (SFUN +6.2%), Qihoo (QIHU +6.7%), Youku (YOKU +5.8%), Jumei (JMEI +8%), Bitauto (BITA +5.3%), Weibo (WB +5.9%), Jumei (JMEI +8%), and Cheetah Mobile (CMCM +6.6%). Online travel leaders Ctrip and Qunar are also up big, possibly aided by new efforts from Beijing to boost Macau tourism.
- Solar winners include Yingli (YGE +4.1%), ReneSola (SOL +5.6%), and Daqo (DQ +9.4%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 18, 2015, 9:47 AM
- Less than two weeks after stating it has exercised a put option demanding Coolpad buy out Qihoo's (QIHU -1.8%) 49.5% stake for $1.5B due to Coolpad's alleged violation of a non-compete agreement, Qihoo has gone in the other direction, hiking its stake to 75% as part of a settlement,
- The JV will return "certain Internet operating assets" contributed by Coolpad back to the company. At the same time, Qihoo and Coolpad have "agreed to closely cooperate in intellectual property sharing, supply chain management, product development, and app distribution" related to offering phones under the Qiku and Dazen brands.
- The JV unveiled 3 Qiku-branded phones in late August, while emphasizing their security features. Two of the phones have dual 13MP rear cameras (meant to improve low-light shot quality).
Sep. 16, 2015, 2:06 PM
- The beaten-down Shanghai and Shenzhen exchanges respectively rose 4.9% and 6.5% overnight thanks to late-session surges - many suspect fresh government intervention was responsible. U.S. traded Chinese Web/mobile names have risen sharply (CQQQ +4.4%) on a day the Nasdaq is up just 0.3%.
- Big gainers include search giant Baidu (BIDU +5.4%), rival Qihoo (QIHU +6.5%), auto sites Bitauto (BITA +6.4%) and Autohome (ATHM +5.3%), travel sites Ctrip (CTRP +7.4%) and Qunar (QUNR +6.5%), online real estate plays SouFun (SFUN +6.1%) and Leju (LEJU +4.5%), and online retailers JD.com (JD +4.8%) and Vipshop (VIPS +6.3%). Priceline announced yesterday afternoon it had hiked its Ctrip stake to 11.6%.
- Other winners include ChinaCache (CCIH +8.1%), Cheetah Mobile (CMCM +6.2%), Sina (SINA +6.7%), Weibo (WB +4.3%), Youku (YOKU +5.7%), and YY (YY +4.1%).
- ETFs: KWEB, QQQC, EMQQ
Sep. 8, 2015, 10:54 AM
- Less than a year after announcing a smartphone JV with Chinese OEM Coolpad, Qihoo (QIHU +0.8%) has exercised a put option requiring Coolpad to buy out the company's 49.5% JV stake.
- Qihoo states it can exercise the put option if Coolpad breaches the JV agreement's non-compete obligations, and accuses Coolpad of having done so. It assigns a "fair market value" of $742.5M for its stake. With a breach requiring Coolpad to pay twice the fair market value (if upheld), Qihoo is seeking a $1.485B payout.
- Coolpad might beg to differ with both Qihoo's breach allegations and its estimated JV valuation. Qihoo originally paid $409M for a 45% stake, and later another $45M to up its stake to 49.5%. The JV recently launched 3 Android phones under the Qiku label.
Sep. 8, 2015, 9:14 AM
Sep. 4, 2015, 2:38 PM
- A slew of Chinese firms are among the biggest tech decliners as U.S. markets once more go into risk-aversion mode following a weaker-than-expected jobs report. The Guggenheim China Tech ETF (CQQQ -3.3%) is now down 19% YTD.
- Big decliners include Alibaba (BABA -4.7%), as well as e-commerce peers JD.com (JD -6.6%), Vipshop (VIPS -7.9%), and LightInTheBox (LITB -3.8%). Others include Qihoo (QIHU -4.4%), Autohome (ATHM -5.3%), Sina (SINA -4.7%), YY (YY -4.3%), Ctrip (CTRP -4.3%), Qunar (QUNR -4.4%), Wowo (WOWO -5.8%), and iDreamSky (DSKY -5.6%).
- Yesterday, Bloomberg reported Alibaba founder/chairman Jack Ma and vice chairman Joseph Tsai plan to take out a $2B+ margin loan pledged against their Alibaba stock holdings, rather than sell shares to raise funds. The money reportedly could go towards Tsai's Blue Pool Capital family office.
- After initially moving higher, Qihoo is now below where it traded before posting a Q2 EPS beat (and not providing any guidance) on Tuesday afternoon.
- ETFs: KWEB, QQQC, EMQQ
Sep. 4, 2015, 1:19 PM
- The Information reports Google (GOOG -1.3%, GOOGL -1.4%) "hopes to get Chinese government approval to distribute a special China version" of Google Play as soon as this fall. The Chinese version of the App Store will comply with Beijing's censorship requirements, and store data locally.
- The site previously reported of plans for a Chinese Play launch last November. Google shut down its Chinese search engine (Google.cn) in 2010 rather than comply with censorship requirements. However, the company still does plenty of business with Chinese advertisers looking to reach overseas buyers, and hosts many apps developed by Chinese firms within international Play stores.
- While Android accounts for well over half of Chinese smartphone sales - Kantar Worldpanel estimates a 79.1% unit share in "Urban China" for the 3 months ending July - Chinese Android users generally rely on app stores from local tech giants Baidu (NASDAQ:BIDU), Qihoo (NYSE:QIHU), and Tencent (OTCPK:TCEHY). Meanwhile, the iPhone maintains a large share among higher-income Chinese users more likely to pay for apps and/or in-app purchases.
- In other Google news, Google is expanding its self-driving car tests from the company's home base of Mountain View to Austin, TX. The company has previously suggested it wants to bring a self-driving car to market by 2020, and that it wants to act as a hardware/software supplier for 3rd-party automakers.
- Google claims its cars have been involved in just 16 minor accidents in over 2M miles of driving, and that none of the accidents were its fault. However, researchers think some of the accidents are a product of Google's cars being too safe, perfectly following the letter of the law in a world where many drivers don't.
Sep. 2, 2015, 9:17 AM
Sep. 1, 2015, 6:38 PM
- Qihoo (NYSE:QIHU) is up 2.5% after hours after beating Q2 EPS estimates and posting in-line revenue. Like several other U.S.-traded Chinese companies, Qihoo has declined to provide guidance in its Q2 report, after doing so in prior quarters.
- Top-line performance: Online ad revenue +71.6% Y/Y to $293.9M. Internet value-added service revenue -16.4% to $122.2M. The former was boosted by search ad growth; the latter fell due to the government's suspension of online lottery sales.
- Metrics: Total users of Qihoo's PC products/services rose by 11M Q/Q and 18M Y/Y to 514M. Users of Qihoo's 360 Mobile Safe product rose by 21M Q/Q and 158M Y/Y to 799M. Monthly active users for Qihoo's PC browsers - they drive search/home page traffic - rose by 12M Q/Q and 43M Y/Y to 388M. Average daily clicks on Qihoo's 360 personal startup page fell by 13M Q/Q and 72M Y/Y to 677M.
- Financials: Gross margin fell to 76.2% from 79.3% a year ago. Operating expenses (non-GAAP) rose 27% Y/Y to $232.5M. Qihoo ended Q2 with $1.3B in cash/investments, and $1.6B in long-term debt.
- No decision is said to have been made regarding the $77/share going-private offer Qihoo received in June.
- Q2 results, PR
Sep. 1, 2015, 6:00 PM
- QIHOO 360 Technology (NYSE:QIHU): Q2 EPS of $0.82 beats by $0.10.
- Revenue of $438.3M (+37.9% Y/Y) in-line.
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