Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Do you Qihoo? Chinese Internet IPO goes nuts

By David Goldman, staff writer

NEW YORK (CNNMoney) -- Chinese Internet company Qihoo 360 went public with a bang Wednesday morning on the New York Stock Exchange, with shares immediately doubling at the start of trading.

Qihoo 360 (QIHU) priced its stock at $14.50 a share, but shares opened at $27 and quickly soared as high as $33.40. The company raised more than $175 million in its IPO.

The Internet software company sells antivirus software and security services. it also develops Web-based games and makes the second-most used Internet browser in China, behind Microsoft's (MSFT, Fortune 500) Internet Explorer.

With 300 million Internet users in China -- a number that's rapidly rising -- second place is an attractive position to be in. Qihoo attracted significant interest from U.S. venture capital firms, receiving backing from big-name VCs such as Sequoia Capital and Highland Capital Partners.

Last year, Qihoo took in $58 million in sales and made a profit of $8.5 million. Revenue was up 79%, and its profit more than doubled from 2009.

That the IPO was a roaring success wasn't a surprise. Two other Chinese Internet companies, Youku.com (YOKU) and Dangdang (DANG) both went sky-high after their December 2010 IPOs. Shares of Chinese search leader Baidu (BIDU) have risen 41% this year. To top of page

Index Last Change % Change
Dow 16,656.40 184.03 1.12%
Nasdaq 4,745.32 37.54 0.80%
S&P 500 1,974.04 22.68 1.16%
Treasuries 2.02 0.04 1.81%
Data as of 9:53am ET
Company Price Change % Change
Dow Chemical Co 45.50 1.04 2.35%
General Electric Co 26.34 0.88 3.44%
Bank of America Corp... 15.52 0.14 0.91%
Apple Inc 109.68 -0.70 -0.63%
Micron Technology In... 16.78 0.86 5.44%
Data as of 9:38am ET


Coke and Pepsi have been market duds this year. But Shasta maker National Beverage is surging. So is Cott, which makes private label sodas for Walmart. More

After years of talks, negotiators for the United States and 11 other nations are trying to hash out final terms of a controversial free-trade agreement. The Trans-Pacific Partnership, or TPP, would make trade easier across many areas of business. More

Smarties, a Halloween candy staple, have been around for 66 years. Three Millennial women are revolutionizing it. More