China's internet security giant Qihoo 360 Technology Co Ltd is close to listing on the Shanghai stock exchange after it was delisted from the New York Stock Exchange last year.
The company will carry out a back-door listing via SJEC Corporation, an elevators and escalators maker that has been suspended from trading since June this year.
According to SJEC's announcement, the A-share listed company will launch a reverse takeover to acquire 100 percent share of Qihoo 360 valued at 50.42 billion yuan ($7.62 billion) by a series of deals including large asset swap and share issues.
After completing the back-door listing, Zhou Hongyi, Qihoo 360's chairman and CEO, will hold 12.14 percent share of the company. And by controlling other two companies that will hold 51.56 percent share of SJEC, he will be the listed company's actual controller.
Qihoo 360 said its net profit will not be lower than 2.2 billion yuan, 2.9 billion yuan and 3.8 billion yuan, respectively, from 2017 to 2019, after it will list on A-share market, according to the announcement.
From China Daily