BNY Mellon, has been selected by Qihoo 360 Technology Co. Ltd. as the depositary bank for its American depositary receipt (ADR) program.
Each Qihoo ADR represents one-and-a-half ordinary shares and trades on the New York Stock Exchange under the symbol “QIHU.”
Qihoo is a provider of Internet and mobile security products and services to Internet users in China.
“We have enjoyed a successful U.S. debut, as evidenced by the fact that our IPO has been oversubscribed and priced beyond the initial range,” says Hongyi Zhou, Qihoo’s CEO. “We look forward to working with BNY Mellon’s world-class depositary receipts team to capitalize on our success thus far and continue to expand our shareholder base and increase awareness in the global capital markets.”
Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business, adds: “Chinese technology companies have enjoyed excellent valuation and success when conducting U.S. IPOs via depositary receipts. Qihoo joins the ranks of companies that are gaining ever increasing visibility in the U.S., and BNY Mellon’s investor relations and related initiatives aim to expand their brand even further.”