Qihoo 360 Announces Completion of Investment Agreement with Hozon Auto

According to an announcement issued at the Shanghai Stock Exchange on Tuesday by Qihoo 360 Technology Co., Ltd., a Chinese network security company, as of the disclosure date of the announcement, the company’s shareholding in Hozon Auto has fulfilled the procedures required by relevant government authorities, and the investment agreements have been signed.

Prior to this, Qihoo 360 announced on October 19 the details of its investment in Hozon Auto, claiming that it would invest 2.9 billion yuan ($454.26 million) in the firm, becoming its largest shareholder apart from the management team. On October 20, Qihoo 360 issued a supplementary announcement, saying that since this investment involves taking shares in a new energy automobile manufacturer, it will lead to major changes in the ownership structure of Hozon Auto, and the investment needs to be approved by relevant departments.

In this regard, Qihoo 360 has indicated that they will actively follow the requirements of regulatory authorities and will continue to fulfill their information disclosure obligations in a timely manner, following up on important progress of investment matters. In the future, the company says it will invest in the safety of internet-connected vehicles, make Hozon Auto a model for the industry, and provide safety services for automobile enterprises and industrial chain partners across the whole industry.

SEE ALSO: Chinese Internet Security Firm Qihoo 360 to Spend $451 Million for 16.6% Equity of Hozon Auto