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Qihoo quickly became the third largest internet company in China after tech giants Tencent and Baidu, with an annual $22.2 million net profit and revenue.īut something odd happened in July 2016. As Yahoo Finance reported it, the company announced a privatization that valued shares held by U.S. investors at $77, reflecting a valuation of $9.3 billion. Qihoo and co-investors CITIC Guoan Group, Golden Brick Silk Road Capital, Sequoia Capital China and others led a move to merge Qihoo with “New Summit Limited”, an anonymous Hong Kong entity. U.S minority owners had no say in the matter by the power of majority, big investors forced minority share owners to agree to the $77 valuation they set themselves in a vote and all shares were cancelled.
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Then, in 2018, just two years later, Qihoo was relisted on the Shanghai Stock Exchange for a $62 billion valuation, a return of more than 550%. This irked the NYSE investors, who, since August 2016, are demanding compensation for what they consider an unfair process of liquidation and privatization.Ī lawsuit on the matter is still ongoing in the Cayman Islands, where Maso Capital Partners LTD – a Hong Kong hedge fund which held $16.9 million worth of Qihoo 360 shares before the privatization, demand justice. The hedge fund managers lost $75 million (according to the Shanghai relisting) and they are not going to give up easily. Maso Capital is currently seeking $92 million in the Cayman Islands court, which were already put into escrow by Qihoo 360 per the court’s order. Fund managers say $92 million is but a conservative estimate of the shares’ true worth a robust expert valuation could yield an even higher share price for Maso. The privatization-and-relisting scheme is no new trick financial experts dubbed this antic “The Chinese Loophole”. It essentially means listing a company on the NYSE, privatizing at a low valuation then relisting in China for a much-increased value shortly after. This is made possible through a simple process through a public listing, a Chinese company taps into U.S. Then, majority owners take the company private at a significantly cheaper valuation, squeezing minority investors out at a named price thanks to the power of majority in a vote.
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Shortly after, the company relists back home in China, at a much higher valuation but without adding real value in the form of products or assets, leaving executives with a big windfall. While the companies are listed in the U.S, they are classified as Foreign Private Insurers (FPIs), subject to regulation by their home country’s exchange and not by the SEC. FPIs are also exempt from corporate governance practices by which most publicly listed domestic firms must comply, including a requirement to host annual shareholder meetings. That said, if investors could prove in court that they were cheated out of their true shareholding, consequences for said companies could be catastrophic.