Qihoo Soars as Google to Ignite Revenue: China Overnight |
| Bloomberg - Dec 31, 2012 |
Qihoo 360 Technology Co. (QIHU) surged in New York, driving the benchmark index of Chinese U.S.-listed stocks to seven-month high, on prospects a partnership with Google Inc. (GOOG) will bolster revenue this year.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in New York jumped 1.3 percent to 98.04 by 11:40 a.m., bringing its 2012 advance to 5.6 percent. Qihoo, a Beijing-based company that started its Internet search engine in August, is poised to close at the highest level since May 20, while web data-center operator 21Vianet Group Inc. (VNET) climbed the most in four months. China Life Insurance Co. (LFC) traded at a premium to its Hong Kong stock for the first time in six days after the regulator said insurers can set up mutual funds.
Qihoo, which offers anti-virus programs as well as the most-used web browser in China, jumped 86 percent in 2012, the biggest gainer of the China-US gauge’s 55 stocks. The company’s tie-up with Google will start soon and contribute $140 million of revenue this year, Juan Lin, an analyst at Wedge Partners Corp. in Greenwood Village, Colorado, wrote in a report. Data showing Chinese factory output grew at the fastest pace in 19 months in December also boosted stocks traded in the U.S.
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- Posted: 2012-12-31 15:05:55
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