Qihoo 360 weeks four close 5.2% will buy back 200 million dollar shares

Beijing time October 3 Morning News, Qihoo 360 (Nyse:qihu) Thursday closing price rose 5.18%, closed at 67.2 U.S. dollars.

Qihoo 360 announced today that the company's Board of Trustees has authorized it to buy back up to 200 million US dollar Depository Shares (ADS).

These shares may be traded through open market purchases or privately negotiated deals. The money required for the repurchase comes from the company's existing cash reserves and continuing cash flow.

As of June 30, 2014, the balance of cash and cash equivalents for Qihoo 360 was about $787 million. The company also financed about 1 billion dollars by issuing convertible bonds in August 2014. (Ye Wan)