Qihoo Rose 5.5% in early Thursday to buy back 200 million dollar shares

Beijing Time October 2 Evening News, Qihoo 360 shares in early Thursday stock rose 5.5%, after the rise fell. In Wednesday, Qihoo announced that the board had authorised the company to buy back the US depository Shares (ADS), which are worth 200 million of dollars.

As of 22:59, Qihoo's shares on the NYSE rose 1.28 U.S. dollars, or 65.17, to 2%. Earlier, the unit rose to $67.40 trillion. Compared with the 124.42-dollar all-time peak this spring, Qihoo has already recalled nearly 50%.

The Qihoo statement said that share buybacks could be done through open market purchases or privately negotiated transactions, and that the money needed to buy back would come from the company's cash reserves and continuing cash flow. As of June 30, 2014, Qihoo held a total of about $787 million in cash and cash equivalents. In August 2014, Qihoo financed about 1 billion dollars by issuing convertible bonds. (Li Wu/compiling)