Qi An Xin, a China-based cybersecurity technology spinoff of antivirus software vendor Qihoo 360, filed for a RMB4.5bn ($634m) initial public offering on Monday, according to DealStreetAsia.
The listing, if it goes ahead, will provide exits to telecommunications and electronics conglomerate China Electronics Corporation (CEC) and furniture retailer Red Star Macalline.
Qi An Xin produces a suite of cybersecurity products that rely on artificial intelligence, big data and safety operation technology and are aimed at government agencies and enterprise clients in sectors such as finance, energy and telecommunications.
The company was established as a subsidiary of Qihoo 360 in 2014 before being spun off two years later. Qihoo 360 sold its remaining 22.6% stake to two firms affiliated with CEC for $542m in April 2019.
Qi An Xin subsequently raised $210m in funding from Red Star Macalline, IDG Capital, 10Fund, Xicheng Jinrui, an undisclosed investment platform of Oriza and several unnamed backers in September 2019. The round reportedly valued Qi An Xin at more than $3.2bn.
Proceeds have been allocated to technology development, including cloud and big data security, the internet of things and zero-trust architecture.
Qi Xiangdong, chief executive and chairman of Qi An Xin, is the largest shareholder with a 25.9% stake he holds directly and another 12.5% shareholding he owns through two entities. CEC owns a 38.3% stake.
The company’s shareholders, apart from those named above, also include CICC Capital and AlphaX Partners.
