Qihoo Leads China Going-Private Target Rebound in U.S. Trading
- ADRs rally as CSRC said to be considering deal quotas
- Stocks had plunged on concern regulator to block transactions
China Going-Private Targets Rebound After Plunge
Qihoo 360 Technology Co. led a rebound in U.S.-traded Chinese companies that are seeking to move their listings to the mainland after a three-day selloff driven by concern that the Asian nation’s securities regulator will move to block the deals.
The Internet company, whose $9.3 billion going-private bid is the biggest among the group, rallied 8.9 percent to $70.93 on Tuesday in New York. The stock tumbled 14 percent in the prior three trading days. Data carrier 21Vianet Group Inc. surged 15 percent, following a 29 percent plunge over three days. Momo Inc., the dating app maker whose buyout proposal got a boost from Alibaba Group Holding Ltd.’s backing, gained 6.6 percent, reducing its four-day decline to 21 percent.