Jun. 2, 2011 (China Knowledge) - Qihoo 360 Technology Co<QIHU>, a leading security software maker in China, plans to provide new services, including cloud computing, to expand its internet market in China, said Board Chairman Zhou Hongyi, a former head of Yahoo China. According to the plan, the company will provide the data-storage services that could be accessed via the internet, said Zhou without disclosing the timetable and investment. Zhou added that Qihoo 360 will use proceeds from US$202 million raised in its U.S. initial public offering in March for acquisitions. New York-listed Qihoo 360, which has more than 300 million users downloaded its free security software, also has intention to start the online group buying business, said a person familiar with the matter. On May 31, the company announced plans to launch a RMB-denominated venture capital fund worth RMB 1 billion. Chairman Zhou appealed that there should be an open platform in the internet market to form a complete industrial chain. For the first quarter of this year, Qihoo 360 suffered a net loss of US$21.4 million, and its revenue swelled to US$22.9 million in the period, compared with US$9.7 million in the first quarter of 2010.
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