Qihoo (QIHU) Under Chinese Investigation Following Complaint of 'Foul Play' in New Web Browser
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Qihoo 360 (NYSE: QIHU) is lower on the session Friday following reports it might be subject to a probe in China over improper practices behind its new web browser.
According to Qihoo, a prominent blogger -- Fang Zhouzi -- complained to authorities, prompting the investigation by China's Ministry of Industry and Information Technology (MIIT). A company posting yesterday also said it would take up a suit against peer Biadu (Nasdaq: BIDU), accusing it of a smear campaign.
Reuters noted Friday that Qihoo's browser has been somewhat successful in drawing users from Baidu and Google, capturing about 5 percent to 10 percent of user traffic since its debut in August.
Shares are down 0.2 percent Friday morning.
According to Qihoo, a prominent blogger -- Fang Zhouzi -- complained to authorities, prompting the investigation by China's Ministry of Industry and Information Technology (MIIT). A company posting yesterday also said it would take up a suit against peer Biadu (Nasdaq: BIDU), accusing it of a smear campaign.
Reuters noted Friday that Qihoo's browser has been somewhat successful in drawing users from Baidu and Google, capturing about 5 percent to 10 percent of user traffic since its debut in August.
Shares are down 0.2 percent Friday morning.
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