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Tech Mogul Gets $12 Billion Richer Just by Leaving New York for China

  • Online security firm Qihoo 360 was delisted from NYSE in 2016
  • Founder Zhou Hongyi becomes China’s 12th-Richest Person
Bloomberg business news

Qihoo and Zhou Hongyi

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Why be content with almost $2 billion when your net worth can be multiples more simply by moving your company from one stock exchange to another?

Zhou Hongyi did just that, relocating his online security firm to China and merging it into a shell company, which soared as much as 550 percent since he announced the plan in November. Qihoo 360 Technology Co. delisted from the New York Stock Exchange in July 2016 and began trading Wednesday in Shanghai as 360 Security Technology Inc. The move boosted Zhou’s net worth to $13.6 billion, making him China’s 12th-richest person, according to the Bloomberg Billionaires Index.