--FILE--A netizen browses the website of security software Duba Liebao of Kingsoft Corporation in Yichang, central Chinas Hubei province, 19 August 2011.
Kingsoft Corporation, a leading applications and entertainment software developer in China, announced today that it planned to spin off security software business and list the sector on NASDAQ or New York stock exchange. Kingsoft has filed to Hong Kong Stock Exchange for the spin-off. Kingsofts security software business is operated by Kingsoft Internet Software Holdings Limited (KIS), also known asKingsoft Network in China. The company is principally engaged in development and operation of security software and web browser Liebao, as well as cross-platform value-added services and online advertising. Kingsoft and the management of KIS currently hold 54.09% and 13.5% stake in the company, respectively. The competition between Qihoo and KIS intensified after Keniu, an Internet security company founded by former Qihoo Exec Fu Sheng, was merged into Kingsofts anti-virus business in late 2010. Tencent, which also waged battle against Qihoo last year, partnered up with KIS by acquiring an 18% stake last year, becoming the second largest shareholder of the company.
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