Qihoo: A Strange Tiger, Indeed 奇虎：真的是头怪虎！

It seems like after all my warnings to avoid Qihoo’s (NYSE: QIHU) IPO, plenty of greedy investors just couldn’t stay away from this company, whose name means “strange tiger” in Chinese. The company raised less than initially reported in its new IPO, but more than made up for that as its share price more than double on its NYSE trading debut, bringing lots of quick bucks for anyone who got shares at the IPO price. (English article; Chinese article) To those hedge fund managers who followed by advice, my apologies and I owe you a drink. But for longer term investors, for whom my advice was really intended, my advice remains the same: This company is a lightning rod for lawsuits and negative publicity, and much of that is due to questionable business practices that will ultimately drag down the company and possibly put it out of business. (previous blog post) Once again I say: let the buyer beware.

Bottom line: Qihoo is not for longer term investors, but may become a hedge fund darling because of its frequent controversies

尽管我对奇虎<QIHU.N>的IPO冷语不断，但是看来仍旧有无数贪婪的投资人难以抵御这头”奇怪的老虎”的诱惑。奇虎终於如愿在纽交所上市，尽管筹资额小於最初预期，但上市当天股价几乎翻番，令首批投资者大赚一笔。那些当初听了我的话的对冲基金经理们，我对不住你们， 回头请你们喝酒。但是，对於长期投资者来说,其实，我的忠告本来也是说给你们的–我还是那句话：这个公司就是块招惹法律纠纷和负面新闻的磁铁，而且它 的多数争议也不都是空穴来风。最终，奇虎的出格商业行为必然毁了自己。买家们，还是要当心！

一句话：奇虎是长线投资的毒药，但也许它的重重争议对对冲基金来说反而是良药。