Since the launch of an English version of its security product, Qihoo saw positive feedback from overseas markets and has had 10 million overseas users, Li Tao, vice president of Qihoo and the lead of its international division, said on stage of TechCrunch Shanghai event today.
He claims worldwide-known security services have started studying Qihoo’s products. The key for Qihoo’s expansion overseas is creativity and innovation. He’s confident that Qihoo’s technologies, such as cloud-based solution, and business model are innovative and competitive worldwide. When it comes to overseas markets, Li said the room is big. They even see opportunities in markets who don’t trust countries like the US but welcome Qihoo as a third-party security service provider.
Qihoo is the leading Internet security service provider and now one of the largest Internet companies in China. It claims it has more than 90% a security market share and covers roughly 70% of the smartphone security market here. More recently it became the second largest search engine in China market. Last month it claimed its market share reached 22.85% in October and adjusted the company’s annual target to 25%.
When asked why Qihoo would tap into search market, his answer is users needed it. 7 years ago, he introduced, not every user in China could afford any paid Internet security service. There were only one million Chinese users using legitimate security services and the total revenues generated from all the Chinese security companies were no more than $200 million. Qihoo’s free service now has reached almost all Chinese Internet users.
On the topic of Baidu, the one Qihoo is challenging in search, Mr. Li said Baidu is a monopoly in China market and doesn’t offer quality service given it mixes ads or fraudulent search results in result pages. On how the company plans to differentiate from Baidu, Mr. Li said they’d offer quality services where Baidu. Qihoo decided not to show medical ads.
When asked about Qihoo’s potential acquisition target Sogou was finally bought by Tencent, he hinted that Sogou’s market share isn’t prominent. What’s true is Sogou, now the third largest player in the sector, and Tencent’s Soso never grew big enough to challenge Baidu.
When it comes to the disputes and law suits with Chinese Internet giants, Tencent and Baidu, Li finally concluded that users would vote with mouse and clicks, just like how users adopt Tencent’s WeChat.
Zhou Hongyi, CEO of Qihoo, once said he wanted Qihoo to become the biggest Internet security company worldwide. Mr. Li said today that they also wanted to be a well-respected global company.