360 Security Technology refutes ex-employee's financial misconduct claims

360 Security Technology Co., Ltd. has addressed recent media reports concerning a former employee's statements about alleged financial irregularities within the company's gaming business. The company clarified that the individual previously served as head of GameWave, a company acquired by Qihoo 360 Technology Co. Ltd. The individual joined a subsidiary of Qihoo 360 in 2014 and resigned in 2015 for personal reasons, never holding core management positions in the A-share listed 360 Security Technology.

The company's investigation revealed that since its backdoor listing, GameWave's annual business revenue from 2018 to 2024 averaged approximately 0.2 bn yuan, accounting for about 0.2% of 360 Security Technology's total average annual revenue during the period. 360 Security Technology confirmed that its gaming business revenue recognition has consistently complied with corporate accounting standards.

Furthermore, 360 Security Technology stated that its financial data for all past years has been audited by audit firms, which have issued standard unqualified audit reports, indicating no instances of financial falsification. The company intends to pursue legal action against the former employee for the inaccurate statements to protect its reputation, legitimate rights, and the interests of its investors.