360 Founder’s Divorce to Hand Ex-Wife $1.3 Billion Stake

Zhou Hongyi, co-founder and CEO of cybersecurity firm 360 Security Technology Co. Ltd. (601360.SH), has ended his marriage of more than 20 years with his ex-wife, who may end up with a 6.25% stake in the company worth almost 9 billion yuan ($1.3 billion).

Zhou and Hu Huan dissolved their marriage on Tuesday after “friendly negotiations,” 360 announced on Wednesday. According to their agreement, Zhou will transfer 446.59 million shares to Hu, who otherwise holds no stake, according to the announcement.