Chinese tech firm Qihoo 360 announces smartphone brand, but not the phones

Chinese internet security company Qihoo 360 announced a new brand of smartphone at a glitzy event in Beijing on Wednesday, although it did not show the actual gadgets as many had expected.

Company chairman Zhou Hongyi told the hundreds of attendees that the phones were not ready, and asked for time because he was not satisfied with what the company had developed so far.

“Our smartphone should have been available three months ago. Our prototype works fine, but it lacks highlights to stand out from competitors, so please be patient with us,” he said.

Qihoo is one of a number of firms rushing to enter the booming Chinese smartphone market, driven by the prospect of huge profits as millions of Chinese upgrade from older feature phones. But competition will be fierce against established local big players such as Xiaomi, ZTE and Huawei, as well as big-name foreign makers Apple and Samsung.

The internet security software company has invested US$409 million teamed in a joint venture with Coolpad, one of the biggest Android phone makers and one of the first to launch 4G smartphones in China, to make the smartphones.

The phones will be sold under Qihoo’s Qiku brand and Coolpad’s Dazen brand.