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Qihoo Buyer Group Said to Hit Impasse With Chinese FX Regulator

The Qihoo 360 Technology Co. buyout consortium, seeking to take the Chinese company private in a $9.3 billion deal, has hit an impasse with the nation’s foreign-exchange supervisor as the regulator scrutinizes the deal, people with knowledge of the matter said.

China’s State Administration of Foreign Exchange, whose approval is needed to convert large sums of yuan into U.S. dollars, told the investor group it can’t move the acquisition funds offshore in a single batch, according to the people. The consortium, led by Qihoo Chairman Zhou Hongyi, is still negotiating with officials from SAFE, the people said, asking not to be identified as the information is private.

The government has been seeking to control fund outflows amid a $42.6 billion wave of privatization offers for U.S.-listed Chinese companies since the start of last year. China wants to avoid encouraging...