360 Group founder and chairman Zhou Hongyi has issued a statement refuting allegations made by Yu Hong in a WeChat group, which he claims are baseless. Zhou clarified that Yu Hong, who previously led Gamewave, a company acquired by Qihoo360 over a decade ago, joined the company in 2014 and left in 2015, never holding a core management position at 360 Group. Zhou dismissed the accusations of financial fraud as false and stated that legal action will be pursued against the defamatory claims.