360 Talking about Zhou Hongyiqis Dividing Eastward: Solving the Independence of Chianshens Listing

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 360 Talking about Zhou Hongyiqis Dividing Eastward: Solving the Independence of Chianshens Listing


Pengchao journalist Zhang Ning

On the evening of April 12, 360 companies listed in A shares (601360) announced that they would transfer all their stakes in Beijing Qianxin Technology Co., Ltd. (hereinafter referred to as Qianxin). 360 Company was the second largest shareholder of Qianshen before. The shares of Qianshen accounted for 22.59% of its total equity, and the transaction amount was 3.731 billion yuan.

After the transfer, there will be no equity relationship between 360 Company and Qianshen, and the relationship between investment and being invested and authorization and being authorized will be ended.

The transfer also means that the two old partners, Zhou Hongzhu and Qi Xiangdong, will be officially separated, and the two sides will compete in the future in the field of government-enterprise network security business.

On April 13, 360 Company responded to the news (www.thepaper.cn) that 360 Company made the transfer of shares mainly for the following considerations:

One is to solve the problem of independence and help Chianshen go public. Three years ago, as the earliest strategic investor in Chiansen, 360 provided authorized support and security capabilities for its brand, technology, big data, etc. After more than three years, with the support of 360, Qianxin has achieved rapid development and has the ability to develop independently.

At present, Qianxin has started the preparatory work for listing. According to the relevant listing requirements, the proposed listed company should be independent. The authorization support provided by 360 to its brand, technology and big data has affected its independence to a certain extent. To this end, 360 will transfer the equity as a whole, withdraw the relevant brand, technology and data authorization according to the agreement, and solve the problem of the independence of Chiansens listing.

In order to protect the interests of users, 360 will continue to provide large data security support services. Previously, 360 companies will continue to provide data support in the transitional period through market-oriented mechanism to ensure that the interests of government and enterprise users are not harmed, which is also in line with their user-first values.

The second is to fully implement the 360 Great Security strategy. After the transfer of shares, 360 companies will receive 3.7 billion yuan of transfer funds, investment income of nearly 3 billion yuan, and the withdrawal funds will be used for the expansion of 360 companys big security strategy.

Previously, the chairman and CEO of 360 Company Zhou Hongzhen put forward a big security strategy: in the era of interconnection of all things, the threat of network security has expanded from cyberspace to malicious control or attack on national security, national defense security, key infrastructure security, social security, urban security and even personal security. For this reason, 360 Company will continue to build a national security brain and big city security. Brain and Family Safety Brain provide more powerful guarantee for national security and national security, and will deepen the layout of government and enterprise security business. In the series of maps of the big security strategy, the government-enterprise network security market is indispensable.

360 said that in the future, the area of government-enterprise security will become an important strategic direction and new business growth point for 360 companies. 360 will make every effort to expand the security market of government-enterprise by means of not limited to self-construction, investment, mergers and acquisitions.

The share transfer also means that in 360 senior management, Zhou Hongyi and Qi Xiangdong officially separated. According to the announcement, Qi Xiangdong holds 27.70% of Beijing Qianxin Science and Technology Co., Ltd. as the largest shareholder and the actual controller of Qianxin.

Qian Xin was a subsidiary company of Beijing Qihu Science and Technology Co., Ltd., a 360 wholly-owned subsidiary. On July 22, 2016, Qi Xiangdong and Anyuan Chuangzhi Equity Investment Partnership (Limited Partnership) in Meishan Bonded Port Area of Ningbo signed a capital increase agreement with the relevant parties, and increased its capital to Qian Xin. On September 30, 2016, the registration of the industrial and commercial change of the capital increase was completed, and Qian Xin changed to 360 shares. Company.

On the other side of the transaction, that is to say, the transfer of shares is the Mingluo Investment Management Partnership in Meishan Bonded Port Area, Ningbo. The announcement shows that the actual controller of the company is Beijing Jinhui Jinhui Investment Group Limited, which holds 1% of the partnership, while Lou Xiaodong, a limited partner, holds 99% of the partnership. Mingluo Investment Management Partnership (Limited Partnership) in Meishan Bonded Port Area of Ningbo was established in January 2018, and has not yet started its business. Industry and commerce data show that Beijing Jinhui Jin Investment Group is an important investor of Qianxin through its six limited partnerships.

To sort out the relationship between Zhou Hongyi and Qi Xiangdong, from 3721 to Yahoo China and Qihu 360, Qi Xiangdong is undoubtedly Zhou Hongyis most important partner. In 2003, Qi Xiangdong was invited by Zhou Hongzhu to leave Xinhua and join Zhou Hongzhus company 3721. In 2004, Yahoo acquired 3721 and Qi Xiangdong followed Zhou Hongzhu as Vice President of Yahoo China. In 2006, Zhou Hongzhu invested in Qihu 360 Technology Co., Ltd. and became Chairman of Qihu 360 Co., Ltd. and Qi Xiangdong served as President. He led Qihu 360 to go public and private for more than ten years. There are such important stages as delisting and returning to A-share listing.

In fact, Qi Xiangdong withdrew from the management of listed companies and was responsible for the business of enterprise security group when 360 backdoor returned to A-share listing in early 2018. A 360 insider told Pengbao News. According to the announcement issued by 360, 360s plan to deepen the layout of government and enterprise security business undoubtedly competes with Qianxins main business, enterprise security field. Qi Xiangdongs teams position and name in 360 group is 360 enterprise security group, which mainly provides network security products and services for government and enterprise customers. It is not difficult to see that Zhou Hongzhen and Qi Xiangdong will become competitors after their separation.

Qis withdrawal from 360 Group to the East is also a long-planned process. Qi Xiangdong has repeatedly said in interviews with the media that he wants his team to go public. In February this year, Qi Xiangdong, participating in the Symposium on promoting financing of science and technology enterprises, private enterprises and small and micro enterprises held in Beijing, said that Qi Anxin was actively preparing for the listing of science and technology creation board, hoping to get the support of relevant departments. On April 13, Qi Xiangdong said to Tencents first line that Qianshen was expected to land in the companys first board. It is now in progress and is being implemented step by step. According to the latest years financial data of Qianxin, in 2018, the companys total assets were 7.932 billion yuan, its operating income was 2.393 billion yuan, its total liabilities was 2.448 billion yuan, and its net profit was - 158 million yuan. According to the information released by Qianshen, in the past three years, the compound growth rate of Qianshen has exceeded 90%, accounting for 90% of the security business of central ministries, central enterprises and large banks. From the end of 2017 till now, Qianxin has obtained 1.25 billion yuan pre-B round and 900 million yuan B round of financing, with a post-investment valuation of more than 20 billion yuan. Some insiders believe that the two companies will compete fiercely in the field of government-enterprise security after the separation. Source: Wang Fengzhi _NT2541

Qis withdrawal from 360 Group to the East is also a long-planned process. Qi Xiangdong has repeatedly said in interviews with the media that he wants his team to go public. In February this year, Qi Xiangdong, participating in the Symposium on promoting financing of science and technology enterprises, private enterprises and small and micro enterprises held in Beijing, said that Qi Anxin was actively preparing for the listing of science and technology creation board, hoping to get the support of relevant departments. On April 13, Qi Xiangdong said to Tencents first line that Qianshen was expected to land in the companys first board. It is now in progress and is being implemented step by step.

According to the latest years financial data of Qianxin, in 2018, the companys total assets were 7.932 billion yuan, its operating income was 2.393 billion yuan, its total liabilities was 2.448 billion yuan, and its net profit was - 158 million yuan.

According to the information released by Qianshen, in the past three years, the compound growth rate of Qianshen has exceeded 90%, accounting for 90% of the security business of central ministries, central enterprises and large banks. From the end of 2017 till now, Qianxin has obtained 1.25 billion yuan pre-B round and 900 million yuan B round of financing, with a post-investment valuation of more than 20 billion yuan.

Some insiders believe that the two companies will compete fiercely in the field of government-enterprise security after the separation.