360 market value cut Zhou Hongyi face explosion? Thats nothing.

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 360 market value cut Zhou Hongyi face explosion? Thats nothing.


Author: Rao Chun Chun

Shareholder pledge is the re-performance of the companys privatized syndicated loan contract. There is no situation that the stock price fluctuation will touch the warning line or the liquidation line, nor does it involve any new loans. A 360 (601360.SH) person told the twenty-first Century economic news reporter that

Recently, an article published by the media said that the successful landing of 360 A shares at the end of February this year may lead to the risk of bursting positions due to the continuing fluctuation and decline of stock prices. Is this really the case?

According to the three-quarter report of 2018 issued in 3600, as of the end of September, Tianjin Qixin Zhicheng Technology Co., Ltd. (hereinafter referred to as Qixin Zhicheng), the companys major shareholder, holds 48.74% of the shares of listed companies, which have all been pledged.

According to the relevant articles, the market value of San600 was once as high as 500 billion yuan when it disclosed the backdoor listing of Jiangnan Jiajie, but by November 1, the market value was less than 150 billion yuan, which means that in less than a year, the stock price will be cut at the waist. Therefore, according to the media, 3600 100 billion market value stocks are on the verge of bursting positions, and the company does not belong to Zhou Hongyi?

Is this really the case?

In twenty-first Century, the economic news reporters interviewed 360 past notices and found that the actual situation is not so.

On August 25 this year, 360 disclosed in a Notice on Share Pledge of Shareholders in Tianjin Xinxinsheng Equity Investment Partnership (Limited Partnership) that Tianjin Xinxinshengs pledge was not a new issue, but only the continued implementation of the existing 360 privatization loan related agreements before listing, without any new loans involved. Or supplementary pledge. At the same time, it is clear that Tianjin xinxinsheng wont get any extra loans or cash because of this pledge.

According to the companys disclosure, Qixin Zhicheng signed the Qihu 360 Privatization Syndicate Loan Contract with China Merchants Bank and other six banks and pledged the corresponding equity. According to the relevant documents, after the reorganization and listing is completed, some shareholders of the company need to resume the equity pledge under the original privatization loan, in order to continue to fulfill the pre-listing requirements of the existing 360 privatization loan-related agreements.

It is reported that according to the relevant contracts, the expected repayment time of the above loans is from December 2018 to June 2023, and the principal will be repaid every six months in 10 periods. Since then, there has been a change in the principal repayment period from June 2020 to June 2023. The principal repayment period is divided into seven periods and six months.

At the same time, the 21st Century Economic Reporter noticed that the ability of Qixin Zhicheng to repay money was also explained in detail in the corresponding announcement.

It mentions that Qixinzhicheng shareholders can raise repayment funds through the liquidation of their direct shareholdings at the level of Listed Companies in addition to their own capital, and that after the lifting of the restrictions on the sale of shares at the direct level, considering the expected profits at the time of the lifting of the restrictions, the sources of repayment funds are relatively sufficient under the normal market valuation.

As for the change of stock rights, 3600 mentioned in the relevant announcement that Qixin Zhicheng did not fulfil the obligation of repayment when it expired. The above-mentioned stock rights may be transferred, auctioned and sold through negotiation.

On the other hand, Qixin Zhicheng currently holds more than 360% equity, corresponding to the latest market value of 150 billion yuan, the corresponding value of this part of the equity is more than 75 billion yuan, compared with the 20 billion equity pledge loan signed before, the market value of the pledged equity is still much higher than the loan amount. This may mean that for China Merchants Bank and other six banks, in a short period of time, the pledge loan of Qixinzhi to 360 shares is still quite safe. The so-called 360 pledge equity theory does not belong to Zhou Hongyi is sheer nonsense. A 3600 person told 21st Century Economic Reporter that shareholder pledge is the re-fulfillment of the companys privatized syndicated loan contract. There is no situation that stock price fluctuations will touch the alert line or liquidation line, nor any new loans involved. Source: twenty-first Century economic report editor: Joe Chun Jing _NBJ11279

On the other hand, Qixin Zhicheng currently holds more than 360% equity, corresponding to the latest market value of 150 billion yuan, the corresponding value of this part of the equity is more than 75 billion yuan, compared with the 20 billion equity pledge loan signed before, the market value of the pledged equity is still much higher than the loan amount.

This may mean that for China Merchants Bank and other six banks, in a short period of time, the pledge loan of Qixinzhi to 360 shares is still quite safe. The so-called 360 pledge equity theory does not belong to Zhou Hongyi is sheer nonsense.

A 3600 person told 21st Century Economic Reporter that shareholder pledge is the re-fulfillment of the companys privatized syndicated loan contract. There is no situation that stock price fluctuations will touch the alert line or liquidation line, nor any new loans involved.