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The author:(作者)qqpublished in(发表于) 2015/6/19 12:26:05 360 delisting there is a catch： Zhou hongyi sike Smartphone
With qihoo 360 issued buyout offer, since April this year, 16 have been in the United States-listed company received a buyout offer, seeking to return to the domestic a-share listing, which in June reached 10.
Earlier, the unit for policy reasons in seeking overseas listing, and from 2011 to 2013 to reach climax. But will also market undervalued, short selling and financing difficulties and problems. Today, shares of Internet and other emerging industries enterprises are sought after, multiple times, storm technology shares after the reunification is 43 times more gain.
Capital has been galvanized, seeking nothing in return for a piece of. However, the return has not been smooth. After privatization, dismantling VIE between structure, share queue listing process. "Money scene" is good, but more risk. Focus media borrowing HTC new material has been blocked, unit "returned" the road twists and turns.
Qihoo 360 privatisation is a long-planned, announced the news now is because Zhou hongyi felt the time was right.
On June 17, 360, Chairman and CEO Zhou hongyi company announce Joint CITIC Securities, BRICs, Wah Hing capital and Sequoia Capital, shareholders are not binding to the 360 company buyout offer, plans to enter per ADS of $ 77.00 (per share of class a or class b common stock US $ 51.33) acquired shares of other shareholders.
At present, qihoo 360 's privatization is a "possible" qihoo's Board has not yet made any decision, nor promise any future deal is reached.
About 360 why privatization? Zhou hongyi explained in an internal message on the same day: 360 is now $ 8 billion in market value, does not fully reflect the value of 360. Right after this announcement, the odd Tiger rose, to 74.06 dollars, up 12.13%, 360 companies worth more than $ 9 billion.
Zhou hongyi said privatization is himself with the old alignment (qihoo) repeatedly after taking into account the current global and China capital market environment and prudent decision.
Qihoo announced his withdrawal from the city more than the valuation-related, more related to another thing: Zhou hongyi Smartphone. Early last year, Zhou hongyi had less responsibility for security 360 traditional business and focus their energy on top of the Smartphone, traditional business youqihu 360, President of qihoo is responsible for.
Announced his withdrawal from behind, there is a subtext: 360 business will be spun off, traditional business spun off the domestic market, smartphones, smart devices and other emerging businesses would be split off. Business spun off will bring a result: Division of labour with Qi Xiangdong Zhou hongyi, Zhou hongyi is responsible for new business, qihoo is responsible for traditional business.
Privatization and domestic listing and business division of splits, Zhou Qi, which is the odd Tiger 360 new game in order to preserve old business and to open up new business.
Earlier, the Smartphone is the odd Tiger 360 plays for emerging businesses. On May 6, Yulong CoolPad and qihoo 360 to launch mobile phone brands "strange" on May 27, announced the launch of "Foundation to raise". Sources, strange cool handset will launch in August, happened to catch the summer promotion with the new semester.
Announced that privatization, Zhou hongyi qihoo 360, future-oriented game will be presented to the world: driving change on two fronts, fronts are privatized, the domestic market, is another business split, Division of management adjustments.
360 split traditional business back to the domestic market, early is no secret. 360 insider, Zhou Hongwei Qi Xiangdong and two at the end of last year had formed a consensus on this matter, the company began last year to back city, operation, privatization and other related matters, including cooperation with CITIC, China, sequoias and other institutions.
Market pain
For the United States capital markets, Zhou hongyi has been quite impatient: United States qihoo 360 had frequent encounters water, citron and other United States short body short, while qihoo 360 's earnings with analysts questioned the company's business model is not clear. For the above questions, Zhou hongyi had rage against the "don't understand the Chinese Internet".
Zhou hongyi said in an internal message: we (employees) a lot of people think 360 is currently $ 8 billion in market value, does not fully reflect the value of 360.
According to Zhou hongyi's buyout offer, per ADS of $ 77.00 price relative to the June 16, 360 16.6% of premium relative to the last 30 trading day closing price is the arithmetic mean of price 32.7% of premium. Sequoia Fund, CITIC Securities, Hua XING capital willing to premium buyers, also show qihoo 360, future business confidence.
Qihoo 360, according to the data provided, by the end of first quarter of 2015, 360 monthly active users of its PC and mobile products totaled more than $ 1.2 billion; 2014 annual revenues equivalent to more than 8.6 billion yuan, more than 2.1 billion yuan in net profit. The end of 2014, the company's total assets amounted to 20.6 billion yuan, more than 10 billion yuan in cash.
Qihoo 360 companies in the past few years, thanks to free this strategy, PC security products occupy a leading market share of the Chinese market and go into search and mobile application distribution areas, occupy a certain leading position, since the beginning of last year, and expand into the game, intelligent hardware and other fields.
For these agencies, larger 360 is the temptation to return to a-share market "money scene": compared with the storm, music video, qihoo 360 scale of revenue and profit are far ahead, but the market is only slightly higher than the storm, down music video. As of June 18, 360 market capitalization of about $ 8.7 billion, about 54 billion yuan, the storm is about 37 billion yuan, about 113.2 billion yuan. A banker told the 21st century business Herald reporter analysis, 360 return to a-share listing, guaranteed 200 billion yuan, is expected to hit 300 billion yuan.
Zhou hongyi, compared with the storm of a shares, music video, qihoo 360 's share price was hit by a double discount: the first discount is the United States capital markets on a misunderstanding of China's Internet, especially for qihoo 360 that "entrance" businesses don't understand; the second discount is the capital market in China and the United States capital markets valuation differences.
Valued at 300 billion yuan, meaning what is it? 300 billion yuan US $ 50 billion, ranked by market capitalisation in the Alibaba group, Tencent, Baidu, from a valuation point, slightly higher than round valuations on millet (millet on a round of financing valued at US $ 45 billion), at least form the pattern of TABLE on the market again.
TABLE refers to Tencent, Alibaba, Baidu, Lei, Zhou Department of five companies (or around individuals formed a number of enterprises), (2012), five companies (individual) is the Chinese market (valuation) the largest company, is also shadow force company, they stand at the peak of the Internet in China, for peer to look up.
Enter the 2013, 360 valuations started dropping, Zhou ranks of TABLE already have an undeserved reputation. Enter in 2014, the industry most frequently mentioned is the TABL, rarely mentioned TABLE. Many people, five of them around the edge of a table, there is a man destined to exit, now the competition has ended, out of is Zhou hongyi.
Dreaming phone
Buyers of 360 institutions, the Sequoia Fund is the 360 's early investors, founding and managing partner of Sequoia China Shen Zhou hongyi was for many years a partner. Zhou Hongwei Shen actually understand that 360 privatisation return to the domestic capital market, even if the market can't be sustained value back to top, 360 going back to the top, got to watch qihoo 360 's success in emerging business areas: for the King, defeated the bandits, Kings on the China Internet Summit, although for a second-tier Internet company.
Split-listed after the privatization, financing is an important results. Zhou Hong said in a message, in terms of IPO could fetch 100 billion, financing of up to 20 billion yuan. Now 360 assets exceeded 20 billion yuan, more than 10 billion yuan in cash. After the spin-off, company has cash reserves of up to 30 billion yuan, for the emerging businesses such as mobile blood transfusion.
For new business arrangements, Zhou hongyi said in a message: 360 intelligent hardware, China has become one of the strongest competitors in the field.
Said Zhou hongyi, 360 and cool companies not only announced the establishment of strategic alliances, establishment of a singularly cool technology into the mobile phone industry, odd cool and great to market two brands, also launched children's Watch, routers, intelligent cameras, vehicle traveling data recorder and other innovative intelligent hardware products, become the market leader.
Zhou hongyi said, "with 360 's outstanding performance and capability, we have sufficient autonomy to make choices. ”
Zhou hongyi believes that privatization is not only the capital operation of 360, is an important power 360 entered a new stage of development, is currently undergoing a comprehensive upgrade and realize leap-forward development of a huge boost, but for passionate 360 employees with more opportunities and larger stage.
The fact is, 360 in smartphones doesn't have any advantages, in particular, bear the burden of the Smartphone: in the company of China, currently leading the millet and Huawei, China, ranked in front of 360 with Lenovo, step by step, Meizu and foreign companies such as Samsung, qihoo 360 need capital transfusion.
Zhou Qi Division
Synchronized with privatization, the domestic market is a business spin off, the management structure. Business after the split, Zhou hongyi representative of the Smartphone for new business, Qi Xiangdong, 360 search, 360 cell phone Assistant is responsible for security operations, Zhou hongyi is responsible for new business is burning cash, qihoo is responsible for new business to make money.
Last year, Zhou Hongwei Qi Xiangdong of the industry "falls out, there should be separation of" argument. 360 insiders said separation is malicious interpretation of both to the outside world will be a clear division of labour, two people will work closely together to earn qihoo needs Zhou Honghong burned money for future burn Zhou Qi Xiangdong of the need to earn money to provide ammunition.
From the Division of business, it will form two fists of layout: Zhou hongyi was out of his fist, is responsible for attack on qihoo is back fist, responsible for the defense.
The insider said: this is also conform to two personalities: Zhou restless, combative and likes to attack Qi Xiangdong were thoughtful, fight no battle. This character of the two at the start is a very good complementary, Zhou hongyi outside, aligned to the proprietor, but if two people are responsible for the mature business, began when the internal management, conflicts can occur. That's why two divided internal meetings, despite their differences to resolve.
Zhou need a Prairie around like wolves hunting; alignment to the East needed a garden, do a diligent gardener, garden flowers are better. From 360 Insider point of view: through Division of labour splits two people, both to achieve new business layout, and the resolution of differences, also serve a good thing.
Traditional business is not just "conservative" can be also faced a great deal of space to develop: last year, the 360 into the enterprise security business. Enterprise-class security services means that qihoo 360 Security business user group changed: previously only individual consumers, now include government agencies and enterprises.
This for 360lai said is a new market, more important of is this market need new play: in personal consumption market, 360 is a late who, its Subversion rising, and Jinshan, and Symantec, competition opponents of practices is free, this a strategy get has pursuit price of personal consumption of support, 3,601 war and into; and for enterprise user for, free on means with exemption, security problem, compensation amount and procurement amount related, they no confidence will himself of security handed a home free company.
Yang yuanqing, Lenovo CEO interviewed by 21st century business Herald reporter said: basically, consumer market is trading business, businesses, Government business is relationship-oriented business, relational business core is not cost-effective, and trust, trust in product safety, stability.
Qihoo have advantages as a business, in addition to careful thinking, don't fight no battle of personality, more government agencies for many years experience. In fact, when joined 360 qihoo, identity is already "Bureau-level cadres" 3721 to Yahoo China, and finally to the odd Tiger, he has also been in charge of qihoo 360 's relationship with Government.
In fact, because the snow event, for foreign security products lack confidence in the Government. Both government agencies and large State-owned enterprises, are forced to use domestic security software, servers, domestic security software faces a golden opportunity.
Business layout, Zhou hongyi responsible business is more important, because it represents the future. Qihoo 360 companies in 2014, annual report, Zhou held about 31.31 million shares stake for 16.2%, Qi Xiangdong 15.01 million shares and shareholding ratio was 7.8%, compared with the annual reports of 2013, both Zhou hongyi qihoo 360 stock holdings. The bankers said: reducing or illustrate a fact, qihoo 360 's attention will be more focused on new business.
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