Return to embarrass: 360 took off no floor-unit, 360, storm-IT information

A storm earlier this year of science and technology (300431. SZ), a seven years holding (002027. SZ) and at the end of a century cruises (002558.SZ), 2015 year return wave of outbreaks in years, data based on clear Research Center last year, a total of 33 companies listed in the US receive a buyout offer.

Cruise of the century shares soared all the way at the same time, said a number of bodies have been tuorenqing to the odd Tiger 360 (QIHU.N) CEO Zhou found a copy of the company′s privatization shares, shares in the privatization process in the large arbitrage space, not only in the unit′s controller, and immediately respond to funding.

Expected qihoo 360 at the end of March the successful completion of privatization, but the country is a "cancel strategies emerging" message, qihoo 360, the dilemma facing a return to, and whether it was lining up IPO or backdoor listing, in the short term I′m afraid regulators cannot live with a market value of more than 300 billion yuan in big Macs.

Regression of time, whether it is with Zhou hongyi of Bank loan funds, or who promise investors exited the term of investment fund is the biggest cost.

Behind the 360 driver

Reportedly, qihoo 360 will hold a special meeting on March 30 at its headquarters in international electronic city, vote on the privatization agreement prior to, if shareholders vote through, qihoo 360 will successfully complete privatization.

According to the Morgan Stanley said in a report, given the odd Tiger 360 company CEO Zhou hongyi and substantial voting power held by the President of qihoo, qihoo 360, a successful privatization program is barrier-free.

As of March 18, qihoo 360 on the New York Stock Exchange′s closing price of ADS was 74.92 dollars per share, than the previous buyer opened Union ADS 77 dollars per share cash offer, arbitrage is running low on space 3%, which suggests that investors ′ expectations of Yu Qihu 360 complete privatization is strong.

In accordance with a previous outflow of an allegedly qihoo 360 privatization project underwriter according to the information, the privatization project at the end of 2015 to determine privatization funds in mid-March 2016 is fully financed, and complete the privatization of qihoo 360 delisting, then, will be torn down in red-chip architecture ready to return to a-share listing, expected to be through regulatory approval before the end of this year.

For this return to the path of a shares after market cruise of the century is expected to follow the example of the giant network backdoor, backdoor listing method is used, here, qihoo 360 market borrowing is also the subject of rumors, is absurd, Sino Microelectronics (600360. SH) just because the securities code "360", became the object of speculation.

However different Yu giant network backdoor of century tour round, its highest market only 15 billion yuan, currently the unit of market about only 7.7 billion yuan around; for odd Tiger 360lai said, the unit currently in stocks of market on has up to 9.7 billion dollars, combined its last year first half of up to 13.4 billion Yuan Yuan of net profit, market expected the unit return shares zhihou of market or will over 300 billion yuan, for such of a only giant no PA, in current such of a stressed stable of market environment zhixia, Is backdoor listing or queued IPO, regulators can release is extremely difficult.

Strategic emerging originally had previously listed the Shanghai Stock Exchange Board for a road, but on March 15 when outgoing "strategy emerging from the ′ Thirteen-Five ′ plan removed" message means the most convenient listing will also be completely turned off.

In long-term research stocks investment of Tiger securities seems, "strategy emerging Board of listed conditions more for in the almost unit, first strategy emerging Board will desalination profit requirements, will used diversified of listed standard system, compared Yu new ban and venture board, can said strategy emerging Board is for those return of in the almost unit tailored build of, and the canceled strategy emerging Board, will bad privatization".

Reporters noted that was cancelled in March 15 outgoing strategy emerging news, qihoo 360 ′s shares have been falling slightly and return to stocks and the other Mo Mo (MOMO.O) or more than 10%.

New Board canceled for this strategy will affect qihoo 360 ′s return, the reporter does not receive response from the company.

Qihoo 360, is on the return road, even without a strategic emerging, both are members of the League of Zhou hongyi was the buyer, are bound to take down, because according to the signed agreement, then any unauthorized breach, must bear the responsibility.

According to information displayed, odd Tiger 360 the privatization of sources, part is existing shareholders of shares transfer about 3 billion dollars, including Zhou hongyi and President qihoo and Sequoia Capital holds of shares; second part is Bank provides of debt financing, about 3.4 billion dollars, including 3 billion dollars 7 years period long-term loan and 400 million dollars bridge funds; third part is 4.5 billion to 5.5 billion dollars of equity financing, which including 1.5 billion dollars from management layer through two home investment company shares, The remaining 3 billion to $ 4 billion from the BRIC capital, ping an insurance company, Sun life, Taikang life, China and Thailand u-and new capital and other institutional funds.

Among them, shares of two listed companies are also involved, on December 26 last year, CITIC Guoan (000839. SZ) announced that the company will pay $ 400 million to participate in privatization of qihoo 360 shares 4.3% per cent of the total cash consideration of privatization the other media (000917. SZ) through subscription "huarong 360 special investment funds" of indirect investment of 300 million Yuan, and in proportion to the amount otherwise provided 61 million Yuan bridge funding.

Return of capital on the way orgy

Although Zhou hongyi had publicly rebuffed a number of bodies, "tuorenqing", but it is the irrepressible enthusiasm of these institutional funds, after all, so far the largest with nothing in return, side of the current market value of less than US $ 10 billion, it is clear that there are huge profits and the valuation of the shares.

For a large number of units, controllers had to design a sophisticated programme, control the proportion of equity financing to ensure that after the reunification not because of dilution and loss of control of listed companies, on the other hand, if the proportion of debt financing have led to subsequent pay too much pressure, and high interest rates on long-term loans must be taken into account in the financing costs.

Standing unit point of view, they want to introduce strategic investors, not only seeking short-term arbitrage private-equity funds, including previously qihoo 360 took out $ 400 million shares to CITIC Guoan, also want their future to more cooperation in business and technology.

This which, first find have opportunities of is brokerage investment banking, they used "investment banking + investment" of mode participation to these in the almost unit of return in the, the odd Tiger 360 return of institutions funds in the, China XING capital previously had teamed up CITIC Securities, and huatai Swiss joint of behind, huatai securities and Sequoia Capital in last year June teamed up established has huatai Swiss joint industry merger Fund (II period), which important of a investment target is in the almost unit and red chips of return, and huatai securities its is responsible for investment banking business of huatai joint securities, Is the return of qihoo 360 lead underwriters.

However, as can be seen from the media announcement, this "360 huarong special investment funds" is the huarong securities for participation in privatization of qihoo 360 return to a-share listing projects and set up an investment fund.

According to earlier media reports, qihoo 360 privatization had taken a "two-tier distribution" model, which was completed by several power distribution, by the hands of these institutions for the financing, in the form of distribution shares again.

Huge profit margins, return on the private market has launched a capital of Carnival, currently on the market on the return of private equity is also a mixed bag.

A stock-listed company executives had previously told reporters he now participate in some activities, some private equity firms came to exchange business cards, asking whether the company had plans to return to the a-share; at the beginning of this year, were heard on the market called "pufangda a return value in the second phase of bedrock" private equity products Icahn Ambassador the money into China′s first medical unit (KANG.O) return of privatization, but Icahn then Ambassador, he came forward to be rumor, and bedrock of the company capital from any cooperation, nor released any Ambassador privatization-related private equity products with Icahn.

In a private equity sales platform Shang, reporter can easily check to a paragraph name for "new equation Kai e returnees 1 period" of Fund products, investment threshold for 1 million Yuan, investment target main is June joint capital new sea 1th, Fund, and as child Fund of investment range is main is overseas back city, and overseas red raised and the split VIE returned a, project; and in another a sales platform Shang, a paragraph name for "Galaxy securities top in the almost unit return equity fund", minimum subscription amount for 2 million Yuan, acquired period for "5+2", Expected annual yield of 80%.

For capital of Carnival, has has institutions in report in the tips risk, think the canceled strategy emerging Board means with in the almost unit company return shares of uncertainty increased, time cost also may will rose, especially for privatization proposed party, strategy emerging Board if was stopped will caused must negative effect, main reflected in time cost and financing difficulty Shang, so will combat company and PE Fund participation of enthusiasm, as future whether will occurred big area stopped privatization or cut offer price, also to be observation.

中概股回归尴尬：360起飞无处落地 - 中概股,360,暴风影音 - IT资讯

年初的一只暴风科技（300431.SZ）、年中的一只七喜控股（002027.SZ）和年底的一只世纪游轮（002558.SZ），让2015年成为中概股回归潮的爆发之年，根据此后清科研究中心的数据，去年总计有33家在美上市的中概股公司收到私有化要约。

就在世纪游轮股价一路暴涨的同时，据称已经有很多机构纷纷托人情向奇虎360（QIHU.N）CEO周鸿祎觅得一份该公司的私有化份额，在中概股私有化过程中存在的巨大套利空间，心动的不只是这些中概股的控制人，还有闻风而动的资金。

就在市场预期奇虎360在3月底顺利完成私有化，然而国内一条“取消战略新兴板”的消息，让奇虎360面临着回归无门的窘境，而无论是排队IPO还是借壳上市，恐怕监管层在短期内都无法容忍一家市值超3000亿元的巨无霸。

回归的时间，无论是对于背负银行借贷资金的周鸿祎，还是那些向投资者许诺退出期限的投资基金，都是最大的成本。

360背后的推手

有消息称，奇虎360将在3月30日在其国际电子城总部召开特别会议，对公司之前达成的私有化协议进行投票表决，如果此次表决获得股东通过，那么奇虎360将成功完成私有化。

根据此前摩根士丹利发布报告称，鉴于奇虎360公司CEO周鸿祎和总裁齐向东所持有大量投票权，奇虎360成功私有化已无障碍。

截止到3月18日，奇虎360在纽交所的收盘价为每股ADS为74.92美元，较此前买方联盟开出每股ADS的77美元现金收购价，套利空间已经不足3%，这也表明投资者对于奇虎360完成私有化的预期较强。

而按照此前流出的一份据称是奇虎360私有化项目主承销商的资料显示，此次私有化项目在2015年底确定私有化资金，2016年3月中旬资金全部到位，并完成奇虎360的私有化退市，随后，将拆除红筹构架准备回归A股上市，预计在今年年底之前通过监管层的审批。

对于此次回归A股的路径，此前市场多预期为效仿巨人网络借壳世纪游轮，采用借壳上市的方法，而此间，市场对于奇虎360的借壳标的也是传言四起，荒诞的是，华微电子（600360.SH）仅仅因为证券代码中有“360”，就成为炒作的对象。

然而不同于巨人网络借壳的世纪游轮，其最高市值只有150亿元，目前该股的市值大约只有77亿元左右；对于奇虎360来说，该股目前在美股的市值就已经高达97亿美元，结合其去年上半年高达134亿元人民币的净利润，市场预期该股回归A股之后的市值或将超过3000亿元，对于这样的一只巨无霸，在当前这样的一个强调稳定的市场环境之下，无论是借壳上市还是排队IPO，监管层能否放行的难度极大。

此前原本还有挂牌上交所战略新兴板的一条路，然而在3月15日忽然传出“战略新兴板将从‘十三五’规划中删除”的消息，意味着这条最为便捷的上市通道也将被彻底关闭。

在长期研究美股投资的老虎证券看来，“战略新兴板的上市条件更加适合中概股，首先战略新兴板会淡化盈利要求，会采用多元化的上市标准体系，相比于新三板和创业板，可以说战略新兴板就是为那些回归的中概股量身打造的，而此次取消战略新兴板，将利空私有化”。

记者注意到，在3月15日传出战略新兴板被取消的消息之后，奇虎360的股价也曾出现一个小幅下跌，而另一只回归概念股陌陌（MOMO.O）盘中跌幅超过10%。

对于此次战略新兴板取消是否会影响到奇虎360的回归，记者并未从公司方面获得回应。

已经踏上回归路的奇虎360，即便没有了战略新兴板，无论是周鸿祎还是买方联盟成员，都得义无反顾地走下去，因为按照正式签署的协议，那么任何一方的擅自违约，都要承担相应的责任。

根据资料显示，奇虎360此次私有化的资金来源，一部分是现有股东的股份转移约30亿美元，包括周鸿祎和总裁齐向东以及红杉资本持有的股份；第二部分是银行提供的债务融资，大约34亿美元，包括30亿美元7年期长期贷款和4亿美元过桥资金；第三部分是45亿至55亿美元的股权融资，其中包括15亿美元来自管理层通过两家投资公司入股，其余30亿到40亿美元来自于金砖资本、平安保险、阳光人寿、泰康人寿、华泰瑞联以及新华资本等众多机构资金。

这其中，A股的两家上市公司也参与其中，去年12月26日，中信国安（000839.SZ）发布公告称公司将拿出4亿美元参与奇虎360私有化份额，占到本次私有化现金总对价的4.3%；另一家电广传媒（000917.SZ）则通过认购“华融360专项投资基金”的方式间接投资了3亿元人民币，同时还按照出资比例另行提供了6100万元的过桥资金。

回归路上的资本狂欢

尽管周鸿祎已经在公开场合回绝了众多机构的“托人情”，但是还是挡不住这些机构资金的参与热情，毕竟，对于目前为止国内最大一起中概股回归，目前不到100亿美元市值的盘面，显然和A股估值存在着巨大的获利空间。

对于大量中概股而言，控制人必须要设计一个精妙的方案，控制股权融资比例，以确保在回归后不会因为稀释股权而失去对上市公司的控股权，另一方面，如果债务融资比例过大会导致后续偿付压力过大，而且，长期贷款的高利率也是融资中必须要考虑的成本。

站在中概股的角度，他们更希望引入的是战略投资者，而非仅仅是寻求短期套利的私募基金，包括此前奇虎360拿出4亿美元份额给中信国安，也是希望双方未来能够在业务和技术上展开更多的合作。

这其中，最先觅得商机的是券商投行，他们采用“投行+投资”的模式参与到这些中概股的回归中，此次奇虎360回归的机构资金中，华兴资本此前曾联手中信证券，而华泰瑞联的背后，华泰证券和红杉资本在去年6月份联手设立了华泰瑞联产业并购基金（二期），其中重要的一个投资目标就是中概股和红筹股的回归，而华泰证券旗下负责投行业务的华泰联合证券，正是此次奇虎360回归的主承销商。

但是，从电广传媒的公告中可以看出，这只“华融360专项投资基金”就是华融证券为参与奇虎360私有化回归A股上市项目而专门设立的一只投资基金。

而根据此前有媒体报道，奇虎360的私有化其实已经采取了“双层分销”模式，即先让几家实力机构完成分配，再由这些机构以筹资等形式对手中份额进行再次分销。

巨大的获利空间，让中概股回归在私募市场上已经掀起了一场资本的狂欢，目前市场上关于中概股回归的私募产品也是鱼龙混杂。

一家美股上市公司的高管此前曾向记者表示，他现在参加一些机构的活动时，总会有一些私募机构前来交换名片，打听公司是否有回归A股的计划；在今年年初，市场上曾传出一款名为“基岩普方达价值回归二期”的私募产品，资金投向中国体检第一股爱康国宾（KANG.O）私有化回归，但是随后爱康国宾方面出面予以辟谣，称该公司与基岩资本从无任何合作，更没有发行过任何一款与爱康国宾私有化有关的私募产品。

在一家私募基金销售平台上，记者可以轻易查到一款名为“新方程启辰海归1期”的基金产品，投资门槛为100万元，投资目标主要是君联资本新海1号基金，而作为子基金的投资范围则主要是海外退市、海外红筹及拆VIE返A项目；而在另一家销售平台上，一款名为“银河证券顶级中概股回归股权基金”，最低认购额为200万元，存续期为“5+2”，预期年收益率达到了80%。

对于资本的狂欢，已经有机构在报告中提示风险，认为此次取消战略新兴板意味着中概股公司回归A股的不确定性加大，时间成本也可能会上升，特别是对于私有化提出方，战略新兴板如果被叫停会造成一定负面影响，主要体现在时间成本和融资难度上，因此会打击公司和PE基金参与的积极性，至于未来是否会发生大面积叫停私有化或者下调要约价格，还有待观察。