Views: qihoo 360 privatization fear "riding a tiger"-qihoo 360,360-IT information
Hot fall?
On the market for "shell" transaction there are two voices, one backdoor listing is a-share listing difficulties under the existing system as an effective supplement, while the other voices were of the view that this is unhealthy in a-share pricing system is a risk factor.
Clear is that a series of rumours one outgoing, particular uncertainties will return to a-share in fermentation, is a-share "shell" market form a chain reaction.
This chain reaction behind the unit, the listed companies, intermediaries and the evolution of what?
On May 13, qihoo 360 Technology Limited (hereinafter: 360) spokesman Liu Li has told reporters, is still in the scheduled privatization of the company, and other items which are temporarily not be released.
According to Xinhua obtained a copy of the 360 privatisation investment clients list display, a total of 36 institutions snatch 360 return share feast, part of a-share companies (excluding three listed financial institutions, and another Hong Kong companies of Jiangsu high) lurking.
Tightening of the regulator almost in rumours of a return to being further fermented, for the 360, as well as potential investors, would face "riding a tiger" situation?
The evening of May 12, CITIC said in a statement, the company's Board of Directors has considered the motion through two subsidiaries. Previously, the two subsidiaries are expected to invest about 400 million dollars equivalent, privatization projects for 360.
Consortium list implies a-share capital
Published according to the CITIC Guoan investment announcement, the company's Tianjin Qi Xin zhicheng technology limited, Chi Shun mastery Technology Ltd, Tianjin completed capital increase on business registration procedures.
Prior to that, said CITIC Guoan has passed the two companies involved in the privatization of the 360 project, invested about 400 million dollars equivalent. According to the late disclosure of 360 privatization valued at about 9.3 billion dollars, after the successful privatization of CITIC Guoan owns 4.3% shares.
According to journalists exclusive access to privatize a 360 list of investment clients, participate in 360 privatisation consortiums and institutions a total of 36, relating to subscribe for the shares reached 72.04%.
"The rest of the shares is the company's core management, which Zhou holds shares will reach $ 22.3%, an increase of 5%, qihoo (President of 360), fell 5.9% to 2.2%. "A participation of 360 members of the privatization agency, told reporters.
List above, excluding management, privatization equity participation for the 360 's largest, Hsin-Sheng Tianjin equity partnership (limited partnership) (hereinafter the "Tianjin Xin Xin sheng"), at 11.44%, followed by Tianjin confidence romance equity partnership (limited partnership), the stake is 6.2%. According to the business and information display, the two Tianjin companies, Zhou hongyi absolute shares held.
In addition 34 institutions, construction, investment, people's livelihood, ranging from banks holding 1.1%-1.7% respectively; peace, 5 such as Sun life insurance enterprises holdings at 1.1%-3.7%. In addition, Sequoia Capital companies and gold silk road capital (Shenzhen) LLP respectively holding 4%, 360, tied for the fifth-largest shareholder.
Reporters noted that the ambush behind the list of holdings of a number of listed companies, involved in the privatization of the 360 project.
Except the above mentioned outside of CITIC Guoan, last December, the broadcasting media which said it would invest no more than 300 million Yuan, used to buy huarong securities specially created "huarong 360 funds", and 61 million Yuan bridge capital, "indirect investment of 360 shares." 360 per cent above the subscription list, Raj huarong investment management limited is huarong 360 platform of privatisation securities, to subscribe a total of 1.2% shares, totalling approximately US $ 111.6 million.
In addition, aier eye by Hsin-Sheng Tianjin 30.32 million dollar investment, indirect investment of 360 privatization projects; South in heavy industry through equity investment funds as participants involved in the project; in addition, also for self-financing of not more than 600 million yuan of shares capital increase subscribed "Tian Ying Hui Xin" limited partnership shares, participation to the 360 privatization projects.
A charge to 360 for funding agency officials told reporters the privatization, the whole privatization process involves equity payment part of the amount includes more than 30 billion yuan, and China Merchants Bank led the banks loan part of the approximately $ 4 billion. Earlier revealed that this part of the cost of loans, for 360 with company headquarters in Beijing jiuxianqiao building and part of the mortgage company shares as assets.
Feast of premium valuation dilemma
Issued by CITIC Guoan notice, does that mean 360 privatization projects are still in the works as planned? The same day, 360 Spokesman Liu Li, told reporters the company privatization continues.
360 privatisation Agency referred to above who said that privatization of the original 360 has not changed, and all funds have been collecting, national development and Reform Commission has approved and is awaiting Administration approval, exit Exchange.
"It's now large movements in the exchange rate of RMB, this point is a bit sensitive. "These intermediaries said.
Previously, several agencies to focus media, giant tour network will return to a-share valuations after samples return to 360 Super overrated.
According to the return of focus media shares valued at 45.7 billion yuan terms, its privatization, valued only for us $ 2.7 billion (16.5 billion yuan). After seven successful backdoor holding consecutive multiple trading Board, share price from 13 up to a maximum of 62 RMB, which focus media's value rises.
So that's Gold after a report said return of 360 shares with a market value of up to 380 billion yuan (61.3 billion dollars), from valuation of $ 9.3 billion in the privatization of nearly 7 times. 360 new shares at $ 67.95, their aggregate market capitalisation only 8.795 billion dollars.
About 360 to overestimate value of expected, perhaps also relevant to its performance expectations in the future. According to the SEC (United States Securities and Exchange Commission) documents show that 360 official expected 2016-2018 company revenues to 3.63 billion dollars, 4.82 billion dollars and US $ 6.255 billion annual net profit reached us $ 490 million, $ 760 million and $ 1.1 billion.
Chanson capital Executive Director Shen Meng said even privatize 360 completes successfully, but landed a share, for now remains unclear. It says, "return of the original 360 valuation peak can refer to the century cruise and seven holding the highest price-earnings ratio, but now, will the key difficulty is not high, but could return. If you can come back, I think it's price-earnings ratio will still be high, because after all, its high asset quality. ”
Equity investments of nearly US $ 90 million to raise the necessary funds, which subsequently attracted concern in the SSE, on such issues as capital subscribed, has funded inquiry.
Though the later shares responded to the inquiry, and said funds will be invested in subsidiary of CITIC Guoan, Tianjin Qi Xin Chi into a limited company, but nearly $ 90 million investment in 2015, vested in the shareholders of listed companies 5 times times the net profit of 112 million Yuan. And nearly 7 million yuan of losses in the first quarter of this year. Days of equity investments of US $ 90 million, exceeded its since 2006, the total net profit of the last ten years.
When some companies surveyed said they were not concerned with 360 can finally return to the a-share. Aier eye told reporters Secretary of the Board Wu Shijun, company investment was 360 privatization is a good project, "the 360 is good IT companies, user groups, and fit with the company's eye project are very high, this will be beneficial to companies on strategy and tactics, a share on this and whether it can or not. ”
观点：奇虎360私有化恐“骑虎难下” - 奇虎360,360 - IT资讯
热点，覆灭？
市场上对于“壳”交易一直有两种声音，一种认为借壳上市是A股现行发审制度造成上市困难的一个有效补充，而另一个声音则认为，这是A股中不健康定价体系的一个诱因。
可以明确的是，一系列传闻接踵传出，尤其是中概股回归A股的不确定性发酵，正在A股“壳”交易市场形成连锁反应。
这种连锁反应背后，中概股、上市公司、中介机构又将出现什么样的演变？
5月13日，奇虎360科技有限公司（下称：360）发言人刘力亦对记者表示，公司目前仍在按照预定计划推进私有化，其它事项则暂时不便透露。
根据记者获得的一份《360股权私有化投资客户》名单显示，共有36家机构抢食360回归A股盛宴，其中部分A股公司（剔除三家上市金融机构，另有江苏高力为港股公司）潜伏其中。
有关监管层收紧中概股回归的传言正进一步发酵，对于360，以及潜伏其中的投资人，是否会面临 “骑虎难下”的局面？
5月12日晚间，中信国安发布公告称，公司董事会已经审议通过旗下两家子公司的议案。此前，这两家子公司预计投资约4亿美元等值人民币，用于360的私有化项目。
财团名单暗含A股资本
根据上述中信国安发布的对外投资公告显示，公司旗下天津奇信志成科技有限公司、天津奇信通达科技有限公司已完成增资有关工商变更登记手续。
此前，中信国安表示已通过上述两家公司参与到360的私有化项目，投资金额约为4亿美元等值人民币。根据后期披露的360私有化总价约93亿美元计算，成功私有化后中信国安将持有其4.3%的股份。
而根据记者独家获得的一份《360股权私有化投资客户》名单显示，参与360私有化的财团与机构共计36个，涉及认购股份则达到72.04%。
“其余的股份是公司核心管理层的，其中周鸿祎持有股份将达到22.3%，上升了5%，齐向东（360总裁）则下滑5.9%至2.2%。”一家参与360私有化的中介机构人士对记者说。
上述名单显示，除去公司管理层，参与认购360私有化股权最多的机构，为天津欣新盛股权投资合伙企业（有限合伙）（下称“天津欣新盛”），比例达到11.44%；其次为天津信心奇缘股权投资合伙企业（有限合伙），持股比例为6.2%。根据工商信息显示，上述两家天津公司，周鸿祎均持有绝对股份。
另外的34家机构中，建设、招商、民生等银行则分别持股1.1%-1.7%不等；平安、阳光人寿等5家险企持股比例维持在1.1%-3.7%。另外，红杉资本旗下公司以及金砖丝路投资（深圳）LLP分别持股4%，为360并列第五大股东。
记者注意到，还有多家上市公司埋伏持股名单背后，参与了360的私有化项目。
除去上述提及的中信国安外，去年12月，电广传媒即表示将投入不超过3亿元，用于认购华融证券专门设立的“华融360专项资金”，并有6100万元过桥资金，“间接投资360股权”。上文360股权认购名单中，华融瑞泽投资管理有限公司即为华融证券认购360私有化的平台，共认购了1.2%股份，总额约1.116亿美元。
此外，爱尔眼科通过投资天津欣新盛3032万美元，间接投资360私有化项目；中南重工通过旗下股权投资基金也作为参与方参与了这一项目；另外，天业股份也以自筹资金不超过6亿元增资认购“天盈汇鑫”有限合伙份额，参与到360私有化项目。
一家负责给360私有化寻找资金的机构相关负责人对记者透露，整个私有化过程涉及金额包括300多亿元人民币的股权支付部分，以及以招商银行领头的多家银行约40亿美元的贷款部分。此前有消息透露，这部分贷款的代价，为360用公司位于北京酒仙桥的总部大楼及部分公司股票作为资产进行了抵押。
估值溢价盛宴面临两难
中信国安发布的有关公告，是否意味着360私有化项目仍在按计划正常进行？当天，360发言人刘力对记者表示公司私有化在继续。
上文提及的360私有化项目中介机构人士则表示，原有360私有化计划并未改变，且所有资金已经归集，国家发改委也已经审批，正等待外管局审批，进行出境换汇。
“主要是现在人民币汇率有较大的波动，这一时点有点敏感。”上述中介机构人士说。
此前，多家机构以分众传媒、巨人游网络等中概股回归A股后的估值为样本，对360的回归给予了超高估值。
根据分众传媒回归A股时的估值457亿元计算，其私有化时估值仅为不到27亿美元（165亿元人民币）。而成功借壳七喜控股后，连续多个涨停板，股价从13元涨至最高62元，更使分众传媒的市值水涨船高。
正因此，中金此前有报告称，360若回归A股，市值将高达3800亿元人民币（613亿美元），较私有化时的估值93亿美元扩大近7倍。以360最新股价67.95美元计算，其总市值也只有87.95亿美元。
外界对360高估值的预期，或许也与其未来业绩预期有关。根据SEC（美国证券交易委员会）文件显示，360官方预计，2016-2018年公司营收将分别为36.3亿美元、48.2亿美元和62.55亿美元；各年净利润则分别达到4.9亿美元、7.6亿美元和11亿美元。
香颂资本执行董事沈萌表示，即使360私有化成功完成，但能否登陆A股，从目前来看仍不明确。其表示，“原先360回归的估值峰值可以参考世纪游轮和七喜控股最高点的市盈率，但现在的话，关键难点不是会不会高，而是能不能回。如果能回来我觉得它的市盈率仍然会被推高，因为毕竟它的资产质量高。”
天业股份投资的近9000万美元为自筹资金，其随后即招来上交所关注，就资金认缴情况、已出资情况等问题进行问询。
尽管随后天业股份即回复了有关问询，并表示资金将投放于中信国安旗下的天津奇信志成股份有限公司中，但近9000万美元的投资额，2015年归属上市公司股东净利润1.12亿元的5倍。且在今年一季度亏损近700万元。天业股份9000万美元的投资额，超过其2006年以来，最近十年的净利润总额。
亦有公司受访时表示并不在意360最终能否回归A股。爱尔眼科董秘吴士君即对记者表示，公司投资是觉得360私有化是个好项目，“360是家很好的IT公司，用户群体大，与公司的眼科项目契合度非常高，这对公司战略和策略上都有利，这与它是否能够上A股没有关系。”