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    After leaving Qi Xiangdong, can Red Star shine on Zhou Hongyi?

    2019-04-15 09:36:22

    Chinese Entrepreneur Magazine Liang Ruiyao

    With 360 out of the stock of Qi'anxin, this toC gene company must establish its own toB ability, but how much time will the market and investors give it?

    The following is a small news.

    On the evening of April 12, A-share listed companyThree six zero(601360.SH, hereinafter referred to as "360") issued an announcement stating that it will transfer its entire shareholding in Beijing Qi'anxin Technology Co., Ltd. (hereinafter referred to as "Qi'anxin") and withdraw the latter 360 brand license. 360 is the second largest shareholder of Qi Anxin, holding Qi Anxin's equity accounted for 22.59% of its total share capital, involving a transaction amount of 3.73 billion yuan.

    At the close of trading on April 12, the market value of 360 was 168.4 billion yuan. The transaction of 3.73 billion yuan seems to be insignificant, as if only a wisdom tooth was removed from the "giant" of 360.

    However, senior Internet person Li Yu told China Entrepreneur that this event will have a profound impact on 360. 360 has always seemed to have both personal and corporate business, but in fact its corporate business is operated by Qi Anxin. Although 360 has always created a "father and son company" image with Qi Anxin, the two are actually "brother relations."

    According to the 360 ​​announcement, the two major shareholders of Qi Anxin are Qi Xiangdong and Beijing Qihoo Technology Co., Ltd., accounting for 27.7% and 22.59% respectively. Qi Xiangdong, chairman of 360 Enterprise Security Group, is the actual controller of Qi Anxin.

    Nowadays, "Brothers are separated", 360 even if the nominal business is separated, Qi Xiangdong took the toB business. But will Zhou Hongyi and Qi Xiangdong divide the Chu River Han Dynasty and not each other?

    There has been a "pre-announcement" in the announcement on the 12th. 360 said that the future security of government and enterprise will become an important strategic direction of 360 companies and a new business growth point. 360 will fully expand the government and enterprise security market through, including not limited to self-construction, investment, and mergers and acquisitions.

    From this point of view, Zhou Hongyi did not fully guarantee that the site would not be Kaiyi Qidong.

    However, when the reporter mentioned 360's above strategy, Li Yu asked the reporter: "Which 360 will develop the toB business, how much time will the market and investors give it?" In his view, toC and toB are completely different sets of business. Logic, it is difficult to develop a toB business from scratch in a short time. ”

    Kindly break up?

    The news that can be confirmed at present is that Qi Anxin is about to declare the board. Even without considering business factors, it is an unbelievable decision to clear the equity on the eve of a company's listing.

    In response to this question, Zhou Hongyi said in a media interview on April 14: "Everyone has some overlap in business. If Chi Anxin is listed, unless I am not his shareholder, if I am his shareholder, everyone will not be able to compete in the same industry. It will cause the old company to not get into the city again."

    "History has been listed twice in history, and Qi Xiangdong said that he especially hopes that he can personally bring a listed company. 360 is now going to help him complete his listing dream." Zhou Hongyi said.

    Seemingly to realize the brother's dream, Zhou Hongyi made a difficult decision. According to the "Q&A of the Stock Exchange of Shanghai Stock Exchange, the issue of listing and listing of stocks, it is necessary to "there is no horizontal competition between the issuer and the controlling shareholder, the actual controller and other enterprises controlled by it, which has a significant adverse impact on the issuer".

    A person close to the Shanghai Stock Exchange said: "Avoiding horizontal competition with the controlling shareholder and the actual controller is the regulation of the CSRC in the current year. In the conditions for the issuance of the board, there is no rigid requirement for non-controlling shareholders to compete in the same industry. If not Shareholders, but the second largest shareholder, although not particularly welcome, is to see how much communication costs are with the exchange. Of course, the cost of communication is a very subtle topic, and whether it is too high to be It is still possible."

    A brokerage person also said: "(Zhou Hongjun) this statement is not all right, 360 is its shareholder, not counting the same industry competition, and the business independence, can be resolved without the withdrawal method, 360 can also recover those technical brands and other authorizations can also solve."

    If Qi Anxin can land on the Kechuang board, 360 shares will have a huge return. On the occasion of the establishment of Chi Anxin's impact on the board, Zhou Hongyi and Qi Xiangdong chose to separate, can not say that there is no such consideration, but from the listing rules, it is not the only way.

    Moreover, the clearing of the shares of Chi Anxin means that 360 will likely become a potential competitor of Chi Anxin.

    In the past few years, the development of 360 and Chi Anxin has been quite clear.

    March 2014 was the most beautiful time for Zhou Hongyi and 360. On the NASDAQ listing for 3 years, the stock price climbed to 121.53 US dollars per share. The safety and search two-wheel drive 360 ​​has a market share of nearly 30% in China. The comment is a big worry for Baidu. Three months later, Chi Anxin was established as a subsidiary of Qihoo Technology, and Qihoo Technology is a wholly-owned subsidiary of 360. On July 22, 2016, Qi Xiangdong and Anyuan Chuangzhi Equity Investment Partnership Enterprise increased their capital to Qi Anxin. After September 30 of the same year, Qi Anxin became a shareholding subsidiary of 360. Later, after many rounds of financing by Qi Anxin, the shares held by Qihoo Technology were diluted to 22.59%, and Qi Xiangdong became the actual controller of Qi Anxin.

    According to the agreement between 360 and Qi Anxin, the enterprise controlled by Zhou Hongyi will mainly provide security software and hardware and service services for consumer personal users, that is, toC security business; Qi Xiangdong controlled enterprises are mainly engaged in toB security business.

    Nearly 360 people told reporters that Zhou Hongyi had not seen the business of toB in the early years, but Qi Xiangdong had a heart to do this, so he agreed to separate the family and do not commit river water.

    Zhou Hongyi’s idea is also understandable. China’s network security market has developed from toC. In the early years, the government and enterprise network security market was still very small.

    However, as time went by, things slowly changed, and the growth rate of the toC market slowed down. The social security market for government and enterprises in the Internet quickly expanded. After returning to A-shares, 360 faced pressures of slowing growth and lack of more imagination. The market value dropped from the highest point of 440 billion yuan to 168.357 billion yuan.

    Zhou Hongyi needs a better story. Qi Anxin also has a brand called 360 Enterprise Security Group. It is easy for the outside world to mistake 360 ​​for finding the Blue Ocean, but Li Yu commented: "Zhou Hongyi is earning money. Qi Xiangdong is behind the money."

    In fact, Qi Xiangdong has not yet earned real money. According to the asset evaluation report released by 360, after the establishment of Qi Anxin, by 2018, the revenue of Chi Anxin increased from 656 million to 2.394 billion yuan, and the net profit in 2017 and 2018 was -346 million yuan and -158 million yuan respectively. Loss status. But the losses are narrowing.

    Moreover, according to the announcement of Qi Anxin, its corporate customers cover about 80% of national ministries, 60% of central enterprises and more than 80% of large banks and many enterprises. By the end of 2018, the company had 285 invention patents in the field of network security, and more than 400 patent applications were under review. In the view of the capital market, the loss has narrowed and it has a high share in the market segment. Chi Anxin is promising and in line with the direction of the science and technology board.

    Therefore, some people close to 360 said, "It is estimated that Lao Zhou feels that toB security is a national strategy. There is a story to tell, and toC is really weak, and then re-talked with Lao Qi."

    In fact, there is no need to talk about it. Qi Xiangdong can also know that Zhou Hongyi has to do corporate security business. Zhou’s “big security strategy” has long been known, including “national security brain”, “urban security brain” and “home security brain”. Among them, the government and enterprise network security market is particularly important.

    If the two sides do not cut, there will be a mutually restrictive relationship. There is Qi Anxin, 360 can not do business security, there are 360 ​​this shareholder, Qi Anxin is also subject to people. Once 360 ​​is forced to launch a corporate security business, Chi Anxin will, as Zhou Hongyi said, fall into the competition of the same industry and even greatly influence the listing of Chi Anxin.

    Then break up.

    360 said to the "Chinese Entrepreneur" that after the equity transfer, 360 will receive 3.7 billion yuan of transfer funds, investment income of nearly 3 billion yuan, this return fund will be used for Zhou Hongyi's "big security" strategy expansion.

    Brother separation

    Qi Xiangdong met with Zhou Hongyi in 1999. He left the Xinhua News Agency in August 2003 and joined the Beijing 3721 Technology Co., Ltd. founded by Zhou Hongyi as the general manager. Later, Yahoo annexed 3721. Subsequently, Qi Xiangdong founded three or six zeros, and Zhou Hongyi, who became an angel investor, invested 360 and served as chairman of 360.

    In the past, the founders of the two companies have always been "outside the Lord, within the main body", a soul figure, a business backbone. After acquaintance and entrepreneurship for 20 years, the two were once intimate entrepreneurial brothers.

    In Zhou Hongjun's autobiography "Subversives", there is such a plot. During the 3Q war, the commercial competition between the two companies escalated, and Ma Huateng reported the case to the Shenzhen Public Security Bureau. On the way to work, Zhou Hongyi received a phone call from Qi Xiangdong. He said: "There are more than 30 police officers in the company. You rush to escape. If you look at where you can fly now, you should fly quickly. The rest will be said later." Zhou Hongyi turned to the airport and went to Hong Kong.

    However, since 2016, there has been a dramatic change in the relationship between the two parties. In that year, 360 delisted US stocks were privatized, Qi Xiangdong sold stocks in a large amount, and the shareholding ratio fell from about 8.1% to about 2.2%. After 2018, 360 re-listed in A shares, and Qi Xiangdong held only 1.8%. At the same time, Qi Xiangdong increased the capital of Qi Anxin and became the actual controller of the latter.

    In response to Qi Xiangdong’s relationship, Zhou Hongyi said in an interview on April 14th: “I’m an old friend with Lao Qi, I’ve been stunned and shot. We’re going to see you in a month or two now. Have a chat."

    But another person close to 360 does not recognize the above statement. According to his observation, the relationship between the two is not so harmonious. In fact, in recent years, it has been common for 360 veterans to leave the news, and there is nothing left. It is widely believed that this is related to Zhou Hongyi’s character.

    "China Entrepreneur" learned from the 360 ​​employees who left the company that the current internal consumption of the company is serious, the reward and punishment mechanism is not clear, and those who are truly capable will not necessarily receive the proper treatment.

    Li Yu believes that although in a long time dimension, if 360 can really do business security business, it is really a good thing. But standing in the moment and splitting Qi Xiangdong is not a wise move, but Zhou Hongyi has done this. "So the character is fate."

    Your site, my goal?

    “360 reclaimed the authorization of brand technical data, fully implemented the big security strategy, and invested in ten safe listed companies in the next three years.” On the evening of April 13, Zhou Hongyi forwarded a 360 transfer of Qi Anxin equity and terminated brand authorization news in WeChat friends circle. At the same time, attach the above comments.

    In the interview on the second day, Zhou Hongyi further stated that the most important brand, technology and products of Qi'anxin are network security big data, all of which are 360 ​​licenses and free licenses, and support free of charge. At the same time, he and Qi Xiangdong are still very good partners. According to the above statement, many of the key elements of Chi Anxin are in the hands of 360.

    But what's interesting is that for the transaction, Chi Anxin's response is very different. The company told the technology media Bianews that after splitting from the 360 ​​Group in July 2016, in the past three years, the purchase and sales contracts signed by Qi Anxin and customers have not used the 360 ​​brand, but used their own brands - Net God, Net Kang and Chi Anxin. After the revocation of the brand authorization by Sanliu, Qi'anxin's products and services for the B-end customers are not affected.

    In addition to the impact of the break-up on the two companies, another issue that has attracted widespread attention is that 360 and Chi Anxin will not appear in the same bidding scene one day in the future. Will there be a short-term situation? Will the two sides compete in all areas of corporate security?

    Zhou Hongyi believes that comprehensive competition will not happen. Because 360's positioning for network security companies is different, 360 positioning is a technology enabler, a core technology provider, and a provider of big data, and an eco-creator.

    Qi Anxin said that in the network security toB industry, there are not many cases of “short-handed contact”, because the customer's choice of partners is a complex process, which will focus on technology level, service capability and project risk. Trust relationships play an important role. Before and after the 360 ​​enters, the existing competition pattern of the manufacturers will not change, so it is a competitive relationship.

    Chi Anxin has its own "moat", close to 360 people said, "From the perspective of business logic, I personally feel that in the industry of toB, technical products are on the one hand, but sales and service capabilities are also important, and there are The ability of government relations, this is the old system of the body system."

    However, many interviewees almost said in unison that after the separation, 360 will definitely strive for corporate security, and the two are likely to be direct competitors.

    Will Red Star shine on Zhou Hongyi?

    (According to the requirements of the interviewee, Li Yu is a pseudonym)

    Hot searchZhou Hongyi

    Editor in charge: Robot RF13015

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