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Zhou Hongyi dispels doubts and strips Chi Anxin: helping partners clear the barriers to listing

April 15, 2019 03:03
Author: Wang Xiaowei

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Summary
[Zhou Hongjun's dismissal of Qi'an letter: helping partners to clear the barriers to listing] 360-60 (601,360) recently transferred a notice to hold the equity of Beijing Qi'anxin Technology Co., Ltd. (hereinafter referred to as Qi Anxin), causing Zhou Hongyi and Qi Xiangdong to "break up" Question. On April 13, Zhou Hongjun, chairman and general manager of Sanliu, denied the interview in the Securities Times reporter in Beijing: "After the announcement of the company, shareholders have asked me why the stocks were cleared before the listing of the subsidiaries? In fact, if three Sixty zero does not quit, and Qi’an believes that there is no city at all.” (Securities Times)


K map 601360_1

Three six zero (601360) recently transferred a shareholding in Beijing Qi'anxin Technology Co., Ltd. (hereinafter referred to as Qi Anxin)announcementLet the market see the question of Zhou Hongyi and Qi Xiangdong “breaking up”. On April 13, Zhou Hongjun, chairman and general manager of Sanliu, denied the interview in the Securities Times reporter in Beijing: "The company has issued an announcement.shareholderAsk me why is the clearance of shares before the listing of the subsidiary? In fact, if the three or six zeros do not quit, Chi Anxin simply cannot get the city. ”

The three-and-six-zero clearing of Qi’an’s equity is to clear the two major listing obstacles of Qi’an’s independence and horizontal competition. However, through this divestiture incident, the three or six zeros also realized that after "returning to A", they began to encounter some new problems different from the US stock market.

  Back to A "Illness"

Over the years, in the framework of the three or six zeros, Zhou Hongyi has always played the role of “top leader”. Qi Xiangdong, 55, is six years older than Zhou Hongyi, but has always been the “second-hand”.

Zhou Hongyi pointed out that "three or six zeros have always been very supportive of entrepreneurship. Qi Xiangdong once said to me that his biggest dream is to personally rate a company to go to the exchange to ring the bell and realize the adult ceremony of the enterprise. Three or six zero this timeEquity transferThe main goal is to help Lao Qi achieve his personal dreams. ”

For Qi Anxin, it is listed on the A-share market or the international market. If there is any issue in the A-share market, Zhou Hongyi stressed that it cannot be disclosed. However, it is certain that Chi Anxin does not meet the independence requirements in terms of listing.

According to Zhou Hongyi, the three or six zeros have consistently supported internal entrepreneurship. Qi Anxin provided authorized support for brands, technologies, big data, etc. at the time of its establishment. These supports the development of its business, but also led to the lack of independence of the company. New question.

For this problem, it was only after the return of the A-shares in March 6th that there was a deeper understanding. Zhou Hongyi said, "In order to support entrepreneurship, Qi Anxin has used some of the three-six-ahead headquarters for free for many years, but this is interpreted by the market as the lack of independent earning power of Qi Anxin, and it is also suspected of profit transfer. Therefore, in recent years, We changed our rent to normal at market prices. These are all new problems that we did not encounter when we were in the US stock market."

In addition to solving the problem of independence, the issue of horizontal competition is also one of the important reasons for the separation of Chi Anxin. According to the previous agreement, Zhou Hongyi and its controlling companies will mainly provide security software, hardware and software services for consumer individual users. Qi Xiangdong and his controlling companies will mainly engage in the provision of secure hardware, software and security services for enterprise customers. However, with the changes in industrial ecology, the boundaries between the B-end and the C-end have been blurred in many areas such as the Internet of Vehicles, which means that the competition among the two entities is inevitable. This is not a big problem for the three or six zeros that have been listed on the backdoor, but it is a big risk for the planning of the listing of Chi Anxin.

"At the time, if we usedfundIt’s good to invest, and listed companies will face many difficulties in direct investment. Zhou Hongyi said with reflection.

  Net security market problem

It is reported that after the completion of this equity transfer, there will be no equity relationship between Sanliu and Qi'anxin, and the relationship between “investment and investment” and “authorization and authorization” will end.

The third quarterly report of 2018 showed that the balance of cash and cash equivalents at the end of the 36-60 period was 2.3 billion yuan. Zhou Hongyi analyzed that this is significantly less than other Internet companies. After the completion of the equity transfer, the three or six zeros will receive 3.7 billion yuan in transfer funds, and after paying taxes, there will be nearly 3 billion yuan in investment returns. "Lei Jun and Huawei are arguing about R&D investment. In fact, if Internet companies do not have billions of dollars in research and development costs, they are embarrassed to mix in the Internet. Through this transfer, three or six zeros will have better funds. Grab the opportunity of the second half of the Internet."

In the view of the three or six zeros, the "second half opportunity" focuses on "great security." Zhou Hongyi believes that in the era of Internet of Everything, cybersecurity threats have expanded from cyberspace to malicious control or attacks on national security, national defense security, critical infrastructure security, social security, urban security and even personal safety. We will build three “safe brains” such as “National Security Brain”, “Urban Security Brain” and “Home Security Brain”, and will deepen the layout of government and corporate security services.

In the series of major security strategies, the government and enterprise network security market is indispensable. Does this mean that on the one hand, the three or six zeros will be divested by Chi Anxin, which is mainly for corporate customers, and on the other hand, will it be necessary to force itself to enterprise users?

Zhou Hongyi said that in the past, the security of government and enterprises was mainly undertaken by Qi Xiangdong and his company. The next three or six zeros must definitely enter this market. But this does not mean that they must compete with the "old Qi". The two sides are still very good partners. . "First of all, three or six zeros will not do the same thing as other companies, but hope to use innovative models. For example, based on network security big data, using artificial intelligence technology to analyze the network security brain that may be attacked. Therefore, three Sixty-zero security of government and enterprise is not to position itself as a startup company, nor as a sales company. Otherwise, it is better to play games. After all, the profit of a game can exceed the profit scale of China's entire network security market."

In an interview with reporters, Zhou Hongyi just returned from Suzhou. During his visit to the industrial enterprises here, he found that he is facing more and more security problems in the development of industrial Internet and other formats. For example, the three or six zeros are an elevator company, and the elevator remote control process is accompanied by many safety problems. Moreover, I have argued with Musk on this issue. Tesla believes that the car terminal only installs itself. The software will be safe, but I asked Musk, what if the Tesla server is hijacked? He can't answer it. It can be seen that this market is very large, and it is certainly not possible to complete it by three or six. The advantage of the three or six zero is the largest security big data and vulnerability mining capability of the whole network. The company must do more in different vertical areas through alliance, cooperation and investment.

However, with the development of the industrial Internet, the Internet of Things, and the Internet of Vehicles, the increasing investment in safety is only an expectation, and it is still a long time since the real investment is high.

“Why is it difficult for cybersecurity companies to have a company with the same high market value as Hikvision?” Zhou Hongyi believes that one of the reasons is that the security issues solved by Hikvision can be directly effective, so both government and enterprises are willing to install; However, in the field of network security, even if a box is installed, users who are not attacked do not know it. Therefore, as long as the standards are met, no more investment will be made. “In this regard, the company has specifically carried out the ‘protective net action’. Now, through the exercise of the entire chain from attack to destruction, many companies are now willing to spend money to buy services.”

  Different "three six zero mode"

According to Zhou Hongyi's plan, the three or six zeros are positioned in the ecological security builders. "In my opinion, LeTV.com has previously claimed that it is a kind of 'fake ecology'. I believe that ecology does not do everything, but has its own core values, and has its own empowerment, so that the industrial chain can In the case of Xiaomi, the company has done so many intelligent hardware, many companies in the ecological chain are independent companies, as long as they can do the cloud and sales well." Zhou Hongyi said.

Specific to the field of network security, three or six zero is also building its own ecosystem. For example, there are a lot of firewalls now, and the three or six zeros are the most opportunities to be ecological in the big security field. For example, we will invest in companies that make products and security services, and the three or six zeros will do big data and security brains. Therefore, although this time Qing Qing has cleared out the future, the future will certainly continue to grow bigger and stronger through investment and ecological methods.

"In this model, the '996 problem' that has been heated up in the recent market is actually solved." In Zhou Hongyi's view, employees can only be "996" if they feel that they are doing it for themselves. "I never talk about entrepreneurship, but to let employees enter a real entrepreneurial state. To achieve this, small companies can give stocks, big companies will face new problems with excessive market value fluctuations, so they need internal incubation innovation, put a Business to a team. If there is a similar Qi Xiangdong in the futureExecutiveEven if employees are willing to start a business, three or six will inevitably support them. ”

(Article source: Securities Times)

                (Editor: DF372)

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