Zhou Hongyi and Qi Xiangdong changed from “family” to “opponent”, 360 entered the security market of government and enterprises


Titanium Media Note: The two founders of 360 must be completely separated.
360 announced on Friday evening that the company will transfer its entire shareholding in Beijing Qi’anxin, accounting for 22.5856% of its total equity, with a transaction amount of 3.731 billion yuan, which will result in an investment income of 2.98 billion, which will increase its 2019 year. profit. At the same time, the 360 ​​brand license was reclaimed. This means that Zhou Hongyi and Qi Xiangdong will formally separate.
Zhou Hongyi is responsible for 360 personal security. The main body is the 360 ​​company that returns to A shares from the US stock market. Qi Xiangxin of Qi Xiangdong is mainly responsible for 360 enterprise security. With the completion of the transaction, 360 will no longer hold the equity of Qi Anxin, and the future 360 ​​will also enter the government and enterprise market outside of personal safety, and compete face-to-face with Qi Anxin.
Qi Xiangdong worked in Xinhua News Agency for a long time in his early years. In his 30s, he served as deputy director of the Xinhua News Agency. Since 2003, he has served as the general manager of 3721 company founded by Zhou Hongyi. In 2005, he founded Qihoo 360 with Zhou Hongyi. He has been the president of 360. The two have long-term partners. The industry has the saying that “the week is the main, the inside is the main”.
Created a 360 company together and listed in the US
Qi Xiangdong used to be the youngest department-level cadre of Xinhua News Agency and the first department-level cadre to resign to an Internet company. Qi Xiangdong worked in Xinhua News Agency for 17 years. As a principal and sub-project leader, he participated in the construction of the “Three Nets and One Library” and “Xinhua 2000 Communication Project” of Xinhua News Agency.
Public reports show that in 1999, he met with Zhou Hongyi. In August 2003, Qi Xiangdong resigned from Xinhua News Agency and joined Beijing 3721 Technology Co., Ltd. founded by Zhou Hongyi as the general manager. After Yahoo annexed 3721, Zhou Hongyi served as the president of Yahoo China.
When Qi Xiangdong founded 360, Zhou Hongyi left Yahoo to become an angel investor, then invested in 360 and began to assume the position of chairman. In 2010, the most important scene in China’s Internet history was staged. During the 3Q war, Ma Huateng reported the case to the Shenzhen Public Security Bureau. The commercial competition between the two companies escalated. At this time, Qi Xiangdong made a phone call to Zhou Hongyi at a crucial moment.
This story was recorded in Zhou Hongyi’s personal autobiography, The Subversive. The book said that Zhou Hongyi was on his way to work, the mobile phone rang, Qi Xiangdong at the end of the phone said, “There are more than 30 police officers in the company, you rush to escape. You see where you can fly now, then fly quickly. I will talk about the rest.” “U-turn, go directly to the airport!” Zhou Hongyi said to the driver. After turning around, the car drove to the Capital Airport and flew directly to Hong Kong.
Zhou Hongyi and Qi Xiangdong instinctively judged that in the life and death moment of a big war, there is no need for any criminal accusation. As long as the founder of 360 company was taken away by the police, even if there is no mistake, the public opinion balance may also Tilted to one side indiscriminately.
In the end, in the history of Chinese Internet, 360 was completed with a small blog. In 2014, 360 was listed on the US stock market. Zhou Hongyi holds 17% of the shares, Qi Xiangdong holds 8.9% of the shares, and the two together have 60% of the voting rights. Senior media people have commented on the late universe. If there is no Zhou Hongyi in 360, there will be no sense of direction. If there is less Qi Xiangdong, it will become a loose sand.
After 360 returned to A shares, the two began to part ways.
However, all of this changed when 360 returned to A shares. On May 25, 2015, 360 officially announced the establishment of the Enterprise Security Group. Qi Xiangdong became the chairman of 360 Enterprise Security Group, and 360 Company was the major shareholder of Qi Anxin. When Qihoo 360 completed the privatization in 2016, Qi Xiangdong’s equity was from 8.1. % fell to 2.2%, cashing out about 585 million US dollars (about 3.7 billion yuan).
On February 28, 2018, Zhou Hongyi relied on the backdoor “Jiangnan Jiajie”, and the stock changed its name to “three or six zeros” and landed on the Shanghai Stock Exchange. However, the stock price plunged after the day’s high opening, and eventually ended in a down limit. At that time, Qi Xiangdong withdrew from the management of the company and held only a minority share of 1.79%.
Qi Anxin was registered and established in 2014, mainly providing corporate security products for enterprises such as the government and large central enterprises, namely 360 enterprise security business. After the privatization of Qihoo 360, Qi Xiangdong quickly realized MBO through capital increase in the same year, and his personal contribution of 1.067 billion won 41.25% equity. Ningbo Anyuan Chuangzhi equity investment company invested 356 million to obtain 13.75% equity. On September 30, 2016, the registration of the capital increase of the capital increase was completed, and Qi Anxin was changed to a shareholding subsidiary of 360.
At the end of 2018 and early 2019, Chi Anxin announced that it had obtained 1.25 billion pre-b rounds and 900 million rounds of round financing, with a post-investment valuation of over 20 billion. However, Chi Anxin is still not profitable. The announcement shows that its total assets are 7.9 billion and net assets are 5.5 billion. In 2016-2018, revenues were 656 million, 1.458 billion, 2.394 billion, and three consecutive years of losses of 115 million, 346 million, and 157 million.
Qi Xiangdong responded to this, and Chi Anxin is expected to land on the science and technology board, which is currently being promoted and implemented step by step. More than a month ago, Beijing held a symposium to promote the work of science and technology, private, small and micro enterprises, and Qi Anxin attended the meeting.
360 still relies mainly on Internet advertising revenue from traditional PC traffic. In the third quarter of last year, 360 revenue was 3.424 billion yuan, up 8.1% year-on-year; net profit was 979 million yuan, up 6.4% year-on-year. Both quarterly revenue and net profit growth fell to single digits. The market value of 360 has dropped from 400 billion when it was just borrowed to more than 160 billion, about 25 billion US dollars, higher than the $10 billion valuation when Qihoo 360 was privatized. (Titanium media editor Zhang Xiaoxin comprehensive, reference materials from Tencent Technology, Dharma Finance)

Tags : Chi AnxinQi XiangdongQihoo 360Security marketZhou Hongyi