360 Give up the capital increase, who is abandoned and who is abandoned

(Picture source: Oriental IC)

Economic Observation Network reporter Zhou Ju, accompanied by a paper announcement of the 360 ​​company, the intricate equity relationship behind Nezha Motors of the Cybermaking Company revealed the tip of the iceberg.

On June 26, the three -60 Security Technology Co., Ltd. (601360.SH, hereinafter referred to as "360") issued the "Announcement on the Progress of Foreign Investment" stated that the 360 ​​All -Assets Subsid Portrait 360 (Beijing) private equity fund management limited management limited management The company intends to hold the registered capital of about 79.9944 million yuan (unrealistic capital) of the Nezha Automobile, corresponding to about 3.53%of Nezha Automobile to Jiaxing Xinzhu's Equity Investment Partnership (Limited Partnership), Shenzhen sincerity and open corporate management center ( Limited partnership), the transfer consideration is 0 yuan.

Before the announcement was released, the outside world only knew that 360 was the second largest shareholder of Nezha Automobile, but it was difficult to know how much money 360 invested in Nezha. From open channels, it is impossible to accurately understand what the equity relationship behind Nezha Automobile is. Tianyancha information shows that the number of shareholders of Nezha Automobile is currently 42, and the investment ratio of most companies has not been made public.

According to the announcement issued by 360, on October 19, 2021, 360 disclosed that it intends to invest in a total of 2.9 billion yuan in its own funds to invest in Nezha. The 360 ​​has completed the payment of 900 million yuan and 1 billion yuan in the first round of investment on May 31, 2021 and October 27, 2021, respectively. Zhaoma 3.5320%of the equity is the target of this transfer.

Due to the fact that the actual capital was not contributed, the 360 ​​transferred the equity at a consideration of 0 yuan, which was equivalent to the right to increase the capital increase of the two -receiving investment company for free. In this regard, Zhang Yong, co -founder and CEO of Nezha Automobile, said that the next two new investors will invest 1 billion yuan in Nezha Automobile.

The decision of 360 is somewhat puzzling. Since the official cooperation between the two parties in May 2021, it has reached a number of agreements including 360, including 360 Nezha Motors, and joint development in both parties. According to the agreement, 360 will become the second largest shareholder of Nezha Automobile. From the statement of the chairman and CEO of 360 Company at the time, it is not difficult to see that investing in Nezha is a major layout of "360 car building". But after more than a year, the dream of 360 cars encountered changes, at least not as good as the original agreement.

From the perspective of Nezha, after several years of development, the company has been in a fast channel for development. Sales data show that from January to May this year, except in February, the average monthly sales of Nezha cars exceeded 10,000 vehicles, and they broke into the top three sales of new car companies several times, ranking among the "first echelon". At the same time, the pace of Nezha Motors' IPOs is approaching, and the news about its previous IPOs this year has been reported too many rounds.

Therefore, under the premise of Nezha Motors, why did 360 choose to let go? What impact will Nezha Automobile change through this equity?

360 let go or intentionally stop loss

The announcement was first issued by 360, and many analysis pointed the reason to the spontaneous strategy of 360.

According to the financial report data of 360, the operating income of 360 in the first quarter of 2022 was 2.526 billion yuan, a decrease of 1.03%year -on -year; the net profit attributable to shareholders of listed companies was 222 million yuan, a year -on -year decrease of 17.98%; The net profit of non -recurring profit and loss was 190 million yuan, a year -on -year decrease of 17.16%.

360 experienced the taste of "burning money" in the "car building". According to the previous announcement of 360, Nezha's revenue in 2021 was 5.735 billion yuan, net profit was 2.9 billion yuan, while its net profit lost 1.32 billion yuan in 2020, with a total loss of 4.2 billion yuan in two years.

Although there is no direct connection between the revenue, profit decline and investment in the 360, the risk of this investment will increase but it is indisputable for 360. "Internet companies are facing many pressures and risks to ensure that the priority of the main business is higher than that of foreign strategic investment." Mei Songlin, a senior analyst at the automotive industry, told the reporter of the Economic Observation Network.

Although the money is not stopped, Nezha Motors is the "dark horse" among the new new car companies currently. Data show that Nezha Automobile delivered 1,1009 vehicles in May, an increase of 144%year -on -year, and achieved a year -on -year increase of 23 months since July 2020. From January to May 2022, Nezha Automobile delivered a total of 4,9974 units, an increase of 213%year -on -year. Among the new car manufacturers, Nezha Motors ranked fourth in May in the first May, second only to "Wei Xiaoli". Since last year, Nezha Automobile has rushed into the top three times and ranked among the first camp.

Nezha Automobile carried Zhou Hongyi's "car building dream". However, at the stalls of the boom of Nezha, the 360 ​​"retreats and retreats", which is really incomprehensible.

Nezhabi clarified the equity and paved the way for listing?

For this equity transfer, 360 and Nezha cars responded to the cause of the medium. Zhou Hongyi said that Nezha Automobile is also a startup company, which needs to allow the founder team to lead the company, rather than fully capital -led, but now the founder team has too few equity. The positioning of 360 still supports and auxiliary teams.

Nezha Automobile issued an announcement that the funds of some equity transferred this time have formed a consistent active person with the management team, which is conducive to improving the company's governance structure and improving the control of the operating team. Continuous operation is more favorable. The public response of 360 and Nezha Automobiles are pointing in the same direction, that is, strengthening the control of the Nezha Motor Management Team. In this sense, the intricate equity behind Nezha Automobile is related to re -sorting.

According to previous public reports, the three largest shareholders of Nezha Automobile represented Yichun State -owned Assets, Nanning State -owned Assets and Sichuan State -owned Assets Yichun Jinhe (9.9773%), Nanning Minsheng New Energy Production Investment (14.0348%) and Beijing Huading New Power (12.3033%), and Tongxiang Zhonghe, Shanghai Zheio Industry, which represents the founder team, and the founder Fang Yunzhou's total shares holding only 7.2%.

However, Zhang Yong, the co -founder and CEO of Nezha Automobile, recently responded to the media that the shareholding information was inaccurate and the team held more than 20%.

Nezha Automobile Announcement said that after the transfer of some of the 360, it still holds more than 10%of Nezha Automobile's shares, which is an important shareholder of Nezha Automobile. The two parties will continue to cooperate in the fields of digital security, intelligent driving safety technology to further ensure the safety of intelligent connected cars. The 360 ​​announcement shows that after the transfer is completed, it still holds about 11.43%of Nezha Automobile.

Another news revealed by Nezha Motors' announcement is that the adjustment of the equity may be related to the preparing IPO of Nezha Motors. Nezha Motors said that it is promoting the industrial and commercial change work of this round of financing and will quickly start the company's joint -stock system restructuring work. The stock reform is a necessary procedure for the company before listing, so that the company's property rights are clear and the equity structure is reasonable. According to Article 8 of the "Measures for the first public offering of shares and listed management" (CSRC Order No. 32), only the shares of the joint -stock company can publicize the listing.

The reporter of the Economic Observation Network is based on the new investors who are looking for, and whether the new equity structure will help the company's listing to consult Nezha. Zhang Yong did not respond directly, only saying that "the new investor will be a consistent action with the management team, and the voting right to the management team is conducive to the company's development."

"It is not ruled out that it is prepared for listing, but it cannot be ruled out that strategic investors make a decision made by maintaining sufficient cash flow in order to cope with the current complex economic situation." Mei Songlin told the reporter of the Economic Observation Network.

How to continue cooperation between the two parties

360 is a well -known domestic software security solution provider. Regarding the car building, Zhou Hongyi once said, "As an Internet veteran, it can participate in the creation of the largest smart terminal in the future, and even the changing bureau of global smart cars is an opportunity for a thousand years. Power, build a smart car that ordinary people can afford. "

At the same time, Zhou Hongyi pointed out that Nezha Automobile does not do luxury cars, and is a smart new energy vehicle that allows ordinary people to enjoy through reasonable prices. It is not inferior to cars that are several times or even 10 times.

However, the empowerment of the latter after the 360 ​​invested in Nezha is not obvious enough to the latter. In an interview, Nezha Automobile said that the cooperation between Nezha Automobile and 360, in addition to funding support, is mainly to realize the DNA reorganization of the Internet and the car. 360 will empower the accumulation and creation of its own Internet and smart hardware to the car, and Participate in product experience design, interaction and iteration.

However, intelligent core projects involved in intelligent driving and driving systems are almost involved. In addition, the most mentioned by Nezha Motors after 360 was brought about the collision of thinking.

Zhang Yong said that Zhou Hongyi's Internet thinking and thinking about the development of enterprises have many places worth learning. For example, Zhou Hongyi emphasized to focus, do the extreme, subtract, and do some necessary things, and then take every necessary one necessary. The ultimate thing is to be extreme.

What's more worth mentioning is that in terms of hard power, Nezha Motors continues to find new partners to establish cooperative relationships. For example, in August last year, after three months of reaching cooperation with 360, Nezha Automobile announced a high -profile opening of comprehensive cooperation with Huawei. The first model of the two parties Nezha S will be equipped with Huawei's laser radar technology and computing MDC intelligent driving computing computing computing computing. platform. According to the agreement, Nezha Automobile and Huawei will cooperate in the fields of intelligent networking, vehicle computing, and intelligent driving. These are the key winning points of the competition for new car manufacturers in the future.

The comprehensive cooperation between Nezha Automobile and Huawei caused some discussions at the time. Some opinions point out that there are already 360 Internet giants. At that time, 360 was accused of "insufficient investment" of Nezha Motors, and then the statement about the fact that the actual investment of 360 was not in place.

As far as Nezha's current product development direction is concerned, it is also different from Zhou Hongyi's previous statement. Zhou Hongyi has always emphasized that it will work with Nezha Motors to build smart cars about 100,000 yuan for popular users, and promote "scientific and technological equality." But now, Nezha's product positioning is getting higher and higher, even exceeding 300,000 yuan. Recently, Nezha announced its first car Nezha S Ya Shi version of the model price of 338,800 yuan.

Before Nezha S, the average price of Nezha Motor's product line was around 100,000 yuan.At present, there are two main products in Nezha Motors, which are Nezha U and Nezha V.Among them, Nezha V is the main force of Nezha's sales. In 2021, it accounted for 71%of Nezha's car sales, and the price of the car was only less than 80,000 yuan.Nezha U is a compact SUV with a main model below 150,000.It can be seen that Nezha is walking towards the high -end.However, because the early relying on low -end products, Nezha Automobile will be recognized by consumers after launching higher -end products.As the second largest shareholder, the 360, now released the news of "no additional investment", is undoubtedly not good for Yu Nezha.

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