Give up to increase capital, is 360 light or cold?

(Picture source network, invading deletion)

Text 丨 Intelligence Relators

Author 丨 Chen Xuanbin

If the 360 ​​Investment Nezha Motors last year was the result of in -depth investigation and screening, then the abandonment of capital increase must be thoughtful.

A few days ago, 360 issued an announcement saying that the wholly -owned subsidiary's 360 Fund intends to hold its registered capital of 79.994 million yuan (unreal capital), corresponding to 3.5320%of the equity transfer to Jiaxing Xinzhu equity investment partnership enterprise. (Limited partnership), Shenzhen sincere and open enterprise management center (limited partnership), transfer consideration is 0 yuan.

Simply put, after invested 1.9 billion yuan before and after, 360 did not intend to continue to invest for 1 billion yuan of capital increase, and transferred some shares at a consideration of 0 yuan.

In this way, the midfield brake behavior pushed 360 and Nezha on the cusp. It is difficult to use commercial behavior to understand reasons such as "all to make the other party have a better development space".

Regarding the car building, 360 was drawn halfway, and it seemed to have the posture of "watching the fire from the shore".

What is the enrollment?

"Lei Jun can build a car, what can I do." At the joint press conference of 360 and Nezha last year, Zhou Hongyi spit it quickly and talked about it for nearly two hours, far exceeding the event arrangement to him to him. Time also opened the curtain of 360 major entry into the automotive industry.

At the same time, the two sides also established a particularly loud slogan: building a car for the people.

The ideal is very tall, but the reality is: building a car for 360.

An expert in the field of network security told "Intelligent Relators": On this track, the market is more recognized by the vertical and professional players such as Qi Anxin, conviction, Green League Technology, Qixing Xingchen, etc. 360 It ’s better to invest in smart cars, or even the Yuan universe. Doing so many seventeenth and eighth things is nothing more than catching a wind, telling a good story, pulling the stock price up ..."

In fact, 360's network security business performance is indeed poor. According to the annual report of the 2021 annual report, the most profitable business of 360 in 2021 is the Internet advertising and service business, which achieves revenue of 6.306 billion yuan, accounting for 57.93%of the total revenue, while security and other business revenue of 1.381 billion yuan , Accounted for 12.69%.

If it is positioned according to revenue to 360, it is an Internet advertising company, and then a smart hardware manufacturer, and then a network security service provider.

It is precisely that in the process of continuous efforts in the field of network security, 360 likes cross -border to seek business topics, especially the hottest cutting -edge fields, such as intelligent connected cars safety and meta -universe security.

At the press conference last year, Zhou Hongyi said, "In the future, 360 will use Nezha Motors as a model, and then the safety technology will be exported to other car companies." In simple terms, 360 is to use the brand of Nezha Motors to use the brand of Nezha Automobile. , Verify your own safety technology, make reputation, and then sell connected car safety technology and services to more manufacturers to seize the market high in the field of intelligent connected cars.

In fact, 360 has a different approach, and it does have a path that is different from other network security players. According to relevant data, 360 has established a joint car safety joint laboratory with more than ten car companies, with a total of more than 20 million cars. More than 80 % of mainstream car manufacturers in China have adopted 360 car safety technology and service systems.

Nevertheless, a senior investor told "intelligent relativity", "The current intelligent connected car security industry has not completely erupted. Before I really did it, I thought these concepts of rushing the wind, enthusiasm, and speculation ... "

Then, according to Zhou Hongyi's thoughts, 360 wants to seize the opportunity of a smart connected car safety industry with a car building, now he has basically reached. Next, the marginal benefits of the 360 ​​brought by the car building are far reduced, which is no better than the original.

360 brakes, whose pot?

If it is just the industry's reputation and brand image, it seems that it seems not enough to leave the field halfway.

The situation of stopping capital in the middle of this is generally due to lack of confidence in future development.

Is there no confidence in the future of Nezha Motors?

According to the latest data, Nezha Automobile delivered a volume of 1,1009 units in May, an increase of 144%year -on -year. It ranks the first echelon of the new forces of the car.

However, it does not mean that the car is selling a lot.

According to the announcement issued by 360, as of the end of 2021, Nezha's total assets were 13.7 billion yuan and the total debt was 8.3 billion yuan. Among them, the revenue in 2021 was 5.735 billion yuan, but lost 2.908 billion yuan, plus the cumulative loss of more than 4.2 billion yuan in 2020.

What's more, this is not an example. According to public data, in 2021, Xiaopeng Automobile's net loss was 4.863 billion yuan, and Weilai net loss was 4.02 billion yuan. In addition, Zero Running Motors who are preparing to go public have lost 4.374 billion yuan in the past three years, and Wima Motors has lost 13.628 billion yuan in the past three years. From the perspective of 360, this may not be a attitude towards Nezha, but to wait and see the "brakes" of the entire new energy vehicle industry. Nowadays, the entire industry is basically at the stage of burning money and grabbing the market. High -R & D and high investment are already normal. 360 as a cross -border has to re -examine this new field -after all, it is not your main position, even if you have money No matter how rich cash flow is, it is not necessary to consume dry on this uncertain track (or brand).

In this regard, Nezha Motors may be more clear about the taste.

This year, Nezha Motors changed its presented price strategy in the past and launched the Nezha S Yao Shi version, priced at 338,800 yuan, trying to raise brand tone and seize the more purchasing front -line market.

At the same time, on the sales network, Nezha Automobile plans to expand from 193 cities to 250 cities this year, especially paying attention to the layout of direct -operated stores in first -tier and second -tier cities. It is expected that at the end of this year, Nezha Automobile's direct stores will increase to 122 to 122 Family.

Doing so much, what Nezha wants to get rid of is the current situation of the more and more losing money. By increasing the price of bicycles and seizing a higher -quality market, it will improve profitability as soon as possible, and draw out from the quagmire of continuous losses.

It can be said that the ponds of new energy vehicles are deep and muddy. Nezha cars were in it and had to struggle to save themselves, but as a cross -border person, there was no need to continue to invest in the deep water of the pool.

Even if 360 does not increase capital, after completing the transfer, 360 still holds 11.4266%of the equity of Nezha Automobile. So, whether 360 is through the car building, it is even more light, it is actually holding tickets to enter the car construction ranks.

In the current market status of Nezha Motors, the 1.9 billion spent before and after the past and after 360 is still worth it.

An announcement, the two sides saw saw

From investment to transfer, the two businesses reached by 360 and Nezha Motors are not losing.

The two have always taken their own needs.

In the front, 360 lack of automotive products and lack of scenes, took the money to make a lively, more or less caught up with the new energy vehicle, and wrote a framework for its own intelligent connected car security story. The development of Nezha Automobile has also entered the first camp of the new energy car manufacturing forces.

Today, 360 wants to brake to wait and see, draw out without saying, and can use "support the reform of the Nazha Automobile's shareholding system" as a goodwill.

For a long time, Nezha's equity structure has been scattered. According to the data of the enterprise, there are 42 shareholders behind it, and the founder team holds too little shares, which is not conducive to the company's future listing and development. In response, Zhou Hongyi also said in an interview with "Chinese Entrepreneurs" that Nezha Automobile is still a startup company and needs to allow the founder team to lead the development of the company, rather than completely capital -led, but now the founder team has too few equity.

Therefore, 360 can transfer part of the shares at a consideration of 0 yuan at this time, which just follows the heart of Nezha. It also refers to "(this move) in response" (this move) is conducive to improving the company's governance structure, improving the control of the operating team, and it is even more beneficial to the long -term sustainable operation of Nezha Automobile's various businesses. "

An announcement, the two sides saw the judgment and anxiety of the current new energy vehicle market.

In general, new energy vehicle brands are facing the problem of losing money for years. The first -level market is gradually tired, and it becomes more conservative in watching and seeing. If the brand wants to "burn money" Seek funding support. Therefore, between the time of retreat, it also achieved the transfer of 360 and Nezha.

360 and Nezha cars each have a small abacus, which can be regarded as the need for each.

The industry's prospects for new energy vehicles are clear, but the brand prospects are not necessarily. From this incident, the inspiration of other new forces of other cars is also very clear, and it is important to accelerate the IPO. Just by the investment and financing of the first -level market, the "can't burn" the future, it is also necessary to look at the secondary market.

At present, the new energy vehicle industry is already a big waves, and the brands that can compete alive at least have completed the IPO, otherwise it is likely to face the condition of the midway.

The entire industry, from investment to brands, became more nervous.

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