Is netqin privatized for transformation or for life?

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Netqin is a highly controversial enterprise both in China and abroad. The stock price myth of Chinese Internet companies was once created, but eventually the share price fell along due to too many negative news, netqin, who has recently received a privatization offer and has suffered a flood of water and has been unable to submit its annual report, once again attracted public opinions. The board of directors of the company announced that it has received bison capital Holding Company Limited) non-binding private offer. For netqin, which is still in a stormy state, privatization may be a step to go. Whether it is for transformation or the future to survive, privatization deserves careful consideration by netqin.

I. hunshui short network Qin fall

The reason why wangqin, which was originally high in height, was "reduced to" taking private ownership into account is directly related to hunshui. In the past, although the industry has been questioning netqin's user volume, revenue and profit, netqin has always been "at large" due to lack of evidence, and its stock market is like fish, all the way bullish. However, after hunshui released its empty-checking report, the good days of netqin came to an end, and they fell sharply. In fact, hunshui has been relying on teams familiar with Chinese business rules to keep exposing the existence of false financial statements and frauds of listed Chinese companies in the United States, in other forms.

In the eyes of hunshui, netqin is a delicious "fat ". The high market value and non-transparency of the structure give hunshui the best reason. In June last October, hunshui released A 81-page empty-checking report for wangqin, the allegations include "fake income obtained in China", "exaggerated International Revenue", "fake cash flow statement", "Careless auditors", and "only American agencies is a decoration. Then netqin's share price fell by 50%. Before the report was released, netqin's share price was $25, but now only $7.44 (down to less than $5 in the middle), so far Gu has not been able to slow down.

Ii. Private Network Qin intended to get rid of hunshui

Perhaps, we can think that netqin did not originally want to take the road of privatization, but wanted to continue to "struggle". After all, foreign capital markets are lucrative. Therefore, netqin began a series of "self-help" actions. In July 4, Han Ying, chairman of the netqin Audit Committee, withdrew from the company's board of directors for "personal reasons". In Middle July, netqin said that due to PwC's initiatives, the company was unable to submit its 2013 financial report. In July 18, netqin and PwC canceled the contract, hired Mai yuping as a new independent audit agency, with the latter in charge of netqin's 2013 financial report ...... However, these actions did not stop the decline in stock prices. While netqin had no plans, it received a non-binding private offer from Buffalo capital. So far, the share price collapsed like an avalanche rebounded.

In fact, speaking of "privatization" is not a new term for Chinese Internet enterprises. We know that a number of heavyweight companies, such as the giant network and grand game, had announced privatization before. Although they all have their own mandatory reasons, privatization does not mean that an enterprise will gradually disappear, and sometimes it will reduce the pressure to make it easy to install and start the transformation path. Compared with the giant network and grand game, netqin's current situation seems to be more private-this may be the best way to get rid of the tangle of hunshui company in a short time.

For listed companies, financial reports have a significant impact on future enterprise trends and investors' psychology. However, until now, netqin's financial report for 2013 is still not available (it is very likely that the financial report number is not easy to read ). Once the privatization is realized, netqin will completely unload the pressure on financial disclosure, and avoid repeated short-selling organizations represented by hunshui, so as to better focus on the company's next development plan. If the privatization is completed through leveraged acquisitions, netqin may be able to return greater benefits through a series of operations.

3. Where can privatization become the lifeline of netqin?

Now, it seems that only after the implementation of privatization and no longer under such great pressure can netqin truly sink his mind and do its own products and platforms well. In the explosive development of mobile Internet, netqin is also transforming from a security company to a platform-based company. In this process, if it has been subject to external interference and questioning, it will undoubtedly cause internal instability. The privatization process allows netqin to focus on its transformation.

Although privatization is beneficial to netqin, the negative effects of privatization cannot be ignored. Originally, netqin had been listed for many years. After privatization, enterprises and institutions would inevitably change. Whether it can adapt to such changes remains to be discussed. In addition, personnel changes are inevitable, and the magnitude of the "earthquake" is unpredictable. After all, in the public's impression, the product influence of netqin is indeed different from that of other competitors, which makes people naturally think that their data is suspected of being fake, and to get rid of these negative labels, it cannot be solved simply by privatization. Moreover, after the privatization, it will be difficult for netqin to go public again through formal channels.

To sum up, for netqin, privatization is like a double-edged sword, which may be a powerful tool and may accidentally scratch itself. The decision is in the hands of the top executives of netqin. If we regard privatization as a life-saving means, we may see the relevant news in a short time. If it is regarded as a fatal poison, it may become a joke in the industry. (New technology discovery: Kang standing/Wen)

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