Black Horse white, market value waist was chopped

December 16, The mystery is finally revealed: Qihoo 360 announced the establishment of a joint venture with Cool Group, to 400 million U.S. dollars to 45% equity.

December 22 17:07, Zhou in Sina Weibo put words "everyone think 360 should be a special kill tool, forwarding enough 500 we will start, for everyone to solve the public nuisance." 20:02, Zhou announced "start". Since then, Zhou to the average frequency of a day to Baidu "artillery."

December 24, Zhou on Christmas Eve sounded the battle horn, "Take AK47, follow me to the south to do mobile phone!" "Brush the screen."

It seems that old week is stimulated, why do you want to do mobile phone? Why is it so fiercely defended for mobile phones? Why put words "kill" Baidu?

Black Horse white, market value waist was chopped

This year, the Qihoo has been caught in a vicious circle: quarterly earnings are beautiful, but after careful scrutiny, it makes people optimistic. May 28, Qihoo announced the 2014q1 earnings, the day of the share price of 95.14 U.S. dollars. May 31, the tiger Sniff released the "Interpretation: Qihoo 360 this quarter net profit increased 8 times times the underlying mystery", that "odd tiger stock price in high consolidation." For the next three months, Qihoo's share price fluctuated 90 of billions of dollars, occasionally rushing to 100 dollars. August 25, Qihoo two quarterly earnings again to double the good results. Tiger sniff the day issued: "Qihoo 360, revenue doubled, net profit growth slowed." August 27, Junse, the tiger-sniffing author, said the real logic of the 360 share price fall: Bad transition, slow game income growth. by November 25, Qihoo announced Q3, the share price has fallen below 75 U.S. dollars. Tiger Sniff again in the first time, "Qihoo 360 released three quarterly bulletin, the number of users to the ceiling, mobile end expansion is the bright spot."

Although the above analysis does not necessarily grasp the crux of the stock price decline, but the fall in the price itself is an indisputable fact. As you can see from the figure below, the height of market capitalisation is lower than once: March 15.2 billion dollars, August 12.8 billion dollars, November this time only 9.4 billion U.S. dollars, and each fall deeper than once: May low to 9.8 billion U.S. dollars, October to 8.1 billion U.S. dollars, December only 7.4 billion dollars.

The capital market to Qihoo 360 has placed great expectations, but into the 2014 the situation is becoming more and more clear: Qihoo 360 by Baidu, Tencent two giants of repression, coupled with Sogou, Cheetah, in mobile security, mobile distribution and other fields to maintain the existing pattern has been labored (reflected in the market cost increase, The decline in net profit growth has largely lost the possibility of "reverse attack". "Black Horse White" is the root cause of the downside of Qihoo 360 value Center.

Be bat flung more and more distant, with the new four years of millet comparable sex is going to have no, arrogant Zhou 袆 can sit idly by. Imitate Lei (Alliance, investment content, do mobile phone), put words to kill Baidu is Zhou 袆 try to reverse the price decline of the move.

Imitate Lei, put words Baidu, share price to come?

Imitating Lei? Zhou 袆 will never admit it. But millet market value of 45 billion dollars, has been Qihoo 6 times times, should not reflect, not worth studying? In addition Zhou said Bat is a lion, his shark will not ashore desperately, millet in his eyes is just a seal. Therefore, Qihoo 360 immediate goal is to surpass millet, and imitate Lei is beyond the short cut of millet.

The first is to learn lei philosophy of life-to make a lot of friends, the enemy made less. In the past, Zhou is the opposite of the way to do-to make less friends, the enemy made a lot of!

After reflection, Zhou began to open up the good edge: 15 million U.S. dollars to participate in the long state digital IPO, 5 million U.S. dollars to help the day pigeon interaction (9158 of the parent company) IPO, invest 20 million U.S. dollars in Di-Tong, 10 million U.S. dollars to participate in the property company Choi Live in Hong Kong IPO. Zhou can sedan for others, is indeed a great progress. But compared with Lei, the form is not like, God is contrary.

First, the Thunder military is very Lee Colling, in distress to take in Fu, will Zou Sheng Dragon from the desperate pull ashore, these efforts and lay friendship, not Zhou icing on the cake of financial investment comparable.

Second, the role of the gathering time, Cheetah and thunder in the millet ecosystem is clear. Qihoo Foreign investment of the standard appears more casual, and property management companies have what relationship? #当然, it can be said that there is a universal connection between the world.

Second, is to learn the layout of Lei, we all know that is the root of the high value of millet.

Millet invest heavily in Archie art, share the cool potatoes, Qihoo 360 to invest 72 million yuan and light media set up a joint venture, mainly engaged in film-oriented Internet video business, is said to explore users pay to watch. But the prospect of a joint venture is not rosy. One is the mainstream video site copyright expenditure has reached 1 billion levels, odd tiger light two to gather 120 million registered capital plus financial leverage, can buy how much copyright content? Second, still, pay! Antivirus software is free of charge is 360 to get up, let the user pay the prospect, difficulty Zhou heart than anyone understand.

Finally is the most important: learn millet to do mobile phone! No cell phone, where's the 45 billion dollar valuation of millet? It is said that Zhou this year not less run Shenzhen, a plus, the Charm clan, ZTE, Cool faction and other mobile phone manufacturers have been speculated. "5 billion, wholly-owned acquisition" is not a groundless, presumably Zhou 祎 phase of the company 5 billion can not control the family, let alone wholly-owned acquisitions. 400 million dollars in the joint venture accounted for 45%, is the second step.

In addition to imitate Lei, Zhou also actively provoke Baidu.

In fact, in March this year, Beijing Haidian District People's Court of Qihoo 360 and Baidu dragged two years between the lawsuit to make a verdict: Request Zhou, Qihoo company stop infringement, delete infringement micro-blog speech; Zhou, Qihoo company in its Sina Weibo home page prominent position to Baidu Network news company's apology letter, a continuous public apology for 10 days , eliminate the impact of Zhou, Qihoo company joint compensation Baidu Company's economic losses amounted to 50,000 yuan. October, the Supreme People's Court of 360 and Tencent played four years of the lawsuit to make a final sentence (Shenzhen, a media statistics Qihoo 360 has lost 12 lawsuits).

If Zhou alleged "Baidu Virus kill Tool" on-line, no doubt will provoke a lawsuit again, and most likely still will lose. Because of the Ministry of Information "20th order" Clear request: "Any company should not maliciously interfere with the user terminals of other Internet Information service providers of services, or malicious interference with Internet services related to software products such as downloading, installation, operation and upgrade." ”

In this case, why Zhou to provoke Baidu? And see the first quarter of this year, Qihoo 360 market value reached Baidu's One-fourth, three quarter fell to One-sixth, four quarters only one-tenth. Investors have seen Qihoo as a dark horse in search, a high spot on its market capitalisation, and now the wind is bad. And Baidu continue to sue both vent and brush the sense of existence, kill both.

If Zhou happy, may also engage in "Tencent virus Kill Tools", and then "security is not up to the extreme" as a block to pay for the treasure, so and bat are on the lawsuit. Zhou know the strength of Qihoo 360, and claimed that "sharks do not fight with lions," but provoke bat has become odd tiger 360 "cheap" value management means! According to the media statistics Qihoo 360 lost 12 lawsuits before losing 7 million yuan.

Wisdom is enough to refuse remonstrance

The news of the cooperation with cool, the industry outcry, mixed. In the words of Zhou is "there is applause, there are questions, of course, there are behind the obstruct." The capital market also does not face, the news announced that Cool faction plunged 9.4%, the next day fell 14.66%. The Qihoo fell to $55.52 from a four-quarter high of $75, a 14-day decline of 26%. It is 54.3% lower than the annual highs of $121.53 in March.

The market is ignoring such a big "good", the internal opinion is not so consistent. December 24 Night, Zhou to all staff issued internal mail, is the famous "Take AK47 with me to the south to do mobile phones."

Aside from the sensational, Zhou 祎 message has two core meanings:

One is to refute the "smart phones are Red Sea, Zhou do mobile phone too late, no chance" said. Zhou 祎 asked, "has China's internet ever had blue ocean?" "It doesn't take time to do anything in the internet," says the week. Regardless of when, can go to do IM, video site, group buying, as long as the dare to "surf" is likely to live in the forefront? In fact, Qihoo began to do smartphones not only not late, but also up early: with Haier, Amoi, Huawei and other companies have launched 360 special mobile phone. 2012, Qihoo also cooperated with Alcatel a AK47 special machine ... But it didn't work. The joint venture with the great God of cool is a continuation of these efforts, but the environment is certainly not the year before. If today lei just start to do millet small mobile phone can succeed? Late?

The second is to put forward "on the mobile internet to achieve the ultimate security." Speaking of which, let's talk about the BlackBerry. The BlackBerry, which Mr Obama has been using since taking office, is considered the safest mobile phone. But hackers say they can break the new BlackBerry in 5 minutes and get root privileges. Qihoo 360 shares a 45% stake in a joint venture with the second-tier mobile phone brand (2014 Q3, the cool smartphone shipments fell out of the top five domestic handsets). The most core design, manufacturing, supply chain management and after-sales service, is still controlled by the great God. Moreover, the cool big God operating system's kernel is the Android, Qihoo 360 wants the security to be extreme, wants to own the operating system, this is at least.

"Strange tiger Big God mobile phone" security must be good, although not extreme. I am afraid that the old weeks in mind, in the "Ultimate Security" under the banner of Baidu, QQ, micro-letter, Alipay, Taobao all kicked out of the great God mobile phone.

In short, this is a letter to work with the cool to defend the message, write well even can be taken as a model. But, "The wisdom is enough to reject the suggestion, the speech is enough to adorn the non", this is Sima Qian to a monarch's textual examination language, said is who does not say.