NetQin's face: More than 200 million shares of new shares to become a mystery

The second change is that three co-founder Lin Yu, Swenyong, Xu's shareholding tool RPL Holdings 2¥q has halved, from 19.6% to 11.3% now.

The third change is that in March 2013, the 16 million-share Sequoia Capital has disappeared from the net-Qin shareholder's column, and the new shareholder is Chinarock Capital Management.

For the Chinese rock capital becomes the net Qin Xin the big shareholder, TechWeb earlier in the "Coquettish Net Qin was surrounded by: Hua Rock capital 10 months 3 times doubled to the largest shareholder" has been reported, but Sequoia Capital empty shareholding, NetQin did not in the SEC document to disclose.

NetQin Management and director of the shareholding mainly in the three co-founder, the three directly controlled by the RPL Holdings 2¥q (hereinafter referred to as RPL) since 2012, has been holding the 50,352,941 shares of B-class common stock, as of October 15, 2014, The 50,352,941-Share B budged held by RPL is not moving.

One of the main reasons for this is that in 2012, RPL and NetQin signed a two-year lock-up period agreement, which stipulated that the former could not sell NetQin shares until September 2014. Today, the lock has been regularly in the past two months, although RPL has not yet sold shares, but has not been restricted by the ban.

In addition to being a direct beneficiary of the 50,352,941 shares of shares controlled by RPL, Lin Yu, Swenyong and Xu individuals also hold a small number of NetQin shares.

NetQin sec file on three of the shareholding statistics method is, the number of three individual holdings plus RPL held 50,352,941 shares of the number of three individuals "benefit shareholding" number (beneficially owned). Therefore, in the calculation of Net Qin management and the total number of directors, can not be shown on the SEC documents of the three individual "benefit shareholding" number simply add, otherwise there will be repeated calculation.

Lin Yu March 15, 2013, the personal possession of the net-Qin A shares of 653,750 shares, B shares in the number of 2,100, 00 shares, in addition, he also had 1,125,000 shares in the share option. Buying equity means that Lin Yu has the right to buy a certain number of shares within a certain amount of time.

And after a lapse of 19 months ――2014 October 15, Lin Yu Personal holding of the number of NetQin's a-shares increased to 2,753,750 shares, the number of B-shares is zero-which shows that he has the B-shares all converted into a shares, but he also owns 1,875,000 shares in the shares.

In addition, SEC documents show that Lin Yu mortgage the equivalent of 550,750 shares of the U.S. Depository Shares (ADS) used to borrow. NetQin did not disclose the use of the loan in the document.

Another co-founder, Swenyong, March 15, 2013, held a shares of 553,750 shares, 1,000,000 shares, and 2,250,000 shares in shares, but to October 15, 2014, the number of individuals holding a shares increased to 1,553,750 shares, The number of B shares is zero--which means he also converted the B shares into a A-share, and he also has 3,750,000 shares in shares.

Like Lin Yu, Swenyong also mortgaged ads, the equivalent of 310,750 shares, for borrowing and borrowing for unknown purposes.

Compared with Lin Yu and Swenyong, Xu has the lowest shareholding ratio, when he was on March 15, 2013, his personal shareholding was zero, only 738,220 shares of the shares, but to October 15, 2014, Xu personal possession of 438,220 shares of NetQin.

Comparing March 15, 2013 and October 15, 2014 of the shareholding will be found, Lin Yu, Swenyong, Xu's individual holdings have increased, and in the common benefit of the RPL shareholding unchanged, the three of their respective shareholding ratio has occurred in half. This means that the total number of NetQin shares increased by about one times, so it will happen, the three people's holdings although increased, but did not offset the increase in the total amount of shares caused by dilution phenomenon.

Sure enough, the Net Qin in the SEC document said, March 15, 2013, the Net Qin stock total is 256,482,665 shares, and as of October 15, 2014, the Net Qin stock total is 443,799,304 shares--the total stock increased 187,316,639 shares, the increase nearly one times.

NetQin did not make any statement about the increase in the total stock in the SEC document by nearly one-fold. Between March 15, 2013 and October 15, 2014, NetQin also did not announce the issuance of shares, split shares, this out of thin air more than nearly 200 million new shares of possible sources only, to the staff to distribute stock rewards, after the issue of convertible bonds into stocks, and the possibility of adding new shares to the open market to increase the liquidity of the stock, but either way, it is rare to bring such a large number of new shares.

Read the founder's shareholding, and then look at the institutional shareholder's shareholding changes. As of March 15, 2013, the three major institutions of the network of RPL shareholder is the three joint founder control of the shareholding tool in the early days of the Net Qin investors GSR Ventures Target (hereinafter referred to GSR) and Sequoia Capital.

At that time, GSR held 34,752,007 shares in the Net Qin, the shareholding ratio of 13.7%, Sequoia Capital Holding 15,940,523 share B, the shareholding ratio of 6.2%. NetQin B shares represent 10 times times the voting rights of a shares.

As of October 15, 2014, Sequoia Capital has disappeared from the net-Qin shareholder's column, GSR once held 34,752,007 shares into 17,252,090 shares and 7 share B, the proportion of shares to 3.9%.

The successor of Sequoia Capital to become the second largest shareholder of NetQin is the capital of China Rock. Since the end of 2013 to this August, the network of Qin revealed the Huayan capital of the 4 stock changes, the latter in 10 months time accumulated 46,090,250 shares, the current shareholding ratio of 10.4%.

In Sequoia Capital "silently" empty shareholding, GSR company more than 34 million shares of B stocks into more than 17 million a-class stocks, the Net Qin outside the release of the B-type stocks almost all concentrated in the hands of the three co-founder of the control of the RPL, the Network Qin in the listing 3 years after the completion of the company from the early investors to recover the control of the operation.

NetQin SEC documents show that, as of October 15, 2014, RPL 11.3% of the shareholding to achieve the control of 56.1% of voting rights. (Xiao Feng)