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360 Return to China A Shares Why did senior executives collectively say goodbye to Zhou Hongyi?

via:新浪科技     time:2018/4/17 7:01:33     readed:724

Sina Technology interviewed related parties in this regard, trying to explore the reasons behind the departure of executives.

The third left in the picture is CFO Yao Yao, and the right one is Zhou Hongyi’s wife Hu Huan.

CFO Yao Yao resigned and Zhou Hongyu attended business occasions

According to public information, Yao Hao is a Chinese certified public accountant. Before and after 2000, she used to be chief financial officer of Sohu. She joined 360 as chief financial officer in 2006, was promoted to vice president of finance in 2008, and became a joint chief financial officer of 360 in May 2012. CFO.

In the nearly 6 years of working for the 360 ​​CFO, Zhou Hongyi led Yao Yao to several large-scale business events, but she rarely spoke.

A 360-person who has contact with Yao Hao said that Yao Hao is a low-key CFO who is mainly responsible for corporate strategic investment and handling relationships with investors, as well as internal control and financial supervision of the company.

The source revealed thatThe middle and high levels within the 360 ​​have a high appraisal of Yao Hao, not only because of their appearance and talent, but more importantly, she is well aware of the company's financial and investment status, and also has a deep understanding of some of the 360 ​​business lines.

In addition, she has a strong ability to control risk. According to this person, the large amount of 360 investment from the United States must go through her hand and then put the funds into the system and specific business.

In the process of 360 times A, Yao Hao often worked overtime, frequently communicated with Zhou Hongyu and other people, and raised many foreseeable problems, which all promoted the development of 360.

Tianyan checks show Yao Yao has directorship in three companies

Analysis: Resignation or due to triple reasons

Last night, Yao Hao said in an interview with the media, personal and company mutual achievements, she thanked the founder and colleagues to accompany him for many years. However, it did not disclose the specific reasons for leaving.

In fact, it is not difficult to see from Yao Li’s resume that her career has undergone multiple battles:Sohu IPO and Sohu complex mergers and acquisitions; 360 US listing and privatization; help 360 to complete the backdoor listing.

A person close to 360 speculated that Yao Hao's departure may have three reasons:

The first is pressure and return.

According to the 360 ​​board structure and the style of Zhou Hongyi, Yao Hao's rising channel is limited. Although she is highly qualified and she has made tactical efforts for 360 privatization and backdoor listing, the shares held by him are ranked relatively low among many natural person shareholders.

Although Zhou Hongyi likes talents and sells generously, he may not be in direct proportion to the responsibilities and pressures Yao Yao has to bear.

In addition, as executive stocks cannot be cashed out, there may be room for action after leaving.

The second is commitment and risk.

According to 360 companies’ backdoor re-listing related agreements, 360 Company promised that from 2017 to 2020, the net profits from non-repatriation will be no less than 2.2 billion yuan, 2.9 billion yuan, 3.8 billion yuan and 4.15 billion yuan respectively, totaling 13.05 billion yuan. Earlier this month, the 360 ​​financial report showed that net profit attributable to shareholders deducting non-recurring gains and losses in 2017 was 2.75 billion yuan, which was 550 million yuan more than the 2.2 billion yuan promised in the initial period, but navigation, games, and search Business is a major source of revenue contribution.

Zhou Hongyi is more concerned with independent innovation capabilities and R&D around safety, such as setting up research centers, deploying AI technology, and researching and developing intelligent hardware. “In order to complete the remaining three-year commitments, we will not rule out adopting aggressive financial strategies in the future. Capital operation, which may also lead to risk."

The third is job-hopping and demand.

The development of Internet companies is changing with each passing day. Many companies want to enter the capital market as soon as possible. Yao Yao clearly has the qualifications and professionalism in this area, so there is also the possibility of being hijacked away by high salaries.

COO Chen Jie and Zhou Hongyu

COO Chen Jie "retired" has hosted game business

Compared with Yao Hao, the departure of COO Chen Jie is a lot of low-key.

At the end of March this year, insiders disclosed that Chen Jie has retired from the 360 ​​company. 360 officials once responded to Sina Technology that as early as last October, Chen Jie resigned from COO for personal reasons.

Judging from the time, in the early morning of November 3 last year, A-share company Jiangnan Jiajie released a report on major asset restructuring, and 360 was proposed to be listed on the backdoor. Therefore, at that time, Chen Jie should know this in advance, but on the eve of reorganization. Resigned from his position.

According to public information, at the end of December 2015, 360 announced the appointment of Chen Jie as the company's COO, who was responsible for the company's overall operations and reported directly to 360 CEO Zhou Hongyi.

Zhou Hongyi evaluated her as a trustworthy leader at the time. “She has demonstrated remarkable ability over the past few years. I trust her ability and believe that she can optimize our business and use our various advantages to better serve her. To customers and promote 360 ​​to achieve long-term success."

In February 2017, Chen Jie served as a COO escrow game business. Just six months later, Zhou Hongsheng received rights.

Analysis: Or because of unresolved business difficulties

In the eyes of the above-mentioned sources, Zhou Hongyi valued the game business development. However, Chen Jie failed to rewrite the dilemma, or said that he had not seen improvement in half a year. After being “transferred” by Zhou Hongyi, it may have led to his “retirement”. one of the reasons.

In fact, in the past few years, the game business of 360 once changed frequently and even the tide of employee departure.

In November 2015, 360 announced the appointment of Xu Yiran, former chief commercial officer of Perfect World, as president of the game business. The following year, Xu Yiran released a 360 game strategy plan. After 15 months of office, Xu Yiran resigned and Chen Jie took over. In August last year, Zhou Hongyi announced that he would personally promote the development of the game business.

It is understood that at the same time as Chen Jie left, the 360 ​​gaming division had seen a wave of departures, including key positions such as mobile game business leaders, and many people had left.

An employee who once worked in the game business of 360 said that the business team is expanding too quickly, with noisy personnel, complicated procedures, and cultural imbalances. “Most of the time is spent on dealing with broken things, and it is rare to conceive of value for the industry. s things".

After being transferred from Chen Jie, Zhou Hongyi invited Zhang Yunfan, the director of Perfect World Group, to serve as a consultant and former CEO of Tsingtao Media, Tanya.

"I hope from this year (2017) Xingyao 360, 360 games to the partners a surprise." Last year ChinaJoy, Zhou Hongyi placed high hopes on the game business, saying that will increase investment in the game business.

Unfortunately, his hope can not withstand the cruelty of reality.

During the briefing on Jiangnan Jiajie’s major asset restructuring, Zhou Hongyi acknowledged the decline in the game business. At the time, he believed that there were two main reasons for the decline:

First, it cannot keep up with the development of the times.

360's original game business revenue is mainly from the game's download promotion, has now adjusted the direction of the business, in the direction of mobile games, pay attention to the issue of the monopoly and boutique operations.

The second is the bottleneck of the game operation model.

The game operation mode before 360 ​​was only distributed by the interline, but in the first half of 2017, the entire domestic mobile game market exploded, causing the model to encounter development bottlenecks. At the same time, he disclosed the strategy and said that he would establish a self-research team for mobile games through investment and recruitment. He looks at the huge market of end-game travel, and thinks that end-game travel is still the category with the highest ARPU value and the best return rate. In the future, it will strengthen intermodal transport in end-user travel.

After half a year later, 360 released its first earnings report after returning to A-shares, and its gaming business is indeed in decline. According to the financial report, 360 gaming business contributed 1.692 billion yuan in revenue in 2017, a year-on-year decrease of 35.25%.


At the end of March, Zhou Hongyi said in the WeChat circle of friends: “My life has been so failed and it has no meaning.” This quote has led to speculation.

Two days later, he clarified:"Recently, the state of frustration has not been balanced by the incompetence of work and family. We don't have to pull it together."

Today, if you look at this remark, it will be meaningful.

What is the "frustration" in Zhou Hong's mouth? Or is the executive leaving? Or is the stock price plummeted after the return? Even through the CDR route without having to tear down the VIE architecture? ......

Which is bitter, perhaps only he understands.

related articles:

360 CFO and Deputy Chief Core Executives Resigned

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