BYD Qin series becomes the main selling model, with cumulative sales exceeding one million units

Zhou Hongyi, the founder of 360 Group, has recently made new developments in his divorce case, the details of which were announced on June 7. According to the latest announcement, Zhou Hongyi has successfully transferred his shares of 360 Group to Hu Huan, totaling 447 million shares, accounting for approximately 6.25% of the company’s total shares. The Shanghai Branch of China Securities Depository and Clearing Co., Ltd. has completed the transfer procedures and issued a transfer registration confirmation.

The transfer procedures for this share were completed on June 5, 2023, and the confirmation letter was issued by China Securities Depository and Clearing Co., Ltd. The total value of these shares is approximately 6.92 billion yuan, based on the closing price of 360 Group of 15.5 yuan that day. Compared with the stock price when the divorce was initially announced, this figure has shrunk by nearly 2 billion yuan.

At that time, 360’s stock price reached a peak of 20.85 yuan per share, and the value of Hu Huan’s shares was approximately 8.967 billion yuan. However, after the divorce was announced, equity changes had an impact on 360's stock price. Although the major shareholders promised not to reduce their shares in the company, 360's stock price fell by 24% during this period. It was not until the share transfer was officially completed on June 5 that the stock price recovered slightly.

The divorce case between Zhou Hongyi and 360 Group has made substantial progress because the share transfer has been completed. As Hu Huan becomes a new shareholder of 360 Group, Zhou Hongyi's shareholding ratio in the company will be significantly reduced. The operations and development of 360 Group will be affected by the divorce case, but the specific situation needs to continue to be observed.

In general, Zhou Hongyi’s share transfer amount has shrunk compared to when the divorce was announced. Regardless, the final outcome of this case signifies a new landscape and challenges for both the 360 ​​Group and Zhou Hongyi personally. We will continue to monitor and report on relevant developments.

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