360 (Mobile) Enters Car Building Industry After Xiaomi

car industry

We guess many of you wouldn’t remember the brand 360. But a few years ago, this less popular Chinese brand was making outstanding products. Of course, we are not talking about flagship handsets. But the smartphones coming our way from 360 Mobile were providing quite acceptable look and performance if taking into consideration their prices. However, because of known reasons, many brands like this withdraw from the market. 360 Mobile was among them. Last year, we saw a few smart home appliances launched under this brand. But everything changes rapidly. Today, the manufacturer officially announced its entrance into the car industry.

New Player In Car Industry

Earlier today, the brand 360 issued an announcement on the foreign investment call. In it, the company said that they are officially entering the car industry.

360 has previously disclosed that it intends to invest in Hezhong New Energy Automobile Co., Ltd. The investment will exceed RMB 2.9 billion ($0.45 billion). It has now fulfilled the procedures required by relevant government authorities. So the relevant agreements for this investment have been completed. The deal is over.

Gizchina News of the week

In other words, 360 has confirmed that it will spend 2.9 billion yuan to buy a stake in Nezha Automobile. Earlier, we heard that the 360 brand ​​will indirectly hold 16.5940% of Nezha Automobile. Thus, it would become the second-largest shareholder of Nezha Automobile.

360 ​​has previously stated that the company’s strategic investment in Nezha Motors intends to use intelligent networked car safety as the cornerstone. Also, its accumulation and experience in the fields of network security, intelligent hardware security, and Internet of Vehicles security will empower Nezha Motors. Relying on the follow-up in-depth strategic cooperation between the two parties, the company will further study the safety of intelligent networked vehicles. The goal is to better provide intelligent networked vehicle safety services for the entire industry and industry chain partners.

Official Statement

The board of directors and all directors of the company guarantee that there are no false records, misleading statements, or major omissions in the content of this announcement, and bear individual and joint responsibility for the authenticity, accuracy, and completeness of the content.

360 Security Technology Co., Ltd. (hereinafter referred to as the “Company”) disclosed the “Announcement on Foreign Investment of 360 Security Technology Co., Ltd.” (Announcement No. 2021-063) on October 19, 202l. The company plans to invest in Hezhong New Energy Automobile Co., Ltd. (hereinafter referred to as the “investment”) with its own funds totaling RMB 2.9 billion. On October 20, 2021, the company disclosed the “Supplementary Announcement on Outward Investment of 360 Security Technology Co., Ltd.” (Announcement No. 2021-064), stating that the investment matters need to obtain the consent of relevant departments.

As of the disclosure date of this announcement, this investment has completed the procedures required by relevant government authorities, and the relevant agreements for this investment have been signed. The company will continue to perform its information disclosure obligations in a timely manner for the subsequent important developments of this investment event, and investors are kindly requested to pay attention to risks.

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