360 issued an announcement that Qifei, a wholly-owned subsidiary, plans to sell 46.75 million shares (about 10% of the total shares of Opera Browser) held by its joint-stock company Opera Limited is 20.3% was repurchased by Opera Browser at a price of $5.5/ADS for a total transaction price of $129 million. After the completion of this transaction, 360 Company will no longer hold the equity of Opera Browser.
360 said that in November 2016, the company acquired a 27.5% stake in Opera Browser through equity participation at a price of US$158 million. After multiple rounds of equity incentive share registration, additional issuance, public offering of securities, and share repurchase, As of June 30, 2022, the company holds approximately 20.30% equity interest in Opera Browser.
The company uses the long-term equity investment equity method for accounting. As of the date of this announcement, the book value of the Opera browser equity is approximately US$201 million, and the difference from the sale price is approximately US$72 million (according to the People's Bank of China on September 23, 2022). The exchange rate conversion is about 503 million yuan.