Why be content with almost $2 billion when your net worth can be multiples more simply by moving your company from one stock exchange to another?
Zhou Hongyi did just that, relocating his online security firm to China and merging it into a shell company, which soared as much as 550 per cent since he announced the plan in November. Qihoo 360 Technology delisted from the New York Stock Exchange in July 2016 and began trading Wednesday in Shanghai as 360 Security Technology. The move boosted Zhou’s net worth to $13.6bn, making him China’s 12th-richest person, according to the Bloomberg Billionaires Index.
Mr Zhou, 47, said in November that aligning himself with China’s national interest was among the reasons he moved the listing to his homeland, where the Communist Party has been tightening the country’s “cybersecurity sovereignty”.
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Read more:
Gulfstream looks to new crop of Chinese billionaires for sales
Billionaires keep calm and carry on as red tide rolls in
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The first day back was rocky. The shares swung between gains and losses on Wednesday - opening 3.8 per cent higher before declining 10 per cent as of the close in Shanghai. The benchmark Shanghai Composite Index dropped 1 per cent.
Still, China’s richer tech valuations may have been a draw, said Sun Mengqi, an analyst at BOCOM International. “There could be a substantial valuation gap between the US and China.”
Mr Zhou owns a 23 per cent stake in 360 Security, directly and through holding companies Tianjin Qixin Zhicheng Technology and Tianjin Zhongxin Investment, according to an acquisition proposal last month. Yue Jing, a company spokeswoman, declined to comment on Mr Zhou’s net worth.
The firm posted 2016 revenue of 9.9bn yuan (Dh5.87bn), up from 9.4bn yuan a year earlier. Most of its sales come from online ads, many which are pushed to users of its antivirus products.
Zhou isn’t the first tech mogul to take the back door to China. Billionaire Jason Jiang’s Focus Media went private in a $3.7bn buyout in 2013 after coming under pressure from short-seller Carson Block, relisting two years later in Shenzhen. The company’s market value has swelled to $29bn since then.
Zhou did a stint as the head of Yahoo China in the 2000s after selling a search engine startup to the U.S. firm and, in 2006, co-founded Qihoo 360 with fellow billionaire Qi Xiangdong.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Superliminal%20
%3Cp%3EDeveloper%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EPublisher%3A%20Pillow%20Castle%20Games%0D%3Cbr%3EConsole%3A%20PlayStation%204%26amp%3B5%2C%20Xbox%20Series%20One%20%26amp%3B%20X%2FS%2C%20Nintendo%20Switch%2C%20PC%20and%20Mac%0D%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
%3Cp%3E%3Cstrong%3EJuly%205%2C%201994%3A%3C%2Fstrong%3E%20Jeff%20Bezos%20founds%20Cadabra%20Inc%2C%20which%20would%20later%20be%20renamed%20to%20Amazon.com%2C%20because%20his%20lawyer%20misheard%20the%20name%20as%20'cadaver'.%20In%20its%20earliest%20days%2C%20the%20bookstore%20operated%20out%20of%20a%20rented%20garage%20in%20Bellevue%2C%20Washington%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%2016%2C%201995%3A%3C%2Fstrong%3E%20Amazon%20formally%20opens%20as%20an%20online%20bookseller.%20%3Cem%3EFluid%20Concepts%20and%20Creative%20Analogies%3A%20Computer%20Models%20of%20the%20Fundamental%20Mechanisms%20of%20Thought%3C%2Fem%3E%20becomes%20the%20first%20item%20sold%20on%20Amazon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1997%3A%3C%2Fstrong%3E%20Amazon%20goes%20public%20at%20%2418%20a%20share%2C%20which%20has%20grown%20about%201%2C000%20per%20cent%20at%20present.%20Its%20highest%20closing%20price%20was%20%24197.85%20on%20June%2027%2C%202024%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1998%3A%3C%2Fstrong%3E%20Amazon%20acquires%20IMDb%2C%20its%20first%20major%20acquisition.%20It%20also%20starts%20selling%20CDs%20and%20DVDs%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2000%3A%3C%2Fstrong%3E%20Amazon%20Marketplace%20opens%2C%20allowing%20people%20to%20sell%20items%20on%20the%20website%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2002%3A%3C%2Fstrong%3E%20Amazon%20forms%20what%20would%20become%20Amazon%20Web%20Services%2C%20opening%20the%20Amazon.com%20platform%20to%20all%20developers.%20The%20cloud%20unit%20would%20follow%20in%202006%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2003%3A%3C%2Fstrong%3E%20Amazon%20turns%20in%20an%20annual%20profit%20of%20%2475%20million%2C%20the%20first%20time%20it%20ended%20a%20year%20in%20the%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2005%3A%3C%2Fstrong%3E%20Amazon%20Prime%20is%20introduced%2C%20its%20first-ever%20subscription%20service%20that%20offered%20US%20customers%20free%20two-day%20shipping%20for%20%2479%20a%20year%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2006%3A%3C%2Fstrong%3E%20Amazon%20Unbox%20is%20unveiled%2C%20the%20company's%20video%20service%20that%20would%20later%20morph%20into%20Amazon%20Instant%20Video%20and%2C%20ultimately%2C%20Amazon%20Video%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2007%3A%3C%2Fstrong%3E%20Amazon's%20first%20hardware%20product%2C%20the%20Kindle%20e-reader%2C%20is%20introduced%3B%20the%20Fire%20TV%20and%20Fire%20Phone%20would%20come%20in%202014.%20Grocery%20service%20Amazon%20Fresh%20is%20also%20started%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2009%3A%3C%2Fstrong%3E%20Amazon%20introduces%20Amazon%20Basics%2C%20its%20in-house%20label%20for%20a%20variety%20of%20products%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2010%3A%3C%2Fstrong%3E%20The%20foundations%20for%20Amazon%20Studios%20were%20laid.%20Its%20first%20original%20streaming%20content%20debuted%20in%202013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2011%3A%3C%2Fstrong%3E%20The%20Amazon%20Appstore%20for%20Google's%20Android%20is%20launched.%20It%20is%20still%20unavailable%20on%20Apple's%20iOS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2014%3A%3C%2Fstrong%3E%20The%20Amazon%20Echo%20is%20launched%2C%20a%20speaker%20that%20acts%20as%20a%20personal%20digital%20assistant%20powered%20by%20Alexa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2017%3A%3C%2Fstrong%3E%20Amazon%20acquires%20Whole%20Foods%20for%20%2413.7%20billion%2C%20its%20biggest%20acquisition%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2018%3A%3C%2Fstrong%3E%20Amazon's%20market%20cap%20briefly%20crosses%20the%20%241%20trillion%20mark%2C%20making%20it%2C%20at%20the%20time%2C%20only%20the%20third%20company%20to%20achieve%20that%20milestone%3C%2Fp%3E%0A
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
