Still not necessarily

Since the media Friends series, now also released 10, we have the contents of the approval or controversy, in addition, there is a problem to be explained to you, one is the identity of the entrepreneur to ask questions to answer questions. So I would like to elaborate on more understandable language. In general, the direction of solving problems are mostly figured out, change is painful, pain is pass. So even if it is in the direction of the media's future, in which the same can be awareness to the method. This is not a description of the people in the media friends, since the end of the Media Friends series, is the day the photos of these old friends appear. Please look forward to it. Thank them.

Company listing, a common reason. But still not necessarily.

Back to the 2008 annual meeting, I held the glass to the Chairman said I wish the company listed as soon as possible, but with a puzzled eye.

If an enterprise has enough talent reserves, professional management, good business model, stable funds (in addition to their own, and banks and other loans are more common than selling shares), but also want to control their business development direction and efficient operation, do not want outside share interference, then, there is no need to go public. Do you think the company has no money or wants partners to find the value of the investment?

Now it's time to talk about the purpose of selling shares and listing, two of the companies I've worked for have been listed, and the most common perception is to finance the transfer of shares to seek further expansion. But it is not inevitable to become a shareholding system or a listing. In fact, there are countless family businesses that have developed in some industries for hundreds of years, leading in all areas but never financed. Listing is a means, not a goal, many people put these words flattering for the IPO listing criteria. Not to these few words as the core of the listing are bullying. In fact, these words just say right half, listing is both a means and a goal. It's just that the goal is milestone-like. So the final conclusion of the listing is to enjoy the process, and in this process to deal with the relationship between domestic capital and foreign capital. It's like 2009 when I started my company, I always flatter my motto is to provide customers with solutions, how to make money for customers. Company from the original technology platform to support services to the current Internet companies, have been adhering to this principle.

But the current state of the domestic company is that you want to expand a company want to increase the industry must finance, once the financing will have control of the involved. And those smart investors will not just look at the report, the entity manipulation to gain control, even if the direct CEO position for them is not too. So the current situation led to two results: first, if the future market is hopeless, the front of the investor's control will directly lead to the direction of the company's development, this is the original company Mister Most headaches, their company out of control. The original business direction will run off, such a company is the most easily halfway sudden death. Second, the company eventually went public, and then investors set out immediately. Said the popular point, just like my company is to do the platform, others struggled to put the product into shape, you can make a lot of money. You pumped off the platform in an instant. Xiemoshalv, bridges things, investors are the most famous thing. This is a lot in China, and this is a problem I've seen a lot of startups. I know a founder who told me seriously that his ultimate goal was to get his company on the market, and then .... I won't explain what he's going to do. Chinese entrepreneurs are generally the goal of money, is to earn their hands, to achieve the goal, but this is not the only reason for entrepreneurship. It is also a common reason to seek strong partners to strengthen technology and market dominance. But it is still not inevitable.

The pre-IPO and soon-to-be-listed Ali have formed a reference in foreign capital listings

Why take these two "tease" company to explain, is because they are hot. Before the listing of the Beijing-east to shop logistics as the core, but the focus is still platform electric. That is to say, shop logistics is only for the sale of electricity dealers to prepare, while invisible to improve the service. Liu a line straight into the clouds. And hundreds of years just come out of the freak, always prudent Ma also began to fret, "I do not have the energy to do logistics, recruitment ah, training ah what, we do not do, China so much to do logistics why do we still do?" But Ma Yun's ecosystem is still supported by finance + electricity quotient + logistics. Ma Yun Such "troika" will pull himself to where, and so on after the listing later.

1, the Rational Jing Dong

As far as I know, the main underwriting group is Merrill Lynch BofA, UBS Securities, Allen & Company LLC, Barclays Bank, Huaxing Capital Securities and Jefferies, and the joint underwriting of the Beijing-East IPO also includes four US domestic investment banks, including oppenheimer& Co., Jaffray (Piper Jaffray), SunTrust Robinson Humphrey and Cowen and company. In my view, I have always felt that a company once listed must reach a peak, and then the possibility of a great decline. The new valuation stems from the market's optimism about the move of Tencent's stake in the BoE and the online electricity business. The smooth development of the Beijing-East Financial project has also added a lot of value to its listing. In a sense, the more optimistic about the future growth of the Beijing-East space.

At an electric dealer awards meeting, the appearance of a man in a suit asked Liu. Liu, you have been known as a platform for electricity, and now through the C round and other financing, I heard you will be billions of, tens of billions of will build the logistics, you want to do the boss of the logistics sector? Liu's answer probably means that a strong logistics ability to bring a good shopping experience, the other is to respect the team, build the team. Why say Jing Dong reason, is because he spread out of things have actual can find, Jing Dong has been in operate, so quarterly profit is not optimistic, but if a little control cost, that profit can be big. After years of forming the character, it is difficult to change. The listing is also the real thing on the tour, but Wall Street's Yankees investors are in what kind of market-value imagination, they are not stupid. So there is no solid foundation to do the bottom, it is difficult to have high imagination space.

2, Sentimental Ali

Ali's listing is within the plan and beyond the allowable limits of time. Ma Yun is a master of public opinion manufacturing, began to write the focus of media attention. began to put words in Hong Kong listing, at this time, the emergence of a partner system, the introduction of the VIE structure model, and so on, toss for several months decisively abandoned Hong Kong to run to the U.S. IPO. Even I cheated, I've been packing it back to Hong Kong listing. Now the whole I am very embarrassed. So some media people are starting to analyze why they are not listed in Hong Kong. Why IPO in the United States? In fact, I also wrote, please read "from the media Friends: Ali, won the listing, lost the human nature?" Mr Ma is too trying to make Ali Internationalized, so the preparation for listing before the start is designed in accordance with overseas rules. It is also a result that Mr Ma does not want to see, if it is now to shift its plan to domestic costs. Are you willing to be controlled by the domestic market environment and regulatory environment or are you willing to fight with your competitor in a free market? I have known that freedom is valuable, not to mention Ma Yun? If you write about chicken soup here, it's dry. Ma Yun stirred up the media attention is to eliminate the government to let it in the domestic market desire, Taiji play is soft and slow, soft and strength. The Chinese are most afraid of the media coverage, so Ma Yun to stir up the media as a barrier very smooth ran to the United States IPO.

These problems are reflected in the relationship between reason and Sensibility. First, the psychological effect. U.S. stock prices are the result of a game between issuers and investors, unlike valuations of listed companies. The "money-making effect" is the most prized by overseas investors. If we all make money before the time, then the investor's confidence is stronger, the demand for IPO is strong, the price is naturally high. Conversely, this time loses money, everybody confidence is weaker, the good stock also may have to discount to sell. Secondly, overseas investors ' knowledge of Ali and Jingdong is limited to the first and second Chinese electric quotient concept stocks. In fact, their profit model is completely different: the former belongs to the platform-type electric business, which belongs to the investment mode, while the latter is closer to the pure retail-type electric dealers, different categories of companies can not be directly compared. Again, whether it is a platform or retail type of electric dealers, once you are in the hearts of Wall Street investors formed a certain inertia screen, that for other Chinese companies listed they will take out the comparison, you are doing logistics as the basis of the electrical business? Jing Dong is also, that effect is better. Also, do you have Jing Dong's logistics shop big? How big is that? If not, the market value will naturally decline. Once this model of reference is formed, many people say that "The theory of the public imagination" is completely broken.

Therefore, the company listed, is still not inevitable, the result, homeopathy and for.

(Introduction: New micro-business Alliance brand PR consultant, angel investors Xuan)