Interview with the CFO: The time point of the road show is not ideal

Absrtact: Yang Jiahong CFO (Tencent Science and Technology map) China's online tourism market has been facing Ctrip, Art Dragon, where the fierce competition, however, this May, a tourist site located in Nanjing, the cattle suddenly killed, become a follow-up ctrip, Art Dragon, where to go after the domestic

Passers-bull CFO Yang Jiahong (Tencent technology map)

China's online tourism market has been facing Ctrip, Art Dragon, where to go fierce competition, however, this May, a tourist site located in Nanjing, the cattle suddenly killed, become a follow-up ctrip, Art Dragon, to where to go after the fourth domestic IPO tourism website.

Passers-by in the past six months lost 126 million yuan of funds, but the relatively smooth IPO, Ctrip and Qihoo 360 in transit cattle IPO, respectively, subscribed for 15 million U.S. dollars and 5 million U.S. dollars shares. Tiger Investment funds also subscribe to the common stock of thousands of dollars.

Surprisingly, the Bulls ' share price soared after the IPO and the share price nearly doubled. Despite the recent pullback in the price of the bull, the relative issue is still at a high level, which makes it one of the most glittering stocks in the near term.

A series of interesting things happened in the recent past, there is a trader, and that is the CFO Yang Jiahong. Yang Jiahong is a veteran of the capital markets, its former career in the United States CFO, led by the United States in 2007 landed on Nasdaq, 2010 joined when the CFO, and in December, listed NYSE. Yang Jiahong joined the CFO in January 2013.

Yang Jiahong Yesterday, said the Tencent technology, the bull is November 28, 2013 to start, to May 9 listing, before and after a total of 5 months, starting the listing is mainly to see the U.S. listing of the window open the good time.

Yang Jiahong Frankly, the path of the road is not ideal time. Passers-listed by Alibaba Group before the launch of the market impact is relatively large, especially the road before the end of the two days is the Alibaba Group announced the formal delivery of pieces, affecting the market for the overall valuation of the shares.

The market window is very important to the pedestrian cattle

Yang Jiahong before and after experience in the United States and when the listing, the original Yang Jiahong joined the Bozhong pointed out, to readjust the pace, prove himself in the capital market is also a good marathon runner.

The successful listing of the Yang Jiahong to make the statement. However, this listing for Yang Jiahong still has a lot of accidents. According to Yang Jiahong, this time to join the new company, want to wait two years after the company size, and then consider the listing, so that the capital market acceptance is higher, but see the listing of the stock market window, or decided to seize the opportunity.

But for a company such as passers-by, when the final result of the listing may be very different, the reason is that the size of the tourism industry is relatively small, and not as big as the Beijing-East visibility, the listing must look at the opportunity.

"The market timing is very important, the opportunity is not to be on the go, the opportunity to you do not wait on." "Yang Jiahong to Tencent Technology, where to go to the end of 2013 successful listing to the board of the cow to realize that the market window is up, the way cattle must act."

The most critical road-time in the market before the launch, the company has faced a big challenge--Alibaba Group formally submitted a prospectus, which will have a serious impact on the final issue price, size and market performance after listing.

The reason is that Alibaba is one of the three major Chinese internet giants, is a highly anticipated high-quality stocks, once Alibaba announced the listing, many fund companies will find ways to buy, which requires a lot of cash to prepare.

For the fund company at this time, one option is to sell the shares held, one is to abandon the current IPO companies waiting for Alibaba listing. Sure enough, Alibaba formally submitted a prospectus on the day of the general stock plummeted.

"Those two days are very important for the bull, because the customer wants to order, the order will be decided to withdraw or not." "Alibaba submitted a prospectus so that the management of passers-by cattle is not small, fortunately, many industries well-known large long-term funds have to order, the fund's investment managers said more value for the long-term growth of cattle and the value of space, the company received the recognition of the capital market."

Ctrip joins the board of the bull

The listing of passers-by also means that there are 4 online tourism sites in the stock market, the already fierce competition in the online tourism market can withstand the capital armed passers-by aggravating, in the face of a strong competitor, the market space of the pedestrian bull where?

Yang Jiahong to investors told another story of the online travel, that is not to preempt the flight of the airline ticket and hotel market, the actual replacement is the entity of the travel agency store retail functions, to undertake the travel agency retail business in the transfer to the line of that part of the business.

Yang Jiahong said that investors buy shares to see trends, the first trend is that other online tourism sites are standardized products. The way cattle sell non-standard products, non-standard products need a lot of services, the need for customer experience to be very good, such as in the case of a visa to help consumers deal with the cattle, to overseas out of anything to find a way to cattle, in the online with the group to travel in the field of the largest cattle.

The second is China's exit trend. Currently, Chinese consumers are buying luxury goods such as LV in all parts of the world, and there is no stock in the market that can represent the trend of China's overseas travel. From the composition of income, Ctrip, to where income is mainly from the domestic, 70% of the source of income is outbound cattle travel, so the best way to represent China's outbound travel market high-speed growth trend.

Yang Jiahong is also a veteran of the capital market, Yang Jiahong said to Tencent Technology, the past 7 years of development, the investor is more confident, and many investors are also very familiar with each other, saw many times, the other side of their own character also very trust.

Of course, this does not mean that the cattle and Ctrip, where to go and other sites do not constitute competition, in fact, the bull before the market to get Ctrip 15 million U.S. dollars of investment, but Ctrip and passers-by are aware that the vicious price war on each other's commercial interests constitute harm, both sides of benign development and coexistence can promote the industry's progress.

"Our two main is to rob the line travel agency retail business, do not need two dozen online to call, Rob this small piece of cake is useless, want to rob big cake." Yang Jiahong said, Ctrip investment in cattle, from competitors into partners, but also to seize the offline market, together with the opportunity to get more resources, the risk is also lower, for Ctrip and the cattle are happy.

In order to facilitate the further cooperation of the cattle and Ctrip, passers-by also in the board of Directors gave Ctrip a seat. Yang Jiahong said, Ctrip 15 million U.S. dollars, from the amount of money can not decide to enter the board, but the cow to express sincerity, specially invited to join, and the way cattle and Ctrip have a lot of cooperation space, Ctrip to the board after everyone more convenient discussion and exchange.