Only goods will be worth billions of dollars? Or suffocate in the ego swell?

Only the high market value of goods, let it walk on the Wire, dilemma. Tens of billions of dollars are far more than their real value, far more than they can bear, and he will inevitably be as mobile http://www.aliyun.com/zixun/aggregation/18691.html "> Game concept Stocks, When bubbles are blown to the limit and the money is enough, they are abandoned by the capital markets.

Wen/Zhang Shule

Recently, the electronic commerce company only goods will stock price performance outstanding, its market value is close to 10 billion dollars, surpasses NetEase, is Sina twice times, Sohu 3 times times, is when nearly 7 times times. In this regard, Shanghai business newspaper reporter Zheng on some questions and the author of the exchange, the focus of the exchange is the only product will really value tens of billions of dollars?

According to the Yangdonghao CFO, the next E-commerce market, in addition to Taobao, Beijing East, it is the only product will be. Only goods will be in the entire electrical business pattern inside three points world has one. If this is the case, the market value of only 10 billion dollars today is quite cheap.

Of course, in the author's opinion, this is actually too bubble vision. It is true that only the goods will be as a vertical electric business, the performance has been better, especially in 2013 to achieve a profit, not only successful beyond Dangdang is still still in the loss of the old electricity quotient, and compared to similar vertical electric operators have shown their own advantages. But only on the basis that it will be three points in the world have one, then whether the world's One-third will be discount category clothing, that let other categories of vertical electricity business why, in addition to clothing, other categories can not really vertical it? Such an overestimation would seem comical and inconsistent with the rationale.

We should realize that its share price is seen as high, but it is a normal market reaction. But valuations are too great to be too much, after all, for the only products such as electric business enterprises, their performance level is not enough to match the market capitalisation, but more similar to the concept of mobile phone game stocks were fried earlier in the state, see last year mobile phone concept stocks, did not make two good games, can market capitalisation, What is the point of a veteran game maker who has far more than ten years of success and is profitable? It's not about performance, it's about the hype in the capital markets and the cashing in a bubble that isn't about performance.

Therefore, this kind of billion market capitalisation is far more than its own real value too far, also far more than its ability to withstand, he will inevitably like the concept of mobile gaming stocks, in the bubble to the limit, the money is enough, by the capital market abandoned. And the risk is not only in the capital market speculators, just turn the goods will once in the electric business war, in order to win customers and large-scale promotion of advertising warfare scale, it will affect its earnings, will destroy investor confidence, its tens of billions of market value myth shattered, not far away.

The crisis of the only product will be more than that. Only at this moment in the vertical electric business more rely on flash mode to seize niche market, but in the face of other comprehensive electric dealers all-round "tail goods sinks" discount promotions to win the scale of the big background, it has little market space to expand, to strengthen its market possession, it must be vertical to the end, and in the quality of the strategy at the same time, Subdivide a high middle and low market and category, and exert the mobile end and O2O market, to meet more people's diversified needs, strengthen the long tail effect. However, the investment is very large, output is not easy to bear fruit, but it will cause short-term shocks to profitability, directly affect the confidence of the capital market. Only the high market value of goods, let it walk on the Wire, dilemma.