The 118th listed company on the Nasdaq

Song Wei

Wall Street investors enthusiasm for stocks in Jingdong reached a peak. Not only did they give a 15x over-subscription at Jingdong Roadshow, they also placed a copper bull for Wall Street on Wall Street on the day of the listing, hoping to get rid of the bear market, even though the company lost $ 607m in the first quarter of this year .

Jingdong is China's 118th listed company on the Nasdaq, and by far the largest privately owned Chinese IPO in the United States, with a market capitalization of 35.3 billion U.S. dollars, up from its pre-IPO analyst rating 3 times more. Including Jingdong, in 2014 China already had 10 Internet companies going to the US for IPO, including Cheetah, Jumei Commodities, Tuniu.com, Xunlei, and more followed by more companies such as Alibaba, Habitat and Volkswagen Comments, the United States mission, street unfamiliar.

A number of capital market analysts believe that now is the first since listing in 2010 appeared in the stock market tide. Alibaba's listing in the United States in August will bring this wave to its peak.

Bernstein, the U.S. research firm, recently valued Alibaba at $ 245 billion. The company described Ali as a "god-like company" in its client's research report. The total valuation is more than twice that of Amazon, eBay 3 times. Although Amazon earned $ 74.5 billion last year, Alibaba last year earned just $ 7.95 billion.

"Valuation is too high!" Huaxing Capital CEO Bao Fan told the "Financial" reporter, the US investors will VIE incident brought the lowest level in the stock has been completely behind the wheel.

The recovery of the U.S. economy led directly to the NASDAQ window restarting from the second half of last year. These profit-driven institutional investors, buying large amounts of Chinese technology stocks last year.

In the past, both venture capitalists and entrepreneurs had targeted a billion-dollar public company, but now an Internet-alone company is worth more than $ 2 billion and $ 3 billion. Not yet listed on the street is said to have valued 60 billion dollars. Zhang Tao, founder of Public Comment Network, said the company is not profitable at present but its valuation will exceed 10 billion U.S. dollars. Even conservative institutional analysts valued Alhria more than 130 billion U.S. dollars, more than the total market capitalization of more than 400 middle-class stocks over the past 15 years.

Local investment banks like Huaxing Capital also ushered in the spring. Huaxing Capital did four IPO projects last year, so far this year has done five, including additional issuance, listing.

Jingwei venture management partner Xu Chuan