Thunder dilemma is really good by millet?

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Beijing time on the evening of June 24, Thunder (XNET) finally successfully landed in the Nasdaq after a wave of twists and turns. The issue price of $ 12 per ADA, financing $ 87,780,000; the first day closing up 24.17%, the market value of about 1,034,000,000 US dollars.

From the current market value alone, it seems that Thunder Dragon founder, CEO Zou Shenglong slightly relieved. Earlier in an interview with the media, he said that one billion U.S. dollars was an important indicator of going overseas. The overseas capital market was dominated by institutional investors. If the market capitalization amounted to less than 1 billion U.S. dollars, the institutions were reluctant to invest and the overseas markets A short mechanism, easily lead to relatively large fluctuations in stock prices, so 1 billion US dollars has been the standard Thunder.

But this does not mean that Zou Shenglong and Thunder can sit back and relax, even if the "marriage" millet. After the IPO, Xiaomi VC made up 28.8% of the largest shareholder, while the shareholding interests of Zou Shenglong and Cheng Hao as the founders were diluted to 9.5% and 3.8% respectively. Thunder actually has completely become Millet Department of the company, its future development unspeakable "independence."

Zou Shenglong that connection with the media that night, millet can provide rapid access to the user's cloud portal for the Thunder cloud acceleration service, which is the most important reason Thunder and millet cooperation; the other hand, Thunder can march into the home Internet millet process In providing better content delivery cloud acceleration service.

Cloud acceleration is the core story of the Thunder listed on the capital market. However, according to Zou Shenglong described the model, Thunder is B2C to B2B, which means that Thunder will rely more on millet products reach users. However, investment in Internet companies, compared to B2B, capital more recognized B2C, because only direct access to large Internet users, the imagination of the future is large enough.

But the cloud-accelerated business model is not clear enough and the future will be extremely challenging. Millet to provide a channel for Thunder, Xunlei provide value-added services to millet, and value-added services will continue to be the main profit Thunder way. Once millet's competition in the area where aggravated, accelerating the implementation of free cloud competitors, Xunlei is bound to be unable to adhere to its charging policy, and millet will not agree to further break the value-added services it has always insisted on profit model. Zou Shenglong also said that at present its cloud acceleration services provided almost free, then this is considered the biggest concept of the listing process in the future how to make money?

Take a look at the other two Thunder business download and video. As its start-up business, the current download has been sunset, with the online video industry matures, even though the millet into the living room, the user incremental lack of imagination. This is Thunder Thunder to see a big reason to see, but Thunder look at the current situation is not optimistic.

After several rounds of video copyright wars, LeTV, Youku and other video leaders have been involved in the upstream content production, not only investment, and the director, independent planning, or even extended to the offline cinema. The Thunder to see more still remain in the purchase of copyright stage, so even with Xiaomi TV, boxes, mobile phone integration of the downstream channel resources, the upstream content links are difficult to control.

Needless to say, Thunder also accelerates the cloud and uses cloud storage in its own business segment. Obviously, the download and video front-end products themselves have lacked the imagination, and the products as value-added services are bound to be limited. This is why the Thunder listed has been talking about the cooperation with millet, because millet's C-market is constantly expanding, becoming an incremental thunder future. To some extent, not so much the capital market recognized Thunder, as investors are more optimistic about millet.

However, according to the current cooperation mode between both parties, Xunlei will rely too too on Xiaomi to lose its independence and its business model will be difficult to build and its logic will return to the cooperation between the two sides.

Even if Thunder is positioned as a technology company, technology can easily surpass its rivals without a good business model, a situation that is not uncommon in technology.