Tianya online three puzzles to be solved not necessarily the first on the GEM board

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On the first batch of gem rumors, Tianya online President Xing June 3 to the China Securities News reporter said, has submitted to the regulatory authorities for the gem listed in the relevant information, the company in terms of profitability also meet the requirements of the gem, but in view of the current domestic market objective status quo, the end of the world is not necessarily to catch the first gem.

He said he hopes to solve three problems before the gem. "China's mainstream internet companies have been listed overseas, and overseas capital markets have a very strong understanding of the Chinese Internet, which has not yet reached this level, such as the valuation of Internet companies, equity incentives and the size of financing, and it is not clear yet." ”

Tianya Online is a 10-year internet community, the number of registered users is more than 24 million, the company size of 350 people. After the first round of financing in 2005, Tianya had the intention of overseas listing, but taking into account the user and customers are in the domestic, as well as the launch of the gem, Xing will be the horizon of financing venues selected at home.

"Compared with the overseas mature gem market, Nasdaq value the future growth of the enterprise, while the domestic focus on past performance." This will lead to a low valuation of our high-growth companies and limit the size of their financing. "Xing said.

In addition, Xing that the domestic market can be listed after the equity incentive policy, and in the fierce competition in the Internet sector, must rely on options such a system to "bind" talent and companies. Clearly, the current policy in the country is not flexible enough. Xing revealed that the 2008 Tianya online income of more than 50 million yuan, the profit of 12 million yuan, from 2006 income has been three consecutive years of growth over 100%.

Xing said that April 8, the new version of the Tianya official line, this is the end of the Earth to seek diversified profit direction, to pave the way for listing important measures. The future horizon will rely more on Community brand service and public praise crisis PR these community advertising patterns. Xing introduced, the current horizon in the IPO financing before the last round of financing, mainly for domestic investment institutions, to dilute the previous overseas investment ratio of excessive equity structure. Data show that the founder is still the largest shareholder in the Tianya, in 2006, Lenovo Venture, Chingko and Google jointly injected 5 million U.S. dollars to the horizon.

"Venture capitalists are very welcoming us to the gem, which will provide them with a profit exit channel," he said.