Today is a memorable day.

"Today is a memorable day." August 5, 2013, Tencent shares in the morning to HK $365.8, the June 2004 issue price of HK $3.7, plus the cumulative dividend of HK $4.2, exactly 100 times times. Real good companies do not need too much, and do not need to study every day, long-term holding the best is to keep distance. Kangxiaoyang, chairman of Tianma Asset Management, wrote in his microblog yesterday.

From Instant Messenger QQ, all kinds of strange online games, to a direct threat to the carrier's micro-letter, Tencent has launched a new product, although over the years has experienced the Chairman of the reduction of MA, with Qihoo 360 antitrust law, as well as micro-credit charges and other types of incidents, but this can not prevent from Shenzhen's " Little Penguin "grew quickly. Tencent Holdings (00700.HK) yesterday hit a 373.6 Hong Kong dollar High, closing at HK $371, 9 years from 3.7 to HK $371, and Tencent left investors with too much memory.

Analysts believe that Tencent's past years of success by virtue of the "user experience" that other companies have struggled to surmount, the recent release of the 5.0 version of the micro-letter is also fuelling the wave of Tencent's rise, while the fact that China's internet companies, which have been listed overseas for the past six months, has been hit by a rush of cash, Facebook New highs, all of which may be related to Alibaba's imminent listing.

"User experience" creates long-term competitiveness

Shenzhen, a private equity manager to the "first financial daily" that "user experience" is the biggest factor in the past Tencent success, which makes Gui users for Tencent's products, and micro-letter 5.0 version of the launch, but also for this wave of speculation provides an excellent reason. In the Internet industry, the current real good "moat" is only Tencent and Google. For Tencent, although in many areas innovation does not have the first advantage, but "striking" is one of its core competitiveness, in the new business area quickly follow reflects Tencent's strong learning ability, quickly surpass the opponent reflects Tencent's innovation on the basis of others and user group advantages, And Tencent's success also has the domestic anti-monopoly law implementation insufficiently thorough factor.

After the listing of Tencent, MA has repeatedly reduce Tencent, however, this did not affect the strength of Tencent's share price, on the reduction of shares, MA has told the media that his personal assets are too concentrated in the company's shares, long-term view of the stock will certainly slow down; he stressed that this was due to personal asset arrangements and should not be linked to the company's prospects. Over the past few years, Tencent has repeatedly bought back shares, the latest in April this year to buy more than 3 million shares, which has boosted investor confidence.

Everbright Securities that the user scale is Tencent's most powerful "moat." As of the end of the quarter of 2013, Tencent Instant Messaging active account 825 million households, micro-letter and WeChat active account 194 million households, through targeted information to the user to achieve accurate delivery purposes, supplemented by user-sharing to achieve the expansion of the effect of expanding the scope of the spread, and Tencent in the mobile Internet area of the development of significant results, is expected to support its continued expansion of the next bright spot.

Wanguo said that Tencent's current business development focus is still focused on the user experience, Tencent will focus on the introduction of internationally renowned mobile games, which embodies the desire to strictly control the quality of the game, so as to create Word-of-mouth strategy; The restrictions on the number of public account push information, reflects Tencent's desire to improve the user experience Is that users are protected from the deluge of information. At this stage, the development of micro-credit is still focused on efforts to broaden the user base, and it is expected that the registered users of micro-letters will reach 426 million ~4.98 billion in 2014-2015 years respectively.

Wanguo said that, although the valuation is not cheap, but the focus of short-term market priority on the mobile side of the operational data rather than profit growth, the investment Tencent's theme is to look forward to its future on the mobile side of the leading position, Tencent's micro-letter has a good user experience, a large user base and good user growth base. The future around the micro-letter can achieve a variety of business models, including hand-travel, mobile operators, mobile advertising, etc. in the future, with Tencent's real progress in monetization on the mobile side, these potentials will again be reflected in the future earnings forecasts, thus driving the stock market performance.

Alibaba listing triggers a peer stir fry?

Despite the new record Tencent, but the nearest one months of performance, Baidu (BIDU. NASDAQ) is a bigger star, Baidu Rose 3.53% in Friday to 139.7 U.S. dollars, close to 140 U.S. dollars; In early July Baidu shares only 90 U.S. dollars, less than one months, Baidu's share price rose about 50%, as nearly 50 billion U.S. dollar market capitalisation of large companies, this increase is a bit surprising.

In fact, the past six months overseas listed internet companies are wildly sought after by all parties, of which NetEase (Ntse) rose nearly 40% in half a year, Odd Tiger 360 (Qihu) soared more than one, or slightly lower Sohu (SOHU) also rose more than 30% in half a year. On the other hand, overseas network shares are not outdone, once in the price of deep wandering face Book (FB), recent stock prices have also been hyped to 38 U.S. dollars on top of the price, because of good results, such as Merrill Lynch, UBS and other well-known investment banks have to raise the face book target price, and Google (GOOG) and Tencent as a record record high, Has broken 900 dollars to the 1000 dollar mark approaching.

Wanguo (Hong Kong) Co director Zheng to this newspaper, said, Alibaba is about to be listed, although not yet determined in the end is Hong Kong or the United States, but the network stock valuation is global, a variety of different funds can also be in the United States, Asia, Europe and other investment, so speculation Tencent, Baidu and other shares have a certain scale, Can make Alibaba easy to get a higher valuation listing.

Zheng that, Tencent, Baidu and other network stocks in the past a period of cumulative increase is too large, to continue to have a certain degree of difficulty, but in order to Alibaba listed can have high valuations, the relevant investment banks will continue to the other two or three lines of network stocks, software stocks speculation, to maintain the market for such a hot , while the U.S. investment banks to raise the target price of network shares, but also to create a good atmosphere Alibaba listing.