Web-host technology to burst the growth of the gem "myth"

Makoja has been the focus of the annual report of the Gem, the first "report card" will be listed only more than 4 months of New venture board new stock Shanghai Network Technology Co., Ltd. (300017.SZ, hereinafter referred to as "internet technology") pushed to the "cusp" of public opinion. According to the results, net-tech 2009 net profit rose only 2.83% from a year earlier.　　Ranked second in the bottom. Subsequently, the company director, general manager Peng and alone Dong Wang Kaitian both resigned.　　For a time, "resignation door", "Circle money Door" and so on endlessly.　　Circle money to resign successfully? General manager Peng and solo Dong Wang Kaitian resignation occurred in the Internet technology landing on the gem four months.　　There was no sign of the two leaving the company. Yesterday, the Internet technology response to public questioning, the relevant person in charge of the "first financial daily" said that Peng and other people resign are personal reasons, the company will soon announce the new general manager candidates.　　As for the development of the company, a more detailed annual report will be presented before the end of the month. In this case, there are two kinds of discussion in the industry.　　One kind is the Peng circle money that the wind throws is successful, Jiliuyongtui, another kind is because 2009 company performance growth is weak, as the enterprise general manager's Peng resigned.　　Peng in the media interview on March 10, also said that the initiative to resign, in addition to physical reasons, last year, the poor performance of Internet science and technology, but also its active resignation is a reason. Another Dong Wang Kaitian alone is only a year and a half months on the Internet.　　This period of time, it is just the important time period that the Internet technology is listed. Wang Kaitian's name soon appeared on the prospectus, released on March 11 by the branch far (002380.SZ), which announced that it would go public on March 19.　　Wang Kaitian is an independent director of the company and a member of the Board's audit committee.　　According to incomplete statistics, from 2002 to present, Wang Kaitian successively in the national electricity South since, Xin Network video, MO Weaving Hua (after renamed to Kowloon Mountain), clouds of metal, South spinning shares, Internet technology and branch far shares and other listed companies as independent director of the post, in addition, Wang Kaitian in 2007 to accept the external director of Jiangsu Kaiyuan Group. Listed before and after the controversy of public information, network technology was founded in January 2000, the registered capital of 60 million yuan, is an Internet business platform provider, holding the Ministry of Industry and Informatization of the People's Republic of China issued a trans-provincial operating value-added telecommunications business (IDC, ISP) business license, in the country with Beijing , Shanghai, Guangzhou, Shenzhen, four marketing branches and the network in Xiamen Technology research and Development Center, the total number of employees more than 600 people.　　Mainly provide server hosting and network access (IDC), content Distribution and Acceleration (CDN) and other services. Peng, the company's largest shareholder, holds 2.5383 million shares, accounting for 3.749% of the company's total equity. Peng was formerly PE industry origin, China Broadband industry Fund (CBC Capital), at the end of 2006 joined the Network and lodging DivisionTCDC。　　After joining, Peng to the network technology set three to achieve in three years goal: first, to become the industry boss; second, to realize the modernization of enterprise management; Third, to achieve the IPO. Under the operation of Peng and other shareholders, the 2007 net-stay technology was invested by Shenzhen Innovation Investment, fortune with a round of 40 million yuan investment.　　2008, the Net-bed technology and received by fortune as the lead investors in Beijing de Cheng Shengjing, Shenzhen Chuang Oriental and other institutions jointly completed the second round of 40 million yuan of financing.　　In addition to enterprises, two times a total of 8 venture investment enterprises appear in the network technology, in the venture capital for several consecutive rounds of funds "in pursuit of", the development of the network of Science and technology shows a general speed. Public information shows that from 2006 to 2008, IDC business income is 57.7106 million yuan, 92.478 million yuan, 150.7365 million yuan, maintained more than 60% annual growth rate. By the end of June 2009, the company fixed assets balance of 73.7851 million yuan.　　Its cash reserves are sufficient for general Internet service companies to expand the scale of operations 2~3 times. As the hands of the company is not short of cash, internet technology on the gem is still questioned as a circle of money suspected.　　From the successful through the CSRC audit to the listing, on the network of Science and technology controversy has been uninterrupted--the market on its performance growth, core customers are facing loss of risk, research and development capacity is not perfect and so on. In addition, the high price-earnings ratio of the gem also puzzles the Internet technology such as the gem "New Ding."　　In the course of listing, Peng admits that the biggest feeling of the Internet technology listing is that the high P/E ratio is much higher than previously expected. In the near future, the results of the net-tech release show that Net-tech 2009 profit was only 2.83% higher than a year earlier.　　Not only broke the gem for listed companies "two high six new" in the "high growth" requirements, and with the chairman of the CCTV interview, said the "very confident in the next three years, the annual increase in corporate income of 50%" goal is also a far cry. Liu Chengyan "The current price/earnings ratio of the gem is not in line with the growth rate of gem companies, which is too high." This is good for VC companies, but for small shareholders it means they have to take greater risks.　　"Long-term concern and investment in the internet industry," Chen Wei partner, said the newspaper frankly. After the listing of "The Mystery of Deceleration" 2007, 2008, the network of technology business receipts grew 73%, 100% respectively, while net profit increased by 46%, 57% respectively. By contrast, in 2009, the company's total revenues rose by 19.28% from a year earlier, operating margins were down 6.97% from a year earlier, and net profits rose by only 2.83% from a year earlier. "Immediately after the listing of" deceleration "into the unconventional development phase, the situation of Internet technology naturally triggered a lot of small shareholder dissatisfaction. To this network host science and technology related person to this newspaper said that prior to the network and lodging SectionThe technical release's performance letters have been described in detail.　　According to the Performance Express, "the second half of 2009, the country launched the Internet rectification, the company in order to meet the relevant national policies, strengthen the customer qualification audit to prevent risks, for this reason, the company to give up some customers, the company's performance has a certain impact." In addition, the performance Express also stressed the various inputs, including "This year the company introduced high-end marketing personnel at the same time improve the remuneration of marketing staff, marketing costs growth faster, year-on-year growth of 87.98%;, the company increased research and development efforts, this year's research and development investment 14.98 million yuan, the previous year growth of 47.3%. This year, the company increased investment in fixed assets, the previous year, the new fixed assets of 1.6565 million yuan, the corresponding depreciation costs have increased, up to now the main project has not yet produced benefits.　　"For Internet technology is affected by the policy of this kind of statement, an investment banking industry analysts said that the main goal of the national network of the reorganization is not standardized small and medium-sized websites, such as the network of technology such as the size of third-party service companies have little impact. Another Internet industry expert said, the network host technology after the IPO growth mainly relies on the Internet acceleration Business (CDN), the CDN service billing composition includes the bandwidth service fee (or the traffic service charge), the initial debugging fee, the CDN Acceleration node service charge, the storage service charge and the value-added service fee and so on.　　And after the national reorganization of the Internet, some of the site hit rate dropped sharply, will affect the Third-party services company's flow service fees, some companies also no longer need to accelerate to improve the customer experience.　　According to a statistical report of the network company Word, 2009, the main customers of the net-host technology include Tencent, Sohu, Shanghai Long Tour Network Technology Co., Ltd., Sina, Tudou, Shenzhen Thunder Network Technology Co., Ltd. Insiders pointed out that Tencent, potatoes, Sina and other major customers have to take CDN business back to do their own, such as potatoes originally more than 130 g of the flow of outsourcing, now take back to 100G, only 30 more than the G outsourcing.　　Therefore, the market outlook is unpredictable. In addition, the face of domestic and international competitive pattern, if not speed up research and development, it is easy to get into a disadvantageous situation.　　The United States, South Korea and other developed countries have more than 80% CDN penetration rate, some large professional CDN service providers such as Akamai, limelight, etc. have been listed, CDN services market is highly subdivided. Lu Ying Analysis of the Director of the Institute of Securities, Peking University, after the IPO performance growth slowed down, not before the high growth, reflecting the current state of the listed companies are generally packaged, like ugly women get married, makeup made pretty good, but the time is long to the true colours. Shares have been sent out, the reasons for the decline in the performance is multifaceted, which can be pushed to, but the risk can only be let the public to bear.