When guoqing to the back of Morgan Stanley

In these two days, when CEO Guoqing and two women claiming to be Morgan Stanley (ie investment Bank), the female staff, on the micro-blog on the empty to scold, attracted a large crowd, lively. Put aside the words of both sides and some extreme emotional language, guoqing that Morgan Stanley lowered the IPO price when it was lost, and the so-called Morgan Stanley woman thought that when it was simply not worth it, guoqing and when it was already cheap.

Afterwards, when and Morgan Stanley both issued a statement, the former thought that Guoqing's personal remarks could not represent when, guoqing himself has also done a "check" on Weibo, and Morgan Stanley denies that the two users are J.P. Morgan employees, because the two users who have not been certified, Morgan Stanley's argument, in fact, is "falsified".

In the eyes of outsiders, a company struggling for 13 years has finally embarked on an IPO, and investment banks are naturally doing their work. Enterprise founder as a result of enterprise listing, suddenly wealth soared, Lee's husband and wife on the first day of more than 20 million U.S. dollars, worth more than 900 million U.S. dollars, should be grateful to the investment bank is, how instead on Weibo openly abuse up?

The core of the key lies in the question of valuation. The whole IPO process is when the stock is sold to the investment bank to raise capital, while the interest of the investment bank lies in selling back to the http://www.aliyun.com/zixun/aggregation/17683.html "> Institutional investors and retail investors (and, of course, underwriting commissions are part of that). In such a game, theoretically, the lower the price of the company's price, the investment banks will sell the greater the difference, the greater the interest, the motivation, the investment bank does deliberately depress the possibility of offering price, and the company itself, there is the risk of damage.

But the stock is a company, and if the company is unwilling to let the investment bank do it, and the other investment bank does, the first initiative is in the hands of the company. So investment banks need to bid, the price is high, the company is to whom, there is still a game in the process, the investment banks too deliberately depress the price, in practice, it is difficult, unless the investment banks together, such a coalition in the interests of the front, usually is not reliable.

Morgan Stanley is really a bit lower on the IPO price, which can be corroborated when the first day of trading rises by 87%. But is Morgan Stanley deliberately depressed? It's hard to say. Although Morgan Stanley's underwriting commission is low, there is a lack of evidence that Morgan Stanley is trying to make a price difference for the IPO. The key issue still lies in when it is not a good quality listed company.

It's a pity to be a company without problems.

When the two years in the department store on the transformation of efforts to receive a certain effect, but this market is not the so-called "blue sea market", whether it is big as Taobao mall, such as Beijing East, strong such as excellence, are not good to deal with competitors. When gradually from the book this is not high gross margin of the category to withdraw, but a plunge into a red Sea of the Department of the general merchandise market, said it from the Wolf den toward the lion, not too much.

Of course, if when the management in place, the department store itself is higher, or can be a show of skill. But when it comes to listing, the financial figures show that its ability to manage is not necessarily remarkable.

As a selling company, inventory is very important, Dell once the leader of the PC, it is the inventory turnover has been an astonishing 6 days, and Chinese PC boss Lenovo, said to be able to do 12 days. The faster the inventory turnover, indicating that the enterprise is the backlog of funds, the market changes in the trading situation more sensitive. When the inventory is always high, starting from 08, is to occupy the total assets of more than 60%, such a large inventory, is bound to occupy the company's funds, but Morgan Stanley female accused when the cash flow has been negative, Guoqing replied: "Not negative, when really not lack of money?"

Looking at the financial data, when the operating cash flow is really positive, but a closer look, the accounts payable this item, the growth in several years is extremely alarming, from the 07 in the early 100 million, to 08 of nearly 140 million, to 09 245 million, 2010 years ago 3 quarters, into 494 million. When you owe the supplier nearly 500 million yuan of money, or it means that its credit is too good, so good that everyone would like to bet on it, or ... Oh, at least one thing is to be sure, when the huge positive cash flow, owed to other people's dues, help a lot.

In the book market, when the absolute right to speak, because its market share of more than 50%, tow suppliers of money, is also reasonable, who let it strong. But once the transformation department store, it is not so strong discourse power, high inventory reflects its turnover level is not high, and then lack the support of the right to speak, when the cash flow will appear adverse situation. Morgan Stanley said that when the cash flow is negative, it is clearly wrong, but Morgan Stanley's wrong remark, indeed give when the alarm bell. In fact, for an enterprise, cash flow is more important than the profit on financial statements.

Morgan Stanley is underestimating the IPO price, and I personally think it is more prudent and conservative than it is deliberately depressing. When the Chinese company listed as the first to eat crabs, not to do its underwriting is very regrettable, but when the problem, and make Morgan Stanley dare not too high, after all, the market break on the stock, its future is worth worrying.