Who is trapped in the Internet circle Money game? Electric business tide hold to invest in venture investment

After 2011 years of agitation and madness, China's Internet investment market plunged to its lowest level in two years--in the just-concluded third quarter, when the domestic internet industry disclosed only 22 investment cases, compared with a 26.7% decline in the second quarter of this year, and blank of Internet companies ' IPOs. In the face of the credibility of the crisis and short institutions sniper, the foreign capital market door seems to be more and more distant from the stock.　　Is the slump in the Internet investment Market now a bust or a strategic contraction? What are the parties thinking about and doing when the market is at a low ebb?　　The plight of the investment boom of the investment in China's Internet investment Market 2011 years in a really hot, statistics show that 2011 China venture capital market investment in a total of 18 industries, the Internet, manufacturing, it is the most active financing of three industries. Last year, China's internet industry disclosed that the financing case reached 236, accounting for the entire venture market 24.2%, the financing amount of 3.892 billion U.S. dollars, accounting for a ratio of 43.5%.　　In the Internet subdivision industry, E-commerce has become the mainstream of investment, the total disclosure cases 109, investment of 1.983 billion U.S. dollars, respectively, accounting for the Internet investment scale of 46.2% and 51%. "We are all in the electric business, and we have to cast a" 2011-year electricity business heat to impress the investment banking industry. Zeng Liqing, one of the founders of Tencent, he founded in 2007 after the retirement of Tencent investment, gradually become a more active angel investors, last year, he led the German investment has also invested a lot of electric business enterprises, "the idea is very simple, that is, we are all in the investment, so we have to vote." "The influx of capital in the field of E-commerce blew up one after another beautiful bubble, group buying website, Electric business Shopping guide, vertical electric dealer and so on, it seems as long as can come up with a reasonable mode, someone will take a cheque book to come to the door, the company's profitability is not important, the company's business model is not clear, it does not matter,"　　Last year, if it weren't for tens of millions of dollars, everyone thought it was just a small case, and it wasn't worth reporting, "says one industry journalist who has long followed the field of E-commerce. In the second half of 2010 to the first half of 2011, the US capital market was greeted with a smiley face, with several Chinese Internet companies successfully IPO, which made the early entrants earn a full bowl of money.　　It is this kind of money-making effect that attracts more money and institutions to follow. An angel fund partner told reporters that 2011 a lot of domestic private capital and industrial industry are looking for opportunities to enter the field of Internet venture, "Many people even angel, VC and PE differences are not clear, come up to ask us whether there are 1-2 years in the hands of the project, let us very silent." "Two years will not consider the issue of making money," April 2011, group purchase website handle network announced the completion of 111 million U.S. dollars financing, handle network CEO Wu said that the Chinese group buying market has a very healthy business model, attracting the attention of many well-known international and domestic investment institutions, he also released Hao said: "Two years will not consider the issue of making money." In the handle network management view, at that time the most important problem is not profit, not efficiency, but the scale, the scale up to get the U.S. capital market recognition, which is consistent with the idea of the investors in the handle net.　　After about half a year of financing, the handle NET submitted an IPO application to the US Securities Commission in early October 2011 and is scheduled to be listed on Nasdaq on November 14. Last year, no new electric business enterprise successfully listed but, just a few days before the pull-handle network listing, but unexpectedly canceled the IPO news. The industry has a saying is that the handle network financial data problems, the initiative to suspend the IPO; Another argument is that its rivals are reporting their financial fraud to US regulators, leading to a suspension of the IPO.　　Although the handle network does not want to respond to the IPO suspension, but after the end of the handle network into a slump, layoffs, the loss of senior executives and other adverse news came successively. For the investors of the handle net, the inability to go to the U.S. IPO means that the exit channel is blocked, the investment can not be recovered, and the company can not profit only Zuochishankong, the investor is like to buy a can not sell and shrinking stock.　　The entire 2011 years did not have a new electric business enterprise to be listed successfully, it is obvious that the investment party is not a few.　　Contradictions investors and the founder of the "Disaster of their own" companies in the short term IPO hopeless, loss of the situation can not be changed, which makes some investors gradually lose patience, and the company founder or the original team of contradictions between gradually intensified and surfaced. Investors tend to believe that companies in the case of not listed, should cut off unnecessary spending, to take a contraction strategy to survive the "cold winter"; some founders of the company are always willing to believe that the difficulties are temporary, the more everyone shrinks, the more to maintain or even expand the scale. In fact, both sides of the argument sound reasonable, just "butt decision Head": Investors do not want to really gold and silver dozen water drift, of course, hope that the company a penny broke into two halves; the founder of the company is not burning their own money, of course, not as investors think about the problem, they have a planned future development of the company,　　Find new investors when you are short of money. As a result, many troubled corporate management and investors began to "disaster each other", and in the process of breaking up, all kinds of accusations naturally inevitable. At the beginning of this year, the News of the "volume of the Escape" message of the group Treasure Net founder Ninchunre in the reflection of the company, it is the greed of investors to cause the group treasure net into a desperate situation, "the first half take money to catalytic you accelerate expansion, the second half take money to coerce you, He admits, however, that he did have a head fever in the 2011 electric-business boom, because he saw Youku and the potato two video sites because of the big difference in market capitalisation one after another, leading him to want to go public soon, ignoring the risk control of the capital chain.