Salted Fish’s Self-help Strategy

The main reason why the plan for a well-off Southeast Asia has not been announced is that Chu Yuanxi is afraid of causing trouble. He didn't even show off this matter to the Pakistani founders, and simply ignored it when explaining to them how profitable investing in a well-off society was. It's not that they are afraid of leaking the secrets, but the well-off Southeast Asia is a potential benefit. They don't think they know the secrets, so they simply keep it secret.

Speaking of the issue of the withdrawal of venture capital funds, there was thunder on the ground that night, and the supervisory authorities of the State and the DPRK suddenly released a piece of unparalleled news.

While Chu Yuanxi and Liu Lu were talking about the financing process of the well-off, Liu Lu suddenly brushed out the latest revision of my large A-share holdings reduction regulations, and it was not calm at that time! Chu Yuanxi took a look, and said to his heart that today's investment institutions have to be sleepless nights.

In fact, Yuan Lu rushed in within two minutes. It is true that this new regulation is simply a rain after a long drought for early investment institutions, and its impact on the entire A-share market will be extremely long and enough to be loaded. history.

The main problem that plagued early investment institutions was not that they failed to make an IPO, but that it was difficult to exit after making a successful investment. Later, it was better after a reverse link policy, that is, the lock-up period is inversely proportional to the investment period before the IPO. The early lock is shorter. It's just that identification and execution have always been complicated, making it difficult for early-stage funds that meet the conditions to get benefits.

This time, in order to avoid lengthy determinations, the regulatory authorities directly simplified the regulations, and there is no lock-up period for projects with an investment of five years. In other words, on the day of the IPO, early investors can sell shares.

what is this concept? That is, the cornerstone of the undefeated IPO is gone, and it is a reconstruction of the entire secondary stock market ecology.

The reason why the new shares can be undefeated is simply because the resources of buyers and sellers are not equal. Buyers can buy as long as they have money, but sellers do not have enough stocks. Retail investors with new shares have only the part of public offering, and a large proportion of them are drawn away by institutions, and there is no sale at all. How many daily limit after the opening Of course, the bulls have the final say.

However, the original stocks in the hands of investors are usually not a minority. Once early investors join the sellers, the relationship between supply and demand will naturally change. The bulls must prepare more money if they want to artificially manipulate the stock price. And this is not a question of more money and less money, but a question of what to do if you buy too much and can't sell it. There is a reasonable amount of stock trader's intake, not more is better.

I think that the trader of Haixin shares made mistakes caused by being too powerful, and he ate too much at once. In the end, he was left to arrange sideways, pull up and down, and shake the position. The result was more than a year. Not only did the shareholding not decrease, retail investors yelled "It's yours", but the share ratio has increased a lot...

Therefore, this is the first step that the regulatory authorities have taken to the right direction, which can be regarded as "supply-side reform." This reform has come very well, because after the issuance of new shares, both the good and the bad are speculated into sky-high prices, which is actually the source of most of the problems in my large A shares.

A simple truth, don't a listed company know how much its stock should be worth? Is the issue price scam? Of course not. Whether in Hong Kong or Nasdaq, if the issue price is too low, a serious company will cancel the issue, which is not in the company's interest. In other words, the issue price usually already includes a certain premium in it.

After the listing, the dozens and dozens of daily limit is the carnival of the winners and the biggest sickle for cutting leeks. Why do traders speculate on the stock price? Not just to shout to retail investors: "It's yours!"

To improve this problem is the correct solution to the market ailments.

Of course, there are actually deeper reasons for this, otherwise the supervisory authorities would have already acted. For example, what should I do if new shares cannot be issued? My big A-shares have always been an emotional market, and I like to go from one extreme to the other. That's why it creates a special ecology where the big bull market and the big bear market alternate.

Therefore, Liu Lu, as a senior leek in A shares, is more straightforward. According to her, this is a loosening of the super-large level of Dafei, and it will directly cause stock disasters.

The core of this sentence is not the stock market crash, but "put it on hold." With the issuance of new shares in this way, if you put it in the Long Bear for the past five years and the Long Bear for seven years, it is really possible that it will not be issued and there will be no subscription. And now Big A is in the midst of a new N-year-old bear, and there has been no clear sign of bullishness since 5178 in 2015. The promulgation of such a bold policy at this time shows the confidence of the regulators in the market.

The issuance of A-share IPO adopts the underwriting system of underwriters. If it is not sold, the underwriters will subscribe in full. The underwriters are mostly brokers, which are the main bearers of the market. When this domino falls, the chain reaction will follow. But it's wonderful.

Therefore, for many years, I have been accustomed to making big A shares faint and convincing. On the one hand, it is strictly forbidden to sell on the supply side. On the other hand, it is against the speculation of new stocks. Too much force, causing problems in the issuance of new shares.

So the key point is still "fleeing" and why do you want to flee? Because for garbage companies, no matter what the issue price is, there is an incentive to escape.

In fact, these are two sides of the problem. Why are the regulators now confident and daring to innovate? Because what garbage companies were listed in the past? Now it’s Douyin, headline, Yuncong, Yitu, and Shangtang that are preparing to go public. The country’s economy has been soaring for so many years, and it’s time to spawn a group of temperamental companies to be listed on the mainland. Balanced confidence.

It was already quite late when I saw the news, but Chu Yuanxi still called Liang Kenian in a series of deaths, and said on the phone: "It's time to form a real investment team for Xiaokang."

In fact, Chu Yuanxi had this idea for a long time, but she hadn't had the energy to do it, and there was no suitable person. The key is that this kind of thing cannot be entrusted to Zheng De. It is not a problem of distrusting Yuan Jing, but Zheng De mainly invests in the early stage, and Chu Yuanxi does not want to invest in the early stage.

In his ideal Pakistani investment, the current special moment can be positioned as a bargain-hunting fund, but it is actually an industrial fund. Industrial funds are different from PEs or VCs. They completely jump out of the logic of entrepreneurship and investment. Buy what is good. You can buy those that are beneficial to your own development. You can buy those that are worth investing in value in the secondary market, as long as you control your investment. Rather than speculation, don't chase the rise and kill the fall as a leek.

So Zheng De's help with the trader is not necessarily appropriate. It is more likely to be integrated by Zheng De and become the de facto LP of Zheng De Fund. How boring?

However, although today's new policy seems to directly benefit early-stage funds, it actually benefits the entire market, and it seems that Liang Kenian is indeed more talented, so he was asked to take the lead in trying.

Upon hearing this request, Liang Kenian was no longer sleepy, and worked out a plan overnight, and the next morning, Chu Yuanxi had a small meeting.

It was Saturday on the 7th. Both the Pakistani and Xiaokang were working overtime. Only Chu Yuanxi himself was more relaxed, because he recently allocated all the things that can be allocated and concentrated on financing, so although the financing is not good , The external allegiance was only reduced to 1 billion, but it was nothing but light...

For example, during this period, in accordance with his instructions, Pinnacle Visual Effects found a new CFO to take over his work, thus achieving a complete unwinding. On the one hand, it was loosened for Chu Yuanxi, so that he would not have to spend too much energy on the financing of peak visual effects, and on the other hand, it was also loosened by Yang Jiangang, so that he would live under Chu Yuanxi's nose in everything.

Even if the brothers and even the father and son are always in a state of being regarded as rape, without any privacy, they are certainly uncomfortable. Even parents should pay attention to keeping a certain distance from their children so as not to invade their privacy. When a father even reads his daughter’s diary, he will be condemned. In contrast, the difference between Yang Jiangang’s state and running naked in front of Chu Yuanxi Not big.

Of course it doesn't mean that Chu Yuanxi doesn't care about everything. When the time comes, he will definitely ask about the progress, and even evolve into a reminder. Mu Lian’s VR factory was urged by Chu Yuanxi, and Yang Cheng’s negotiation of land acquisition was also reported twice a day.

According to the schedule, this morning should have been a meeting with Xu Xin, Yang Heng, and Lu Yin to study the next step of Ganxin Mai Cai's development and financing. But the incident of Liang Kenian came in.

So he started to report with panda eyes, and then Chu Yuanxi realized that he was really not too familiar with the way of dialogue in the enterprise, because his report did not look from a height, but went directly to the tactical part, and it was concise and direct—— Buy Baidu stock!

Chu Yuanxi was not in a hurry to correct this mistake, but patiently listened to him to explain what is good about Baidu: "First of all, the improvement after Baidu's high-level exchange of blood is particularly obvious. The Dragon King went down to Dou Ye and changed from KPI-oriented to product-oriented. Focus on user experience."

"Wow, does Baidu finally know that there is such a thing as user experience?" Chu Yuanxi sang his praises. He didn't dare to install Baidu Family Bucket on his phone, so the concept was not updated in time.

Liang Kenian looked a little embarrassed, and said that there is no need for the two of us! "Second, Baidu's basic disk is still there. The domestic search share has been maintained at about two-thirds. The user's mind will not change in the short term. When it comes to search, Baidu first thinks of it. This is Baidu's most valuable asset. Sogou knows that search itself is one of the most advanced traffic portals. As a result, Sogou needs long-term purchases, and the purchase cost remains high."

"Well, it's so miserable."

"It's not President Chu, why don't we do this?" Liang Kenian was angry, "We are not chatting! This is not the same as reporting to the president as I expected!"

Chu Yuanxi chuckled for joy, "Okay, okay, you can talk first, and I will tell you why I want to do this later."

In fact, he has a slightly different view of Baidu's greatest value. In Chu Yuanxi's view, Baidu's greatest value is AI.

Baidu's AI is different from other AIs. Like people in Pakistan, although they also develop AI, they are only for their own use and exist only as a function, and the layout is very small. Baidu developed a flying paddle, a natural semantic training model, and it exists as a large-scale SaaS support platform. The status of the two is equivalent to that the former is a writer, and the latter is the same.

This is the core of technology. It is the advantage that even AT can't catch up with. It is also the best value that Baidu can output to the society. For a long time, Baidu actually had so much property left to brag about, so that it was eligible to be called with AT.

"The third, and most important point, I think Baidu has great investment value is hosting pages. Because of hosting pages, Baidu's profits for several consecutive quarters have exceeded Wall Street analysts' expectations."

This time Chu Yuanxi didn't hold on to any more, but entered a short memory.

He originally thought that Liang Kenian was talking about the Baijiahao. Baijiahao used to be a sign that Baijia didn't understand the content, but it couldn't stand Baijia's strong execution ability. Although it didn't understand the content, it continued to inject traffic dividends into Baijiahao and implemented it as a long-term strategy.

This is quite terrible, even if the iron tree has to bloom even if it is watered with Baidu's super traffic. As a result, a large number of plagiarized spam content was constantly infused by Baidu, which severely hurt a wave of user experience and then came back to life. Really valuable content breeds in the garbage dump.

This can be regarded as a miracle of the giant's brutal version, which has improved Baidu's information flow, but what Liang Kenian wants to say is not this bright spot.

He has only read Baidu's financial report for a few days, and still has an impression. One of the most impressive is that hosting page business accounts for a quarter of the core online marketing service business.

This seems to be a new growth engine, but it has little to do with Pakistani people and Xiaokang. It is a toB service provided by Baidu for customer relationship management. Chu Yuanxi understands it as a new advertising marketing model.

Just listen to Liang Kenian said: "This hosting page is also funny. It was originally used by Baidu to manage medical advertising. You also know that Baidu's medical advertising revenue is very important, and it can even be said to be the lifeblood, so I absolutely cannot bear it. Cut it off. So after several rounds of changes, a new plan came out, which is to require customers to put all the advertising promotion to Baidu to host, or supervise, so that they can't push their own materials and copywriting."

Chu Yuanxi resisted the desire to vomit after he had said that he would not stubbornly, but he had heard of Baidu's inclusion of the Putian Department of Hospital, and there was a lot of public opinion at the time, thinking that Baidu was going to carry out the demon to the end. It didn't turn out later.

"Later, Baidu continued to optimize this hosting, broadening to the entire category, and providing advertisers with a package of solutions from one-click site building to data monitoring and online communication. This is the current hosting page. The name is very dirty but The function is very powerful. The key is that Baidu’s search is now better, and the search results match the user’s target more accurately. Applying to the enterprise hosting account improves the previous match between the enterprise and the potential user of the enterprise, which is equivalent to improving Baidu Marketing value."

Chu Yuanxi applauded and said: "It makes sense. This is to expand the business picture by providing SaaS services. It does have core values. And it works better with the open ecology of Baidu's applets."

Liang Kenian clapped his hands: "Yes, and when it comes to SaaS, do you know Shopify?"

"The U.S. version of Weimeng, you like?"

Chu Yuanxi must have heard of this US WeChat business platform, but it is a bit too much to say that it is Weimeng and Youzan, because these two brothers both rely on WeChat ecology to build an e-commerce platform, but the US does not have WeChat, so even if it does At the same level, the value of shopify is definitely higher, because shopify provides SaaS services and ecology, and the two need WeChat as the bottom layer.

I saw Liang Kenian's face full of red light: "That's it. Is there any difference between the service provided by Baidu Hosting Pages and it? No, if you must say yes, it means that Baidu Hosting Pages will not only be an e-commerce platform in the future, but the business landscape will be more Big."

"Wait, the current market value of shopify is... I go, it is higher than Baidu?" Chu Yuanxi started Baidu shopify's stock price half way around, and was shocked. Baidu's current market value is less than 39 billion, and Shopify exceeds 55 billion. U.S. investors are all stupid, right? It's no wonder that Luckin will cut leeks in rounds.

Just listen to Liang Kenian: "It's not that Shopify's stock price is too high, but Baidu's stock price is too low! Baidu's Q4 optical hosting page last year, revenue, profit and number of users have exceeded Shopify."

Chu Yuanxi suddenly came up with a sentence: "My guard is like Henry!"

Why do you think of the famous saying of the emperor? Because Xiaokang’s things are similar to Baidu's, they are silently holding big moves. After the big move is released, the entire market will be stunned. Otherwise, Baidu's stock price cannot be so low!

The most important thing is the underestimation of the stock price. This is the same as the most important thing about investment and startups is the valuation. It is estimated that the market will react one day in the future, but Baidu has been sleeping for too long in the past, so long that the market does not believe that he is awake. come.

So he said to the phone: "You can come here."

Liang Kenian didn't know why, but soon there was a series of footsteps, and Xu Xin took Lu Yin and Yang Heng in. Xu Xin took the lead in applauding, which made Liang Kenian even more unknown. Therefore, he knew Xu Xin, but Xu Xin didn't know him.

Just listen to Chu Yuanxi said: "They came long ago and wanted to see my newly hired consultant, so they watched the live broadcast remotely."

Xu Xin said almost at the same time: "Where did Chu Yuanxi find such a good think tank? Or give it to me~www.wuxiaspot.com~ My contemporary capital lacks such a good analyst."

Chu Yuanxi said that you still want to dig my corner? That's it, Pakistani people are now richer than contemporary capital! The mixed circle is definitely the bigger face of contemporary capital and the non-mixed investment circle. The development space of the two is simply not comparable. You must know that when Yang Heng joined Xiaokang as a consultant, he directly enjoyed the treatment of a vice president. Liang Kenian was the same as a Pakistani. Could Xu Xin be given the same rank?

He pretended not to hear, and pointed to Yang Heng and Lu Yin and said: "You just know each other. These two are the co-CEOs of Ganxin Maicai Yang Heng and Lu Yin. This is Liang Kenian, the head of Pakistani Investment. "

The three of them were a little serious at once, because the financing of Ganxin Maicai was invested by the subsidiary "Baren Investment", which means that Liang Kenian may directly connect with them in the future.

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I read Chapter 1024 and it is very difficult to recover. It should have interfered in Sam's election. I am guilty. Today, Mr. Sang withdrew from the election. . . It is more intuitive to post a lot of pictures where you can post pictures.

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