Completed Salted Fish's Self-help Strategy

The reason why the plan to build a moderately prosperous Southeast Asia has not been announced is that chuyuanxi was afraid of getting into trouble. He didn't even show off to the Ba people's founder group about this. He ignored it when he explained to them how much money they could make by investing in Xiaokang. It's not that they're afraid of divulging secrets. It's that well-off Southeast Asia is potentially good. They probably don't realize the secret, so they just keep it secret.

When it comes to the exit of venture capital funds, that night, the government's regulators suddenly released a record.

When Chu Yuanxi and Liu Lu were talking about the financing process of Xiaokang, Liu Lu suddenly brushed out the latest revision of the regulations on the reduction of our large a shares, which was not calm at that time! Chu Yuan Xi took a look, heart said that today's investment institutions must be sleepless night.

In fact, Yuan Mu rushed in within two minutes. For early investment institutions, this new regulation is the rain after a long drought, and its impact on the whole A-share market will be extremely long, enough to go down in history.

The main problem bothering early investment institutions is not that they can't invest in IPOs, but that it's difficult to exit after they do. Later, it's better after a reverse linkage policy, that is, the lock-in period is inversely proportional to the investment period before IPO, and the earlier they invest, the shorter the lock-in period. However, the identification and implementation have always been very complex, making it difficult for the early funds that meet the conditions to get benefits.

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

What is the concept? That is, the cornerstone of the new shares is gone, which is a reconstruction of the whole secondary stock market ecology.

The reason why the new shares can not be defeated is very simple. The resources of the buyers and sellers are not equal. The buyer can buy only if he has enough money, but the seller does not have enough stock. The part of the new issue of the new stock issue is only publicly issued, and a large proportion of the shares are drawn by the agencies. There is no sale at all. After all, the number of trading boards after opening has the final say.

However, the original stocks in the hands of investors are usually not a few. Once early investors join the seller, the relationship between supply and demand will naturally change. If bulls want to manipulate the stock price artificially, they must prepare more money. What's more, it's not a matter of more money and less money. It's a matter of what to do if you buy too much and can't sell it at that time. It's a matter of how much you can reasonably buy in stock trading, not that more is better.

In those years, the operator of Haixin stock made the mistake of being too aggressive. He ate too much all at once. In the end, he was allowed to sort out, pull up and down, and shake up the position. As a result, after more than a year, the shareholding did not decrease. The retail investors yelled "it's up to you", but the share proportion increased a lot

Therefore, this is the first step for the regulatory authorities to move towards the right direction, which can be seen as "supply side reform". This reform is very good, because after the issuance of new shares, no matter good or bad, they are fried into sky high prices. In fact, it is the root of most of the problems in our big a shares.

A simple truth: do listed companies not know how much their stocks should be worth? Is the issue price a cheat? Of course not. No matter in Xiangjiang or NASDAQ, if the issue price is too low, Zhengzheng company will cancel the issue, which is not in the interests of the company. In other words, the issue price usually includes a certain premium.

And after the listing, those dozens of trading board is the winner of the carnival, but also cut leek the biggest sickle. Why do traders stir up the stock price? It's not to shout to the retail investors: "it's yours!"

Improving this problem is the right way to deal with the market depression.

Of course, there are deeper reasons for this, otherwise the regulatory authorities would have done it a long time ago. For example, what if the new shares can't be issued? Our big A-share market has always been an emotional market. It likes to move from one extreme to another. That's why the special ecology of the alternation of bull market and bear market is created.

Therefore, what Liu Lu said as a senior leek in A-share market is quite straightforward. According to her words, this is a super level deregulation of Dafei, which directly caused the stock market disaster.

In fact, the core of this sentence is not the stock market disaster, but "put it aside". If new shares are issued in such a way that they have been put in the past five year old bear and seven year old bear, it is really possible that they will not be issued and there will be no subscription. Now big a is in a new stage, and there is no clear sign of going bull since 5178 in 2015. The introduction of such a bold policy at this time shows the confidence of regulators in the market.

The IPO of A-share adopts the underwriting system of underwriters. If it can't be sold, the Underwriters will subscribe in full. Most of the underwriters are securities companies, and the securities companies are the main carriers of the market. Once this domino falls, the chain reaction behind will be wonderful.

Therefore, for many years, our big a shares are used to make people conspicuous by their lethargy. On the one hand, it is strictly forbidden to sell on the supply side, and on the other hand, it is against the speculation of new shares. A large number of distorted rules clearly indicate that they are afraid that the deterrent force of allowing Dafei to "flee" is too great, which will cause problems in the issuance of new shares.

So the key is still to "escape" and why? Because for garbage companies, no matter how much the issue price is, they have the motivation to escape.

In fact, this is one and two sides of the problem. Why do regulators have the courage to innovate now? Because what kind of junk companies were listed in the past? Now, the stock market is shaking, it is the headlines, cloud cluster, tiktok, and Shang Tang. The economic boom of the country has been going on for so many years. It also should generate a group of temperament companies to list on the mainland, which is the foundation for the formation of a new balance.It's late to see the news, but chuyuanxi still calls Liang Kenian. He said on the phone, "it's time to set up a real investment team for Xiaokang."

In fact, chuyuanxi had this idea for a long time, but he had no energy to do it and no suitable person. The key is that this kind of thing can't be entrusted to Zheng De, not because he doesn't trust Yuan Jing, but because Zheng de mainly invests in the early stage, and Chu Yuanxi doesn't want to invest in the early stage.

In his ideal Ba people investment, at the present special moment, it can be positioned as a bottom fund, but in fact it is an industrial fund. Industrial fund is different from PE or VC. It completely breaks out of the logic of entrepreneurship and investment. It can buy what is good and form a beneficial supplement to its own development. It can also buy what is worthy of value investment in the secondary market. As long as you control the investment rather than speculation, don't chase up and kill as leeks.

So it's not necessarily appropriate for Zheng De to help with the operation. It's more likely that Zheng de will integrate it and become the LP of Zheng de fund. How boring is that?

However, although today's new policy seems to be directly beneficial to early stage funds, it actually benefits the whole market. Moreover, it seems that Liang Kenian is really talented, so he was asked to take the lead.

On hearing this request, Liang Kenian was not sleepy at that time. He worked out a plan overnight and held a small meeting in Chuyuan the next morning.

The 7th is Saturday. Both Ba people and Xiaokang are working overtime. Chu Yuanxi is the only one who is more relaxed. Because he has recently allocated all the things that can be allocated and concentrated on financing, so although the financing is not very good, it only turns out to be 1 billion yuan, but he has done nothing

For example, during this period, according to his instructions, Peak vision found a new CFO to take over his work, so as to achieve a complete deregulation. On the one hand, it is to untie Chu Yuanxi, so that he does not have to spend too much energy on the financing of peak visual effect. On the other hand, it is also to untie Yang Jiangang, so that he does not have to live under Chu Yuanxi's eyes.

Even if a brother or even a father or son is always in a state of being regarded as a traitor, without any privacy, he must be uncomfortable. Even parents should pay attention to keep a certain distance from their children, so as not to infringe privacy. When a father even looks at his daughter's diary, he will be denounced. In contrast, Yang Jiangang's state is not different from running naked in front of Chu Yuanxi.

Of course, it doesn't mean that chuyuanxi didn't care about anything. When it came to the time node, he was sure to urge the progress, and even evolved into a life-threatening one. Mulian's VR factory was urged by Chu Yuanxi, and Yang Cheng's negotiation to get the land also reported the progress twice a day.

According to the schedule, this morning was supposed to be a meeting with Xu Xin, Yang Heng and Lu Yin to study the next development and financing of Ganxin vegetable. But Liang Kenian has been involved.

So he started to report with panda's eyes on his head, and then Chu Yuanxi found that he was not too familiar with the way of dialogue in the enterprise, because his report was not from a high point, but directly into the tactical part, and concise and direct - buy Baidu stock!

Chuyuanxi is not in a hurry to correct this mistake, but patiently listen to him say what is good about Baidu: "first of all, the improvement of Baidu's top management after the exchange of blood is particularly obvious. The Dragon King goes down to fight for the master, changes from KPI oriented to product oriented, and begins to pay attention to the user experience."

"Oh, google finally knows that there is such a thing as user experience?" Chuyuan Xi held a Kuai, he did not dare to install Baidu family bucket on his mobile phone, so the concept update is not timely.

Liang Kenian's face is a little embarrassed. He says that it's just us. There's no need to take over! "Second, Baidu's basic market is still there. The domestic search share has been maintained at about two-thirds, and the user's mind will not change in the short term. When it comes to search, it first comes to Baidu, which is Baidu's most valuable asset. Compared with Sogou, search itself is one of the most advanced traffic entrances. As a result, Sogou needs to buy volume for a long time, and the cost of buying volume is high. "

"Well, it's miserable."

"It's not Mr. Chu. Can we not do this?" Liang Kenian was angry, "we are not chatting! This is not the same as what I expected to report to the president! "

Chuyuan Xi Chuchi a music, "OK, OK, you first say it, later I'll tell you why I want to be like this."

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

Baidu's AI is different from other AI. For example, although Ba people also develop AI, they only use it for their own use, only exist as a function, and the pattern is very small. What Baidu develops is the oar, which is a natural semantic training model and exists as a large SaaS support platform. The status of the two is equivalent to the former is a novel writer, the latter is the same as the starting point of Chinese network.

This is the core of science and technology, the advantage that even at can't catch up with, and the best value that Baidu can output to the society. For a long time, Baidu actually has so much left to boast about, which makes it qualified to join at.

"The third point, which is the most important point, makes me think that Baidu has great investment value is the hosting page. Because of the hosting page, Baidu's profits for several consecutive quarters exceeded the expectations of Wall Street analysts. "This time Chu Yuan Xi did not hold back, but entered a short memory.

He thought Liang Kenian was going to talk about Baijia. Baijia used to be a symbol that Baidu didn't understand the content, but it couldn't stand Baidu's strong execution ability. Although it didn't understand the content, it continued to pour traffic dividends into Baijia, and when it was in the growth period, it implemented the strategy.

This is quite terrible, with Baidu's super flow of water, even if the iron tree has to bloom. As a result, a large number of plagiarized and transported garbage content has been continuously poured into the traffic by Baidu, which has severely damaged a wave of user experience. After that, it has come back to life, and real valuable content has been bred in the garbage heap.

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

He has only read Baidu's financial report for a few days, and he is still impressed. One of the most impressive items is that the 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 Ba people and Xiaokang. It is a tob service provided by Baidu for customer relationship management. Chu Yuanxi understands it as a new model of advertising marketing.

Just listen to Liang Kenian said: "this hosting page is also funny. Originally, it was used by Baidu to rectify medical advertisements. You also know that Baidu's medical advertising revenue is very important, even the lifeblood, so it is absolutely reluctant to cut. Therefore, after several rounds of reform, a new plan came out, which requires customers to collect all advertising promotion to Baidu for hosting, or supervision, so that they can't push their own materials and copywriting. "

He agreed that there would be no more stubble, so chuyuanxi resisted his desire to vomit bad. However, he had heard about Baidu's incorporation of Putian department hospital. At that time, there was a lot of public opinion that Baidu wanted to make a demon in the end, but it didn't happen later.

"Later, google optimized this kind of trusteeship, broadened the whole category, and provided advertisers with a package of solutions from one click website building to data monitoring and online communication. This is now the trusteeship page. The name is very rustic, but the function is very powerful. The key is that Baidu's search is doing better now. The search results match the user's target more accurately. When it is applied to the enterprise hosting number, it improves the matching between the enterprise and its potential users, which is equivalent to improving Baidu's marketing value. "

Chuyuanxi applauded and said: "it's reasonable to expand the business landscape by providing SaaS services. It really has core value. And with Baidu small program open ecology, the effect is better. "

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

"The United States version of Weimeng, youzan?"

Chuyuanxi must have heard of this us wechat platform, but it's a bit too much to say that it's a wechat alliance and praise, because the two brothers are relying on wechat ecology to build e-commerce platform, but there is no wechat in the US, so even if they do the same, the value of Shopify must be higher, because Shopify itself provides SaaS services and ecology, and the two brothers need wechat as the foundation Layer.

Liang Kerian's face was red: "yes, that's it. Is there any difference between the services provided by Baidu hosting page and it? No, if you have to say yes, it is that Baidu hosting page will not only be an e-commerce platform in the future, but also have a larger commercial territory. "

"Wait, the market value of Shopify is I'll go. It's higher than Baidu? " Chuyuanxi heard half of the place began to Baidu Shopify share price, and then surprised. Baidu's market value is now less than 39 billion, and Shopify is more than 55 billion. Are all American investors stupid? It's no wonder that Ruixing will cut leeks in a round.

Liang Kenian said: "it's not that the share price of Shopify is too high, but that of Baidu is too low! Baidu Q4 optical hosting page last year, the revenue profit and the number of users have exceeded Shopify

Chuyuanxi suddenly had a sentence in his mind: "my ball guard is like Henry!"

Why do you think of the famous saying of the great emperor? Because Xiaokang's business is similar to Baidu's, it's a quiet big move. After the big move is released, the whole market is muddled, otherwise Baidu's share price can't be so low!

The most important thing is that the stock price is undervalued, which is the same as the most important thing for investment and entrepreneurship is valuation. It is estimated that the market will react one day in the future, but Baidu has been sleeping too long in the past, so long that the market does not believe that it has woken up.

So he said to his cell phone, "you can come here."

Liang Kenian didn't know why, but soon a string of footsteps came, and Xu Xin took Lu Yin and Yang Heng to enter. Xu Xin took the lead in clapping, which made Liang Kenian even more unclear. Therefore, he knew Xu Xin, but Xu Xin didn't know him.

Chuyuanxi said, "they've been here a long time. They want to see my new consultant, so they watch the live broadcast from a distance."

Xu Xin said almost at the same time: "where did Chu Yuanxi find such a good brain trust? Why don't you give it to me? I'm short of such good analysts. "

Chuyuan Xixin said you still want to dig my corner? That can be ha ha, Ba people now have more money than contemporary capital! Mixed circle is certainly the contemporary capital brand is bigger, not mixed with the investment circle, there is no comparable development space between the two. You should know that Yang Heng directly enjoyed the treatment of vice president when he joined Xiaokang as a consultant, and Liang Kenian was the same as Ba Ren. Could Xu Xin give him the same rank?Pretending not to hear him, he pointed to Yang Heng and Lu Yin and said, "you happen to know each other. These two are Yang Heng and Lu Yin, CO CEOs of Gan Xinmai. This is Liang Kenian, head of Ba Ren investment."

All three of them were solemn, because the financing of Ganxin's vegetable was invested by the subsidiary of "Ba Ren investment", that is to say, Liang Kenian may have to directly connect with them in the future.

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after reading the next chapter 1024, it's hard for me to recover. I should have interfered in Sam's election. I'm guilty. Today, sang Lao withdrew from the election... Send in the place where you can send pictures, with a lot of pictures, more intuitive.