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There are two kinds of Internet industry: Internet and A-share Internet

via:博客园     time:2020/3/16 10:01:31     readed:524

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Wen / Pei Pei, head of the outlaw group

Source: ID: tmtphantom

Q: how to get schizophrenia in the fastest time?

A: At the same time study A stocks, Hong Kong stocks and U.S. stocks in the general stock.

Q: I feel that the above methods are not fast enough. Is there a more efficient way?

A: We also study the Internet industry of A shares, as well as the Internet industry of Hong Kong / China General shares.

If you're an Internet professional and often read reports from A stock market about the Internet/media industry, you' ll find their odd

Don't get me wrong, the hot spots are certainly a little reasonable. Cloud games, MCN、 telecommuting these topics, mainstream Internet companies are also exploring. A stock market also has some good growth, promising Internet companies (mainly game companies). But overall, A investors are concerned

What is the cause? If it's just the personal and even moral qualities of A investors and analysts, it's too simple, too crude unfair. Unfortunately, many people, especially Internet professionals, do see this. More than two months ago, an executive at an Internet company I admired said to me very seriously:

Embarrassed because I was a A analyst, I was waiting for him to say

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Seriously,

First, mainstream internet companies can not, and then are reluctant to, list A shares.

In the last cycle, A-share institutional investors were scared by some Internet companies.

Consumer Internet companies don't match A current stock market

None of these problems can be solved in the short term, so

First, mainstream Internet companies

Be able to meet early in entrepreneurship

As for Kochon, it's for semiconductors, communications equipment, enterprise software, etc.

Because of the high valuations of A media and internet companies in 2015, u.s. internet companies did seriously consider privatising their home listings, several of which were successful. But by 2019, the valuation advantage of the A media internet sector had largely been eliminated

For the mainstream Internet companies, there are too many troubles in A-share listing: issuing options (equity incentive) requires a long and painful review; the review of M & A activities is more strict; the review of refinancing is particularly strict; the dual equity structure is even more nonexistent. If none of the above can be done, what else can Internet companies do? Unless the A-share market can give a significant valuation advantage, unfortunately it can't give it for a long time.

So, the problem now is: in addition to content companies such as games, mainstream Internet companies can't and won't be listed in A-share; and A-share regulators particularly hate content companies, especially game companies. This is embarrassing.

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Second, in the last

From 2016 to 19, the A-share media internet industry experienced a terrible supermarket, almost every year to the bottom three of the market. Who can believe

In this case, if investors still want to make money in the media and the Internet, there is only one way: short speculation, speculation

For example:

To give another example: Some people insist that the headline to play games with Tencent, so to pay high prices

Finally, since 2018, the consumer Internet (the absolute mainstream of China's Internet industry) has not met the mainstream narrative of the A-share market. Now the mainstream narrative is: independent safety and control, strengthen basic research and development, do a good job in 2B business, and strive to be the best in the world. Consumer Internet, no matter game, e-commerce, video, social networking or payment, does not conform to the above mainstream narrative.

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Very few A internet companies have never entered the minds of A investors amid waves of speculation

There is another problem: although experienced A-share investors, that is, the elderly who have experienced the last bull bear cycle, have been familiar with the routines of the A-share media Internet industry and won't take short-term stories seriously, there are still some less experienced people who cheat themselves in. Life is like a play, play is like a life, buttocks always decide the head. Outwardly strong but inwardly weak, not only do they think that Tencent games are paper tiger tigers not authoritative, but also Alipay and WeChat can easily be overturned, even Iqiyi and B stations can be surpassed by a new and unknown competitor.

Remember in 2015, I visited a network video platform that is much larger than Letv (name is not, anyway, just a few candidates). Letv was then one of the "BATL"" of A investors, a hot company with hundreds of billions of market capitalization. The people on that video platform said to me very seriously:

I was surprised to ask:

Answer:

Is that not the case today? How many

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