The reason why the plan for a well-off Southeast Asia has not been announced is mainly because Chu Yuanxi is afraid of getting into trouble. He didn't even show off this to the founding group of the Ba people, and directly ignored it when he explained to them how profitable it was to invest in a well-off company. It's not that I'm afraid that they will leak secrets, but that the well-off Southeast Asia is a potential benefit, and they probably can't understand the mystery, so they simply keep it secret.

Speaking of the withdrawal of venture capital funds, there was a thunderstorm on the ground that night, and the regulators of the DPRK suddenly released a peerless shock.

When Chu Yuanxi and Liu Lu were spitting out the financing process of the well-off, Liu Lu suddenly brushed out the revised version of the latest regulations on the reduction of my big A shares, and he was not calm at that time! Chu Yuanxi glanced at it, and said in his heart that today's investment institutions have to be sleepless nights.

In fact, it didn't take two minutes for Yuan to rush in, and it was really this new regulation for early investment institutions that was like a rain after a long drought, and the impact on the entire A-share market would be extremely long-lasting, enough to go down in history.

The main problem that plagues early-stage investment institutions is not that they can't invest in the IPO, but that it is difficult to exit after the investment, and then there is a reverse pegging policy, that is, the lock-up period is inversely proportional to the investment period before the IPO, and the earlier the investment, the shorter the lock-in. However, identification and implementation have always been complex, making it difficult for eligible early-stage funds to benefit.

This time, in order to avoid lengthy identification, the regulatory authorities directly simplified the regulations, and there is no lock-in period for projects with an investment of 5 years. In other words, on the day of the IPO, early investors can sell their shares.

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

The reason why new shares can be undefeated is very simple, the resources of buyers and sellers are not equal. The buyer can buy as long as he has money, but the seller does not have enough shares, and the new stock listing retail investors only have the part of the public offering, and a large proportion of them are pulled away by the institution, and there is nothing to sell.

However, investors usually do not have a small number of original shares in their hands, and once early investors join the sellers, the relationship between supply and demand will naturally change, and 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 can't sell it when you buy too much.

I think that the trader of Haixin shares made the mistake of being too awesome, and ate too much at once, and finally let him go sideways, pull up and down, and suppress the position, the result is that the shareholding that lasted for more than a year not only did not decrease, but the retail investors shouted "It's yours", and the share ratio increased a lot......

Therefore, this is a real first step towards the right direction by the regulatory authorities, which can be regarded as "supply-side reform". This reform came very well, because after the issuance of new shares, both good and bad were speculated to sky-high prices, which is actually the root cause of most of the problems in my big A-shares.

A simple truth is that the listed companies themselves do not know how much their shares should be worth? Is the issue price pricing a deception? Of course not, whether in Xiangjiang or NASDAQ, if the issue price is too low, a serious company will cancel the issuance, which is not in the company's interests. In other words, the issue price usually already includes a certain premium.

And after the listing, those dozen or dozens of price limits are the carnival of the winners, and they are also the biggest sickle for cutting leeks. Why do traders speculate on the stock price? It's not to shout to retail investors: "It's yours!"

Improving this problem is the correct solution to the problem of controlling the market slump.

Of course, there are actually deeper reasons for this, otherwise the regulators would have done it a long time ago. For example, what should I do if I can't issue new stocks? My big A shares have always been an emotional market, and we like to go from one extreme to the other, so we have created a special ecology of alternating big bull markets and big bear markets.

Therefore, Liu Lu, as a senior leek in A-shares, said more bluntly, according to her words, this is a super-large level relaxation of Dafei, which directly caused a stock market crash in the past.

The core of this sentence is actually not a stock market crash, but "putting it aside". The issuance of new shares is so carried out, and it is really possible that it will not be issued in the past five years and seven years, and there will be no one to subscribe. And now Big A is in a new N-year-old bear, and there has been no clear sign of bullishness since 5178 points in 2015. The introduction of such a bold policy at this time shows the confidence of the regulator in the market.

The issuance of A-share IPO adopts the underwriter underwriting system, and if it cannot be sold, the underwriter will subscribe in full, and the underwriter is mostly a broker, and the brokerage is the main bearer of the market.

Therefore, for many years, our big A shares have been accustomed to making people known for their dimness, on the one hand, it is strictly forbidden to sell on the supply side, and on the other hand, it is necessary to crack down on the speculation of new shares.

So the key point is "fleeing", and why, because for garbage companies, no matter what the issue price is, there is an incentive to flee.

In fact, these are two sides of the same coin, why do the regulators now have the confidence to dare to innovate? Because what kind of garbage companies were listed in the past? Now it is Douyin, Toutiao, Yuncong, YITU, and SenseTime, and the economy of the country and the dynasty has been booming for so many years, and it is time to give birth to a number of companies with temperament to be listed in the local market, which is the confidence to form a new balance.

When I saw the news, it was already quite late, 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 the well-off." ”

In fact, Chu Yuanxi has long had this idea, but he has never had the energy to do it, and there is no suitable person. The key is that this kind of thing can't be entrusted to Zheng De yet, it's not a matter of distrusting Yuan Jing, but Zheng De mainly invests in the early stage, and Chu Yuanxi doesn't want to invest in the early stage.

In his ideal Pakistani investment, at this special moment, it can be positioned as a bottom-buying fund, but in fact it is an industrial fund. Industrial funds are different from PE or VC, completely out of the logic of entrepreneurship and investment, what is good to buy, to form a useful supplement to their own development can be bought, the secondary market is worth the value of investment can be bought, as long as the control of investment rather than speculation, do not chase the rise and fall as a leek on the line.

Therefore, it is not necessarily appropriate for Zheng De to help the trader, and it is more likely to be integrated by Zheng De and become the de facto 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 entire market, and it seems that Liang Kenian is indeed more talented, so he is looking for him to take the lead.

As soon as he heard this request, Liang Kenian was not sleepy at that time, and worked out a set of plans overnight, and held a small meeting with Chu Yuan the next morning.

The 7th is Saturday, both the Ba people and the well-off are working overtime, only Chu Yuanxi himself 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 good, the external relationship is only 10 billion, but it has nothing to do......

For example, during this time, according to his instructions, Peak Visual Effects found a new CFO to take over his work, thus achieving a complete relaxation. On the one hand, it is to loosen the restrictions on Chu Yuanxi, so that he does not have to devote too much energy to the financing of peak visual effects, and on the other hand, it is also to loosen the restrictions on Yang Jiangang, so that he does not have to live under Chu Yuanxi's nose in everything.

Even if you are a brother or even a father and son, you are always in a state of being regarded as a traitor, without any privacy, you must be uncomfortable. Even parents should pay attention to keeping a certain distance from their children so as not to invade their privacy, and when they are fathers, they will even be condemned if they look at their daughter's diary, in comparison, Yang Jiangang's state is not much different from running naked in front of Chu Yuanxi.

Of course, it doesn't mean that Chu Yuanxi doesn't care about anything, and when the time comes, he will definitely ask about the progress, and even evolve into an urge. Mu Lian's VR factory was urged by Chu Yuanxi once, and Yang Cheng's negotiation to get the land was also reported 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 how to develop and finance Gan Xin's next step. But Liang Kenian added this matter to the incident.

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

Chu Yuanxi was not in a hurry to correct this mistake, but patiently listened to him talk about Baidu's goodness: "First of all, the improvement of Baidu's high-level blood change is particularly obvious, the dragon king went down to fight the master, changed from KPI-oriented to product-oriented, and began to pay attention to user experience." ”

"Oh, Baidu finally knows that there is such a thing as user experience?" Chu Yuanxi snorted, he didn't dare to install Baidu's family bucket on his mobile phone, so the concept was not updated in time.

Liang Kenian's face was slightly embarrassed, and he said that this is the two of us, there is no need to take over the stubble!" Second, Baidu's basic disk is still there, and the domestic search share has been maintained at about two-thirds, and the user's mind will not change in the short term. Compare it with Sogou, search itself is one of the most advanced traffic entrances, and as a result, Sogou needs to buy volume for a long time, and the cost of buying volume remains high. ”

"Well, it's miserable, it's miserable. ”

"It's not Mr. Chu, let's not do this, okay?" Liang Kenian was furious, "Let's not chat! This is different from what I expected to report to the president!"

Chu Yuanxi snorted, "Okay, okay, you can say it first, and I'll tell you why I'm like this later." ”

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

Baidu's AI is different from other AI. Like the Ba people, although they also develop AI, they only use it for their own use, and only exist as a function, and the pattern is very small. The PaddlePaddle developed by Baidu is a natural semantic training model, which exists as a large-scale SaaS support platform. The status of the two is equivalent to the former being a writer, and the latter is the same.

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 had such a little bit of money to boast about, so that it was still qualified to be called the same as AT.

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

This time, Chu Yuanxi didn't praise again, but entered a short memory.

He originally thought that Liang Kenian was going to talk about Baijiahao. Baijia used to be a sign that Baidu did not understand the content, but it could not stand Baidu's strong execution ability, although it did not understand the content, but continued to inject traffic dividends into Baijiahao, and implemented it as a long-term strategy.

This is quite terrifying, with Baidu's super traffic, even the iron tree has to bloom. As a result, a large number of plagiarized and transported spam content was persistently poured into traffic by Baidu, which ruthlessly hurt a wave of user experience, and then came back to life, and truly valuable content was bred in the garbage heap.

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

He has only read Baidu's financial report for a few days, and he still has an impression, one of which is very impressive: the hosted 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 the Ba people and the well-off, it is a toB service provided by Baidu for customer relationship management, and Chu Yuanxi understands it as a new model of advertising and marketing.

I only heard Liang Kenian say: "This hosting page is also funny, it was originally used by Baidu to rectify medical advertising in order to govern 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 it is absolutely reluctant to cut it. Therefore, after a few rounds of changes, a new plan was proposed, which is to require customers to collect all advertising promotions to Baidu for hosting, or supervision, so that they can focus on pushing their own materials and copywriting. ”

said that he would no longer take stubble, so Chu Yuanxi couldn't help but vomit badly, but he had heard about Baidu's acquisition of the Putian Hospital, and there was a lot of public opinion at that time, thinking that Baidu was going to carry out the demon to the end, but it didn't.

Later, Baidu optimized this kind of hosting, broadened to all categories, and provided advertisers with a package of solutions from one-click website building to data monitoring and online communication, which is now the hosting page. The name is earthy but powerful. The key is that Baidu's search is now doing better, and the search results are more accurate to match the user's goals, and the application to the enterprise hosting account is to improve the matching between enterprises and potential users of enterprises, which is equivalent to enhancing Baidu's marketing value. ”

Chu Yuanxi applauded and said: "It makes sense, this is to expand the business picture by providing SaaS services, and it does have core value." And it works better with the open ecology of Baidu Mini Programs. ”

Liang Kenian clapped his hands: "That's right, and when it comes to SaaS, you know shopify, right?"

"The United States version of Weimob, have you liked?"

Chu Yuanxi must have heard of this Mi country micro-business platform, but it is a bit too much to say that it is Weimob and Youzan, because these two brothers rely on the WeChat ecology to build an e-commerce platform, but Mi does not have WeChat, so even if it is done to the same extent, the value of shopify must be higher, because shopify provides SaaS services and ecology by itself, and the two brothers need WeChat to be the bottom.

I saw Liang Ken's face 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 that there is, that is, Baidu Hosting Page will not only be an e-commerce platform in the future, but also a larger business territory." ”

"Wait, Shopify's current market capitalization is ...... I'll go, it's higher than Baidu?" Chu Yuanxi was shocked when he heard the stock price of Baidu Shopify halfway through. Baidu's current market value is less than 39 billion, Shopify's is more than 55 billion, and investors in the United States are all stupid, right?

I only heard Liang Kenian say: "It's not that shopify's stock price is too high, but Baidu's stock price is too low! Baidu's Q4 last year's light hosting page has surpassed shopify's revenue and profit and the number of users." ”

A sentence suddenly popped up in Chu Yuanxi's mind: "My ball protector is like Henry!"

Why do you think of the emperor's famous words? Because the things that Xiaokang does are similar to Baidu's, they are all silent and silent, and the whole market is confused after the big move is released, otherwise Baidu's stock price cannot still be so low!

The most important thing is that the stock price is undervalued, which is the same as the valuation of the most important thing in investing in start-ups, and 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 has woken up.

So he said to his phone, "You can come here." ”

Liang Kenian didn't know why, but soon a series of footsteps came, and Xu Xin took Lu Yin and Yang Heng into the room. Xu Xin took the lead in applauding, and Liang Kenian was even more unclear So, he knew Xu Xin, but Xu Xin didn't know him.

I only heard Chu Yuanxi say: "They came a long time 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? ”

Chu Yuan Xixin said in his heart, "Do you still want to dig into my corner?" That's it, the Ba people are now richer than contemporary capital! The mixed circle must be a bigger card of contemporary capital, and if they do not mix with the investment circle, the development space of the two is not comparable at all. You must know that Yang Heng directly enjoyed the treatment of vice president when he joined Xiaokang as a consultant, and Liang Kenian was the same when he went to Ba, could Xu Xin give him the same rank?

He pretended not to hear, pointed at Yang Heng and Lu Yin and said, "You just know each other, these two are Yang Heng and Lu Yin, the co-CEOs of Ganxin Buy, and this is Liang Kenian, the person in charge of Ba Ren Investment. ”

The three of them were all solemn at once, because the financing of Gan Xin's grocery shopping happened to be invested by the subsidiary of "Ba Ren Investment", which means that Liang Kenian may have to connect directly with them in the future.

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I've read chapter 1024 and it's hard to recover.,It should have interfered in Sam's election.,I'm guilty.,Today Sang Lao withdrew from the election.。。。 Posted in a place where pictures can be posted, with a lot of pictures is more intuitive.