On Saturday afternoon, Chu Yuanxi sat alone in the tea room, welcoming Hu Shiheng's visit again. This time, Mr. Hu's intention was very clear, that is, to talk to Chu Yuanxi about the listing in person.

Although the listing link is not the most important link in the growth of a company from a dragon slayer boy to an evil dragon, there are many strategic choices and the implementation of tactical operations that have a greater impact on the company than the listing. However, for investors, there is no doubt that listing is the most critical link, because they can withdraw freely, and the equity in the hands of investors is given liquidity, which is undoubtedly more active.

Of course, today, the global economy is facing a recession, and the impact on the public stock market is particularly significant, and the concept of "IPO first" is also changing. Because, even if many invested companies have IPOs, the bigwigs who should have rejoiced in the success of the investment were stunned to find that the leeks were shrewd and could not find a receiver.

Especially in the last year, unicorns have fallen below the issue price in large numbers on the open market, which is called "breaking" in the jargon. What is worse than the break is that there is no trading volume, according to the jargon called "liquidity depletion", that is, the leeks are out of money and cannot afford to take over.

This phenomenon is extremely terrible, because the valuation can only stay on paper, as long as the bigwigs in the primary market dare to sell, it is "immeasurable", and after the IPO, they will not be able to recover the cost of shares, it is better not to go public, continue to expand the valuation through the market-to-sales rate, market share and other indicators, and carry out follow-up rounds of financing, so that some people are willing to take over in the primary market.

As a result, the IPO must be judged by indicators such as price-earnings ratio, the key is that the characteristics of leeks are to buy up and not buy down, no matter how attractive the valuation is when it falls, that is, no one carries out value investment, so the more you want to sell, the more it falls off a cliff, and the early investors have smashed their own plates, forcing listed companies to come up with valuable cash for open market repurchases, step by step into a vicious circle.

By June 2019, this scene had intensified, especially for NASDAQ-listed Chinese concept stocks. In terms of average daily transaction volume, Mushroom Street is 380,000 $ and Ruhan is 730,000 $, which Chu Yuanxi has criticized before......

You must know that individual stocks as large as Mushroom Street and Ruhan are standard unicorns in a certain field, and there are only hundreds of thousands of stocks bought and sold a day, even if the unit is $, their early investors don't know how to feel. The key is that the NASDAQ has not yet been able to buy and sell, what is more inverted trading speculation than attracting followers and even pulling up shipments or smashing shipments and other ways and methods that my big A shares are used to and effective, in the NASDAQ you use to try and punish the pants can not be found.

Therefore, now many investors have also learned to be obedient, like Xiaomi, which is listed in Xiangjiang, although the stock price is falling, the trading is still active, if you must want to run, you can run out. Of course, this is an example, the liquidity on the Xiangjiang side itself is only concentrated in the top stocks, and there are countless penny stocks. This is also the reason why Xiaomi's share price in Xiangjiang has been falling endlessly, VC has to smash the market, no one can stop it, even Meituan, a relatively high-quality one, plummeted for more than three months after the IPO, all the way to the end of last year.

Therefore, large-level investors pay more attention to the development goals of the investment target, and it is best to make the next TMD. The standard of "unicorn" $1 billion has been smashed by VC many times in the face of liquidity traps, which is seriously unattractive. And the right to speak of the well-off is naturally strengthened with the advancement of the timeline, believe it or not, anyway, I bragged it out, starting at 300 billion, you can do it.

In fact, not only NASDAQ, but also exchanges around the world are not very good at trading, but our big A shares are very competitive. Although the trend is as always, with a strong national football style, any individual stock in terms of trading volume is more than 10 million, and there are very few stocks below 10 million, which is envious of others.

In fact, there was also an extreme situation of trading drying up in large A shares, which was before the unprecedented bull market in 2005, when the market bottomed out at 998. At that time, shareholders had to place sell orders with one hand and one hand, and they could hit the drop limit by hanging 10 hands at a time, and they would receive a call from the exchange and be accused of manipulating the stock price. Even a certain stock has not had a single transaction for more than ten days, so that many retail investors thought that it was suspended and reorganized, and they were quite happy, but they did not ......

Ironically, during the long period before 998 points, the domestic venture capital environment was still extremely immature, and most of the entrepreneurs accepted overseas investment, which was basically denominated in $, and even Pony hugged the penguins around to sell but no one merged. Therefore, the tragic lessons of that year did not educate these investors who are currently active in the investment map of the Celestial Empire.

It is not until today's situation that this group of capital, who have not been beaten, has begun to reflect on their investment strategies, which is quite confusing for entrepreneurs. However, this is actually a good thing for entrepreneurs who really want to start a business rather than be financially free, because IPOs can even be counterproductive in many cases.

Not to mention the restrictive nature of the IPO in terms of financing, the visible phenomenon is that there are many companies that become rotten as soon as the big A-shares are listed, and some of them are not good in themselves, and they have to be listed if they forcibly whitewash their financial statements;

Even if this hurdle is survived, what about when the early investors arbitrage and leave? The listing of technology companies and the successful transformation of technology companies into explosive products are two different things, and the hope of explosive products is close at hand, and then there are fewer cases of early investors taking advantage of the hazy advantage of high-priced shipments to make the company hit the street?

Therefore, there will always be some contradictions between entrepreneurs and investors about IPOs. Chu Yuanxi and Hu Shiheng both understood this.

I saw Hu Shiheng pick up the teacup steadily, but blew it, didn't drink it, but put the cup to his mouth and asked: "Xu Xin hopes to go to the market at night, at least for five years, I agree." But I seem to have heard Yuan say that you especially want to IPO in China, why?"

"First of all, we definitely don't go to Frankfurt and London, right? You're talking about Xiangjiang or NASDAQ. Chu Yuanxi didn't expect Hu Shiheng to be entangled in this, "I don't want to go to these two places, because I don't think they are good." The profitability requirements of domestic listing, after five years, the well-off will definitely be able to meet, we will start to make a profit after the next year, and we will make a profit for three years at the head of the fifth year, and we will line up in a dignified manner. ”

"It's not. Hu Shiheng looked strange and put down the teacup gently, "What we said is not one thing. You're talking about the difficulty of domestic IPOs, I mean, isn't it the instinctive goal of our venture capital to go public on the NASDAQ?"

Is there that kind of demand Hu Shiheng? One of the two best ways to get $?"That, Mr. Hu, is like this, if it is $, the Pakistani people will definitely have a lot of overseas business in the future, and when the time comes, it is also the same way to exit through the investment agreement, based on the opening price of the IPO, what do you think......?

Hu Shiheng's eyes widened!"Xiao Chu, I didn't mean that, I have channels." I mean, people with a normal brain won't insist on the domestic listing of technology and Internet companies, right? Unless you're determined to cut leeks, I don't think you look like this kind of person. The supervision of NASDAQ and Xiangjiang are better than those in China, I don't know how many times, which really powerful Internet company doesn't want to go?

It is precisely for the healthy development of the enterprise that I suggest you think carefully, you may not have run through the whole process, so there are some wrong concepts. IPO is a sublimation for the company, the exchange of stock supervision after the IPO, for the company is crucial, a good exchange can promote the company's progress, a bad exchange will have a significant negative impact on the company, just like ......"

He paused here, some of the words didn't need to be fully spoken, but his tone became quite cautious.

"After the IPO and before the IPO, the company is likely to be the same, you know? What changes is the hearts of people, everyone, including your own. ”

Speaking of "people's hearts", Hu Shiheng stretched out his left hand unconfidently, grabbed it with his palms facing up and five fingers, and trembled up and down as he spoke, as if he was grasping something.

"Especially in a company like Xiaokang, which is almost fully shared, this problem cannot be solved by self-discipline. You may not have experienced it, but I've seen it many, many times. In fact, Xu Xin, Yuan Jing and even Yuan Mu have seen it many times.

The domestic regulatory system is tangled to a certain extent, which you should know, which is why there is a strange phenomenon that executives have to resign if they want to sell shares. In the final analysis, it is because of people's hearts that there is no real modern enterprise in China. Modern enterprises need the protection of modern enterprise systems, and they also need the unanimous recognition of investors and management, and it is precisely this recognition that we lack.

Even if Vanke's boss Wang is nominally a modern manager, in fact he does not respect the modern enterprise system and capital, and he still does the same thing. Why is this so? The desire for control is too strong? Not only is the desire for control, but more importantly, the domestic enterprises, regardless of their capital or management, fundamentally do not recognize the modern enterprise management system in the A-share environment.

What is the reason for this? System, law is the bottom line of morality, and moral standards determine people's hearts. The so-called system is not only investor education, not only to supervise the untimely information disclosure or violations of the information of listed companies, not only to file cases against directors, supervisors and senior executives for violations of laws and regulations, not only to protect the interests of small and medium-sized investors in the secondary market and crack down on rat traps, but more importantly, through the orientation of the system, to form a benign consensus, rather than a consensus similar to the law of the jungle.

I'm not accusing anyone of doing something wrong, after all, the A-share market has only been born for 30 years, and it can't be compared with developed countries, and the historical mission at the beginning was like that.

But the actual situation is like this, not compared with the NASDAQ, the top-level design of the Hong Kong Exchange is also very good, and the level of supervision is also very different.

I don't know what you think, but what scruples do you seem to have? Even from the perspective of healthy corporate development, A-shares are not a good choice. If you choose this path, the next five years may be your highlight period, but what about after the listing? You will find that the 9981 difficulty has just begun, and the IPO is just a mountain of two realms.

As for me, capital is cold, it is easy to get rich and prosperous, and it is difficult to share hardship, I can only hope that the stock price will be at a high level when the lock-up period is reached. After all, I'm only a financial investor in name, and it makes sense to sell stocks. ”

Hu Shiheng's statement was profound, but it was not new to Chu Yuanxi, because there were other bigwigs in the original world who said similar things.

This kind of profound truth, it is difficult to see the context and source without going through dozens of IPO investments, and it feels like that any leek that enters the A-share market will produce a similar feeling after two or three years, but it is difficult to explain it thoroughly.

In a trance, his mind couldn't help but flash back to the fierce tearing in the original world before the time travel last year.

At that time, it was easy to see that the solution was not to insist on A-share listing, so that about a year was enough time to complete the listing preparations. This is also a hot topic of discussion among many investors, although there are some who are optimistic about the future development of the well-off and are not in a hurry to go public, but there are also many who enter later, hoping to achieve free exit as soon as possible.

And at that time, the financing of the well-off was already very difficult, but there was still a demand for funds, if you insist on domestic listing, the CSRC has profit requirements, time and amount, even if the VIE is dismantled at that time, it will take a few years to get on, and how much blood will be transfused by investors during this period?

Therefore, Chu Yuanxi had to answer the investor's question "what are you thinking and what are you insisting on" head-on, and then sprayed.

At that time, Chu Yuanxi sprayed like this: "What you said is right, it's good to go to NASDAQ, and it's not bad to go to Xiangjiang, that's now! What about the future? Don't wait for three or five years, what about a year from now? Do you think that in 17 years, the people of the United States have repeatedly intimidated and fought sweater wars?

Open your eyes and see, the whole world is moving towards populism, and who can say to what extent the sweater war has been fought? Anyone who goes abroad is not bullshit! Isn't it a gift to the NASDAQ? When the time comes, it will be good for people to be swordsmen and I will be fish and meat, and it will be good for you to be privatized and delisted! You have sold your stocks and run away, what about the well-off? No matter how others clean up!

"You are pure alarmist!" A small investor from a mining group angrily snorted: "It's a non-existent thing, even if it really exists, we can't fight, can we fight a sweater war with the United States with this condition?

"Yes, yes, yes, just coerce it, at most strongly condemn it. You're worrying too much, aren't you?" said another entrepot trader, "Don't say anything else, there are so many offshore companies in our country, there are so many, what should we do if we fight sweater wars?" ”

"Hey, hey, you don't have common sense. Li Jingfei jumped up with his bare head and said: "As soon as the sweater war starts, I admit it, what is the sky-high price offered by the people of the United States? The cosmic price must be a dozen, so the fight must be a dozen, and if you seek peace through struggle, you will survive peacefully, and if you seek peace through compromise, you will die peacefully." ”

"You're going to eat gutter oil, you're worrying too much, aren't you?" the mining investor laughed, and then asked, "Even if the NASDAQ doesn't go, what about Xiangjiang? Why doesn't Xiangjiang go?"

"In principle, I have not excluded Xiangjiang, and the VIE has not been demolished. Chu Yuanxi said with a frown. In the case of NASDAQ, he believes in his own judgment, even if others don't believe him, he has the confidence to spray people, and the development of things is estimated to be worse than he expected, and the process will be longer, it is not possible to persuade the other party, but it is okay to use it to convince himself.

But about Xiangjiang's speculation, he is a pure brain guess, used to persuade his allies to choke, Yuan Jing and Yuan Alfalfa may not be noncommittal, but like Li Jingfei, he may not eat it.

He took a slight look at the perception of everyone in the multipurpose room. At this time, it has been arguing for several hours, starting from the two-tier equity structure, arguing about the reasons why the well-off deviated from the way of using the raised funds, and then arguing about the distortion between development and financing, and even the break-even point, as if some people know how to operate, and finally quarreled to go public, most of them have a bit of a blush on their faces and thick necks.

Let them go! Chu Yuan Xixin said that this group of scum old men has enough respect for them, and their obligations have long been exceeded, but this group of scum is really ...... to themselves I blame myself for being too spoiled by them, taking too much care of them, and getting used to it! This is called a loving father and many losers, if there is another opportunity to start a business, don't even think about it, absolutely not used to this problem!

Whatever they think, it doesn't matter, love to understand or not! He said in his heart that it was just a bunch of scum, just laugh at it, and the elephant doesn't need to care about the ridicule of the ants.

"But, about the Hong Kong Exchange, I'm afraid. Therefore, I don't want to start the preparations for the listing of Hong Kong unless it is absolutely necessary. ”

"Afraid? Chu always has something to be afraid of?" Another Chu Yuanxi forgot what he was doing, and the investor was happy, "Are you afraid of sniping short-selling companies like Muddy Waters? ”

"I'm afraid of another '97 Asian financial crisis, or even bigger. Chu Yuan Ximulan said: "Such a big shock, what if Xiaokang doesn't stand up and fold inside? Is our ability to resist risks so strong? It's hard to say." I don't care, the control will not change anyway, at most, there are too many executive stocks in some business lines and I can't help but jump out of the car to trigger a chain reaction, but when the time comes, you may have to hand over the bloody chips. ”

That's what you say, but when the stormy waves come, whether someone jumps out of the car on some business lines or collectively, God knows!