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On September 6, 1994, the A-share market continued its surge in August, soaring from a low of 325.89 points at the close of trading on July 29 to 1004.92 points on September 6. In more than 20 trading days, the increase has exceeded 200!

Although the performance of the Shenzhen Stock Exchange Component Index was worse than that of the Shanghai Composite Index, it also soared from 944.02 points on July 29 to 2,058.49 points on September 6. The increase is also more than 100!

This abnormal excitement actually indicates that this round of market has been seriously overdrawn.

The real long-term bull should not rise in the short term. Instead, it should maintain an annualized increase of less than 20 and not deviate from the fundamentals of stocks and the economy. The average growth rate of market indices and stocks is basically synchronized with the growth of listed companies' corporate performance, and the growth of index and stock price can be sustained by the growth of the company's net assets and profits.

On the contrary, the doubling market broke out in the short term, which is actually just that the scale of the A-share market is too small, and the scale of the outstanding shares of listed companies is too small compared to the speculation funds, which leads to a slight inflow of funds, which leads to a skyrocket. And the withdrawal of speculative funds will form a plummet.

Basically, in the early days of the A-share market, the main funds were short-term speculation capital, rather than long-term funds that focused on corporate profit growth and dividends.

Due to the current fast pace of the bull market and bear market in the A-share market, it should basically not be counted in years, but should be measured in months. At present, the one-year stock price bullying market cycle may catch up with the mature market for ten years.

It is precisely for this reason that for companies to be listed, it is actually difficult to grasp the rhythm of issuing shares. However, Lenovo should have caught up with a good time.

On September 6, the Shanghai Composite Index broke 1,000 points, and the Shenzhen Index broke 2,000 points. Lenovo Group's IPO in the A-share market was also carried out smoothly. The 250 million new shares issued at 3 yuan per share were subscribed by nearly 5 billion yuan of capital, which was 6 times more than the financing scale of 750 million yuan.

Monday, September 12. Lenovo Group was officially listed on the Shenzhen Stock Exchange, and soon after the opening of the market, the stock price of the new stock soared to 6 yuan, and at the close, it rose above 10 yuan, and the market value of the first day closed at 12.5 billion yuan.

With the market value exceeding 10 billion yuan after listing, Lenovo's management team has been cheering. Even before, there was a certain amount of sentiment for the major shareholder Xinchuang Electronics Group to insist on Lenovo listing on the A-share market. Because, in the eyes of Lenovo's management and second shareholders, listing in Hong Kong and obtaining financing in Hong Kong dollars is far more face-saving than being listed in the domestic A-share market and raising RMB funds.

But now that Lenovo has been listed with a market value of more than 10 billion, Liu Lenovo, Yang Yuanqing and others in the management team have all become billionaires because they hold nearly 20 million shares. Other management, a bunch of millionaires and millionaires. Employees who collectively hold employee shares through the fund have basically earned a return of more than 100,000 yuan through listing.

The second shareholder, the Chinese Academy of Sciences Asset Management Company, at the beginning, invested in the Lenovo team, but at the beginning of the Chinese Academy of Sciences to prepare the staff company, as well as provide offices, and also to invest in some technology patents. These investments add up to no more than 300,000 yuan. However, now it has increased to more than 4 billion yuan, with a return rate of more than 10,000 times for more than ten years. Even if the corporate shares cannot be freely circulated for the time being, if you want to realize it, you can actually find a company that is willing to take over, and you can easily sell it at a 20% discount on the stock price of the tradable shares.

After Lenovo went public, the Chinese Academy of Sciences has taken Lenovo's case as a typical example and began to study venture capital in Silicon Valley. Soon, the Chinese Academy of Sciences found out...... Venture capital funds in Silicon Valley are not as effective as the Chinese Academy of Sciences. If the Chinese Academy of Sciences is willing to mix in the venture capital industry, just relying on Lenovo's 10,000 times investment return on investment, it is estimated that there will be countless funds rushing to buy shares.

Of course, as the major shareholder of Lenovo, the investment of Xinchuang Electronics Group in Lenovo is actually only 3 million yuan. However, in addition, Lenovo was given the exclusive right to sell domestic Pangu computers, and this general agency right was actually worth more than the cash given at the beginning. Of course, overall, in 12 years, Lenovo Group has still brought more than 1,000 times the return on investment to the new entrepreneurship department.

"Lao Liu, what are you going to do next, is the listing your end or the starting point?" Lin Qi said with a smile.

"Of course, this is the starting point!" Liu Lenovo said, "The next step is to gradually stabilize the market share, maintain the asset scale of more than 10 billion, and reduce the debt leverage." After listing and financing, the net assets are only 1.5 billion yuan, compared with the asset scale of 13 billion yuan, the net assets are too empty and the liabilities are too high. In the next three years, we will strive to increase the scale of assets and reduce the debt ratio to below 70!"

"Okay, this idea is very pragmatic!" Lin Qi said with a smile, "Lenovo's team is more suitable for sales than innovation, since this is the case, you should focus on sales." ”

"That's right! The core technology requires a lot of capital, and Lenovo does not have the conditions. Liu Lenovo said.

Lin Qi also understood that Lenovo's team was essentially not optimistic about its core technology, and was more inclined to take over. Huawei, which developed later than Lenovo and started with weaker capital and scientific research capabilities, has gradually developed from a mediocre agency sales company to a technology giant.

In essence, it is because the Lenovo team has been self-denying, believing that it is not good and cannot succeed in its own development. Huawei, on the other hand, has always insisted that as long as it works in the right direction and makes progress bit by bit, it will be able to do it sooner or later.

The difference in concept has led to Lenovo and Huawei, which are completely two results.

To put it simply, innovative enterprises must not be inferior, they must be full of sharpness, and they must challenge no matter how difficult they are. Too conservative and not in the tech industry.

Of course, as long as Lenovo is not regarded as a technology industry, but as a company with marketing as its core competitiveness, its strength is actually quite good. From the perspective of marketing alone, Lenovo's execution can also be called first-class in China.

However, when it comes to innovation, then Lenovo's execution is terrible.

……

After Lenovo Group went public, the company's management team was only excited for a while.

Soon, they began to use the listing as a selling point to carry out product inventory dumping.

Of course, the inventory dumping is mainly aimed at the Pangu learning machine series, this series of products, the main learning market, in fact, is to eliminate the configuration, to the entry-level users to sell.

Even so, after users have a certain amount of spending power, they will choose a better computer, rather than this low-end and shrinking obsolete model.

Of course, Pangu learning machine still has a huge brand appeal for the education market. In particular, for some users who are not interested in playing games and audio-visual entertainment, and are really only for introductory learning, this type of series is very cost-effective.

The lowest price of the Pangu learning machine 1 generation even hit the promotional price of 498 yuan. The price of the Pangu 2nd generation learning machine has also reached 798 yuan. The 3rd generation of Pangu learning machine is also reduced to 998 yuan.

This kind of low-price storm has attracted a large number of domestic consumers, and the excitement is to buy, buy, buy.

Although, from the point of view of practicality, the learning series of computers is already considered an old antique. However, in order to cope with the exam, many students still need to buy one and be familiar with the basic knowledge of computers.

Although, in the eyes of Pangu Computer Co., Ltd., this business is a chicken-like business. But now Lenovo, because the business is concentrated in the domestic market, the labor cost is relatively low, so even if it is a business that earns dozens of dollars of gross profit, in Lenovo's view, it is also a bone worth gnawing.

However, learning from the 1st, 2nd, and 3rd generations, Lenovo is currently in the stage of clearing inventory. Within this year, we will prepare to sell out the inventory of Pangu 1 and 2 generations. Next year, it will study the 3rd generation and reduce it to 599 yuan, becoming the entry model with the lowest configuration.

As for, learning the 4th generation, it is a simplified version of the Pangu 5th generation machine, the price of 1599 yuan, learning the 5th generation, it is a simplified version of the 6th generation of Pangu, the price is 2199 yuan.

Some users who are not bad for money, or have certain requirements for performance, basically use the 4th and 5th generations as entry models.

It can be said that although Lenovo also wants to sell some mainstream configuration models, but, at present, based on the mainstream configuration of Luban 1st generation and Luban 2nd generation chips, the market price is basically more than 3000 yuan, and the competition is also fierce, so Lenovo's current advantage is the model of the learning series it acquired.

Other manufacturers also have similar low-end models. But the price and brand can't be compared with the learning model. After all, before Lenovo took over the learning model, this series was the official product of Pangu Computer Co., Ltd. After Lenovo took over, it continued to use the Pangu learning series as a brand, making its brand advantage far more than other Pangu compatible machines.

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