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In June 2004, a major event happened in China's Internet industry!

"Tencent is listed!" Wang Qinian emphasized in the company. Pen, fun, pavilion www. biquge。 info

"So what?" Many shareholders of the company did not pay attention to it.

"Tencent...... It is a bigger than the victory, and it is more difficult than the three major portals combined! Originally, there were 300 million users, but now that it has been listed, it has increased its capital by more than one billion yuan, and Tencent is about to take off! Wang Qinian said with emotion.

"The TT of our partner company is second only to Tencent's QQ, and if we increase investment, we will definitely be able to surpass QQ!"

"It's impossible to surpass! The instant messaging market is very sticky to users and has a wide moat. The more users, the wider and more unbreakable the moat! It's not because the technology is awesome, but because the people you are familiar with use QQ, and you want to chat with him online, can you not apply for a QQ number? Wang Qinian explained, "This is much more solid than the consumption habits of rich people who choose to drink Baijiu Moutai or French red wine." Drinking liquor, drinking red wine and drinking beer, this consumption habit can be changed! But relationships or connections are hard to change! To put it simply, Tencent's QQ stickiness to many old users is second only to mobile phone numbers! ”

"What should I do?"

"Of course, it's waiting for it to go public and speculate on Tencent's shares!"

“……”

Obviously, everyone couldn't keep up with Wang Qinian's train of thought at all.

Isn't ♀ the business war supposed to be life-and-death?

Wang Qinian's answer is no, competitors are very strong, and sometimes it's a good thing. The most competitive relationship will better understand the strength of the opponent and the value of the opponent. Therefore, when the opponent is listed, how to value it should be more sensitive than others in the market. So. Speculating on competitors' stocks to make a fortune is a common thing in the industry.

Google, for example, is very undisciplined, and before Baidu went public, Google spent $5 million to buy 2.6% of Baidu's shares. After listing. This part of the investment soon turned into $90 million, and then, more than a billion dollars. Then, Google happily sold Baidu shares for arbitrage.

In addition, Conch Cement Company is dominating the cement industry, and it also started from stock speculation.

Originally, Conch Cement was not the overlord of the domestic cement industry, let alone the world's first cement overlord. But. After Conch Cement Company was listed, with a little money, he invested in the cement industry by himself, and he could naturally know the cycle and warmth of the cement industry. Speculating on your company's stock price is naturally a violation of securities laws and regulations. However, speculating in the stocks of peers does not violate securities regulations.

As a result, Conch Cement was in a short period of depression in the cement industry. Take out those peers who are listed in the A-share market and the Hong Kong stock market. Then, the cement industry made a lot of money. After the stock price also skyrocketed, Conch Cement Company continued to sell the shares of its peers, using the money earned from stock speculation to repay bank loans, and expand production capacity to further acquire more cement industry assets.

Round after round of stir-frying. The entire cement industry is in tears and runs to Conch Cement Company, you are too good at stock speculation. We did a good job, the stock rose, and Conch Cement made more money selling stocks than us. We didn't do a good job. If the company fails, it may be merged by the wealthy Conch Cement.

In particular, the reason why Conch Cement was successful in stock speculation in the early years is because it is in the cement business and has studied the cement industry very thoroughly, and its company understands where its circle of competence lies, even if it speculates in stocks, it only speculates in cement stocks. Therefore, speculating on stocks in the same cement industry is naturally tried and tested! Those who can be acquired are acquired, and those who cannot be acquired are sold arbitrage when the stock rises!

One of the core competitiveness of an enterprise is operation and management, and the second is investment!

Business management can create a steady stream of cash flow, and investment ability can expand the results! Under the multiplier effect, it will eventually widen the gap with competitors far widening. Compared with the scale of competitors, it is the same, but after a round of industry cycle and stock market bull and bear cycle, it may exceed the original opponent by ten or twenty times!

It's that ridiculous!

Many industrial giants surpass their opponents, not because the industry is better than their opponents, but because of their investment ability, they are better than their opponents!! A stock god sitting in the company may exceed the benefits created by 100,000 employees.

In the case of addition and subtraction of industrial investment, financial investment is often multiplication and division.

Or to use an analogy, finance is magic!

For example, Warren Buffett bought Berkshire Hathaway for only $7 per share.

But after decades of snowballing with Buffett's investment capabilities, the stock price exceeded $210,000 per share. This kind of growth is constantly multipliing, not adding.

……

On June 16, Tencent rang the bell for listing on the Hong Kong Stock Exchange, issuing 420 million new shares at an issue price of HK$3.7 per share, raising HK$1.555 billion. According to this issue price, the entire Tencent is worth more than 6 billion Hong Kong dollars.

If we analyze from the perspective of Tencent's development in the past few years, Tencent, which was founded in 98, has introduced venture capital that adds up to only 200 million Hong Kong dollars.

But with the listing, venture capital that intervenes relatively late has also made at least ten times more profits. Venture capital that intervenes earlier may have achieved hundreds of times the return.

For Tencent's creation team, it has suddenly received a thousand-fold or 10,000-fold return.

In the future, as Tencent's stock rises, holders will expand their profit multiples!

Perhaps, from the perspective of 2004, Tencent's annual operating income is only 1 billion yuan, and its net profit is expected to be only 400 million yuan. This valuation is not expensive, but it is not very cheap either.

But if you look at it in the future, Tencent's issue price is simply too cheap. This is because Tencent is measured from the perspective of a traditional industry, but in fact, Tencent is a promising Internet industry, and the future is a golden age for the Internet industry.

Since its establishment more than five years ago, Tencent has accumulated enough users.

In 2004, Tencent announced that QQ had more than 300 million registered users and hundreds of millions of active users. It can be said that compared to the scale of Internet users, Tencent in 04 has already accounted for the largest number of users in the circle.

The vast majority of Chinese netizens have QQ accounts. In many cases, the QQ account is even more useful than email, no less than a phone or mobile phone.

In this regard, Wang Qinian can only envy and hate the small partner company to spend money in the instant messaging market, far more than Tencent.

However, due to missing the best opportunity to intervene, the money spent is almost ten times that of Tencent, but the TT voice software owned by the partner has only accumulated 100 million users. Although it has also stepped into the 100 million yuan club, it is still far away to exceed QQ.

After Tencent's listing and financing, its strength has increased greatly, and it may maintain a huge advantage in the future competition.

Wang Qinian no longer expects the TT of the partner company to surpass QQ in terms of user scale, and can only hope to maintain a position second only to QQ for a long time through differentiated competition.

By the way, Tencent is a peer with itself, following what Conch Cement has been doing over the years to speculate on the stocks of its peers, so as to arbitrage and strengthen its own strength!

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