Invoking the number of visual data, as of July 26, including Aiqiyi, B Station, Huami, Xiaomi, etc., there have been 16 technology Internet companies successfully going to the United States or going to Hong Kong IPO. At the same time, US Mission, Shanghai There are also as many as 17 technology Internet companies that have applied for listing.
The founders had to face the embarrassment of breaking the hair at the same time. It is understood that B stations, iQiyi, Xiaomi and many other companies that went to the United States or went to Hong Kong for listing in Hong Kong broke the first day. However, the technology Internet companies listed enthusiastically and Without weakening it, at the time of the market to seize the listing window, I believe that 17 companies will not be the upper limit of the number of listed companies in the technology Internet field in the second half of this year.
Why do Internet companies focus on IPOs?
After the listing of Baidu, Tencent, Shanda, Sohu, Netease and Ali, Jingdong and other technology Internet companies around 2000, this can be said to be the third wave of domestic technology Internet companies. So why is the concentration of technology Internet companies? Is it listed at this stage?
For enterprises with good development and hematopoiesis and strong profitability, when developing to a certain stage, it is necessary to promote the establishment of a complete and standardized operation and management mechanism through market listing, and operate automatically in a market-oriented manner to continuously improve the quality of operation. After the listing, the company can also raise a large amount of capital at a lower cost, enter the channel of rapid capital expansion and continuous expansion, continuously expand the scale of operation, further cultivate and develop the company's competitive advantage and competitive strength, so as to seek better development.
However, from the perspective of Internet companies that are already listed or are preparing to go public, the reasons for eagerness to go public are more of a shortage of money and more difficult judgments for future markets.
It sounds incredible. It is trying to raise billions of dollars. The technology Internet companies with a valuation of tens of billions of dollars will also be short of money. In the case of the US group, the establishment of financing has reached nearly 10 billion US dollars, and it has become an Internet giant. The history of the growth of the US group is also a 'burning history', getting users to burn money, competing in the same field to burn money, market expansion to burn money, cross-domain development of business to burn money.
The current focus of the US group includes stores, home, travel, travel four big LBS scenes, and it seems that there is no shortage of money by financing and developing its own business. However, in fact, the US group faces huge losses, and the whole year of 2017 is net. The loss amounted to 2.8 billion yuan, and its multi-line operations in various fields require constant investment of large amounts of funds, and only IPOs can raise more development funds as soon as possible.
Moreover, China's Internet development has now entered a new stage, the growth rate of Internet users has slowed down, and the demographic dividend has gradually disappeared. The size of Internet enterprise users such as the US Mission has begun to touch the growth ceiling, and the cost of obtaining customers will be even higher in the future.
Some experts said that the investment funds behind a large number of early Internet companies began to enter the exit period. Before the exit, these funds did not have enough money to invest in new companies, which made it difficult for many unprofitable companies to continue financing in the primary market. .
Moreover, the overvaluation of Internet companies today has also hindered Internet companies from continuing to find followers in the primary market, and can also face a series of risks such as gambling agreements. The gap in the supply side is getting bigger and bigger, further forcing companies to go to the secondary market to raise funds.
In addition, de-leverage, trade disputes and other uncertainties may have a greater impact on the stock market. Sensitive technology Internet companies are beginning to smell market risks. Therefore, it is not difficult to understand the emergence of technology Internet companies like the US Mission. Of course, the investors behind these technology Internet companies can also fulfill the investment results over the years and get the money out of the bag as soon as possible.
The Internet 'window' is changing rapidly
Lei Jun once said that standing on the vent, the pigs can fly. Among the many technology Internet companies, there are actually many fengkou-type enterprises, and the Internet field is turbulent, and the 'wind swell' is changing rapidly. Today's independence Horns, no one may care about tomorrow. For example, the shared bicycle field, ofo, Mobai and other unicorns are in the blink of an eye, and the funds are difficult to extricate themselves. They can only 'commit themselves to others'.
In terms of the live broadcast of the same Internet, at present, although the income of some domestic live broadcast platforms is still increasing, the growth rate of operational data such as active users has slowed down, coupled with factors such as colder capital and increased negative events. The situation of the industry is not optimistic, and the time window left by the market for the live broadcast platform is already very narrow.
Nowadays, Huya, Yingke has been successfully listed, leaving more time for betta, panda and other platforms? Relevant practitioners said that the live broadcast industry as a whole has already gone out of the stage of burning money development, with the continuous cleaning of the industry As capital and capital tend to calm down, it has become more and more difficult to obtain financing from the primary market. The live broadcast platform has launched IPOs on the one hand, on the one hand, to seek secondary market capital, and on the other hand, from the concern of the change of 'winds'.
Hong Kong stocks, why are US stocks favored?
In the wave of listing of this wave of technology Internet companies, it is not difficult to find that US stocks and Hong Kong stocks have become the first choice of these companies, among which Hong Kong stocks are more favored. So, why are these Internet companies far from seeking A shares?
In fact, they are not unwilling to list in A-shares, but it is difficult to meet the listing conditions of A-shares. For example, many Internet companies mostly operate at a loss, while A-shares require companies to accumulate more than 30 million yuan in net profit in the past three years. In addition, in order to control the capital bubble and regulate the domestic secondary market, starting from the third quarter of 2017, the A-share IPO audit is strictly signaled, and the IPO approval pass rate is also an important reason.
Compared with A-shares, technology Internet companies are actually easier to go to the US. The US stock market is a registration system with a short listing period and a two-tier equity structure model. It also ensures that the company’s founders and other major shareholders can still maintain enough after listing. 4. The voting rights control company has relatively loose profit requirements.
However, domestic technology Internet companies seem to prefer Hong Kong stocks. This is due to the new IPO regulations issued by the Hong Kong Stock Exchange, allowing dual-equity companies to go public, that is, implementing different rights. The Internet startups started after multiple rounds of financing. The shareholding ratio of the people's team is often diluted, and the investment institution has the upper hand. The different rights of the same share can maintain the founder's control over the company. The policy took effect on April 30 this year, and Xiaomi became the 'shared share' different rights. An innovative pilot.
At the same time, Hong Kong stocks are more relaxed for the compliance review and financial review of Internet companies such as live broadcasts and online games, and the success rate of listing is higher.