On Saturday afternoon, Chu Yuanxi sat alone in the tea room to welcome Hu Shiheng's visit again. This time Mr. Hu's purpose was very clear, and he wanted to talk to Chu Yuanxi about the listing issue.

Although the listing process is not the most important part of all aspects of a company's growth from a dragon-slaying boy to a dragon, there are many strategic choices and tactical operations that have a greater impact on the company than listing. However, for investors, listing is undoubtedly the most critical link, because they can withdraw freely, and the equity in the hands of investors is given liquidity, so they are undoubtedly more proactive.

Of course, today, the global economy is facing a recession, which has a particularly huge impact on the stock market. This concept of "ipo first" is also changing. Because, even if many invested companies have ipo, the big guys who should have been happy to encourage investment success are shocked to find that they are smart and cannot find a buyer.

Especially in the past year, unicorns have fallen below the issue price in the open market in large numbers, which is called "breaking the issue price". What is worse than breaking the issue price is that there is no trading volume, and it is called "liquidity exhaustion", which means that the leeks have no money and are unable to take over.

This phenomenon is extremely terrifying, because the valuation can only stay on paper. As long as the big guys who invest in the primary market dare to sell, they will have a "number of empty drops". After the ipo, they will not be able to recover the cost of investing. It is better not to go public and continue to expand the valuation through indicators such as price-to-sales ratio, market share, etc., and conduct subsequent rounds of financing. In this way, some people are willing to take over in the primary market.

As a result, it is necessary to use indicators such as price-to-earnings ratio to judge. The key is that the characteristic of leeks is that they buy up and not fall. No matter how attractive the valuation is, no one makes value investments. So the more they want to sell, the more they fall, the more they fall. Early investors smashed their own plates, forcing listed companies to take out valuable cash for open market repurchase, and gradually entered a vicious cycle.

By June 2019, this scene became more and more intense, especially the average daily trading volume of Chinese stocks listed on Nasdaq. In terms of Mogujie, 380,000 and Ruhan 730,000, which were all those that Chu Yuanxi had criticized before...

You should know that stocks as big as Mogujie and Ruhan are both standard unicorns in a certain field. The stock trading is only a few hundred thousand a day. Even if the unit is, their early investors don’t know what they think. The key is that they cannot buy and sell in the Nasdaq. What is the counter-trading speculation of trading volume is more than attracting followers or even pulling up shipments or smashing the market. What are the common and effective methods of large A-shares? You can try it on Nasdaq? You can’t find any pants that are fined.

Therefore, many investors have learned their lessons now. For example, Xiaomi, who is listed in Xiangjiang, although the stock price is falling, at least the trading price is still active. If you want to run, you can run out. Of course, this is an example. The liquidity in Xiangjiang is only concentrated on the top stocks, and countless fairy stocks are numerous. This is also the reason why Xiaomi's stock price in Xiangjiang is constantly falling. No one can stop VC from breaking the market. Even a relatively high-quality IPO like Meituan has plummeted for more than three months, and has fallen all the way to the end of last year.

Therefore, large-level investors pay more attention to the development goals of the investment target, preferably the next tmd. The "unicorn" 1 billion standard has seen many VC smashes in the face of liquidity traps, which is seriously unattractive. The right to speak well is naturally strengthening with the advancement of the timeline. Whether it believes it or not, I have bragged it anyway, starting from 300 billion, you can do it.

In fact, it is not just Nasdaq. Exchanges around the world are not very good at trading, but I am very successful in big A-shares. Although the trend is as always, with a strong national football style, any stock that is found in trading volume is above tens of millions, which is rare, which is enviable to others.

In fact, there were extreme situations in which the trading of big A-shares were exhausted. It was before the unprecedented bull market in 2005, when the market was rushing to the bottom of 998. At that time, investors had to place orders on one hand and one hand. They could hit the limit by 10 lots at a time, and they would receive calls from the exchange and be suspected of manipulating the stock price. Even if there was no transaction in a certain stock for more than ten days, many retail investors thought it had suspended trading and reorganized, and were quite happy, but they did not...

Ironically, in the long period before 998 o'clock, the domestic venture capital environment was still extremely immature. Most entrepreneurs accepted overseas investment, and they were basically priced. Even Pony held the penguin and wanted to sell it everywhere, but no one acquired it. Therefore, the tragic lessons of the past did not educate these investors who are active in the investment map of the Celestial Dynasty so far.

Until today, this group of capitals that have not been beaten have begun to reflect on their investment strategies, which is quite confusing for entrepreneurs. However, this is actually a good thing for entrepreneurs who are truly determined to start a business rather than financial freedom, because IPOs can even have a negative effect in many cases.

Not to mention the restrictiveness of financing, the naked eye is that there are many companies that become bad as soon as the big A-shares are listed. Some of them are not good enough and they have to be listed by forcefully embellishing their financial statements; but some are really promising before listing, but a healthy growth path is cut off by the major event of listing, and then all management teams are hyped up because of the speculation of the new stock myth, and it is difficult to get back to their state.

Even if the hurdle is held up, what if early investors leave arbitrage? The listing of a technology company and the successful transformation of a hot product into a hot product are two different things. The hope of a hot product is near, and then the early investors use the hazy favorable goods to sell at high prices, making the company fail?

Therefore, there are always some contradictions about IPO between entrepreneurs and investors. Chu Yuanxi and Hu Shiheng both understand this.

Hu Shiheng picked up the teacup steadily, but blew it, and did not drink it. Instead, he held the cup to his mouth and asked: "Xu Xin hopes to go on sale at night and not for at least five years. I agree with this. But I seem to hear Yuan Mu say that you especially want to be in China, why?"

"First of all, we will definitely not go to Frankfurt, London, and so on, right? You must be talking about Xiangjiang or Nasdaq." Chu Yuanxi didn't expect that Hu Shiheng was confused about this, "I don't want to go to these two places because I think they are not good. The profit requirements for domestic listing will definitely be able to achieve a well-off society in five years. We will start to make a profit the year after the next year, and it will be a three-year profit for five years, and we will just queue up in line."

"No." Hu Shiheng looked strange and gently put down the teacup. "We are not talking about one thing. You are talking about the difficulty of domestic IPOS. I mean, isn't it our instinctive goal of listing on Nasdaq?"

Does Hu Shiheng have that demand? One of the two best ways to obtain it? "That, Mr. Hu, that's it. If so, Baren will definitely have a lot of overseas businesses in the future. It will be the same as exiting through an investment agreement. The opening price of the iPo is the basis. What do you think? If the blood is drawn too much, you will get batches..."

Hu Shiheng widened his eyes! "Xiao Chu, I don't mean that, I have channels. I mean, no one with normal brains will insist on listing technology Internet companies in China, right? Unless you are determined to cut leeks, I don't think you are like this. Nasdaq's supervision and Xiangjiang's supervision are better than those in China. Who does really have the strength to go?

It is precisely for the company to develop healthily that I suggest you think carefully. You may not have gone through the entire process, so there are some wrong concepts. Ipo is a sublimation for the company. Exchanges are crucial to the stock supervision after Ipo. Good exchanges can promote the company's progress, and bad exchanges will have a significant negative impact on the company, just like..."

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

"The companies after IPO and before IPO are likely to be completely different. Do you understand? What changes are people's hearts, everyone's hearts, and your own."

Speaking of "human heart", Hu Shiheng asked to stretch out his left hand unconfidently, and grab his palms upwards with five fingers. He trembled up and down while talking, as if he was grasping something.

"Especially companies like Xiaokang, which have almost all employees, cannot solve this problem by relying on self-discipline. You may not have experienced it, but I have seen it many times. In fact, Xu Xin, Yuan Jing and even Yuan Mu have also seen it many times.

The domestic regulatory system is to some extent confusing. You should know this, so there is a strange phenomenon that executives must resign if they want to sell stocks. In the final analysis, it is because of the hearts of the people that there are no real modern enterprises in China. Modern enterprises need the protection of the modern enterprise system and also need unanimous recognition from investors and management. What we lack is precisely this recognition.

Even Lao Wang of Vanke is a modern manager in name, but in fact, what about it? He does not respect the modern enterprise system and capital, and he is still doing the same thing. Why is this? The desire for control is too strong? It is not just the desire for control, but more importantly, domestic enterprises, whether capital or management, do not fundamentally 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 just about investor education, it is not just about supervising the untimely or illegal information disclosure of listed companies, it is not just about filing illegal and irregular behaviors of directors, supervisors and senior executives, it is not just about protecting the interests of small and medium-sized investors in the secondary market to crack down on rat holdings. More importantly, it is about forming a benign consensus through the guidance of the system, rather than a consensus similar to the jungle law.

I am not accusing anyone of doing something wrong. After all, the A-share market has only been 30 years since its birth, and it cannot be compared with developed countries. The historical mission at the beginning was like that.

But this is the case. Compared with Nasdaq, the top-level design of the Xiangjiang Exchange is also very excellent, and the regulatory level is also very different.

So you are particularly inclined to A-share IPO and have to plunge into this quagmire. I don’t know what you think, but you seem to have any concerns? Even from the perspective of healthy development of the company, A-share is not a good choice. If you choose this path, it may be your highlight period in the next five years, but what after listing? You will find that the 9981 difficulties have just begun, and 100% of the IPO is just a mountain of two worlds.

And I, capital is cold, it is easy to share wealth and prosperity, but it is difficult to share hardships. I can only hope that the stock price will be at a high level when the lock-in period reaches. After all, I am just a financial investor in name, and it is natural to sell stocks."

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

This profound truth is difficult to see the context and source without going through dozens of times of investment in IPO. It feels like this. Any leek that enters the A-share market will have a similar feeling after two or three years of soaking leeks, but it is difficult to explain it thoroughly.

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

The solution that was easy to see at that time was not to insist on listing A-shares, so that about one year is enough to complete the listing preparations. This is also a hot topic for many investors to discuss. Although there are many people who are optimistic about the future development of a well-off society and are not in a hurry to go public, there are also many who enter the market in the later stage, hoping to achieve free exit as soon as possible.

Moreover, Xiaokang's financing was already very difficult at that time, but there was still a demand for funds. If we insist on listing in China, the China Securities Regulatory Commission had profit requirements, time and amount. Even if we broke up Vie at that time, it would take several years to go on. How much blood would the investors have to give in this period?

Therefore, Chu Yuanxi had to answer the investor's question of "What are you thinking and what are you sticking to?" and then criticize.

Chu Yuanxi was so angry at that time: "You are right. It's good to go to Nasdaq, and it's good to go to Hong Kong. That's the present! What about the future? Don't wait three or five years, what about a year later? Do you think the Americans repeatedly threatened and fought sweaters in 2017 just because they were talking? The bed was to go on stage to fight sweaters with us. After the sweater war started, will Nasdaq still welcome Chinese stocks like in the past? Even if you welcome it, do you think they won't change their faces with your father's peeing nature?

Open your eyes and see, the whole world is moving towards populism. Who can tell what extent the sweater war has fought? Everyone is not bullshit when they go abroad! Isn’t it going to give it to Nasdaq? At that time, I’ll be a fish and meat, and it’s good to allow you to privatize and delist! You sold your stocks and ran away. Where is the well-off society? How can others deal with it!"

"You are just exaggerating!" A small investor from a mining group angrily exclaimed: "It's a fiction. Even if it really does, it can't be fought. Can we fight with the United States for this condition? Just let's just say a big blow and just kneel down when the exit is broken!"

"Yes, yes, just be timid, at most, strongly condemn it. Are you too worried about it?" said another person who did re-export trade, "I don't say anything else. There are so many offshore companies in our country, and there are so many, what should I do when I fight sweaters? So it's not that at all. Next year will be a good weather for another year."

"Hey hey hey hey you have no common sense." Li Jingfei jumped up with his naked head and said, "As soon as the sweater battle started, he admitted his conscience, what is the sky-high price the Americans have offered? The universe price must be, so you must fight. If you fight, peace will survive; if you compromise, peace will perish."

"You have to worry too much about eating gutter oil, right?" The mining investor laughed and asked, "Even if Nasdaq doesn't go, what about Xiangjiang? Why don't Xiangjiang go?"

"In principle, I have not ruled out Xiangjiang, and Vie has not been demolished yet." Chu Yuanxi frowned and said. He believed in his own judgment in the situation of Nasdaq. Even if others don't believe it, he will be confident. Moreover, the development of the matter will probably be worse than he expected. The process will be longer. It is not enough to convince the other party, but it is OK to convince the one.

But the speculation about Xiangjiang was just a purely brain-like speculation, which was difficult to convince all his allies. Yuan Jing and Yuan Lu may not argue, but like Li Jingfei, they may not be able to eat it.

He slightly observed the impressions of everyone in the multi-function hall. At this time, he had been arguing for several hours, starting from the double-layer equity structure, which made Xiaokang deviate from the use of funds raised, and then to the distortion between development and financing, and even the break-even point had to be quarrel, as if some people knew how to operate, and finally they made arguing about going public. Most of them had a blushing face and thick neck.

Let them go! Chu Yuanxi said that these scumbags have respected them enough and have already exceeded their obligations, but these scumbags are really blamed for their spoiling them too much and taking care of them too well. This is called a loving father who is too defeated. If there is another chance to start a business, don't even think about it, and you will definitely not be accustomed to this problem!

It doesn't matter what they think, it doesn't matter, do you understand it or not! He thought to himself that he was just a bunch of scumbags, just laugh at him, there is no need for the elephants to care about the ridicule of the ants.

"But, about the Xiangjiang Exchange, I'm afraid. So I don't want to start the preparations for the listing of Xiangjiang unless I have no choice."

"Scared? Mr. Chu still has something to be afraid of?" Another investor who forgot what he was doing was happy. "Are you afraid of short-selling companies like Muddy Waters? There is nothing scary about companies that have not made any fraud in finance."

"What I'm afraid of is another Asian financial crisis in 1997, which is even greater." Chu Yuanxi said murmuredly: "What if Xiaokang doesn't hold on to such a big shock? 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 senior executives on some business lines and they can't help but jump off the car and cause a chain reaction, but you might have to hand over the chips with blood at that time."
Chapter completed!