The reason why he has not announced the plan for a well-off Southeast Asia is mainly because Chu Yuanxi is afraid of causing trouble. He did not even show off this matter to the founders of the Baren people, and ignored it when explaining how profitable it is to invest in a well-off society. It is not because he is afraid that they will leak the secrets, but that a well-off Southeast Asia is a potential benefit. They probably cannot recognize the mystery, so they simply keep it confidential.

Speaking of the exit of venture capital funds, the thunder thunder stormed that night, and the regulators of the state suddenly released a peerless piece of information.

While Chu Yuanxi and Liu Lu were complaining about the financing process of Xiaokang, Liu Lu suddenly released the revised version of the latest share reduction regulations for our big A-shares. He was not calm at that time! Chu Yuanxi took a look and thought that today's investment institutions must be sleepless again.

In fact, Yuan Mu rushed in within two minutes. It was really a rain of rain for early investment institutions after a long drought, and its impact on the entire A-share market will be extremely long-term and will be recorded in history.

The main problem that plagues early investment institutions is actually not that they cannot invest in the iPo, but that it is difficult to exit after investing. Later, there was a reverse linkage policy to be better, that is, the lock-in period is inversely proportional to the investment period before the iPo. The earlier you invest, the shorter the lock-in. However, the recognition and execution have always been complicated, making it difficult for early-stage funds that meet the conditions to be affordable.

This time, in order to avoid lengthy determination, the regulatory authorities directly simplified the regulations, and projects that have been invested for 5 years have no lock-up period. In other words, early investors can sell stocks on the day of IPO.

What is this concept? It means that the cornerstone of the invincible new stocks is gone, and it will be a reconstruction of the entire stock secondary market ecology.

The reason why new stocks can be undefeated is very simple. The resources of buyers and sellers are just unequal. The buyer can buy as long as he has money, but the seller does not have enough stocks. Retail investors listed on the new stock only have the public offering. A large proportion of them are pulled away by institutions and have no one to sell. Of course, the longs have the final say for how many daily limits will be raised after the opening.

However, the original stocks in the hands of investors are usually not a minority. Once early investors join the seller, the supply and demand relationship will naturally change. If the bulls want to manipulate the stock price, they must prepare more money. And this is not a question of how much money is, but a question of what to do if they cannot sell it when they buy too much. There is a lot of money to eat in stock trading, and it is not the better.

I remember that the trader of Haixin Co., Ltd. made a mistake caused by being too awesome. He ate too much at once. In the end, he let him consolidate sideways, pull up and down, and suppressed his position. As a result, the stock holdings lasted for more than a year have not decreased, but retail investors shouted "It's yours", but the share ratio has increased a lot...

Therefore, this is the first step that the regulatory authorities have taken to the right, which can be regarded as "supply-side reform". This reform has come very well, because after the issuance of new stocks, they are speculated to sky-high prices, which is actually the root cause of most of my big A-share problems.

A simple truth is that if listed companies themselves don’t know how much their stocks should be worth? Is the issue price a scam? Of course not. Whether in Xiangjiang or Nasdaq, if the issue price is too low, serious companies will cancel the issuance, which is not in line with the company’s interests. In other words, the issue price usually contains a certain premium.

After listing, the dozens of daily limit hits were carnivals for winners and the biggest sickle to cut leeks. Why did the trader swell up the stock price? It wasn't just to shout to retail investors: "It's yours!"

Improving this problem is the correct solution to the market dysfunction.

Of course, there are actually deeper reasons for this, otherwise the regulatory authorities would have taken action long ago. For example, what should I do if I can’t issue new stocks? My big A-shares have always been an emotional market, and I like to go from one extreme to another, which has led to a special ecology of alternating between a bull market and a bear market.

Therefore, Liu Lu, as a senior A-share leek, said it more bluntly. In her words, this is a super-large-level loosening of Dafei, which will directly cause a stock market crash in the past.

The core of this sentence is not a stock market crash, but a "spread". This is the case with the issuance of new stocks. In the past five years, the long bears and seven years, it is really possible that they cannot be distributed, and there will be no subscribers. Now Big A is in a new n-spread bear, and there is no clear sign of bullishness since 5178 points in 2015. Such a bold policy is introduced at this time, which shows the confidence of the regulators in the market.

The issuance of A-share iPo adopts the underwriter underwriting system. If it cannot be sold, the underwriting agency will be fully subscribed. Most of the underwriters are securities companies, and securities companies are the main carriers of the market. Once this domino falls, the chain reaction will be exciting.

Therefore, for many years, our big A-shares have been accustomed to making people clear because of their confusion. On the one hand, they are strictly prohibited from selling on the supply side, and on the other hand, they crack down on new stock speculation. The large number of twisted rules clearly express their fear of allowing big non-stop to "escape" too much, which will cause problems in the issuance of new stocks.

So the key point is to "escape" and why do you want to escape? Because for garbage companies, no matter how much the issue price is, there is motivation to escape.

In fact, this is the two sides of the problem. Why are the regulators now confident to innovate? Because in the past, what kind of garbage companies were listed? Now that is preparing to go public is Douyin, the headlines, Yuncong, Yitu, and SenseTime. Guochao's economy has been rising for so many years, it is time to give birth to a group of temperamental companies listed locally. This is the confidence to form a new balance.

It was already late when I saw the news, but Chu Yuanxi still called Liang Kenian in a series of lives and said on the phone: "It's time to form a real investment team for Xiaokang."

In fact, Chu Yuanxi had this idea for a long time, but he had no energy to do it, and there was no suitable person. The key is that this kind of thing cannot be entrusted to Zheng De. It is not a problem of distrust of Yuan Jing, but Zheng De mainly invested in the early stages, but Chu Yuanxi did not want to invest in the early stages.

In his ideal Baren Investment, at the moment, it can be positioned as a bottom-buying fund, but it is actually an industrial fund. Industrial funds are different from PE or VC. They completely break out of the logic of entrepreneurship and investment. They buy whatever is good. They can buy what is beneficial to their own development. Those that are worthy of value investment in the secondary market can also be bought. As long as you control investment rather than speculation, don’t chase the rise and sell the fall and be a leek.

Therefore, it is not necessarily appropriate for Zheng De to help trade. It is more likely that Zheng De will be integrated and become the actual lp of Zheng De Fund. How boring is that?

However, although today's new policy seems to be directly beneficial to early-stage funds, it actually benefits the entire market. And it seems that Liang Kenian is indeed quite talented, so he asked him to take the lead in trying it.

When Liang Kenian heard this request, he was not sleepy at that time. He formulated a plan overnight and dragged Chu Yuanxi to a small meeting the next morning.

It was Saturday on the 7th. Both Baren and Xiaokang were working overtime. Only Chu Yuanxi himself was more relaxed because he had allocated all the things he could do recently and concentrated on financing. Therefore, although he did not do well, he only spent 1 billion begging for external alms, but he did nothing to do...

For example, according to his instructions during this period, Peak Visual Effects found a new CFO to take over his job, thus achieving complete loosening. On the one hand, it was to loosen Chu Yuanxi so that he no longer had to spend too much energy on financing Peak Visual Effects, and on the other hand, it was also to loosen Yang Jiangang, so that everything would not have to live under Chu Yuanxi's nose.

Even if your brothers and even fathers and sons are always in a state of being treated as raped and have no chance of being raped, they will definitely be uncomfortable. Even parents should pay attention to keeping a certain distance from their children to avoid infringing on them. As a father, even if you look at your daughter's diary, you will be criticized. In comparison, Yang Jiangang's state is not much different from running naked in front of Chu Yuanxi.

Of course, it does not mean that Chu Yuanxi doesn't care about anything. When the time node comes, he will definitely ask for progress, and even evolve into death. Mu Lian's VR factory was urged by Chu Yuanxi for a while, and Yang Cheng's consultation on land acquisition also reported the progress twice a day.

According to the schedule, this morning was supposed to be a meeting with Xu Xin, Yang Heng and Lu Yin to study how Ganxin’s grocery shopping will develop and raise funds next. However, Liang Kenian added this matter.

So he started reporting with panda eyes, and then Chu Yuanxi found that he was indeed not very familiar with the way of dialogue in the company, because his report did not focus on the high level, but went directly into the tactical part, and was concise and direct - to buy Baidu stocks!

Chu Yuanxi was not in a hurry to correct this mistake, but patiently listened to him about what was good about Baidu: "First of all, the improvement after Baidu's senior management was particularly obvious. Dragon King went down to Douye, changed from KPI-oriented to product-oriented, and began to focus on user experience."

"Oh, Baidu finally knows that there is such a thing as a user experience?" Chu Yuanxi praised the joke. He didn't dare to install Baidu Family Bucket on his mobile phone, so his concept was not updated in time.

Liang Kenian looked a little embarrassed, thinking that we were the two of us, there was no need to take over the next step! "Second, Baidu's basic market is still there, and the domestic search share has been maintained at around two-thirds, and the user's mind will not change in the short term. When you mention search, you will think of Baidu first. This is Baidu's most precious wealth. Compare Sogou and you will know that search itself is one of the most advanced traffic entrances. As a result, Sogou needs to buy volume for a long time, and the cost of buying volume is high."

"Well, it's so miserable."

"It's not Mr. Chu, can we stop like this?" Liang Kenian was angry, "We're not chatting! This is different from what I expected to report to the president!"

Chu Yuanxi burst into laughter, "Okay, okay, you talk first, I will tell you why I want to do this later."

In fact, he had a slightly different view on Baidu's greatest value. In Chu Yuanxi's opinion, Baidu's greatest value is ai.

Baidu's AI is different from other companies' AI. Like Baren, although it also develops AI, it is only used for its own use and exists only as a function, with a very small structure. Baidu develops Paddle paddle, a natural semantic training model, and exists as a large saas support platform. The status of the two is equivalent to the former being a writer, while the latter opening the starting point.

This is the core of technology, the advantage that even at is not yet able to catch up with, and it is also the best value that Baidu can export to the society. For a long time, Baidu is actually only worth boasting about its wealth, which makes it qualified to be called together with at.

"The third point, and the most important point, makes me think that Baidu has great investment value, is the hosting page. Because of the hosting page, Baidu's profits exceeded Wall Street analysts' expectations for several consecutive quarters."

This time, Chu Yuanxi did not support the role anymore, but entered a short memory.

He originally thought that Liang Kenian was talking about Baijiahao. Baijiahao was once a sign that Baidu did not understand content, but it could not withstand Baidu's strong execution ability. Although it did not understand content, it continued to inject traffic dividends into Baijiahao and implemented it as a long-term strategy.

This is quite terrifying. With Baidu's super traffic, even the iron tree must bloom. As a result, a large amount of plagiarized and transported garbage content was constantly infused by Baidu, which seriously hurt the user experience and then returned to life. Really valuable content was bred from the garbage pile.

This is a miracle that the giant reckless version of the powerful has made, which has improved Baidu's information flow, but what Liang Kenian wants to say is not this highlight.

He has only read Baidu's financial report for a few days and still has an impression of it. One of the most impressive ones is that the hosting page business accounts for one-quarter of the core online marketing service business.

This is like a new growth engine, but it has little to do with Baren and Xiaokang. It is a tob service provided by Baidu to conduct customer relationship management. Chu Yuanxi understands it as a new model of advertising marketing.

Liang Kenian said: "This hosting page is funny. It was originally used by Baidu to make rectifications to manage medical advertising. You also know that Baidu's medical advertising revenue is very important, and it can even be said to be a lifeblood, so I am absolutely reluctant to cut it off. Therefore, after several rounds of changes, a new plan was introduced, which was to require customers to collect all advertising promotions to Baidu for hosting, or supervision, so they cannot make them push the materials and copywriting they compiled."

After agreeing to stop making trouble, Chu Yuanxi resisted his desire to complain. However, he had heard of Baidu's incorporation of Putian hospitals. At that time, there was a lot of public opinion, thinking that Baidu wanted to carry out the monster to the end, but it did not happen later.

"Later, Baidu optimized this kind of hosting, broadened it to the entire category, and provided advertisers with a package of solutions from one-click website building to data monitoring and online communication. This is the current hosting page. The name is very rustic but the functions are very powerful. The key is that Baidu's search is now better, and the search results match user goals more accurately. Applying it to the enterprise hosting account is to improve the previous match between the enterprise potential users, which is equivalent to enhancing Baidu's marketing value."

Chu Yuanxi applauded and said, "It makes sense. This is to expand the business picture by providing saas services, which does have core value. And it is better to match it with Baidu mini-program open ecology."

Liang Kenian clapped his hands: "That's right, and when it comes to saas, do you know shopify?"

"The American version of WeMall, are you a thumbs up?"

Chu Yuanxi must have heard of this American micro-business platform, but it is a bit too much to say that it is WeMall, because these two brothers rely on the WeChat ecosystem to build e-commerce platforms, but the United States does not have WeChat, so even if it reaches the same level, shopify's value will definitely be higher, because shopify itself provides saas services and ecology, so the two brothers need WeChat to be the bottom layer.

Liang Kenian looked red: "That's it, is there any difference between the services provided by Baidu Hosting Page and it? No, if you have to say there is, it means that Baidu Hosting Page will not only be an e-commerce platform in the future, but also have a larger business territory."

"Wait, the current market value of shopify is... I'll go, it's higher than Baidu?" Chu Yuanxi heard halfway through the stock price of Baidu Shopify, and then was shocked. Baidu's market value is less than 39 billion, and shopify exceeds 55 billion. American investors are all stupid? No wonder Luckin has been scammered in rounds of leeks.

I heard Liang Kenian say: "It's not that Shopify's stock price is too high, but that Baidu's stock price is too low! Baidu's revenue, profit and number of users have exceeded Shopify last year."

A sentence suddenly popped up in Chu Yuanxi's mind: "My ball protector is like Henry!"

Why do you think of the famous saying of the Emperor? Because Xiaokang does something similar to Baidu God, he keeps his ultimate move silently. After the ultimate move is released, the entire market is confused, otherwise Baidu's stock price will not be so low!

The most important thing is the undervalued stock price, which is the same as the valuation of investing in startups. It is estimated that the market will react for a day in the future. However, Baidu has been sleeping for too long in the past, so long that the market doesn't believe that it has woken up.

So he said to his cell phone: "You can come here."

Liang Kenian was not sure, but soon a series of footsteps came, and Xu Xin brought Lu Yin and Yang Heng in one after another. Xu Xin took the lead in applause, making Liang Kenian even more unclear. He recognized Xu Xin, but Xu Xin didn't know him.

I heard Chu Yuanxi say: "They have come a long time ago and want to see my newly hired consultant, so I watched the live broadcast remotely."

Xu Xin said almost at the same time: "Where did Chu Yuanxi find such a good think tank? If you don't give it to me, my contemporary capital lacks such a good analyst."

Chu Yuanxi said that you still want to dig my corner? That's it. Baren is richer now than contemporary capital! The circle of people must be more popular in contemporary capital, not in the investment circle, and the development space between the two is not comparable. You should know that Yang Heng was a consultant at the time and directly enjoyed the treatment of vice president. Liang Kenian was the same when he came to Baren. Could Xu Xin give him an equal rank?

He pretended not to hear it, pointed at Yang Heng and Lu Yin and said, "You happen to meet. These two are Yang Heng and Lu Yin, the joint ceo of Ganxin Mai Chai. This is Liang Kenian, the head of Baren Investment."

The three of them immediately became a little more serious, because Ganxin Mai Cai’s financing happened to be invested by the subsidiary of "Baren Investment", which means that Liang Kenian may have to connect with them directly in the future.

———
Chapter completed!