My Age of Investment

When the time came to August, Focus Media and Baidu were listed on NASDAQ successively, which caused quite a stir in the market.

Baidu, in particular, was eagerly sought after by investors as soon as its stock was listed.

On the day of listing, Baidu’s share price closed at US$122.54, a 354% increase from the issue price of US$27.

Calculated based on the closing price on the first day of listing, Baidu's market capitalization has reached US$3.958 billion, making it the largest Chinese company listed on NASDAQ.

Putting it in China, it is the most famous and largest Internet company, and Shanda and Sina all have to stand aside.

As for Penguin, its current market value is hovering around tens of billions of Hong Kong dollars, and it is still fighting fiercely with MSN. The outcome is unpredictable.

The reason why Baidu's stock is so popular is also because there is such a demon stock as Google as a reference.

When Google went public in August last year, the issue price was $85, and the market value was $23 billion.

After a year, Google's stock price has approached US$320, and its market value has reached more than US$80 billion, approaching the US$100 billion mark.

In addition, Google also participated in the investment in Baidu last year and got a 2.5% stake in Baidu at a price of 5 million US dollars.

Now that Google has announced that it will enter China, the shareholders are about to become competitors, and this part of the stock is expected to be liquidated and sold.

But the stock market seems to have lost its mind, forgetting that Baidu still has a tough battle to fight, and blindly pursuing "China's Google", driving Baidu's stock price to continue to rise.

Xia Jingxing and Robin Lee met once, and on the day of Baidu's listing, they also sent blessings as friends and shareholders.

Most of the 4 million shares issued by Baidu IPO were allocated to various institutional investors by the underwriters during the road show.

Lixia Fund spent a lot of effort to get 100,000 shares of it.

Based on the book return, these 100,000 shares had a floating profit of nearly US$10 million on the first day of listing.

However, Vision Capital's plan to buy Baidu shares through the open market basically fell through.

Sitting in Xia Jingxing's office, Liu Hai kept complaining to Xia Jingxing: "The market is going crazy now, if you miss Google, you don't want to miss Baidu again.

If we enter the market at this time and buy at a price of more than one hundred dollars, I am afraid it will not be a good choice. "

Liu Hai thought for a while, and slowly persuaded: "Or else wait a little longer, Google has entered the final countdown to China.

When Google officially announces, Baidu's stock price will definitely fall for a while.

We will buy again at that time, and we can achieve the best cost in terms of cost. "

Xia Jingxing nodded, "You are right, Google's market value is almost 100 billion U.S. dollars, and their entry into China is definitely bad news for Baidu.

It is indeed not a good time to enter the market now, let the market calm down first!

In half a year, Baidu will usher in the first wave of lifting the ban. At that time, many shareholders and early investment institutions of Baidu will withdraw, and the stock price should fall. "

Liu Hai smiled, "That's right, when most venture capital institutions come here, it's time for investors to hand in a good investment answer sheet, and there are very few funds that still hold the equity of the invested companies for a long time.

This is determined by the duration of the fund, and it is difficult to change it.

What's more, if we wait a few months or half a year, when Google completely enters China, we still don't know what the situation of China's search engine market will be like?

At this time, most funds should choose to settle down.

Darren, do you think Google can't beat Baidu? The miracles created in other countries and regions cannot be replicated in the Chinese market? "

Xia Jingxing shook his head lightly, "MSN and Penguin are currently in a fierce battle, and no breakthrough has been made;

The competition between Amazon, eaby, and Ahri has shown signs of decline.

I think that in the field of search, Baidu will also be able to defeat Google locally and continue the "undefeated record" of Chinese Internet companies. "

Liu Hai frowned and pondered, the most important thing in investing is analysis and judgment.

To analyze which company has potential, what kind of success it has the opportunity to achieve in the future, or which company is going to die, then go long on this company's competitors...

Through the information you have, you can peel off the cocoons layer by layer to discover the truth and find the value of investment.

After thinking about it carefully, he felt that what the boss said was true. At present, no American Internet company has achieved substantial success in the Chinese market.

One leaf can know the autumn, and by analyzing the setbacks of American companies, it can also predict the outcome of Google.

"Google's market value is almost 100 billion U.S. dollars. If you want money, you need people, you need technology, you have technology. In the Chinese market, there is really no hope at all?"

Looking at Xia Jingxing, Liu Hai began to talk about his doubts: "After investing in Google, I studied them in depth, this is a technology-driven company.

Technology is the core competitiveness of search products.

MSN social products cannot make a breakthrough in China. As you said before, the cost of replacing social relationship chains is too high.

eaby lost because of ignorance of the Chinese market and the free strategy.

Especially after Ari’s latest round of financing landed, Ari’s last shortcoming in funds has been filled.

Although Baidu's current development momentum is like a raging fire cooking oil, it is really on par with Google.

Especially after Google invests key resources in China, it is really not certain who will win. "

"Technology and business models have no borders, but Internet companies have borders. Just like I quit Facebook, Google is in China..."

Xia Jingxing stopped clicking, looked at Liu Hai, and said with a smile, "Taste it yourself."

Liu Hai frowned, "You mean administrative intervention?"

"There will definitely be intervention, but more will have to return to conventional issues, such as localization, technology, products, first-mover advantages, etc."

Xia Jingxing thought about it. In his previous life, Baidu had always firmly controlled 60%-70% of the market share, while Google only had a 30% market share, and its share was still declining. Baidu may overthrow it at any time.

The core reason for its withdrawal is that it does not respect the laws of the local market, and it is determined to fight against it.

It is not shameful for a commercial company to stoop to make money, but if it is unwilling to deal with even a gesture, the iron fist of socialism will not be used to anyone.

Although in previous lives, many netizens lamented the withdrawal of Google, and felt that Baidu was the only one, so they lost their aggressiveness, could no longer get out of their comfort zone, gradually became mediocre, and even continued to do evil.

This is more about anger at Baidu for not self-evolving than about how deeply it feels about Google.

Liu Hai thought carefully about what Xia Jingxing said, and felt that there was some truth to it.

Russia's Internet market is a lesson learned from the past. It is difficult for American companies to enter, and there are many obstacles to enter.

Although China currently allows American Internet companies to enter and operate, they are not their own sons after all, and the rabbit country and the Americans have never dealt with each other.

For multiple reasons, Google is really likely to repeat the mistakes of Yahoo and eaby.

"Well, I understand. I will continue to follow up and study."

Liu Hai didn't ask any more questions, and chatted with Xia Jingxing about Focus Media.

This company is not as popular as Baidu. During the roadshow placement, Lixia Fund got a lot of shares.

After listing, Lixia Fund has also continued to buy from the secondary market, and now it has held stocks with a market value of 30 million US dollars, ranking among the top ten institutional shareholders of Focus Media.

Xia Jingxing knew that Focus Media still had two years to live, so he didn't give too many instructions, just let Liu Hai firmly hold on to it.

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