America is still the most ideal country to listed for Chinese Internet enterprises
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April 16, incumbent "innovation workshop" chairman and chief executive officer li kaifu BBS site in boao Asia when accepting a reporter to interview, said: "for China's Internet industry speaking, America is still the most ideal listed."
Kai-fu lee leave Google China presidency, identity has changed into the Internet industry investors, the new project for entrepreneurs provide most initial financing and support services, and to help them find the wind cast (VC). At present, his "innovation workshop" more than 20 project in operation, planning a few years to about two into projects listed.
"In my opinion, these projects most would still choose to the U.S. market." Kai-fu lee said.
He said, any market has its not sanity, but the United States is more mature, "the United States is sensible fair transaction platform to the listed companies, earnings have strict request, is the high-tech companies listed first choice - especially in TMT (technology, media and communications) field, earnings are often lagged behind."
He thinks, other Asian markets are not more than the United States, although tencent choose hong kong-listed, but then did not draw large quantities of similar enterprise to follow.
Nevertheless, an indisputable fact is, now the plight of china-related shares in the United States, with "no success is squared off" die.
After bank of America merrill lynch, managing director QiuWenYou told reporters, now the American capital market "look big watch small", mature, financing large IPO, more vulnerable to investors, and most Chinese TMT stock becomes shares a prolonged slump "orphan stock".
Powerful watershed china-related shares in the United States about the fate of the stock market, the former such as dangdang.com and JiHu 360, the latter such as China high-speed channel, and so on.
To this, kai-fu lee that in the United States, China's stock market risk, is the American investors don't understand you. Even China TMT industry, they also don't understand.
"Maybe because do not understand, five times more made valuations, may also be because made valuations do not understand, less half - which is risk." He said.
But kai-fu lee stressed that those "orphan stock" speaking, problems or out in yourself, and select the IPO market, where no relationship between whether overvalued.
On 15 April, everyone company to the SEC filed listing application documents in the nyse, plan to sell $53 million copies in equities ADS (depository receipt) and raising money locking $5 billion more than a few months ago, JiHu 360 and dangdang network of about 2 billion dollars scale. Rumours that the IPO market in everyone, some fund, project strategic investors have 100 million dollars.
Kai-fu lee thinks, this makes before listing company valuations are being pushed to a higher level, it's hard to say post-market performance will be how.
But he still says, American institutional investors for the enthusiasm of china-related shares at present, even still better than ever: "in the American people's eyes, China's Internet continues to expand the scale: the number of users in the per capita consumption growth, users in growth, both by the effect and can be."
He said, a lot of people in that no in 80 yuan from the open baidu stock around lessons, this mentality let they won't make the same mistake. "They've put note pressure to several years later, and they want to put money into the next baidu, this attitude will bring the secondary market growth rates high stock."
But he stressed that IT and over 10 years ago IT bubble situation is completely different. Now, these companies listed still have certain brand and market share, or a certain user groups, or good turnover, etc.
Kai-fu lee further points out that in America, capital market, it can speak good story, a large user groups, or have very good cash flow, are the key to attract capital.
"Optimal cool have 'China concept + stories + and the United States contrast similar products', and 360 probably because of the scale and its users of the early, like jingdong is profit a lot of real gold and silver, and of course it now are not in season yet." He said.
For more than 20 5 years on this project the potential that he would consider IPO whether the following questions: money as soon as possible? This concept Chinese investors understand or foreign investors to understand? The next round of cooperation may be who? VC RMB or dollars?
"These questions to consider clear after discovery, much still will ultimately choose U.S. market." Kai-fu lee said.
He revealed, the domestic market also is right choice. Now they just got RMB funds -- Shanghai venture guide fund the cooperation opportunity.
"With the American people speak not clear thing, can compare the early earner, can put in the domestic market." IPO Kai-fu lee said. |
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2011-04-23 02:48:38 |
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