Age of Dreams

Vol 2 Chapter 2670: High valuation is not always good

In Hong Kong in December, the weather was still very warm. At best, the sea breeze around Victoria Bay was a little bit stronger, which made people feel chilly.

In the past two months, Meitu Sharing Company held a feast in Hong Kong. Capital from all over the world swarmed in to grab the shares of Meitu Sharing, which gave the entire Hong Kong stock market a boost.

Up to now, Meitu Sharing has been listed for half a month, and the stock price has continued to rise firmly, reaching 515 Hong Kong dollars per share, an increase of more than 22%, which has also increased the paper wealth of various shareholders. Feng Kelun’s shares have already been valued With 6.2 billion US dollars, it has risen by 2 places on the rich list.

According to the analysis of JPMorgan Chase analysts, the current price of Meitu Shares should be the highest price in the near future. After all, their global business is still expanding. They want to form a global influence and make a big breakthrough in profit. At least two or three years later.

However, neither JPMorgan Chase nor Goldman Sachs analysts believe that Meitu Share, a photo-sharing hegemon with global development potential, is too valuable. They believe that long-term holding will be a very good investment.

However, a share of 515 Hong Kong dollars is still too high in the Hong Kong market.

Many people in the stock industry have already proposed a share split, which means that the current share price of Meitu is divided into five, and each share becomes 103 Hong Kong dollars. Then, correspondingly, the total share capital of Meitu will change. Into 5 billion shares.

The purpose of this is to prevent the stock price from becoming too high and making people unable to buy more.

Hearing this proposal from the Hong Kong Stock Exchange, Feng Kelun and his team thought about it, and finally agreed, in the next few months. This project will become a reality.

Xiao Qi's sharing of beautiful pictures is very decentralized, and because Feng Kelun is Xiao Qi's brother-in-law, he naturally has a lot of power.

but. At this time, the most concerned about Hong Kong is not Meitu Sharing, but another company that has long been circulated around stockholders and investors-Fairy Guardian Company.

This company was founded by Fairy Company. As early as half a year ago, it was said that it was going to be listed in Hong Kong, and the publicity in the past two months has become more and more frequent.

In the eyes of outsiders, the Fairy Guardian Company is the son of Fairy Company more than Meitu Shares the company that Xiao Qi invested.

Since its official launch in January this year, with the best mobile phone protection technology, the number of Fairy Guardians has been increasing.

Even if fees have been implemented, they are as of the end of November. The number of paid users of Fairy Guardian has exceeded 200 million, and its annual revenue is expected to exceed 2.5 billion US dollars, which is far higher than the profit rate shared by Meitu.

Moreover, according to the investigation of experts in the electronics industry, the number of paying users of the Fairy Guardian is not growing enough. The main reason is that there are not enough smartphone users. When the number of smartphone users completely exceeds the feature phone users, then Fairy Guardian It will usher in another more paying users to join.

In the future, smart phone users can reach at least 4 billion. It is conservatively estimated that fairy guards can occupy at least 1 billion people.

This income alone can reach $12.5 billion a year. This is an incredible income!

In addition, the operating cost of the network software is very low, and the fairy guards only focus on virus prevention and research and development, and do a good job of continuous upgrade services. This is enough, and the cost is basically used in the laboratory.

Therefore, the gross profit margin of the Fairy Guardian is at least 8 billion US dollars a year, which is basically equivalent to the 2008 Berkshire Hathaway's annual profit.

Yes, you read that right, Berkshire Hathaway is the company of Warren Buffett, known as the most profitable fund company.

The profitability of a small software company is comparable to Buffett's accumulated strength over decades. How can this not make Hong Kong investors feel relaxed and happy?

In the Hong Kong Stock Exchange, after the success of Meitu shares soared. The valuation of Fairy Guardian Company has also been increasing.

It was originally in November. Everyone's valuation of the Fairy Guardian is 30 billion U.S. dollars, but Meitu Sharing has soared to a market value of 51.5 billion U.S. dollars. Leaving aside its influence, the profitability is currently far more than its fairy guardian, so why is it only $30 billion?

Capital is profit-seeking. Everyone is willing to hype the Fairy Guardian as a company that is more successful than Meitu Sharing. The Hong Kong Stock Exchange also intends to treat the Fairy Guardian as an exciting success legend, so countless people are responding to Xiao Qi. , The price of this, shall we increase it a bit?

Xiao Qi couldn't laugh or cry about it.

No matter how high your price is, the key is that you have to continue to rise after you go public.

If it was already at a sky-high price, then after getting listed, stockholders bought it but couldn't see the stock rise, instead it kept falling. Is this interesting?

Of course, those people didn't mean that. They had been in the stock business for decades, and knew that they would not let the fairy guards go beyond the limits.

But the valuation of 50 billion US dollars is too high, almost the market value of China Life Insurance, which is the tenth in Hong Kong.

If after listing, let this group of people go crazy, I don't know if it will exceed the market value of CK Assets of 1,000 billion Hong Kong dollars.

Let a company with annual revenue of 12.5 billion U.S. dollars and gross profit margin reach 8 billion U.S. dollars in the future, and its market value surpasses 100 billion U.S. dollars. In fact, it is not a big problem.

But the problem is that the potential value of the Hong Kong stock market is not high. After sharing a beautiful picture, it becomes a fairy guardian. Can they afford it?

After accommodating the fairy guards and Meitu to share, will the Hong Kong stock market become more vigorous, and the vitality of the Hong Kong stock market will disappear?

Don’t come here to revitalize the Hong Kong stock market, but in the end it became overwhelmed by the Hong Kong stock market!

So Xiao Qi considered this issue for a long time, and finally decided to increase the price of the fairy guard to 40 billion U.S. dollars, and then it would not change.

After this news was reported by financial reporters in Hong Kong, all major investment banks found it incomprehensible. The current profit of your fairy guardian is 2 billion U.S. dollars, and the future is expected to exceed 8 billion U.S. dollars. The price is only 40 billion U.S. dollars. Is it worthy of its identity as the world's number one mobile phone security software?

But at the same time, I don’t know how many Hong Kong experts and investors are praising Xiao Qi for his “kindness and kindness”, thinking that Xiao Qi wants to make ordinary investors in Hong Kong also get rich and set such a low price.

Of course, with the experience and lessons shared by Meitu, the total number of shares of the Fairy Guardian this time is initially set at 5 billion shares. If it is not appropriate, it will not be impossible to increase it to 10 billion shares. It will be all.

Investors are still full of confidence that although the Fairy Guardian has already operated independently, its chairman is Xiao Qi, and it will continue to be like this after listing.

Although Lai Qingteng will always control the company's R&D and operations, as long as Xiao Qi is the chairman of the Fairy Guardian, everyone thinks that the Fairy Guardian belongs to Xiao Qi's company.

Lai Qingteng is a Chinese American. Before coming to the Fairy Guardian, he worked at Microsoft for 22 years and served as the vice president of Microsoft’s security protection department. The excellent work ability was favored by Sun Manxue, and he was recommended to Xiao Qi to act as the fairy guard company.

This time the listing roadshow was also led by Lai Qingteng. A total of seven cities were set up, starting from New York in the United States and ending in Hong Kong in China. For this reason, they need to constantly travel around the world.

But Lai Qingteng and the team have no complaints, not only because this is the first time a subsidiary company of the Fairy Company goes public, but also because they all own shares in the Fairy Guardian Company, a company that belongs to all the employees of the Fairy Company.

In addition to the previous 290,000 old employees, there are more than 210,000 newly recruited employees who will more or less own shares in the Fairy Guardian Company.

The shares are all issued by Xiao Qi in the name of the half-year bonus year-end bonus. Of course, there are many levels. Senior executives get more than ordinary employees, and older employees get more than new employees, but the least can also be. Get shares worth 20,000 to 30,000, and they are original shares. Once they are listed, they will increase by at least 50%.

If you are willing to hold it all the time~www.wuxiaspot.com~The dividends of the Fairy Guardian Company will be very good. Xiao Qi is not the CEO of those stingy Chinese stock companies. Most of the annual dividends will be given to shareholders to ensure that they can Get rich returns.

It is precisely because everyone has such great benefits that Lai Qingteng and others will work so hard. At the same time, they also know that they carry the hope of more than 500,000 fairy company employees, so they also have a very glorious sense of mission. The listing of the Fairy Guardian Company was beautiful and made everyone admire them.

With this kind of mentality, they traveled to seven cities in Asia and Europe within a month from early December to early January, and that was a painstaking effort.

As for the question of whether anyone will buy it, there is no need to worry about it.

Before they even set off, countless fund companies and angel companies came to find them, and they wanted to subscribe for some shares in advance, so that they could get a chance to make a fortune.

The stocks of good companies are so popular! (To be continued.)

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