new three board as the capital market is no more than two basic functions, one is to make money, that is, financing; second, the wealth effect, entrepreneurs get wealth incentive. No liquidity, neither money nor wealth appreciation, the core function of the capital market is gone, and this is the core issue.
layer can really solve liquidity? I’m afraid palliatives, just as if the stratification, several other major conditions of a capital market does not change – participation is still limited, is still the market maker system, still can not take auction, it still can not solve the problem. A rush of layering may cause a series of crises, and many people are not aware of it, I’m afraid. Polarization, 95% companies will be declared death penalty.
for the possibility that Tencent might have bought us, we don’t want to touch the two words "M & a" at this early stage,
from a macro point of view, if 95% of a capital market enterprise is garbage, in fact, it has completely died. And the 5% which is rated as "good" is also very much
tiger sniffing note: the author of this article is Sheng Xitai, partner of hung Tai fund, founder of Hong Tai fund, senior investment banker, founder of two front-line securities companies, former chairman of Huatai Securities company. This is his views on the new three tiered hierarchy and views.
if the report was eventually confirmed, then history will remember this day, not because of the new board reborn, but because it was pushed into the morgue. My heart is that over the past 20 years China capital market and Internet venture out, Chinese venture capital market and connect the new board has just set up the venture will be cut off, the current of the times, exports will be blocked.
to Amoy Monternet founder Yin Chao oral:
disclosed before the program, the new three board is divided into innovation layer and basic layer, there is the opportunity to enter the innovation layer may only 5% of the enterprise. This means that 95% of the companies were sentenced to death because they couldn’t get into the innovation layer. Liquidity is weak, if not stratified, most companies may die, may also live, continue to develop for some time, may be better. Once stratified, it means that 5% is "good", and the other 95% are "garbage"".
I horse note: last week, the Jingdong to raise public finance business syndicates officially launched, I horse found that in addition to Tencent, the Internet giants are gathered in the congregation to raise chongfenghao, then according to the Tencent I horse Fund Executive Director in an interview with the answer, the video website recently raging like a storm guess competition, Tencent may buy a similar scouring Monternet TV drama field to raise public platform to expand homemade content. One of the parties Amoy Monternet founder today we invited the speculation Yin Chao, asked him to talk about those things all the chips and film and TV drama.
we may not adopt the idea of being bought by Tencent at this stage, because first of all, we are just a people oriented company and have not yet formed a strong brand concept for the time being. And from our own, Amoy Monternet days after may have a better vision, we don’t want to so early contact "merger" these two words, our investment may be more in line with our psychological needs. In addition, from the point of view of M & A, we may not yet have the value of mergers and acquisitions at this stage. So someday, we don’t rule out the possibility of mergers and acquisitions, but we still want to concentrate on our brands and products.
first of all, I think every video site’s homemade drama is different. Like Youku and Tudou, their collaboration with original authors started long ago, so they have more UGC. But the Tencent late into the UGC channel, including Iqiyi, too, so their original accumulation in this area will be relatively small. And music as the route is not the same, as the music homemade drama, with big movies and television drama background team work together. Tencent this year is also doing some attempts, but certainly still need some time to run in, including teams and users, there must be a process of adaptation, I think it is a very natural stage.
for the Tencent funds may mergers and acquisitions that we, first of all we feel ", but overwhelmed by an unexpected favour a return to reality," I think the creative team is difficult to be acquired, because most of the time the creative team, the people in it, is the true value. If you change a Creator into a migrant worker’s mindset, I don’t think it’s a good thing for the production of the content, especially if some of the best people left, the company has only one shell left. So, if you refer to the game industry, the Tencent fund on our platform some teams will be more likely to invest in strategic. In this way, the creator can maintain a certain stake, but also will have more power to create. Another possibility is the direct investment project, which is also a more reasonable way.
as a 20 years engaged in securities industry veteran and a cross-border venture capital early recruits, May 6th I saw a message most unwilling to see: according to the "Securities Daily" reported that the Commission has in May 4th passed the new three layered scheme will be implemented in May.
layered? The core issue is liquidity. Three new board last year is indeed caught in a liquidity scare. Although the three new board listed the number is growing rapidly, as of May 6th there have been 7033, an increase of nearly 2 times, but the highest point of 2673 points three new board making index since 2015 April all the way down, the past six months is hovering around 1200 points. Over the past 1 years, the volume of transactions has been trading at $200 million per day for a long time. Throughout 2015, there were 2895 companies without transactions, accounting for more than 50%.