This year's spring was a bit unusual.
On April 19, a rare blizzard in the eastern United States caused 300,000 people to lose power in five states (New York, Pennsylvania, Maine, Vermont, and New Hampshire). According to the old ancestors, how much grievance did you have to have in this April flying snow?
Just yesterday, U.S. Stock Five Tigers Admiral Netflix (NFLX . US) plunged 35 percent, and its market value of 350 billion yuan was lost.
Perhaps, this is a signal of the Internet media, the era of singing and dancing media, with the arrival of the economic winter that swept the world, is gone. The domestic Internet media that have been taking Netflix as a learning example have followed one by one. Bilibili (BILI . US) down 7.93%, iQiyi (IQ . US) fell 6.70%, and even the dark market of Zhihu (HK 023090), which is going to be a Hong Kong stock IPO tomorrow, has plummeted by 23.58% (as of writing)... What the hell is going on here? Is it that this session of Internet media is not working?
Today we will talk about the "per capita 985, annual salary of more than one million" of the know, why not be optimistic about the capital market?
First, Zhou Yuan's knowledge, a golden age of questions and answers
Born in 1980, Zhou Yuan, originally a grassroots programmer, came to Beijing from Shanghai and began to work as a journalist in the IT circle. But natural careerists have never lacked the ability to look for opportunities. In 2010, after the failure of the first venture, Zhou Yuan planned to make a Chinese version of Quora, so Zhihu was born.
In 2011, Kai-Fu Lee's innovation workshop invested in Zhihu Angel, and since then Zhihu has embarked on the road of continuous financing. And Zhihu has also gradually expanded from the small circle of communication between technology enthusiasts and practitioners. It can be said that Zhihu has caught up with the dividends of the Chinese Internet for 10 years, however, it seems that the professional and tall Zhihu has always been inferior to the more sinking headlines and Baidu, and the road to expanding fans has not gone very smoothly.
Even in that golden period of the Internet, it is faster than the expansion of fans. Without more users, there can be no more ad inventory. As a result, from Tencent investment to Ali, Sogou, Baidu have invested money for Zhihu.
It's going to rain, the mother is going to get married, and the investors who know it have to cash out, and they always have to sell for a good price, right? After all, the current Internet manufacturers have fallen one by one in the severe winter of capital, and they will be covered without cashing out. On March 5, 2021, Zhihu finally survived the highlight moment of the US stock IPO, and since then, nasdaq's Chinese stock has more Zhihu (ZH. US）。
For a company, going public is not the end, the end is the continuous growth of profits. And this ordinary truth obviously does not make sense on Zhihu. Because Zhihu has not only been unprofitable, but also the user growth is lower than the market expectations. At the end of the day, Q&A, paid knowledge, paid reading, and advertising spending all require users to grow. We checked the "Prospectus" when Zhihu was listed in the US stock market in 2021, showing that Zhihu is still in the "initial stage of commercial realization".
We know the composition of operating income from 2019 to 2020
So smart capital wants to raise a little bigger, maybe sell for a better price.
Second, I know, how did you fall off the altar?
Let me first come to science popularization, this time I know that the Hong Kong stock listing is a double major listing. Generally speaking, Chinese listing in Hong Kong can take three paths:
He bought himself first in the US stock market and then on the market, commonly known as privatization, understood as redeeming himself from the good image; find a middleman to wrap up the US stock market first and then issue a certificate on the Hong Kong stock market on this basis, commonly known as the secondary listing. From the perspective of the whole process, there is a price correlation between the two markets of the US stock market and the Hong Kong stock market; both markets are shouting, and both sides are listed in accordance with the rules of the exchange, and both sides play their own, commonly known as double main listing.
Most of the return of Chinese companies is to go public for the second time, because there are not so many rules and regulations. So, the question is, why do you know the second round of Hong Kong stock IPOs, you have to give up the near and far, let go of Kangzhuang Avenue, he does not go, but to take the small alley?
The answer is that the conditions for the secondary listing are not met, because the time of the two listings is too close, and the interval is only one year. According to the regulations of secondary listing, it is necessary to have a two-year compliance record of the exchange, knowing that the time is not satisfied.
Oh, it shows how anxious the shareholders are, right?
Over the years, in order to work for capital fathers, Zhihu is also trying to make a cash. From knowledge payment to live streaming with goods, I know that I have played it, but I am not very profitable. As a result, in the past two years, major platforms have begun to align with byte and make videos. In March 2019, Zhihu launched an APP called "Instant Shadow". As the name suggests, the instant shadow was shut down for 3 months.
Practice has proved that copying a vibrato is still quite difficult.
Our company calls "spinach" on the knowledge that this is our daily background reminder
However, this small blow cannot hinder Zhihu's determination to engage in video. So in 2021, the zhou boss of Zhihu officially announced that he would do a video strategy. After a wave of slogans, a video team was formed. Just this past March, Zhihu video boss Cai Lin quietly left. Internally, it was either transferred or directly laid off, and only some of them were still doing some operation and maintenance.
From 36kr
However, I know that this matter has been clarified before, and we attach great importance to the video. However, the importance of internal video has been adjusted to the community sector. Videos can still be uploaded in Zhihu, but not the most important Zhihu main location.
On the eve of the listing of Hong Kong stocks, these rumors were indeed detrimental to zhihu's stock price.
Third, will the tomorrow of Zhihu be beautiful?
Regarding the plunge of more than 20% in the dark disk, I think you may see more recently. I'll take a look at what is called dark disk.
Dark disk can be completely different from the dark web, which is one of the characteristics of Hong Kong stocks. It is not yet listed, trading shares in the internal system of the lead underwriter (broker). There is an advantage here, the information of customer trading is not published to the public, so it is called "dark". Simply put, you don't know who sold it, you only know the result of the stock price movement (note that this is a legal transaction).
This matter explains both the problem and the problem.
Why should a company go public instead of trading over the counter? It is to get more investors' recognition, which is a market-oriented behavior. It is very normal for some people not to be optimistic, not to mention Hong Kong stocks, is it not a common thing to break? If you throw the co-effect of the dark disk falling to Netflix's plunge, it is obviously a bit far-fetched. Netflix lost the Russian market, reducing 700,000 net paying subscribers in the first quarter. Netflix membership prices have risen, but I know that there is no. This impact, and the ants listed in that year, the cascading effect is not so large; the core problem of knowing is still in its own business model, which needs new highlights to embellish.
Think of Bilibili, which started its business in 2009, and it was first a niche high-cold, but it is said to be self-amusing. And Station B now has revenue of 66.76 billion Hong Kong dollars, while it is only 7 billion Hong Kong dollars, a gap of nearly 10 times!
Niche is not a problem, making money is the last word.
Station B has always been the gene of video, and it is more sinking, struggling in the dilemma of commercialization and circle breaking. However, the seemingly single ecology of Station B is constantly expanding because of its own characteristic content, such as the annual meeting, and then such as the documentary filmed by itself. Station B is already on a youtube YouTube + Netflix road.
Zhihu is also the cooperation platform of our Starry Sky Wealth, and we have felt in the cooperation with Zhihu over the years, zhihu also wants to do knowledge videos, but it is rare to look for excellent creators in this dimension. Either it has been signed exclusive by other platforms, or there are one or two high-quality content, and it is impossible to contribute content production capacity in batches and steadily.
2017 na wave of snatching contests
Today's content platforms have begun to rob people, grab copyrights, and grab exclusives, and without videos, they can't tell stories big. Perhaps, in its own high-quality professional Q&A community model, I am exploring another video path.
After all, others do it, you don't do it, who can the valuation anchor in the future?
Note: This article does not constitute any investment advice. The stock market is risky, and you need to be cautious when entering the market. There is no harm in buying and selling.