Knowing that it is inevitable to break the listing in Hong Kong: Zhou Yuan was "beaten in the face", and the growth is extremely dependent on marketing

4 month 22 Japan , You know -W（HK:02390） Listing on the Hong Kong Stock Exchange , The securities code is “2390”, Become the first China concept Internet company to return to Hong Kong in the form of dual main listing . According to BeiDuo finance and Economics , Knowing that it fell below the issue price on the first day of listing in Hong Kong , At one point, the decline exceeded 26%.

in fact , It is known that it also fell below the issue price on the first day of its listing in the United States . Bedouin learned that , What do you know 2021 year 3 month 27 Japan is listed in the United States , Issue price 9.50 dollar /ADS, Market value reached 53 Billion dollars , Now the total market value has fallen to 10 Billion dollars up and down , Cumulative shrinkage of about 43 Billion dollars , renminbi 273 One hundred million yuan .

Public information display , You know -W The offering price listed on the Hong Kong stock exchange is 32.06 The Hong Kong dollar / stocks , Total issue 2600 Thousands of stocks , Total proceeds from the global offering （ Before deducting underwriting fees and selling expenses ） Estimated to be about 8.336 Million Hong Kong dollars （ Assuming that the over allotment right has not been exercised ）.

On this basis , You know -W The offering price on the HKEx is about the same as （NYSE:ZH） The price of stocks in the United States is 2.04 US $per ADS（ ADR ）. Zhihu says , The company made reference to each American depositary share on 2022 year 4 month 13 Japan （ The last trading day before the pricing date ） Closing price on the New York Stock Exchange （2.15 dollar /ADS） And other factors to determine the offer price .

but By 2022 year 4 month 21 Japanese and American stocks closed , You know （NYSE:ZH） Then receive the report 1.66 dollar /ADS, relative 2022 year 4 month 13 The closing price fell 22.79%, a 2021 year 3 month IPO The cumulative decline is about 82.53%. Press 2022 year 4 month 22 The exchange rate of the day is calculated , The price is about 26.04 The Hong Kong dollar .

From this point of view , You know -W Breaking in the HKEx is inevitable . On the other hand , I know that this listing on the Hong Kong stock exchange does not offer new shares , Instead, old shareholders sell shares . among , Innovation Works 、 Qiming venture capital 、 Saifu 、 Today's capital will be sold separately 750 Thousands of stocks 、325 Thousands of stocks 、325 Thousands of stocks 、1200 Thousands of stocks .

Calculated at the selling price , Innovation Works 、 Qiming venture capital 、 Saifu 、 Today's capital is expected to be “ Cash out ”2.40 Million Hong Kong dollars 、1.04 Million Hong Kong dollars 、1.04 Billion Hong Kong dollars and 3.85 Million Hong Kong dollars . According to another introduction , Innovation Works 、 Qiming venture capital 、 The average cost per share of Saifu and today's capital investment in the company is about 0.67 dollar 、0.87 dollar 、1.61 The dollar and 5.83 dollar .

In particular , President of today's capital 、 Xu Xin, the managing partner, said publicly that ,“ I've tasted a lot of sweets , Is the power of compound interest , A great company should hold... For a long time , I made a lot of money on Tencent , I don't need to do anything , There are not many great companies , If you have these, you will hold them for a long time , Just take it .”

According to previous media reports , Xu Xin's investment philosophy is “ Believe in long-term holding , Great companies had better never quit ”. according to the understanding of , The enterprises invested by capital today include Netease 、 Meituan 、 Ctrip 、 Jingdong etc. . among , Even if Netease's share price plummeted , But today's capital is not “ cut meat ”, Choose to keep holding and get high returns .

by comparison , Zhihu doesn't have the same fate as Netease . The listing in Hong Kong , Today, the capital chooses to reduce its holdings significantly , Li Kaifu's Innovation workshop also opened the evacuation mode ,4 The old shareholders who sold their shares reduced their holdings by about 8.23%, The corresponding shareholding ratio decreased to about 7.28%、7.24%、5.69% and 1.05%.

The founder of Zhihu 、 Zhou Yuan, chairman and CEO, said at the listing event that ,“ Zhihu chooses to return to Hong Kong for Dual Major listing , This is the general trend . Although we are standing on a new starting line , But it's a familiar environment , Those who gather around are also familiar friends . I Believe , We will be more confident to dig deep into the content track , Get more recognition from friends .”

but , This is not the case . Listed on the Hong Kong stock exchange this time , A group of old shareholders have reduced their holdings “ Cash out ”, It's about Zhou Yuan “ slap in the face ”. Looking back at the year of listing in the United States , Know the performance in the secondary market can be described as “ Going public is the peak , It's a little cold on the top of the mountain ”. now , It is also true that it is listed in Hong Kong .

On the whole , Zhihu's revenue has achieved rapid growth in succession .2019 year 、2020 Years and 2021 year , The income of Zhihu is 6.71 One hundred million yuan 、13.52 Million dollars 29.59 One hundred million yuan , The compound annual growth rate is 110.1%; Net losses are 10.04 One hundred million yuan 、5.18 Million dollars 12.99 One hundred million yuan , The adjusted net losses were 8.25 One hundred million yuan 、3.37 Million dollars 7.50 One hundred million yuan .

According to the prospectus , Zhihu's revenue mainly comes from advertising and paying members . among , Advertising revenue in 2019 year 、2020 Years and 2021 Years respectively 5.77 One hundred million yuan 、8.43 Million dollars 11.61 One hundred million yuan , The proportions are 86.1%、62.4% and 39.2%, While growing , The proportion of contribution has decreased year by year .

During the reporting period , Zhihu's paid member income is 8799.7 Ten thousand yuan 、3.20 Million dollars 6.69 One hundred million yuan , Proportion 13.1%、23.7% and 22.6%; The content commercialization solutions are 64.1 Ten thousand yuan 、1.36 Million dollars 9.74 One hundred million yuan , Proportion from 2019 Year of 0.1%, to 2020 Year of 10.0% as well as 2021 Year of 32.9%.

2019 year 、2020 Years and 2021 year , The net operating cash outflows of Zhihu are 7.16 One hundred million yuan 、2.44 Million dollars 4.40 One hundred million yuan , Are in the outflow state . Zhihu said in the prospectus , The company expects to continue to generate net losses and net operating cash outflows in the near future .

Zhihu also said , Mainly due to its content related costs for building a rich content library 、 Sales and marketing expenses of promotional and advertising activities , And R & D expenditure related to strengthening the construction of science and technology infrastructure . Zhihu thinks that , In the long run , Such capital investment is essential to consolidate organic growth .

2021 year , The operating cost of Zhihu is as high as 29.45 One hundred million yuan , a 2020 Year of 13.61 RMB 100 million year-on-year growth 116.4%. among , Sales and marketing expenses are 16.35 One hundred million yuan , The proportion of total income is 55.26%; Year-on-year growth 122.5%, Higher than the revenue growth rate in the same period （118.86%）.

From this point of view , It is known that the rapid growth of revenue has a great relationship with its marketing promotion . If you reduce your investment in marketing , Or will have a negative impact on the company's future growth .