For most Internet companies, it's probably impossible to escape from a publicly-listed dream. Just like the old readers, they always hung a red silk horse and look at Chang'an. A number of unicorns are still planning, such as Didi, the US group's commentary, and the headline. Sogou, already vaguely glimpsing his gold medal title, is ready to complete the final harvest.
On July 31st, Sohu Q2's financial report hit the capital market in the first half of a quiet period, and its controlling Sogou plan went to the US IPO. Immediately afterwards, Sogou CEO Wang Xiaochuan’s internal letter reaffirmed this news. “Sougou will promote the process of listing in the United States according to market conditions.†Seven years after the spin-off, Sogou used IPO to circle friends, WeChat groups, and the media. Screen.
In fact, the news that domestic Internet unicorns are going to go public has always been very popular, but there are few conclusions. These companies listed on the "listing rumors list", including the US group comments, Xiaomi, today's headlines, Didi, Ant Financial, etc., are mostly established (split) between 2010 and 2012, after five or six years of development, The mature business was able to drive new business, and the profit model was gradually clear. It was natural to consider listing. There was analysis early in the year that 2017 may be a good time for them to go public.
In addition to their own business structure and revenue data, the reason why 2017 is a good time for unicorns to go public is that there are some pressure factors that generally focus on the following two points:
1. The exit time of the investment institution is approaching
For instance, when the US group commented on the financing as early as the end of 2015, some media members broke the news that the US group's comment signed an agreement with the newly-shared investor and promised to list within two years. Although this statement has not been confirmed, 2017 is still a node.
2. Influence of domestic policies on company valuation
For instance, last month, both Bloomberg and Reuters cited the opinions of sources and said that Didi will go to the United States for listing. Although Didi chairman, Cheng Wei, subsequently stated that the listing was not going to take place, but considering that domestic policies did not move in favor of Didi, listing as soon as possible could ensure that it could get a higher valuation.
Unexpectedly, in the most reasonable sense, Sogou was the first in the unicorn to cross the mark and prepare to ride a red silk horse on the street. In fact, compared with the pressure factors behind other unicorns' listed rumors, we can say that in 2017, Sogou has ushered in the best time for it to go public. In other words, Sogou may be the most suitable IPO for Chinese Internet companies today. Why do you say that?
In general, the capital market points the golden listing period to 2017.
2014 was a good year for Chinese stocks in the U.S. capital market. There were 15 U.S. IPOs in the U.S., with a total financing of US$25.4 billion. However, in 2015 and 2016, up to now, the situation has been bleak. The number of listings has dropped sharply, and all of them have limited scale.
As the lowest level of IPO financing in the U.S. market since 2010, the overvalued valuation in the IPO market in 2016 prevented investors from buying new shares. However, 2017 is quite different: Trump promised to implement tax cuts, increase fiscal expenditures, and relax supervision. These measures are conducive to market stability; Overseas capital has begun to regain interest in Chinese Internet companies under the influence of the economic recovery. Typical is the US stock market. 400 billion U.S. dollars Ali - this can outperform stock prices.
With this kind of warming up, there is a need for a booster to unlock long-term investor confidence in the Chinese stocks.
The core content of the internal letter of Wang Xiaochuan can be found as follows:
1. Sogou search revenue in the second quarter was RMB 1.45 billion, an increase of 26% over the same period of last year.
2. Sogou mobile search revenue contribution to overall search revenue increased from 49% in the same period last year to 76%.
3. Sogou mobile input method voice input frequency has reached 260 million times, an increase of 80% over a year ago, is China's largest voice input application.
4. Sogou won the Chinese-English translation machine translation champion in the WMT (Workshop on Machine Translation) international academic competition in May.
Combining data from previous years, it is not difficult to find that Sogou revenue and business have been growing steadily at a high speed.
Seeing Sogou Q2’s revenue of 1.45 billion yuan, people will inevitably compare it with Baidu’s Q2 earnings report for several days. Taking into account Sogou’s more than 2,000 head count and Baidu’s 50,000 headcount, the per capita income creation is evenly matched. The increase in mobile search revenue is the “rapid growth of Sogou’s business beyond the industry level†as stated in Wang Xiaochuan’s internal letter, and the differentiated competitiveness established by Sogou has supported this growth.
Under steady revenue, Sogou’s story of artificial intelligence is exactly what Wall Street investors like.
To a certain extent, the development of artificial intelligence is human beings who are raising children again. It seems that the story of AI is almost heaven-based, but is it a good story? Google shouted artificial intelligence first, financial reports still stood on the side of the advertising business honestly, and Baidu, who also called All in AI, also garbled it as “The AI ​​has developed a language that humans do not understandâ€. . The story of this artificial intelligence, Sogou said well, the IPO is also close at hand.
In combing out the core content, the third and fourth articles refer to the story of Sogou, the artificial intelligence in the direction of language understanding. Some of the more detailed details are that Sogou Machine has provided machine translation services for a number of industry top conferences, including the World Internet Conference, Lei Feng CCF-GAIR, and Hong Kong RISE Conference.
Wang Xiaochuan stated clearly in the internal letter the future of Sogou artificial intelligence. "Based on the interaction and calculation of natural language, the search is upgraded to a question-answering system, the input method is upgraded to a dialogue system, and the Chinese language is translated through translation. Connections all over the world."
In addition, domestic policies are also moving in favor of Sogou.
Recently, the State Council issued the "New Generation Artificial Intelligence Development Plan." By 2030, the competitiveness of China's artificial intelligence industry will reach the international advanced level, and the scale of artificial intelligence core industries will exceed RMB 1 trillion, bringing the scale of related industries to more than RMB 10 trillion. . Sogou’s focus on language comprehension is also listed in the Plan. The introduction of domestic policies is a good news for Sogou’s valuation or IPO process.
For Sogou, it is said that the listing is a matter of course, and the rhythm is just right: the business, revenue performance is dazzling, and the US stock market is in a strong environment. Wang Xiaochuan wrote an artificial intelligence “good story†for Sogou early on. In the wave of artificial intelligence, Sogou’s enthusiasm for igniting shares in the United States will open up the market. Behind it will be Ant Financial, Didi, Midea, Xiaomi, and today’s headlines.
In the PC era, studying hard at home and writing in the mobile era, in the AI ​​era gold list title, after the "Three Dynasties," Sogou stirring up the situation is a foregone conclusion, the rest of the problem lies only in who will keep up with?
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