Encountered By The General Administration Of Industry And Commerce "White Paper" Everyone'S Pursuit Of Ali Listing Why A Year Attracted Many Questions.

In September 19th, the star general.

IPO was successfully completed in the NYSE, and with $25 billion 30 million in financing, it was wearing the aura of the largest company with the largest scale of Internet financing.

In the next 3 months, the stock price of Alibaba climbed all the way, until the record of "double 11" set a 57 billion 100 million day single day trading volume, the company's stock price once reached the highest historical point 120 dollars, and the market value reached 295 billion 800 million US dollars.

But by 2015, all good luck seemed to be leaving the Alibaba -- the white paper of the SAIC, the class action, the slowdown in China's economy and the exit of hedge funds.

In the global stock market crash in August 23rd, the previous downside Alibaba also fell below the issue price of $68 / share.

Before buying these stocks, investors may think they can buy something like tradition.

The WAL-MART of the times, or Amazon, which was listed twenty years ago, can represent a whole life style and can continue to rise.

After 20 years of listing, Amazon's model has been copied to more categories and more countries. Stock prices have risen to more than $500; in the first 30 years of listing, WAL-MART has gone through 10 stock splits, and the final value of 100 shares of the original stock can reach 11 million 250 thousand US dollars.

But in fact, Alibaba's stock price has fallen by nearly 40% if the current stock price of Ali is higher than that of the US $120.

This decline far exceeded the Dow Jones index or the S & P index of the same period, and investors holding Ali shares are losing money.

Why a year ago, Alibaba, which was listed on the market, was challenged by investors a year later?

When the economic growth slowed down, the performance failed to maintain high growth.

When we were listed in the Alibaba, we questioned whether it could maintain high growth when China's economic growth slowed down.

In 2014, China's GDP growth rate was only 7.4%, the lowest growth rate since 1990.

In August of this year,

A quarterly report that disappointed investors: revenue grew by 28% over the same period last year, and sales in China's retail business grew by 34%. These two key indicators were lower than those of previous analysts and the slowest growth in three years.

In September of this year, Jane Penner, head of group investor relations, also indicated that, due to the impact of weak consumer spending in China, the company expects the total commodity trade volume (GMV) in the second quarter to be lower than previously expected, triggering another plunge in share prices.

For Wall Street investors, their concern is always growth rate.

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In the Chinese electricity supplier market, the position of Alibaba is not a challenge.

On the whole, China is already the largest online consumer market in the world.

According to the statistics of AI consulting, in 2014, Chinese people created a total of 28200 billion online pactions, of which nearly 60% of them went to Alibaba's Taobao, Tmall and other platforms.

But Ali's position is not absolutely stable, Jingdong is gradually narrowing the gap: as the 3C domain gradually extended to all categories, and began to layout in cross-border, business super, fresh and other businesses, Jingdong sales in 2014 reached 40% of Tmall's total turnover, and in 2013, this figure was only 21%.

In addition, the stock market still exists in jumei.com, vip.com and other electricity providers in the stock market, which may also have an impact on the choice strategy of investors.

Internet financial competition is also very intense. Whether or not to maintain the first mover advantage is also a problem.

Taking into account the future development of Alibaba, it is also a good choice to invest with its closely related ant suit.

From the original Alipay, the business structure of payment system, financial products, microfinance, credit service and even Internet banking is available. The performance of ant gold clothing is indeed worth the valuation of US $45 billion.

But as in the field of e-commerce, there are many opponents in the Internet financial field, not only from the same attempt to build a so-called "closed loop" Internet Co (such as Jingdong or Tencent) through payment links, but also to find the traditional banking and securities companies with a more grounded approach.

A typical example is the balance treasure which appeared in 2013 as a subversive innovation. This is a financial product which is essentially a monetary fund, but can perfectly integrate with Alipay, thus achieving "zero threshold financial management".

But this model has been replicated quickly: "Alipay" and "WeChat pay", "ant treasure" and "Lu Jin", "Hua Bai" and "Jingdong white" competition is also true.

And because of WeChat's high penetration, WeChat's payment is also growing at an alarming rate.

According to AI's consulting data, China's third party Internet payment market share was 48.9% in the first quarter of 2015, while Tencent's fortune paid 19.9% in 19.9%.

As the balance of treasure yields lower and lower, many users begin to seek financial products with other higher returns.

The cross-border electricity supplier with high hopes is still in its infancy.

After setting up a new cross-border electricity supplier "Tmall international", Alibaba was positioned as the "first year of global online shopping" in 2014. Tmall, the brand of Costco and natural treasure, has also become a powerful promoter of the "double 11" performance.

But when it comes to domestic cross-border electricity providers, it may be more complicated than the big electricity suppliers, and the competition for market share is also more intense: Tmall international, Jingdong global purchase, Amazon offshore outsourcing, jumei.com, honey Tao, NetEase "koala shopping"......

They are all competing for the same group of consumers, China's growing middle class.

We have had a detailed analysis of the current situation of Tmall international in the article that "the concept of cross border electricity supplier is real fire and where Ma Yun's Tmall international has done it?"

Those investments before and after the listing will not be able to bring into full play in a short time.

On average, 2.5 investments are announced each month, and the average investment for each investment is $280 million, and the total amount exceeds $7 billion 60 million. In the first 9 months of 2014, Alibaba is not only a big business tycoon waiting to be listed in the US, but also a fierce and hungry investor.

It has lavishly invested large sums of money in social networking, travel, maps, cultural media and sports, etc., which rarely engage in mobile Internet era.

However, judging from the actual investment and integration results, Ali has not yet been able to help the company and even the whole industry to develop rapidly, in addition to the very good integration of outsiders in the areas of electricity, marketing and Internet services.