Alibaba Wants To Withdraw From The Market, What Kind Of Money Does Ma Yun Spend?

　　 Listing financing It's not a free meal. Investors are the owners of listed companies. As a listed company, the B2B Department of Alibaba's delisting is obviously discredit to shareholders. Ma Yun can use the private or institutional money to replace the money of the publicly raised shareholders, but the expectations of the private shareholders will never be lower. How to maintain performance growth is still a problem for him.

A large company is a battleground for people to compete with others. In this sense, Alibaba The delisting is actually the result of the success of Ma Yun's super influence.

　　 Jack Ma Why should it be so costly? Five years ago, Alibaba's B2B business department was very laborious in listing in Hongkong, and five years later, why did Alibaba have to withdraw from the market at a price higher than the market value? Some people think that this is because Alibaba wants the group to go public. Some people think that this is because the B2B business sector is facing a decline in performance, Ma can not face the pressure of shareholders.

Perhaps these views are all right from their own perspectives, but they are all external manifestations of a core. Alibaba's recent delisting and shareholder disputes actually reflect the reality of the current domestic enterprises, namely, who is the owner of the company, the operator or the investor?

Alibaba Delisting In fact, there were early signs. After completing the private placement, Ma Yun made many speeches to expound his own values. As for the priority of Alibaba's internal actions, Ma has long said: Alibaba is always "customer first, employee second, shareholder third". For a while, Alibaba also tried to join another element, turning the order into "customer first, partner second, employee third, shareholder Fourth". In this order, Ma Yun also has some clear statements to describe it very clearly. After the listing of Alibaba, Ma Yun said: "do not think that a little money has been invested in Alibaba, so that shareholders can make random remarks and think that it is the owner of Alibaba. In Alibaba, shareholders are always the role of a maternal uncle. "

Those who dare to speak this must be a hero.

Ma Yun was such a hero in the past. He innovatively made the concept of "big online market" in the application of Internet. In the past fifteen years, manufacturing in China has been the engine of world economic growth. Alibaba's B2B business has effectively reduced the cognitive cost of Chinese made business in the world and solved the problem of information asymmetry. Therefore, the B2B sector has experienced a period of rapid growth as an effective means to solve international trade.

However, the situation is changing. When Alibaba went public in 2007, China made a big challenge. At the moment, because of the rise of trade protectionism and the impeding process of globalization, the growth of Alibaba B2B sector as a solution to international trade is inevitable. It can be said that Ma Yun, a listed game player, has already won the first prize when deciding on listing and financing. Therefore, he now has the power to make a choice when he delisted the market. The original price is delisting and free use of shareholder capital for five years. This is the essence behind Ma Yun's high profile.

But at the same time, it also means Ma Yun fell from the hero's throne. Objectively speaking, after Ma Yun's listing in Alibaba, he is a manager of working for shareholders. Since shareholders have invested money in Ma Yun, he hopes that he will bring benefits to shareholders, preferably with excess returns. Although Ma Yun, as a manager, has great influence in the mainland, he can choose to replace the capital of shareholders of listed companies through external capital, but as a listed company, the B2B Department of Alibaba's delisting is obviously discredit for shareholders.

Whether or not to withdraw from the market, Ma still has a problem: he can use private or institutional money to replace publicly raised shareholders' money, but private shareholders' expectations will never be lower. How to grow is still a problem facing ma.

The reason why we should discuss Alibaba delisting in this column is that the war in this board has begun to appear in mainland listed companies. We can see that because of wide market investors to A share listed companies choose to vote with their feet, leaving the market. A share managers, including government regulators, have begun to change their attitude towards the market. The vane of the A share market has begun to shift from serving the enterprise to respecting the interests of investors.

But as far as I know, there are still a lot of business managers' understanding of the capital market, just like the early Ma Yun, which regarded the listing and financing as a free meal. In fact, the cards of A share are also turning over. The responsibility and obligation of financing will have greater challenges for managers of Listed Companies in the coming years. In the future, investors are the concept of owners of listed companies, and will probably be truly clear.

If we want to go public, we have to think well of our responsibilities, and we must prepare to meet the requirements of shareholders for growth. We have to have growth projects to ensure the profits of shareholders. Without growth, managers will have to face the pressure and even be prepared by the owners of the company from their own companies.

Unless managers have the same influence as Ma Yun, they can get money to drive away their investors.