Cheetah Mobile IPO, SALOMON investors are most concerned about three issues: the high valuation come from? Mobile end how realizable? Endorsement of the role of giant geometry?[IT Times Editor's note] cheetah moving IPO soon, but we rather not roadshow, held smoothly. Although since the ratio of small 'Qihoo 360', also pulled to the Jinshan Baidu millet its endorsement, but could not withstand the investors pressed. Three questions, let Cheetah prototype mobile site. It has been renamed the original Jinshan cheetah mobile networks are active in Hong Kong and other places roadshow, ready listed on the Nasdaq on May 8, but the roadshow process is not easy, first the financing amount from $ 300 million down to 200 million, followed by the introduction Kingsoft, Baidu and millet $ 50 million cornerstone investment for its endorsement. All of JORDAN this is telling us that investors participate in road shows for the cheetah is not fully recognized, and they are mainly concerned with the following three questions: Question one: high valuations come from? Cheetah roadshow process to Fu Sheng led the team with established management and investment banking strategy is to sell to investors a 'little odd tiger' concept. Cheetah in terms of business models, like most of Qihoo 360, while Qihoo 360 shares surging from the beginning of last year to March this year, had the highest break $ 120 mark, can be said to have been completely out of the shadow of successive short, access to investment those who agree. Cheetah market size is about one Qihoo 360 to five to six points, on the standard 360-odd tigers can almost as large as $ 3 billion valuation. The same security as the core to create a three-stage rocket mode, but investors such benchmarking valuation model is not very cold. Investors ask is: Qihoo 360 did not do a search before and did not get high valuations, Qihoo 360 Nike Zoom KD V was the main source of income, although the development of site navigation is also good, but investors questioned is a similar site navigation Sina, Sohu and other portal services, with a significant ceiling effect, it is difficult to obtain a high valuation, so the odd tiger high Womens Nike Zoom Hyperflight PRMNike Air Jordan 10 valuation since last year mainly from search engines, investors believe that the search market in China is still huge cash space. Search engine cheetah three-stage rocket is precisely lacking in, after Baidu, Qihoo 360 and search dogs in front of three powerful competitor, cheetah order IPO to enter the search can be said to have no chance. [IT Times endorsement] cheetah moving IPO, to Womens Nike Zoom Hyperflight PRMNike Air Jordan 10 be financed 300 million, the size is not large, 2015 Latest Nike Shoes the real intention is to account for a pit-bit, Lazi them. In fact, cheetahs and 360 move, and even search dogs, there are still gaps. Sogou 2013 revenues reached $ 216 million, $ 124 million is a cheetah moving, Qihoo 360 is $ 671.1 million. According to the revenue comparison, the highest valuation cheetah moving $ 2.3 billion, the current market value of Qihoo 360 $ 12.055 billion, the two simply not an order of magnitude on. Second problem: how mobile end cash? Perhaps it is the cheetah's core management and investment banking team has long been expected to investor questions difficult to answer, cheetah during the IPO roadshow, the abandonment of the concept of security, a higher market share of the two main products overseas cheetah cleanup Masters and GP Batteries doctor. The prospectus says cheetah, cheetahs clean up master downloads worldwide as of December 31, 2013 amounted to 150.7 million, 83.9 million monthly active users, about 53 percent of mobile monthly active users from the United States, Asia (including China) and Europe, came in the official Android market, Appstore and several other market tools head several applications. In the mobile side, investors still concerned about the cheetah how Nike Air Jordan 8 realizable. Qihoo 360 is based D Rose IV on 360 mobile guards, by building on which Android application distribution platform 360 phone assistant realizable, its realization way cheetah prospectus Speaking of future income model are the same as the game. But investors question is: In the overseas market mainly cheetah cleanup masters and GP Batteries doctors suggest the same as Qihoo 360 to build a mobile application distribution platform? Unlike overseas markets, China. In the Chinese market, in addition to Apple's Appstore, Android market almost did not get official recognition of Chinese users, contrary 360 phone assistant, 91 assistant, pea pods, a large number of third-party application exchange market has become the mainstream market, which could have situation particularity of the Chinese market and other coincidental presence in overseas markets but the situation is entirely different - only Android and Apple's official market, third-party applications distributed over the mainstream market has never accounted for. Therefore, investors doubt that the cheetah in order to Qihoo 360 mode by moving Air Jordan Women the cash distribution in the overseas market, is almost impossible. Question three: the role of giant geometric endorsement? Since 3Q war, cheetah gained rapid development, careful investors find, cheetahs rapid growth in recent years is to rely on Nike Zoom Soldier VIII 360 and Tencent, Baidu fierce competition to get as 360 enemy lucky cheetah became Tencent, Baidu two giants of friends, Tencent and Baidu growing use of cheetah blocking 360, won for their own business development space. Although the installed capacity cheetah big product, but because of their lack of bonuses and channels, mainly through Tencent and Baidu bundle installed on the user's desktop. But last year, the giants have realized the importance of security, as many business moat, giants are built on top of the security, if the security depend on other people, has no foundation in the castle in the air, is extremely unstable ʱ?? So you can see, Tencent phone Butler has put a crucial strategic position, Baidu also launched Baidu antivirus, Baidu mobile guards and other PC and mobile end security products to build their own security moat. Today the company is no longer mobile QQ, micro letter cheetah bundled mobile security products, but the main push Tencent mobile housekeeper, so the cheetah experience to survive in the giant wings, or to see other people's face, nor is it a better day. [IT Times Editor] pattern PC era, Tencent Kingsoft Internet first vote, and shares of Sogou, which is safe and the search, however, the era of mobile applications treasure, mobile butler, browser and other mobile products and it is doing well with cheetah moving, Sogou, competing among inevitably be discarded. For cheetah Mobile, instead of waiting to be abandoned, it would be better to take the initiative, the army, if the listing is successful, can win the initiative and dominance. [Editor / FENG Min] Sky, edit Financial Network.