Koo: beginning from the start to go publiclisted two years ago, to find a good CFO, let him into your core team, and in the legal and financial level specification of your company. Find the most cattle team of experts, we are using was in charge of Baidu, Alibaba IPO team that is the Internet industry's most cattle oral / Youku founder Victor Koo Finishing / staff reporter Lushan Lin since the birth of the Internet in China, a total of three Overseas market boom, the first wave of Sina, Sohu, the portal era; the second wave, in 2005, Baidu listed; the third wave is the second half of 2010 this wave. The first wave, I was full participation in the US-listed Sohu; second wave when I leave Sohu start a business; the third wave, I was caught up. For me, the two went to the US capital market is very different feeling. 2000 road show, when most foreign investors in China is not too understanding, we need to spend a lot of time to explain the situation in China; but see investors late last year, they will tell I've been to China many times, there is a Investors in London told me that he had recently spent a week in Hunan, in fact I have not even had a week to be in Hunan. Investors understanding of China has been very thorough, so you see ten years ago, Chinese Internet stocks to rose and together, to fall down together, but in 2010 more than 40 companies listed in the United States, were mixed, foreign investors Air Jordan 13 Retro have You can distinguish between good and bad things. Clarifying the nature of the business, rather than a simple model of the standard because foreign investors have been very understanding of China, so that can not only use simple language to communicate with them like before, you can speak a little deeper. It implies the need to explore more deeply the nature of the problem, rather than simply their business models and the United States to mark the success of the company. Many people attributed the success of our listed Youku (NYSE: YOKU) proposed 'Hulu + Netflix' business model. I think this is misleading, we Air Jordan Women made that remark, but more important reason is the nature of the industry with investors made it very clear. China video site media misconception that video sharing is mainstream, in fact, never been mainstream, from the perspective of the size of the flow can be seen, we are closer to the Hulu model. We mainly sell advertising placement, which with Hulu exactly the same, but in fact we do television stations than even earlier ah Hulu, Hulu has not founded we have been doing, so who is the original worth exploring. I recently raised a point of view, 'more than the US model is the Chinese model' is the truth. Nonetheless, we need to tell the American people that we are China's investment 'Hulu + Netflix', after all, this will give him a reference, but we'll tell them that China's media environment is completely different with the United States, China is still a developing country, is playing the brand of the times, so video ads is more important, this is the essence of Chinese video site business ah. The Internet can not do this before, and a text chain, do what branding ah? But now China has excellent cool, we can do TV advertising placement, all big advertisers are aware of our cost-effective, so we are a very scalable model, so look heard clearly, and this with Hulu, Youtube pattern had nothing to do. Many people are wondering why such a Youku never profitable, single-quarter loss of more than 40 million yuan of the company, can get more than two billion dollars in financing. In fact, the explanation is very simple. When your income grow faster than the growth rate of investment, profit coming soon, and it is a massive profit. Youku early 2010 revenue growth rate of more than nine months of 2009 grew 135% over the same period, investment growth is much smaller losses gradually narrowing. We are with investors speak the truth. Important thing is not how much money losses today, but how much money the future. Our investment is not flowing costs, fixed costs, we will reflect investment earnings in coming years. In addition, we will tell investors, investment is a time limit, since the video in Internet penetration has reached 75.2%, and with just four or five years we started when it is very different, then is put up a lot every year times, after impossible. Analyzing the three elements listed many Chinese founder window to Wall Street roadshow, often their first time to see foreign investors, we are not the same. In June 2010, we take into account the income scale and pace of development of listed companies start thinking about this thing. At that time, I went to the United States met with some investors, after talking about I think we can prepare. But there is no exact timetable, because the middle may be a variety of situations and problems. Before and after the National Day, we are really determined to accelerate. Like a high school student to the university entrance exam, that you can take the exam no problem. The remaining question is exam time. College entrance time is actually the time to market window. The first is communication, we and shareholders, investment banking, investment communicate, listen to their views, this is the first parameter; the second is to look at Chinese Internet Air Jordan 9 Retro companies have been listed on the stock price performance, then Baidu, Sina have performed well; The third is the new Internet companies in the listing process of the case, at that time on the search room, chinacache such companies. These three points are very tricky, it would accelerate it. Youku, the next thing very well, because we have experienced before, and more importantly, from the start of the first day, we are in preparation for the listing. All our accounts are all standard listed company, law firm, the Audit firm approach, will be Air Jordan 7 Retro very surprised. If you're not ready, according to US accounting standards change, to change the legal framework, it is exhausted. Unlike many of us have experienced the founders of capital operation, then I suggest you must be equipped with a very cow CFO in the team, he will seal the deal all the problems. This is very important. At least half of the shares allocated to long-term investors and soon we see the global investor roadshow, and 12 days, ran 11 cities, 300 met to a investors Sohu market a decade ago, when I went to three more than a week, the relative ease a lot. Roadshow actually learned, best to do some homework before to targeted investors. I have asked investment banks to provide historical behavior of investors, which people bought, which people sell, when to buy? Some people took two years to sell, and some people are always going to trade transactions. After analyzing what I know is I want to see people, we must arrange a time. Investment bank, investment bank clients, he offers to give you his reasons, but the company point of view, you most understand the company's business, you know what research over long-term investors, which most closely matches your company. In the United States on December 8, when you want to set the issue price, we have several considerations. First, there are two pre-IPO shareholders of T. Rowe Price New Horizons Fund and Morgan Stanley came in as the entry time is too short, we do not want to set the issue price was so high, so just set 9-11, in fact, we Investors are very interested to know, also know it will go up, many people advised us to raise the price. From the perspective of the practice is concerned, we would have been set at 9-11, may also rise again to 20% which is 13 2, if declared, then you can set higher concentrations without requiring declaration. I still prefer to let others make money. I say we set 12.8 yuan, since December 8 Well, the investment bank is 12.8 yuan, really? I say really are. In fact, some investment banks hope that you set low. Want to go to the United States listed the founder must pay attention to the investment bank has two types of customers, one would like listed companies, one investment companies, investment firms is their long-term customers, we are their short-term customers. If the price high is actually money from them that we moved here, will be lower is the money that moved them. Youku pricing power in our own hands, but not necessarily the investment bank will put pricing to the company, to us because he knew we experienced team thing. For the Nike Shoes founders, the first to choose a integrity of investment banking, trust and culture, and finally shared decision-making. This really is art ah, I understand that in this area a decade ago have not been so deep. At the beginning of selected investment bank, you have to ask schedule, team experience their listing process, the proposed valuation. But many entrepreneurs too seriously valuation, investment banks know this area entrepreneurs sensitive thing, they tend to choose to give him the highest valuation of one, he estimates often so high is to attract you, six months after the call up, why? Or should find the strongest, find the highest valuation does not necessarily right, many entrepreneurs do not know this trick children. The team gave us basically with Alibaba Baidu original cast. I recommend this team to prepare to go to the United States listed Internet company founder, who is the top. Goldman Sachs is still very good, just a few days ago he Pricing good money we are talking about you is completely raise prices, but we decide only mentioned 12 8. In addition to pricing, another thing is also very important, and that is sub-shares. There will be a lot of people to call you, we all want to share. Some analysts of investment banks to hear our approach to listen to the silly, investors 2/3 with CFO my own pick, 1/3 allows investment banks to carry out his. Later, the investment bank told us that your vision is really too tricky, the first day of listing the next day was not up so bad? Virtually no one to sell, if we choose that two-thirds of which only 10 million investors come out. This is very particular. Investors have three, opening and run back and forth trading, long-term investment. Opening run of this investor I think that we should avoid contact, because the investment bank will help you divide this piece, which for him is a commission Well, this is actually very good for the company, provided the transaction Air Jordan Women volume and active degrees. I personally feel that half of the shares to be distributed to long-term investors, which would effectively guarantee the company's valuation. Thus, with the trading volume between the valuations we have balance, but also market price. In fact, from the start of the first day we started and investor relations is the two-way, they pick me I also picked them. We start the process of receiving funds without any venture capital, there are two evergreen fund, Evergreen funds are long-term Air Jordan Women investments, they have several years before the ban, which in China is hard to come by. Youku listed, listed on the first day rose, we are very happy, Dangdang is also the day of listing. Closing time, Dangdang bell. Everyone says that December 8 was 'Youku ringing.' December 11 I flew back to Beijing, 12 to Shanghai to attend a friend's wedding. Everything is going well.