Do it all at once, second time tired, third time exhausted.
Editor’s note: This article is from WeChat public account “node finance” (ID: jiedian2018 ), the author Lu Xiaoxiao.
On September 26, Master Lu issued an announcement that the number of shares offered for sale worldwide is 60 million shares, and the offer price is set between HK$2.3 and HK$3. It is expected to be traded on the Stock Exchange on October 10, 2019. The shares will be traded in board lots of 1,000 shares each.
This means that Master Lu is full of twists and turns, only one step away from successfully landing in Hong Kong stocks. Prior to this, Master Lu had already surrendered to the Hong Kong Stock Exchange twice, this time for the third time.
However, the current value of Hong Kong is the IPO winter, and the outside world is worried about the prospect of landing in Hong Kong stocks. As early as the prospectus was published, news from a Hong Kong brokerage showed that Master Lu’s current business could not support the existing valuation, the price was high, and it is very likely that “selling”.
The era of mobile internet, Master Lu has been OUT
For many of the computer whites of the year, Master Lu is no stranger to this software. How is the performance of the computer, the host, the hard disk, the CPU which is good, as long as the master runs with Lu, the bottom of the heart. Convenient and practical, Master Lu is very popular.
Even now, the surface data of Master Lu is still plausible. According to third-party Frost & Sullivan statistics, for the year ended December 31, 2018, the market share of monthly active users based on PCs and mobile devices was 98.8% and 58.9%, respectively, based on the user base. As of December 2018, the company’s monthly active users were approximately 113.6 million.
With your own words, Master 360 is the largest PC and smartphone hardware in China, and a provider of system evaluation and monitoring solutions. However, compared with the eye-catching data, Master Lu’s position in the public’s field of vision has been marginalized after the arrival of the mobile Internet, and some are similar.
The reason is that in the era of mobile internet, Master Lu has completely OUT.
First of all, running high does not mean that the product is good. With the advent of the mobile Internet, PCs are gradually becoming a thing of the past. In the current mobile phone manufacturers, mobile phones have evolved from simple hardware competition to design competition, OS competition and service competition. The running points can not explain the quality of a product. Simple assembly of high-performance accessories has gradually become a minority demand.
At the same time, due to the existence of Moore’s Law, the excessive performance of hardware becomes normal, and users are less and less flustered. Both mid- and low-end models can be used for everyday use, plus the native features of iOS and Android systems are more stable.The auxiliary effect of the test tool is optional.
In addition, major brand mobile phones, such as Xiaomi OV, develop their own security software and bring their own mobile phone butlers for testing. This has led to a further reduction in the demand for testing by Master Lu.
At the 360 conference four years ago, the big boss Zhou Hongyi said: “There is a hammer for running.” Unfortunately, it seems that Master Lu does not understand. Today, the main products are still oriented. Volkswagen’s general hardware evaluation tool.
The various rankings of PC & mobile phones launched by Master Lu each year have certain reference value for the selection of the relevant people, but controversy, gimmicks and saliva often follow.
And not long ago, some users broke the news that when using the software of Master Lu to perform computer hardware detection, the detected information is inconsistent with the configuration of the computer itself. It also shows that “Internet legacy” has a lifetime of over 100 million users and the “software evaluation” preferred software aura.
The shareholder’s blood transfusion can’t be recovered.
Unlike many companies’ bloodsheds, Master Lu not only increased revenues year after year, but also achieved profitability. From the financial data, in the past three years of 2016, 2017 and 2018, Master Lu’s operating income was 69.812 million, 123 million and 320 million yuan respectively, and their corresponding net profit was 31.761 million. 56.267 million and 76.619 million yuan.
However, the data is only superficial, and Master Lu still relies on a large number of blood transfusions from 360. In terms of the current shareholding structure, 360 indirectly holds 41.37%, which is the largest shareholder; Tianye holds 27.67% of the shares, which is the second largest shareholder; Shanghai Yuheng Network holds 23.64% of the shares, which is the third Major shareholder.
Mr. Lu’s majority of the proceeds are also from 360 and Yuheng Network. According to the prospectus, from 2016 to 2018, the total income of Master Lu from 360 and Yuheng Network accounted for 80.1%, 75.1%, and 29.9% of the total revenue of the company, respectively, and only accounted for a significant decline in 2018.
The current major source of profit for the company is achieved through online advertising and online gaming. The main customer groups of these businesses are still 360 and Yuheng Network. Master Lu himself said that in the future, most of Lu’s income will come from these companies.
For this over-reliant situation, Internet analysts