Stepping on the middle of the stroke, it is not recognized by the market.
For a tech company, this is a tragedy.
Since Facebook changed its name to Meta and made every effort to break through the metaverse, for a long time, the metaverse has been another outlet after new energy.
With the blessing of Meta, many companies began to transform the Metaverse and invested a lot of energy and financial resources in the Metaverse field, but due to technical limitations and immature hardware, Meta finally collapsed the Metaverse. Zuckerberg also had to concentrate Meta's main resources on the AI field, and due to its timely "closure", Meta's stock price began to recover and doubled**.
As the world's largest metaverse company, Meta's turn has suffered tens of thousands of "followers", and Feitian Yundong is one of them.
In October 2022, Feitian Yundong, the "first share of the metaverse" in Hong Kong, was listed on the Hong Kong Stock Exchange, and it is an exaggeration that the word "metaverse" was mentioned 321 times in its prospectus.
Although this company has the halo of "the first share of the metaverse" in Hong Kong stocks, its "meta" content is not high, and the Economic Observer has reported that taking off the coat of the metaverse, Feitian Yundong is actually an AR VR marketing service company, its main business is advertising services, and there is not much core technology.
After Feitian Yundong went public, the market did not buy it, and the company's stock price broke on the first day of listing.
Fortunately, after the metaverse, artificial intelligence soon became a global outlet, and driven by the concept of AI, Feitian Cloud moved out of a wave. It is worth noting that since then, the company has also mentioned the metaverse less and less.
The good times did not last long, and the stock price rise did not last long, and after a short period of topping and sideways, its stock price began to "cliff-like".
According to statistics, it ranges from a maximum of 5HK$21 shares** have fallen by more than 90% so far, and their market value has evaporated by more than HK$8.4 billion, or about RMB 7.7 billion. At present, the market capitalization is less than HK$1 billion.
And according to the results of the quarterly review previously announced by Hang Seng Indexes Company. The number of constituent stocks of the Hang Seng Composite Index decreased from 518 to 514, of which Feitian Yundong was excluded. In addition, according to the announcement of the adjustment of the Hong Kong Stock Connect issued by the Shanghai ** Exchange and the Shenzhen ** Exchange, Feitian Cloud was removed from the list of Hong Kong Stock Connect, and all changes will take effect on March 4, 2024.
Affected by this, on March 4, Feitian Yundong's stock price fell by more than 30%.
The global tuyere, a big change in five years, a small change in three years.
Every time a new outlet appears, there are always some listed companies that want to rub the concept, so as to pull up the stock price and take the opportunity to make a profit. After the fire of the metaverse, in addition to the first-line echelon of Internet companies, companies such as Zhongqingbao and Tianxiaxiu have also launched metaverse businesses, and even consumer companies such as Naixue's tea and Mixue Bingcheng have made great efforts to rely on the concept of the metaverse.
In the context of that time, as long as the concept of the metaverse is touched, the capital market can give a good valuation. Therefore, the VR content service provider Feitian Yundong uses the "metaverse concept" as the label to impact the IPO.
According to the data, Feitian Yundong was formerly known as Beijing Zhangzhong Feitian Technology Co., Ltd., which was jointly funded by Yang Xuekai, Guo Xiaofeng and Song Pengpeng.
It was originally a game publishing platform.
In 2009, Wang Lei served as the general manager of Feitian in the palm of his hand, and led the creation of a number of stand-alone games such as "God of Drag Racing", "Alice Wonderland Elimination", and "Interstellar Armament".
Until 2017, as mobile games began to become the mainstream of the market, and VR began to slowly become popular, Wang Lei advocated the transformation to AR VR services.
At the same time, the company is still listed on the market. Two years after the listing, Feitian Cloud announced the completion of the transformation to the AR VR content and service business, and quickly delisted from the first class. Since then, Feitian has carried out 5 rounds of financing.
In 2021, the fire of the metaverse made the company see the "opportunity", and once again transformed into a formal strategic layout in the metaverse field, and the company's name was changed from Feitian in the palm of your hand to Feitian Yundong.
Wang Lei also gave his own explanation for the behavior of chasing the wind, which can be summed up in four words:
Go with the flow.
Only a month after the strategic transformation, Feitian Yundong began to sprint to Hong Kong stocks, but according to the content of its prospectus, from 2019 to 2021, Feitian Yundong's AR VR marketing service revenue was 13.7 billion yuan, 14.2 billion yuan, 36.7 billion yuan, accounting for respectively. 2%。
In other words, Feitian Cloud is still an AR VR marketing service company in essence.
If you use one sentence to sum up the flying clouds, it is "always chasing the wind".
But as the market becomes more and more mature, the cost of chasing the wind will become greater and greater, until it is eliminated by the market. After Feitian Yundong was successfully listed on the Hong Kong stock market, its stock price began a long road after a short period of **.
It is clear that the market is immune to "concept stocks".
It is worth noting that the node of "cliff-like"** in Feitian Cloud is in the window period of the 2022 annual report.
According to its 2022 financial report, the annual operating income was 106.6 billion yuan, a year-on-year increase of 7910%；Net profit attributable to the parent company was 23.7 billion yuan, a year-on-year increase of 23724%。
Not only that, the company's 2023 interim results still continued the growth trend, with revenue reaching 59.9 billion yuan, and the net profit also reached 11.6 billion yuan, such a good "answer", but failed to exchange for the "affirmation" of the market.
Even some brokerages were slapped in the face. After the release of its financial report, Everbright ** pointed out that the concentrated release of AIGC progress is good for the game industry, and the entertainment game content has a high tolerance for the potential reliability risk of AIGC, a high degree of recognition for its creativity and interactivity, and the progress of AIGC promotion may exceed expectations, and the valuation of the game sector is expected to increase. Therefore, the brokerage also recommends paying attention to Feitian Yundong.
In addition to Everbright, Chen Li, manager of Guolian**, also listed Feitian Yundong in the seventh largest heavy stock of Guolian Shanghai-Hong Kong-Shenzhen Consumption in the fourth quarter of last year. At that time, the market value of Feitian Yundong was less than HK$3 billion, and its valuation was only 8 times.
In addition, a brokerage firm in Shanghai issued a research report pointing out that it is optimistic about the long-term space of the Hong Kong-listed company Feitian Yundong, and the company's management has voluntarily committed to the sale to demonstrate confidence, and according to the valuation of the A-share listed company Fengyuzhu, it will begin to give Feitian Yundong a follow-up 32% of the ** space in September 2023.
However, all this optimism did not bring super high returns.
The continuous ** also made the company's management very uncomfortable. In August 2023, the company's controlling shareholders pledged that they would not ** their shares for a period of six months commencing August 18, 2023. Not only that, but in November 2023, the company also threw out a HK$70 million buyback plan.
But these benefits have not stopped the company's stock price**, and after entering 2024, the company's stock price will continue**, and its decline will be more than 71% during the year.
In the face of the company's stock price, Feitian Yundong issued a statement saying that after making reasonable inquiries, it was confirmed that it did not know the reason for the change, and also confirmed that the business operation remained normal, and there was no substantial change in business operation and financial condition. The controlling shareholders, directors and senior management of the company have no recent acts and plans.
Kanjian Finance believes that the market has reached the stage of moving from virtual to real, and only by striving to make the main business grow rapidly and speak with performance can it regain the favor of the market.