The bell for the return of Chinese stocks to Hong Kong rang again. Following the ideal, the HKEx ushered in the return of a Chinese concept stock. On November 18, 2021, according to the disclosure of the Hong Kong stock exchange, the microblog passed the hearing of the Hong Kong stock exchange. The second listing of microblog on the Hong Kong stock exchange not only complies with the return of China concept shares, but also constructs a broad "money" landscape for the company's content ecosystem and brings considerable investment returns to shareholders and investors who have long supported its development. 1. Pioneer and leader in social media industry Microblog, founded in 2009, is one of the earliest social platforms providing microblog services in China and a pioneer in the social media industry. In these 12 years, microblog has witnessed the leap forward of China's Internet economy from the earliest era of information interconnection to the era of industrial interconnection. In this process, microblog has transformed from PC to mobile, and users have also expanded from the first and second tier urban agglomeration to the sinking market. With its first mover advantage and accumulated professional knowledge and insight in the social media industry, microblog has accumulated a huge user base in Chinese communities in China and more than 190 countries around the world, and the influence of social media is increasing day by day. Up to now, the hot search and popular list of microblog have become the main and centralized news sources of social media. In addition, many event marketing and brand public relations activities choose microblog as the starting platform, that is, release relevant information and content to the market through "official microblog". Today, in the increasingly fierce wave of iterative updating of the Internet economy, after several ups and downs, microblog still ranks first in China's Internet social media influence. Looking back, the development path of microblog seems very clear and predictable. However, the realization mode of microblog is difficult to be copied or surpassed. Among them, the open, real-time, viral, comprehensive and social five core attributes of microblog construction are the gap that the latter or new entrants cannot overcome. At present, around the five core attributes of openness, real-time, viral, comprehensive and social, the microblog platform provides users, content creators and advertising and marketing customers with unique value propositions, so as to create a positive circulation and effective content ecosystem. Under the "fan economy" model jointly built by users, content creators and advertising and marketing customers, microblog has a diversified, rich and dynamic content ecosystem, which not only continuously builds a moat for high microblog content and realization, but also continuously tamps the position of leader in the microblog industry. According to the prospectus, in June 2021, microblog had 46 vertical fields, including celebrities, stars and entertainment, humor, media, variety and TV programs, fashion, beauty, finance and games. Among them, the monthly browsing volume of 28 vertical fields exceeded 10 billion times in June 2021. 2. The content ecology is getting better and better, and the diversified realization has won much praise from investment banks In recent years, platforms focusing on short video sharing and live broadcasting have become more and more popular. As a pioneer and leader in the era of Internet economy, microblog has actively increased its investment in video and live broadcasting. This not only makes the content ecosystem present diverse and rich application scenarios and services such as text, pictures, video, live broadcast and audio, but also promotes a virtuous circle of high-quality content, so as to attract more users to create content and participate in social interaction, so as to realize steady growth of microblog operation data and business performance. Up to now, thanks to the strong content ecosystem, microblog has become one of the preferred social media platforms for "generation Z" (i.e. the generation born in or after 1990) and users in non first tier cities. According to the prospectus, in June 2021, according to the data analysis results of microblog, more than 75% of the monthly active users identified by microblog belong to "generation Z"; More than 85% of the identified monthly active users live in non first tier cities in China (first tier cities include Beijing, Shanghai, Guangzhou and Shenzhen) or overseas cities. In terms of performance, with its unique social media attributes and fan economic operation mode, the profitability of microblog has achieved steady growth by firmly implementing the channel sinking strategy, optimizing the construction of content ecological field, and continuously strengthening the social attributes of products. The continuous improvement of profitability is the result of microblog's emphasis on R & D investment. Since its establishment, microblog is keen to develop innovative new products and services, create a better user experience, increase the channel investment of users, strengthen the distribution and content investment of social products, improve the stickiness and interaction of core users, and then continuously increase the proportion of value-added service revenue. With the company's eye-catching performance and the continuous improvement of the content ecosystem, microblog has also been highly recognized by investment banks and securities companies, and gives high performance expectations and target prices. Guosheng Securities believes that microblog has achieved a further breakthrough in traffic in the third quarter of 2021, strengthened product operation, and promoted the expansion of user scale and activity through channel and product upgrading; At the same time, the company improved its social relations products. In the third quarter, the microblog further strengthened the mining and distribution of social content and hot content in terms of information flow recommendation. The microblog live social product "microblog Lianmai" was combined with the Olympic Games in the third quarter, resulting in a large number of topics and communication. The bank expects that, based on the exchange rate of the same period last year, the revenue growth of microblog in the fourth quarter of 2021 will continue to maintain double-digit growth by 15% - 20%. CITIC Securities believes that microblog, as the main position of hot spot exploration and social media, has unique value to users and brand customers. It is expected to bring new increment to the company by making full efforts in key industries and improving quality and efficiency content marketing products. CITIC will continue to pay attention to the company's core social / hot spots, video and other product inputs and achievements, and is optimistic about the differentiated business solutions of microblog and its core social media value. The bank stressed that the functional upgrading of microblog video number and the improvement of the whole scene use experience of video can further reduce the participation threshold of video number, encourage more content producers to join, cultivate users' interest in video consumption, upgrade and launch continuous wheat live broadcast, and continue to strengthen the brand awareness of microblog direct broadcast. Maintain the "buy" rating with a target price of $63. 3. The track is in the Ascendant: strengthen business depth and consolidate the leading position of social media Looking forward to the future, as the social media industry where microblog is located maintains high double-digit growth and the Matthew effect is gradually strengthened, securities companies and investment banks are bound to give microblog higher performance expectations and goals. According to the burning knowledge consulting report, it has become the mainstream for advertisers to choose social media platforms with better effects in touch, positioning and delivery of results. The advertising revenue generated by the social media platform increased from RMB 8.3 billion in 2016 to RMB 138.6 billion in 2020, with a CAGR of 102.2%. It is expected to further increase to RMB 480.7 billion in 2025 at a CAGR of 28.2% from 2020 to 2025. In addition, the overall market share of social media advertising in the online advertising market is expanding. In the online advertising industry, the market share of social media platforms (in terms of revenue) has expanded from 2.9% in 2016 to 18.2% in 2020, and is expected to even further expand to 26.1% in 2025. With the increasing market share of social media platforms, as a leading enterprise of social media platforms, microblog will naturally usher in unprecedented opportunities. In the face of such market opportunities, the purpose of the funds raised by the microblog that returned to Hong Kong for secondary listing is very clear, that is, to increase scientific and technological empowerment, constantly improve the diversity, comprehensiveness and timeliness of the content ecosystem, build an unbreakable content ecological barrier, and increase cooperation and layout in vertical fields such as direct broadcast e-commerce, Further improve the liquidity of diversified. According to the prospectus, Weibo plans to use part of the raised funds for R & D, increase investment in advanced technologies such as artificial intelligence, cloud computing and big data analysis, and adopt new data rules to improve the recommendation engine, so as to upgrade the user experience, create a variety of income sources, and then improve the liquidity of products; Part of the funds are used to continuously expand the user base and enhance user participation, as well as improve the content ecosystem. Among them, it is planned to further enrich video content products by promoting the supply and consumption of video content on the microblog platform, such as strengthening cooperation with content copyright owners in key vertical fields to increase the supply of video content; Part of the funds will be used to selectively seek strategic alliances, investments and acquisitions to enhance users' insight, technology, products and ecosystem businesses or assets and strengthen their own liquidity. Conclusion: Under the situation that the golden track is in the ascendant and the company's performance has achieved steady growth, microblog will return to Hong Kong for secondary listing at this time. By focusing on the development of innovative products and functions to meet the different and changing needs of users and advertisers, it not only brings multiple cash channels to microblog, but also strengthens its core competitiveness and anti risk ability, creating unlimited possibilities for higher quality development in the future. (Xinhua News Agency)