匯量科技曹曉歡：一次逆市場而起的IPO

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剛剛過去的2018年，港交所新上市公司超過210家，集資額超過2900億港元，創2010年以來新高，並且超過紐交所、東京證券交易所和納斯達克，重奪全球第一的寶座。

Last year over 210 new companies listed on the Hong Kong Stock Exchange, raising more than 290 billion Hong Kong dollars - a record high since 2010. This is more than the New York Stock Exchange, the Tokyo Stock Exchange and the Nasdaq, making the HKEX the leading venue for companies to make their market debut.

這一年，雷軍在港交所敲響了小米的上市鍾，王興把美團帶到了港交所，馬明哲把平安好醫生的IPO放在了香港……越來越多的明星企業將港股市場納入到了自己的版圖之中，這其中，也包括“全球新經濟智能移動廣告第一股”匯量科技。

Just in the past year on the HKEX Jun Lei rang the bell for Xiaomi, Xing Wang listed Meituan Dianping and Mingzhe Ma initiated the IPO of Ping An Good Doctor. An increasing number of star companies incorporated the Hong Kong stock market into their own business plans, including Mobvista – named by some as the "Leading Stock of the Global New Economy Smart Mobile Advertising".

2018年12月12日，匯量科技（Mobvista）正式在香港聯合交易所敲鑼上市，讓市場重新認識了這家中國第一、全球前十的第三方移動廣告平台。

On December 12, 2018, Mobvista was officially listed on the Hong Kong Stock Exchange,bringing more market attention to this third-party mobile advertising platform that's ranking top 10 in the world and 1st in China.

匯量科技的官方網站上寫著這樣一段話，“從創立Mobvista的第一天開始，我們一直致力於為合作夥伴提供全棧式的產品服務，幫助他們實現成就的價值最大化。”

On Mobvista's website it says: "Since the inception of Mobvista, Our belief has always been to offer a complete suite of products that can unlock the full potential of our partners and customers."

用五年的時間，匯量科技實現了每日觸達設備數量9.5億，覆蓋超200個國家的用戶，據艾瑞谘詢的數據顯示，2017年中國出海應用下載量排名前50的移動應用中，超過90%的廣告主都在使用匯量的推廣服務。

In the past five years, Mobvista has reached 950 million mobile devices each day in more than 200 countries. According to the data from iResearch Consulting Group, among the top 50 most-downloaded Chinese mobile apps released overseas in 2017, more than 90% of advertisers used Mobvista’s mobile advertising service.

本期《艾問頂級人物》，對話匯量科技聯合創始人兼總裁曹曉歡，探尋港股新勢力背後的秘密。

In this issue of "iAsk Leaders", we interviewed Xiaohuan Cao, Co-founder and President of Mobvista, to explore the secret behind the new forces of Hong Kong stocks.

逆市場而起 IPO是企業自身需求

The decision to IPO against the current market trends was driven by the company's internal needs

儘管港股市場在2018年創下IPO神話，但另一個不爭的事實是恆生指數全年下跌13.7%，對於上一年大漲36%領跑全球股市的恆指來說，或多或少失去了一些投資者的追捧。

Although the Hong Kong stock market set an IPO record in 2018, another indisputable fact is that the Hang Seng Index fell by 13.7% for the whole year. The Hang Seng Index, which was ahead of the global stock market by 36% last year, has fallen out of investors favour.

匯量科技聯合創始人曹曉歡對艾問表示，這次IPO是逆市場而起，投行都在建議匯量不要against the market，但匯量依然堅持企業的發展節奏、根據企業自身的需求來，不能完全跟著經濟周期的走勢來。

Xiaohuan Cao, Co-founder of Mobvista, told iAsk that the decision to IPO was against current market trends. Indeed, several investment banks suggested they not go against the market and hold off the IPO. However, Mobvista took action based on its own development pace and internal needs of the enterprise and did not follow the trend of the economic cycle.

艾問注意到，與眾多迫於資本壓力赴港上市的“獨角獸”公司不同，匯量科技在上市前已經實現了連續三年盈利。

iAsk noticed that unlike many companies that were under capital pressure to go public in Hong Kong, Mobvista had achieved three consecutive years of profit before listing.

公開披露的數據顯示，2015-2017年，匯量科技分別實現收入1.58億美元，2.68億美元和3.12億美元，複合年均增長率超過40%，2015-2017年淨利潤分別為871萬美元，1978萬美元和2732萬美元，複合年均增長率77.1%。

Based on publicly disclosed data, in 2015-2017 Mobvista generated revenues of US$158 million, US$268 million and US$312 million respectively, with a CAGR (Compound Annual Growth Rate) of over 40%. The net profits for 2015-2017 respectively were US$8.71 million, US$19.78 million and US$27.32 million, with a CAGR of 77.1%.

時間倒回到5年前，匯量科技在成立之初就將自己定位為一個服務於移動互聯網企業出海的流量聚合平台。

Five years ago when Mobvista was founded it was positioned as a traffic aggregation platform for mobile Internet companies to go global.

用曹曉歡的話說，“我們在2013年覺得整個中國的技術積累、人才積累、資本積累都已經到達可以讓中國的互聯網公司在全球競爭舞台上，去跟海外的公司PK的這樣一個階段。所以我們在做戰略抉擇的時候，就把這個方向作為我們唯一的選項，我們不去做其它的事情，隻做這一件事。”

As Xiaohuan Cao put it, "We felt that in 2013 the accumulation of technology, talent and capital in China had reached such a phase where Chinese Internet companies were able to compete with the overseas ones in the global arena.Therefore, when we were making our strategic choices, we set this direction as our only target. We didn't focus on anything else."

5年間，匯量科技與 Google、Twitter 和 Facebook 等全球頂尖互聯網平台建立了戰略合作關係，服務了包括百度、阿里巴巴、Uber、Flipkart、360在內的超過60個國家和地區的廣告主，移動流量體系覆蓋全球200多個國家和地區。

Since then Mobvista has established strategic partnerships with the world's top Internet platforms such as Google, Twitter and Facebook, serving advertisers in more than 60 countries including Baidu, Alibaba, Uber, Flipkart and 360. Theses mobile traffic systems covers more than 200 countries and regions around the world.

5年後的今天，這個市場依然極其廣闊。根據艾瑞報告數據顯示，全球移動應用推廣支出正在逐年攀升，2017-2022年均複合增長率達16.2%，其中程式化廣告市場的規模2017年273億美元，預計2022年增至690億美元，2017-2022複合年均增長率達20.4%。

Five years later, the market is still extremely broad. Based on data from iResearch the global mobile app promotion expenditure is increasing year by year, with a CAGR of 16.2% in 2017-2022. The scale of the programmatic advertising market reached US$27.3 billion in 2017 and is expected to rise to US$69 billion in 2022. The CAGR for 2017-2022 is 20.4%.

順勢而為，逆勢而起，匯量的選擇既出乎意料，又在情理之中。

In order to take advantage of this trend, Mobvista has had to make both unexpected and understandable choices.

艾誠VS曹曉歡

艾誠：投資人對2018年有幾個總結，說現在經濟周期是個底，政策是個底，市場的資金也是個底，各種底，但是這個時候更是大浪淘沙，匯量要勇往直前？

Gloria Ai:Investors have reached several conclusions about 2018, claiming that the current economic cycle is at the bottom, that the policy is at its lowest point and the same for market funds. However, Mobvista decided to go against this trend?

曹曉歡：我們稱這次的IPO是逆市場而起，投行都建議我們不要against the marke，但是我們最後還是覺得企業的發展節奏還是要根據企業自身的需求來，不能完全跟著經濟周期的走勢來。

Xiaohuan Cao:Yes, the decision to IPO was against current market trends. Indeed, several investment banks suggested they not go against the market and hold off the IPO. However, Mobvista took action based on its own development pace and internal needs of the enterprise and did not follow the trend of the economic cycle.

艾誠：這得多自信啊！

Gloria Ai:This is a really confident move!

曹曉歡：無非就是在這個時候往前走，你的步子低一點，掙的錢少一點。

Xiaohuan Cao:It is nothing more than keeping a low profile and making fewer profits while taking a step forward at this time.

我們做國際業務的，一家中國公司的品牌在外面，到底是不是一個上市公司，還是有本質性的區別，涉及到投資夥伴對於公司的認知，對於公司的透明度是不同的，所以我們到最後還是決定市場再差也要上。

For an international business, there’s a fundamental difference whether a Chinese brand in an overseas market is a listed company or not. It involves the investors' perception of the company and the transparency of the company. So eventually we decided to go public no matter how bad the market condition was.

艾誠：我是挺看好，經濟雖然有周期，但如果你做的是有價值的事，到歷史長河一拉，短期的定價低一點，估值低一點，也無關企業的長遠發展。

Gloria Ai:I am quite optimistic about your company. Although the economy has cycles, if you are doing something worthwhile, the short-term lower pricing and valuation will not impact the long-term development of the company.

曹曉歡：是，讓投資人抄個底，我們主動讓投資人抄個底。

Xiaohuan Cao:Yes,let the investors fish at the bottom. We are OK with offering a bottom-fishing opportunity.

港股市場自今年6月份開始，新股公開認購不足情況不斷湧現。在新股IPO中，7月份有8家公開認購不足，10月份和12月份分別為4家和6家，全年累計達到22家。

Since June 2018, there has been under-subscription of shares in the Hong Kong stock market. Amongst the IPO of new shares, eight firms were undersubscribed in July, 4 in October and 6 in December, with a total of 22 across the whole year.

與之形成鮮明反差的是，匯量科技的招股結果顯示，公開發售部分錄得超額認購1.83倍，不會說謊的市場顯然“選擇”了相信匯量。

In sharp contrast,the company's IPO result showed that they attracted an over-subscription of almost double. This shows that the market has chosen to believe in Mobvista.

對於任何一家上市公司來說，投資人更關注的是未來前景，對於匯量科技而言，港股上市只是一個開始。

For any listed company, investors care more about future prospects. For Mobvista, the listing in Hong Kong is just a beginning.

全球化是中國移動互聯網未來五年最大紅利

Globalization is the biggest benefit for China Mobile Internet companies

匯量科技在做的事情，是一手服務廣告主，一手服務流量的供給方，它在中間起到的是一個聚合平台的作用。

Mobvista serves as an aggregation platform between advertisers and providers of service traffic.

在近年互聯網行業的用戶增長探頂、人口紅利消失後，兆級規模的ToB市場被認為是下一個重大機會。從創立之初就投身中企出海服務領域的匯量科技，早已驗證To B市場蘊藏了巨大潛力。

After the peak of user growth and the disappearance of demographic dividends in the Internet industry over the past few years, the trillion-dollar B2B market is considered to be the next major opportunity for advertising companies. Mobvista, which has dedicated itself to helping Chinese companies to go global, has already proven the huge potential of this growing B2B market.

作為大數據和AI技術驅動型的公司，匯量科技將廣告主的廣告發布至其平台可以觸達的遍布全球的應用內廣告位，根據精準用戶畫像向APP用戶投放感興趣的廣告內容。

As a big data and AI technology-driven company Mobvista publishes advertisers' ads to in-app advertising spaces and delivers interesting advertising content to app users based on an accurate grasp of user's appetites.

通過大數據AI系統，匯量科技的觸角在移動行銷行業的上下遊不斷延伸，鏈接移動生態中的廣告主、開發者和用戶，構建了一個規模化的業務閉環。

With its AI capacities, Mobvista is extending its reach both upstream and downstream in the mobile marketing industry, linking advertisers, developers and users in the mobile ecosystem, and helping them to scale.

掌握了技術，打通了管道，開創了模式，匯量自然就聚集到了流量。

So equipped with both the required technologies and access to the right advertising traffic, Mobvista has continued to gain traction in the global advertising market.

曹曉歡表示，匯量科技過往三年服務的客戶平均每年的留存在85%以上，也就是說今年有100家客戶跟匯量合作，第二年至少還有85家選擇繼續合作，並且涵蓋遊戲、工具、電商、社交內容等全品類App開發者。

Xiaohuan Cao said thatthe average customer retention rate in the past three years has remained above 85%,which means that among the 100 customers who worked with Mobvista in the first year, at least 85 of them continued into the second year. Customers cover a broad range of app developers, covering games, tools, e-commerce, social content and more.

為了完善自己的流量生態，匯量科技還相繼收購了美國原生廣告平台NativeX和丹麥移動遊戲數據分析公司GameAnalytics，進一步穩固了匯量在海外移動廣告領域的市場地位。

In order to improve its own traffic ecosystem Mobvista acquired NativeX, a native advertising platform from the United States, and GameAnalytics, a Danish mobile game data analytics company. Both of these acquisitions further strengthen Mobvista's overseas market position.

但這一切依然不夠，曹曉歡說，“我們用了五年的時間建立了一張覆蓋全球200多個國家的服務網絡，希望在匯量的下一個五年，也就是在匯量十周年的時候，我們能夠真正意義上成為在這個行業中間有重要影響力，且對於我們的客戶而言不可替代的這樣一個合作夥伴。”

But all this is still not enough, Xiaohuan Cao said. "We have spent five years building a service network covering more than 200 countries around the world. We hope in the coming five years, that is, at the tenth anniversary of the foundation of Mobvista, we can truly become such a partner that has significant influence in this industry and is irreplaceable to our customers."

艾誠VS曹曉歡

艾誠：通過“艾問匯量”，一個很大的體會是您有非常清晰的戰略，比如說不惜成本去做研發，第二個是既全球又很本土，我們叫“think globally, act locally”，在每一個細分的市場都是本土化的操作，但是又是全球的視野。

Gloria Ai:Through the "iAsk Mobvista", I felt strongly that you have a very clear strategy, such as conducting research and development at all costs. Also, your strategy is both global and local, as we call it "think globally, act locally", meaning that you localize the operation in every segment of the market while upholding a global vision.

我注意到匯量並購和收購了很多優質標的，這讓我很詫異，為什麽作為一家年輕的創業公司也會在資本上用並購的方式去發展呢？

I noticed that Mobvista merged and acquired a lot of quality targets, which surprised me a lot. Why would Mobvista grow through mergers and acquisitions in terms of capital as a young startup company?

曹曉歡：其實收購的這兩家公司一家在美國，一家在歐洲，它分別代表著我們在美國跟歐洲市場的一個策略。

Xiaohuan Cao:The two companies acquired are located in the United States and Europe respectively, which is important for our strategy for the US and the European market.

我們收購那家美國公司現在就代表我們整個美國市場，美國市場是我們在中國以外最大的單一市場。

The US company we acquired now represents us in the entire US market, which is our largest market besides China.

我們收購這家歐洲公司，它其實是一個數據統計平台，但是它代表的是我們在整個遊戲行業最為廣闊的覆蓋，因為這個公司其實是遊戲行業裡面最受歡迎的一款統計工具，通過這家公司的網絡，非常好地把我們自己的廣告業務也滲透進了這張網絡裡面去。

The European company we acquired is actually a statistics platform, which gives us the broadest coverage of the entire mobile gaming industry as it has developed the most popular statistical tool. Through the company's own network, we can smoothly incorporate our own advertising business into it.

艾誠：與其在新生的國際市場從0到1，不如找到志同道合者，通過並購、收購、入股的方式，滲透到這個市場？

Gloria Ai:Instead of building everything from scratch in the emerging global market, you chose to find a like-minded partner and infiltrate into this market through mergers, acquisitions and becoming a shareholder.

曹曉歡：對，加速我們的戰略發展的進程。

Xiaohuan Cao:Yes, to accelerate the process of our strategic development.

艾誠：面向未來，預見未來，十年後的匯量，你會許下什麽願望？

Gloria Ai:If you were to face and foresee the future, what would you wish for Mobvista in a decade?

曹曉歡：希望我們在匯量的下一個五年，也就是在匯量十周年的時候，我們能夠真正意義上成為在這個行業中間有重要影響力，且對於我們的客戶而言不可替代的這樣一個合作夥伴，因為我相信全球化是中國移動互聯網未來五年最大的紅利。

Xiaohuan Cao:We hope in the coming five years -so for Mobvista's 10th anniversary - we can become a company with significant influence in the industry that is irreplaceable to our customers.I believe that globalization is the biggest benefit for China Mobile Internet companies over the next five years.

艾誠手記：

Gloria Ai Notes:

“聚合”是曹曉歡提到最多的一個詞，一手連接的是要出海的移動互聯網公司，一手又鏈接的是有流量的媒體平台，匯量就成為了中國和世界的一個最重要的軸。

"Aggregation" was the most mentioned word by Xiaohuan Cao. Connecting the mobile Internet companies that yearn to go global on one side and the media platform with traffic on the other, Mobvista has become one of the most important axes between China and the world.

在五年前，他們在不確定中看到了出海的趨勢，而未來的五年，他們要在出海的趨勢中看到全球化的未來。不變的是，他們始終以幫助中國企業出海為己任，致力於消除資訊的邊界。

Five years ago, they saw the trend of going global despite the uncertainty, but in the next five years, they will see the future of globalization along with the globalization trend. What remains unchanged is that they are always committed to helping Chinese companies go global.

END