本文章刊登在CHINA DAILY-艾问专栏
刚刚过去的2018年，港交所新上市公司超过210家，集资额超过2900亿港元，创2010年以来新高，并且超过纽交所、东京证券交易所和纳斯达克，重夺全球第一的宝座。
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.
这一年，雷军在港交所敲响了小米的上市钟，王兴把美团带到了港交所，马明哲把平安好医生的IPO放在了香港……越来越多的明星企业将港股市场纳入到了自己的版图之中，这其中，也包括“全球新经济智能移动广告第一股”汇量科技。
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，汇量科技（Mobvista）正式在香港联合交易所敲锣上市，让市场重新认识了这家中国第一、全球前十的第三方移动广告平台。
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.
汇量科技的官方网站上写着这样一段话，“从创立Mobvista的第一天开始，我们一直致力于为合作伙伴提供全栈式的产品服务，帮助他们实现成就的价值最大化。”
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.”
用五年的时间，汇量科技实现了每日触达设备数量9.5亿，覆盖超200个国家的用户，据艾瑞咨询的数据显示，2017年中国出海应用下载量排名前50的移动应用中，超过90%的广告主都在使用汇量的推广服务。
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《艾问顶级人物》，对话汇量科技联合创始人兼总裁曹晓欢，探寻港股新势力背后的秘密。
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.
逆市场而起 IPO是企业自身需求
The decision to IPO against the current market trends was driven by the company’s internal needs
尽管港股市场在2018年创下IPO神话，但另一个不争的事实是恒生指数全年下跌13.7%，对于上一年大涨36%领跑全球股市的恒指来说，或多或少失去了一些投资者的追捧。
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.
汇量科技联合创始人曹晓欢对艾问表示，这次IPO是逆市场而起，投行都在建议汇量不要against the market，但汇量依然坚持企业的发展节奏、根据企业自身的需求来，不能完全跟着经济周期的走势来。
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.
艾问注意到，与众多迫于资本压力赴港上市的“独角兽”公司不同，汇量科技在上市前已经实现了连续三年盈利。
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.
公开披露的数据显示，2015-2017年，汇量科技分别实现收入1.58亿美元，2.68亿美元和3.12亿美元，复合年均增长率超过40%，2015-2017年净利润分别为871万美元，1978万美元和2732万美元，复合年均增长率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%.
时间倒回到5年前，汇量科技在成立之初就将自己定位为一个服务于移动互联网企业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.
用曹晓欢的话说，“我们在2013年觉得整个中国的技术积累、人才积累、资本积累都已经到达可以让中国的互联网公司在全球竞争舞台上，去跟海外的公司PK的这样一个阶段。所以我们在做战略抉择的时候，就把这个方向作为我们唯一的选项，我们不去做其它的事情，只做这一件事。”
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年间，汇量科技与 Google、Twitter 和 Facebook 等全球顶尖互联网平台建立了战略合作关系，服务了包括百度、阿里巴巴、Uber、Flipkart、360在内的超过60个国家和地区的广告主，移动流量体系覆盖全球200多个国家和地区。
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年后的今天，这个市场依然极其广阔。根据艾瑞报告数据显示，全球移动应用推广支出正在逐年攀升，2017-2022年均复合增长率达16.2%，其中程序化广告市场的规模2017年273亿美元，预计2022年增至690亿美元，2017-2022复合年均增长率达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%.
顺势而为，逆势而起，汇量的选择既出乎意料，又在情理之中。
In order to take advantage of this trend, Mobvista has had to make both unexpected and understandable choices.
艾诚VS曹晓欢
艾诚：投资人对2018年有几个总结，说现在经济周期是个底，政策是个底，市场的资金也是个底，各种底，但是这个时候更是大浪淘沙，汇量要勇往直前？
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?
曹晓欢：我们称这次的IPO是逆市场而起，投行都建议我们不要against the marke，但是我们最后还是觉得企业的发展节奏还是要根据企业自身的需求来，不能完全跟着经济周期的走势来。
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.
艾诚：这得多自信啊！
Gloria Ai: This is a really confident move!
曹晓欢：无非就是在这个时候往前走，你的步子低一点，挣的钱少一点。
Xiaohuan Cao: It is nothing more than keeping a low profile and making fewer profits while taking a step forward at this time.
我们做国际业务的，一家中国公司的品牌在外面，到底是不是一个上市公司，还是有本质性的区别，涉及到投资伙伴对于公司的认知，对于公司的透明度是不同的，所以我们到最后还是决定市场再差也要上。
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.
艾诚：我是挺看好，经济虽然有周期，但如果你做的是有价值的事，到历史长河一拉，短期的定价低一点，估值低一点，也无关企业的长远发展。
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.
曹晓欢：是，让投资人抄个底，我们主动让投资人抄个底。
Xiaohuan Cao: Yes, let the investors fish at the bottom. We are OK with offering a bottom-fishing opportunity.
港股市场自今年6月份开始，新股公开认购不足情况不断涌现。在新股IPO中，7月份有8家公开认购不足，10月份和12月份分别为4家和6家，全年累计达到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.
与之形成鲜明反差的是，汇量科技的招股结果显示，公开发售部分录得超额认购1.83倍，不会说谎的市场显然“选择”了相信汇量。
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.
对于任何一家上市公司来说，投资人更关注的是未来前景，对于汇量科技而言，港股上市只是一个开始。
For any listed company, investors care more about future prospects. For Mobvista, the listing in Hong Kong is just a beginning.
全球化是中国移动互联网未来五年最大红利
Globalization is the biggest benefit for China Mobile Internet companies
汇量科技在做的事情，是一手服务广告主，一手服务流量的供给方，它在中间起到的是一个聚合平台的作用。
Mobvista serves as an aggregation platform between advertisers and providers of service traffic.
在近年互联网行业的用户增长探顶、人口红利消失后，万亿级规模的ToB市场被认为是下一个重大机会。从创立之初就投身中企出海服务领域的汇量科技，早已验证To B市场蕴藏了巨大潜力。
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.
作为大数据和AI技术驱动型的公司，汇量科技将广告主的广告发布至其平台可以触达的遍布全球的应用内广告位，根据精准用户画像向APP用户投放感兴趣的广告内容。
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.
通过大数据AI系统，汇量科技的触角在移动营销行业的上下游不断延伸，链接移动生态中的广告主、开发者和用户，构建了一个规模化的业务闭环。
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.
掌握了技术，打通了渠道，开创了模式，汇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.
曹晓欢表示，汇量科技过往三年服务的客户平均每年的留存在85%以上，也就是说今年有100家客户跟汇量合作，第二年至少还有85家选择继续合作，并且涵盖游戏、工具、电商、社交内容等全品类App开发者。
Xiaohuan Cao said that the 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.
为了完善自己的流量生态，汇量科技还相继收购了美国原生广告平台NativeX和丹麦移动游戏数据分析公司GameAnalytics，进一步稳固了汇量在海外移动广告领域的市场地位。
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.
但这一切依然不够，曹晓欢说，“我们用了五年的时间建立了一张覆盖全球200多个国家的服务网络，希望在汇量的下一个五年，也就是在汇量十周年的时候，我们能够真正意义上成为在这个行业中间有重要影响力，且对于我们的客户而言不可替代的这样一个合作伙伴。”
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.”
艾诚VS曹晓欢
艾诚：通过“艾问汇量”，一个很大的体会是您有非常清晰的战略，比如说不惜成本去做研发，第二个是既全球又很本土，我们叫“think globally, act locally”，在每一个细分的市场都是本土化的操作，但是又是全球的视野。
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.
我注意到汇量并购和收购了很多优质标的，这让我很诧异，为什么作为一家年轻的创业公司也会在资本上用并购的方式去发展呢？
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?
曹晓欢：其实收购的这两家公司一家在美国，一家在欧洲，它分别代表着我们在美国跟欧洲市场的一个策略。
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.
我们收购那家美国公司现在就代表我们整个美国市场，美国市场是我们在中国以外最大的单一市场。
The US company we acquired now represents us in the entire US market, which is our largest market besides China.
我们收购这家欧洲公司，它其实是一个数据统计平台，但是它代表的是我们在整个游戏行业最为广阔的覆盖，因为这个公司其实是游戏行业里面最受欢迎的一款统计工具，通过这家公司的网络，非常好地把我们自己的广告业务也渗透进了这张网络里面去。
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.
艾诚：与其在新生的国际市场从0到1，不如找到志同道合者，通过并购、收购、入股的方式，渗透到这个市场？
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.
曹晓欢：对，加速我们的战略发展的进程。
Xiaohuan Cao: Yes, to accelerate the process of our strategic development.
艾诚：面向未来，预见未来，十年后的汇量，你会许下什么愿望？
Gloria Ai: If you were to face and foresee the future, what would you wish for Mobvista in a decade?
曹晓欢：希望我们在汇量的下一个五年，也就是在汇量十周年的时候，我们能够真正意义上成为在这个行业中间有重要影响力，且对于我们的客户而言不可替代的这样一个合作伙伴，因为我相信全球化是中国移动互联网未来五年最大的红利。
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..
艾诚手记：
Gloria Ai Notes:
“聚合”是曹晓欢提到最多的一个词，一手连接的是要出海的移动互联网公司，一手又链接的是有流量的媒体平台，汇量就成为了中国和世界的一个最重要的轴。
“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，他们在不确定中看到了出海的趋势，而未来的五年，他们要在出海的趋势中看到全球化的未来。不变的是，他们始终以帮助中国企业出海为己任，致力于消除信息的边界。
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.
