OEXN：Meesho上市火爆

Core Insights - Meesho's successful debut in the capital markets has prompted a reassessment of emerging e-commerce models by global investors, indicating a recovery in risk appetite for growth-oriented internet platforms [5] - The strong performance of Meesho on its first trading day, with a significant fundraising scale among similar projects, reflects positive market sentiment towards its pricing [5] - Investors are shifting their evaluation criteria from short-term profitability to user scale, business expansion capabilities, and long-term ecosystem value, which are key reasons for Meesho's popularity [5][6] Market Trends - Recent IPOs have faced pressure in the secondary market, leading to concerns about the sustainability of initial public offerings; however, Meesho's performance alleviated some of these worries [5] - The strong subscription multiples and post-listing capital inflow emphasize that the market is not experiencing a complete downturn but is favoring companies with clear growth trajectories [5] Business Model Analysis - Meesho focuses on connecting small manufacturers with price-sensitive consumers, leveraging a simplified supply chain and digital operations to achieve low prices and high coverage [5] - This business model is well-suited to the evident trend of consumption segmentation and is easily replicable in more cities and regions, providing ongoing user expansion opportunities [5] Investor Sentiment - Although the company is still in a phase of investment with short-term financial performance under pressure, the market's tolerance for internet companies has changed, with investors more willing to pay for future growth rather than fixating on short-term profit fluctuations [6] - As long as user scale and transaction frequency continue to improve, losses will not be a decisive barrier to valuation [6] Macro Perspective - The IPO of Meesho sends a positive signal that global capital is refocusing on technology and consumer-oriented companies in high-growth markets [6] - In an improving liquidity environment, such companies are more likely to receive sustained attention and serve as reference points for future IPOs [6] Conclusion - Overall, Meesho's successful listing has injected confidence into the market and reaffirmed the core value of "model + scale" in the e-commerce sector [6] - Investors should remain cautious of initial volatility post-IPO, but from a medium to long-term perspective, the growth logic surrounding platform-based enterprises and user penetration capabilities will remain crucial for value assessment [6]