Group 1 - The core viewpoint of the article highlights the unpredictable nature of the internet industry's listing game, emphasizing the interplay of timing and fate in the success of companies like ByteDance and Kuaishou [1] - ByteDance has not yet entered the capital market despite years of preparation, while Kuaishou has successfully completed its listing, indicating a strategic divergence and the influence of external factors [1] Group 2 - The current listing window is characterized by a significant compression of price-to-earnings ratios, which has become a consensus in the industry [3] - Xu Xin's decision to buy existing shares is described as a high-risk gamble rather than a stable value investment, with the potential for extraordinary returns or significant losses [3] - The differing listing experiences of ByteDance and Kuaishou are attributed to a combination of timing and corporate choices, while Xu Xin's gamble reflects both confidence in her judgment and a test of market conditions [3]