Over the past year the much time is near the busy time China network industry. On one hand, see way way constantly threw down the gold medal, the industrial spatial continue to shrink, continuous innovation power weakened, industry infighting appear constantly; On the other hand, a startup company constantly emerging, the wind investment promotion continuously, the listed news continuously came. It is a tricky prosperity. Ten years from the point of view of a cycle, the 2010-11 years in the QianChao with 2000-01 years Internet bubble period than I think it should be three than comparable constantly. With the last time, the concept of folly, the capital market is the Internet. Ten years ago, the Internet brings human infinite hope, with nets will spirit, with nets will fire. Ten years later, the Internet industry has passed the actual combat inspection, become an important impetus for the development of the society. So, to a certain extent, can put the current boom for understanding of the capital market and the mainstream of society to the affirmation of the network industry, although the sure maybe some exaggerated and dramatically. In the NASDAQ, China's network industry contributed dozens of the listed company, after the United States network industry, also calculate a proud of capital. With the last time, the capital market to network company showed a high valuations. Ten years ago, sina, sohu, netease without profit, but does not prevent capital market to them of the good future expectations, are in the market bubble before the broken market successfully. Ten years later, despite dozens of network company the good and bad are intermingled, performance is differ, but does not prevent capital market for they look up to one eye, mostly for success in very exaggerated p/e ratio is well on the market. Ten years ago, the network company listed but financing millions dollars, now frequently is hundreds of millions of dollars, even considering the falling dollar factor are also the progress of the cock of the walk around here. With the last time, the American venture funding and investment banking is to promote the main force of hot flashes. The United States venture funding and investment banking for the development of China's Internet industry helped, and played the catalyst and the role of the booster. Without them, ten years ago would not have three big portal to NASDAQ, also won't have today the prosperity of the Internet industry. To be sure, without them, China's development of the Internet will never touch the level of today, maybe even half the level also can not reach. With the last time, 10 years ago is network concept drive the Chinese concept, it is China concept drive the network concept. The last bubble is in the world scope common phenomenon, especially in the United States for what network. China network industry at that time was a baby, just by the foam. Since everyone together with fall, laugh together, cry in one place, fair and reasonable. This is not, other parts of the world, including the United States, and there is no network industry foam phenomenon, look at GOOGLE, apple, yahoo and amazon several DaiTouYang's share price no big change, that is, make a few haven't listed on the main innovation such as FACEBOOK and TWITTER for high valuations is individual and reasonable alone. Only China network industry sprung up, and all the dogs, cats, get high valuations, no matter how much fundamentals problems would be listed and gain freak high-profile high market value.