1.48 yuan per share and a total market value of 488 million yuan - On July 1, Baofeng Group (hereinafter referred to as "Baofeng", 300431.SZ) was suspended from trading, and its stock price and market value were frozen at these two figures.

On July 8, the Shenzhen Stock Exchange decided to suspend its listing.

According to relevant regulations, Baofeng still has a chance to stay in the A-share market, as long as it discloses its 2019 annual report within one month.

But Baofeng may not be able to do this.

The company currently has neither a chief financial officer nor a securities representative, and it was unable to hire an auditor until it was suspended.

A year ago, Baofeng founder Feng Xin was taken away by the public security organs on suspicion of committing a crime. Many senior executives resigned one after another, and the company fell into the dilemma of being unable to repay debts and pay wages.

Buildings rise and fall in just a few years.

Baofeng was listed on the GEM on March 24, 2015. In the following 40 trading days, Baofeng created 36 daily limit boards.

Its stock price once reached 327.01 yuan, and its peak market value exceeded 40 billion yuan. It was called a "demon stock" by investors.

The combined market value of peers Youku and Tudou is also much lower than that of Baofeng. At that time, some people joked that Baofeng could buy Youku and Tudou.

The previous storm was a symbol, and its successful listing accelerated and promoted the collective return of Chinese concept stocks.

It's a pity that the storm itself couldn't achieve a leap through this, but just passed by like a meteor.

Echoing Feng Xin's original words, "Always be prepared for nothing." Regarding Baofeng's failure, Feng Xin believed that it was mainly his own "incompetence."

When he said this, I wonder if Feng Xin thought of Lei Jun's evaluation of him: the direction you are looking for is not big enough; you have to find someone to help you; you don't have a deep understanding of money.

Personal abilities and destiny will always roll with the wheels of the times. Perhaps it is the background of that era that accelerates the storm to gradually come to an end.

If he had foreseen that it would end like this, would Feng Xin still choose to go public?

For a long time, Baofeng had been planning to be listed on Nasdaq. Later, due to the failure of Chinese concept stocks to be listed in the United States, they decisively adjusted their ownership structure, replaced foreign shareholders with RMB investors, and switched to GEM.

"This process is as painful as shedding skin." Domestic listing has not been smooth sailing either.

According to the original idea, Baofeng wanted to go public by the end of 2012.

Unfortunately, in the nearly 14 months since November 2012, A-shares have carried out what is known as the most stringent IPO financial inspection in history, and the listing of new shares has essentially been suspended.

While waiting for the unknown end, Baofeng decided to cooperate with Ali in negotiations.

Before restarting the IPO in 2014, Baofeng and Alibaba had already discussed cooperation for several rounds.

At that stage, Alibaba was actively developing audio and video assets, and Baofeng was a "national software" and "a must-have for installation."

Alibaba promised to invest US$900 million over several years and would also exchange resources with Baofeng.

If he had accepted Ali's "recruitment" at that time, Feng Xin's life might have been completely different from what it is now.

"After get off work, go eat snail noodles, eat watermelon somewhere, go boating, watch a new movie, and then have a reading club or something." For a long time, Feng Xin's well-known image was, He meditates, reads "Tao Te Ching" and "John Christopher", and is a rock and roll youth.

But he chose to continue listing.

On the other hand, Ali switched to Youku Tudou.

Like many entrepreneurs, Feng Xin is a romantic with a hero complex.

He recalled that when he was working at Jinshan in his 20s, the most exciting scene was "everyone was thinking about how to do better every day and who could become a hero."

In his 40s, at a dinner party with old colleagues from Jinshan, Lei Jun revealed that Xiaomi had just completed a new round of financing, with a "valuation of US$10 billion."

This greatly stimulated Feng Xin. After returning home, he kept reflecting: How is he inferior to others?

Compared to being acquired by Alibaba, going public gave Feng Xin the opportunity to take a leap and seize his dream.

Shortly after the listing, Feng Xin proposed that Baofeng would become a member of a US$10 billion company in the future.

The enthusiasm for A-shares makes the decision to go public seem extremely correct.

Baofeng went public in March 2015, issuing 30 million shares at a price of 7.14 yuan per share.

In other words, Baofeng’s original plan was just to take away more than 200 million from the stock market.

Considering that Baofeng was a "small" company until it went public, this plan is more rational.

For the whole of 2014, Baofeng's revenue was less than 400 million, and its revenue was very single, mainly relying on advertising; its net profit increased by 8% year-on-year, which was due to a sharp decline in the previous year.

Unexpectedly, the market went crazy.

The stock price rose from the issue price of 7.14 yuan to a maximum of 327.01 yuan.

The rising stock price is accompanied by endless questions: How can the storm support such a high stock price?

Some people suspect that Feng Xin himself is speculating on the stock price and making profits from it. More people think that Baofeng is just "good luck."

An early investor in Baofeng said that if it weren’t for that stage and that market situation, it would be difficult for something like that to happen.

And this kind of small probability event happened to hit Feng Xin and Baofeng.

If we put it now, it would be difficult for such a company to create such a storm in the A-share market, but 2015 will be different.