Going public does not always guarantee a surge in net worth. In 2000, many Chinese companies listed in the United States, including NetEase. On June 30, 2000, NetEase officially listed on NASDAQ with an opening price of $15.3, but closed at $12.125, a drop of 21.77%. Although the 29-year-old William Ding saw his net worth exceed $200 million due to the listing, NetEase fell into a financial crisis in 2001, with its stock price dropping below $1 at one point, facing the risk of delisting.
"Going public might be a beautiful trap," Ding once recalled this history years ago. To this day, he remains skeptical of Wall Street: "No great company has ever become successful by following the advice of Wall Street."
In 2011, many US-listed companies were targeted by short sellers. Following the successful privatization of Shanda in 2004, rumors circulated that NetEase might follow suit. An insider revealed that Ding believed Wall Street analysts understood neither the gaming industry nor Chinese internet companies, even expressing his frustration during an analyst meeting.