Welcome to the wechat subscription number of chuangshiji
By Ye Baoyi
Source: finance and Economics (ID: caijwj)
Wu Xiaobo once said that in all the upcoming tragedies, there are traces of previous mistakes.
Now in 2020, under the impact of the epidemic, a new round of ups and downs is still taking place in the global business community.
According to the statistics of it orange data, in the first half of this year, 41 innovation and entrepreneurship companies in China’s new economic field have closed down, including Baicheng tourism, China’s first o2o outbound tourism service provider listed on the new third board and supported by Alibaba.
Turning to the death list of new economy companies in 2019, most of them have closed down because of broken cash flow, poor business model and founder problems.
The bleeding new economy companies seem to show that it is not easy to start a business or keep a business, and industry participants need to move forward cautiously.
Exit bike sharing
Once upon a time, Luo Yonghao and Davey appeared in the movie “burning point”. Later, the hammer and ofo fell down. Now, Luo Yonghao is still making money to pay off his debts.
Looking back on those years, when ofo was at its zenith and the streets were all over the country, I couldn’t help feeling and regretting.
Recently, ofo, the ancestor of bike sharing, has lost contact with any address and phone number that investors can search for, and there is no way for suppliers to recover debts of 2 billion yuan. It takes 500 years for deposits to be refunded.
Ironically, Dai Wei, the founder of ofo, also announced the news of his becoming a baby father on his micro blog. His joy was beyond expression.
Born in 1991, Davy is a proud man.
He was a student bully since he was a child. In 2009, he was admitted to Peking University, and he was also the chairman of the student union of the University. He was recommended to be a graduate student.
In 2014, Dawei founded the ofo small yellow car, but no one paid attention to it at that time, and the borrowed 1 million yuan quickly burned out.
Just as he was worried, the concept of “sharing economy” became popular in China, and David and his little yellow car became the favorite of capital.
In 2016, Zhu Xiaohu, a famous investor who successfully invested in Didi, hungry Mo, xiaohongshu and Yingke, took the initiative to find Dai Wei. Since then, Xiaomi, Didi, Ali and other factions have successively invested in it. In just two years, ofo small yellow car has received a total investment of 15 billion yuan. In this short period of time, the total number of users of small yellow cars is at least 10 million levels.
This success has made Dawei inflated. He really thought he could make a deal with capital. He refused Didi’s investment in order to keep the equity independent, which offended many investors.
With the training of ofo capital chain, Daiwei has become Laolai.
As one of the representatives of the new economy, bike sharing has gone through the shuffle period for a long time. Many well-known bicycle enterprises have closed down, and in other areas of the new economy, bankruptcy has become a normal.
Looking at the bike sharing everywhere, I sometimes feel that the so-called Internet thinking is a great waste of social resources.
Dai Wei is a top student in Peking University. He overestimates the influence of personal ability on the market. Hu Weiwei is a reporter. He has seen a lot of worldly affairs and ups and downs in the business world, so he can judge the situation and retreat.
Bike sharing is a good thing. Although it may not be a good business, the green orange Hello meituan can still serve normally, but ofo has disappeared.
End of P2P
On July 1, 2020, “love money in” was exploded and could not be dealt with. For a time, 370000 investors fell into panic because they could not withdraw cash, which was comparable to the ofo storm.
As of May 31, 2020, the loan balance of “aiqianjin” has exceeded 24.5 billion.
First of all, Wang Han, a well-known host, was launched into a hot search for his love of Qian Jin’s “endorsement overturning” and made a statement of apology. After that, Liu Guoliang, another former celebrity spokesman for love money, also responded and apologized.
Love Qian Jin is born with “golden key”. Their founders, Yang Fan, Zhang Hui and Dong Qi, are all from the well-known institutions CITIC Industrial Fund, especially Yang Fan, who was once known as a “gifted teenager”. He was admitted to Beijing University of Aeronautics and Astronautics at the age of 15, and graduated from the Hong Kong University of science and technology at the age of 20. They have successively worked in AIA insurance group and Baocheng insurance group in the United States, and have made great efforts in the fields of wealth management, asset allocation and risk management Year.
Under the shining light of several founders with golden resume, aiqianjin was favored by the famous venture capital Gaorong capital (once invested in Xiaomi and mushroom Street) at the beginning of its establishment, winning 50 million US dollars. For a time, “aiqianjin” became a large platform with an estimated value of 500 million US dollars.
In 2018, P2P will explode, but aiqianjin will be spared.
Looking back on the history of AI Qian Jin’s development, we should first smash advertisements.
At the beginning of 2016, “old nine gate” was popular, and aiqianjin became the first Internet financial company to try to insert advertising.
In addition, during the broadcasting period, laojiumen also produced a number of customized advertisements in different versions for “aiqianjin”.
In 2017, “that year’s flowers bloom and the moon is full,” and “love money in” also put in a number of advertisements.
Since then, it has been found in popular plays such as Yanxi strategy, Ruyi Zhuan, Shahai, Zui Linglong, Chu Qiao Zhuan, white night pursuit and Ode to joy.
Find all kinds of stars to speak for.
The advertising bombing is not over. We must add star halo.
One of the most famous is Wang Han. In a program with Sabine, he recommended “love money into” app to TV viewers and said: “if you use it, you dare to fry your boss.”.
Sabine asked Wang Han: what if the boss used it first?
Wang Han said: if the boss uses it, he won’t hire employees.
Later, Liu Guoliang, the national table tennis coach, also became a happy experience officer who loved Qian Jin.
According to statistics, as of July 1, 2020, the loan balance of aiqianjin was 22.76 billion yuan, the number of loan balance was 1.8676 million, and the cumulative loan amount per capita was 49600.
In addition to Wang Han and Liu Guoliang as spokesmen for “love money”, in recent years, there are no less than a dozen P2P platforms supported by stars, and the amount of money involved is often 10 billion yuan.
Some people say that stars can’t make all kinds of money. They should understand clearly before making decisions. After all, they are public figures. Gu Tianle also spoke for the asset side of Baijin loan (miaoyou car). Many people lent money on Baijin loan because they trusted him. As a result, Baijin loan was also wound up in June 2019. The platform found various excuses for not paying, and all the money from the platform went to develop Miaoyu car.
Since 2018, the big curtain of P2P has gradually come to an end. In this fierce battle, 462 P2P platforms collapsed, which only suffered so many investors, and how many people lost their fortune overnight. Now there is a wonderful scene of going public and going to prison.
Live broadcasting industry of shuffling
Recently, the news of douyu and Huya merger has been flying all over the world. Tencent’s pace of matchmaking Betta and Huya is approaching. Few people have noticed that Wang Sicong and his panda live broadcast.
On August 3, it was found from the China judicial documents website that Wang Sicong’s Beijing Pusi Investment Co., Ltd. was sued by a Beijing liquor merchant and asked to seal up ten million assets.
Wang Sicong and his Pusi investment have stepped into many pits, including panda live broadcasting.
The “thousand broadcast war” in 2016 was one of the most popular capital outlets in that year. However, the early industry concentration was low and the competition was fierce. Mobile live broadcast soon fell into a quagmire and relied heavily on financing.
From the beginning of its birth, panda live broadcast is also a favorite of the capital market. According to relevant statistics, since its establishment in 2015, panda direct broadcasting has obtained 4 rounds of financing.
The latest round of financing took place in May 2017, when it obtained a 1 billion RMB round B financing led by Xingzheng capital, with a valuation of nearly 5 billion yuan.
At the end of 2017, the number of users of panda live broadcast ranked the third in the industry, and at the same time, panda live broadcast also set off a battle to poach anchors.
Taking away the anchor’s panda has raised the anchor’s value excessively. Since then, it has begun to burn money in a state of exaggeration several times, which has also laid a hidden danger that the panda live broadcast will not be profitable.
At the same time, the major live broadcasting platforms have also begun to fall into a vicious circle.
Wang Sicong uses resources and fame to dig up people, and gives the anchor a preferential condition, which is the same as the pension contract.
The anchor doesn’t pay attention to the management of the company at all. As a result, the big anchor is drawing water with a big contract. The company can’t give them any pressure. On the other hand, they can’t be restricted by holding new people.
The result is that the panda is gloomy, the anchor is not attentive, the little anchor has no future, and finally the ship sinks together.
In 2018, we can see that after the end of the era of horse racing and enclosure, the live broadcasting industry has really ushered in a great cooling down and reshuffle, with the head platforms competing for IPO, while the middle and tail platforms are struggling.
2018 is a watershed in the live broadcasting industry. Head platforms such as Huya and Yingke have been listed successively, while other platforms have been reported to have broken the capital chain, of which the second echelon is the most difficult.
According to public information, many of the top 5 live broadcast platforms have been reported to have broken the capital chain, and there have been a series of waves such as anchor arrears.
In March 2019, panda live announced on its official microblog that it would shut down its server, and panda live broadcast went bankrupt.
The collapse of panda live broadcasting also indicates a major reshuffle in the live broadcasting industry.
Social e-commerce: hard to find the next pinduoduo
In the death list of Internet enterprises in 2019, the largest number of them are e-commerce enterprises. By the first half of 2020, the death rate of e-commerce enterprises has reached five.
Among the e-commerce enterprises that died in 2020, zou.com, the longest surviving e-commerce enterprise, lasted 12 years and 2 months, but fell into the c-round financing. Brandless from North America, known as American version pinduoduo, finally came to an end. It is worth mentioning that sun Zhengyi also invested in this company.
In 2019, a Chinese enterprise wants to copy pinduoduo’s miracle, but it fails. It is taojiji.
Taojiji was launched in August 2018. It is an e-commerce platform of Shanghai huananimal Industry Co., Ltd., and the actual controller is Zhang Zhengping.
Witnessing the success of pinduoduo, taojiji also decided to copy its model, adopting the mode of burning money to attract users with red packets and low-cost group and second killing. On the supply side, the “no bottom line” price reduction is required for businesses, and the slogan of “good quality and low price” is also called out.
“Missed pinduoduo, can’t miss taoji set”, this sentence provoked many investors’ nerves. At one time to taojiji “send money” institutions innumerable. On the day of that year, the value of $42.01 billion was obtained.
Taojiji has really attracted a large number of users in a short period of time through marketing activities such as one yuan group, limited time and second kill, loss on the new. Only two weeks after the launch, sales exceeded 2 million.
In a short period of eight or nine months, the number of users has reached 130 million, and its growth rate can match many.
Many people regard taojiji as another black horse of e-commerce after pinduoduo. However, there are also doubts about its mode of burning money for traffic. Finally, the disadvantages of taojiji’s business model are exposed in the capital crisis due to the delay in financing in 2019.
In order to continue to operate, Zhang Zhengping, founder of taojiji, made an irreparable mistake: he misappropriated the supplier’s payment. But this can only solve the needs of the moment, because taojiji has been unable to finance, and even began to default on suppliers’ payment. This hole became bigger and bigger, which eventually led to the destruction of taojiji.
Taojiji owes a huge debt of 1.9 billion, but it is unable to repay it. At present, taojiji only has assets of less than 60 million yuan, which is not enough to repay the debts of merchants. Blindly burning money is the fundamental reason for the failure of taojiji. Taojiji burned 1.2 billion yuan in half a year.
At present, the main players in the social e-commerce market are divided into five categories: the shopping type represented by pinduoduo, Jingdong, Jingxi and Suning; the distribution type represented by AI inventory, zebra members, Beidian, Fenxiang, etc.; the community type represented by xiaohongshu mall, baobaoshu, koala selection and niangao mom; and represented by rebate network, what is worth buying and yitao.com The shopping guide type is the tool type represented by youzan, Weimeng and Dianke.
The collapse of taojiji triggered a wake-up call in the industry, which also indicates that the industry has entered a period of reshuffle. Social e-commerce should have a price advantage on the premise of paying attention to quality, and more importantly, it is necessary to find a suitable development mode to improve “hematopoietic capacity”. In this fierce competition situation, small and medium-sized social e-commerce is naturally unsustainable, “jungle law” leads to the survival of the fittest.
The failure of taojiji also indicates that social e-commerce will be hard to make more efforts.
From today’s point of view, most of China’s new economy companies are still the continuation of traditional industries. Many people mistakenly believe that the “new” of the new economy is to put forward a new concept, build a new app, tell a new story, and then raise funds on this basis, and then go public. For enterprises, whether they can survive in the market or not, fundamentally speaking, is to return to commercial value.
(statement: This article only represents the author’s point of view, not Sina’s position.)