Where is the customer frozen for another year and then thaw? "Blood" IPO is not worthwhile

One of Vanke Venture Partners, one of Qiming Venture Partners, Gan Jianping, said recently that Vanke is ready to go to the United States for listing at any time and is choosing to submit a prospectus. Vanke said yesterday that with regard to listing, the company has no news that can be released to the outside world. It emphasizes that the key objective of all customers this year is to achieve profit in the fourth quarter.

YY success stories or motivate customers

In November last year, Vanke went to the final stage of the listing journey and was scheduled to list in the United States on the 8th of the following month. At the time, sources said that Vanke had appointed five investment banks including CICC, Citigroup and Morgan Stanley as underwriters. Just on the day before the roadshow was about to begin, "Thomas Financial Croup" Soros said something meaningful: "From today to December 8, you don't have to do anything."

The old age is good. Subsequently, the US stocks were madly vented, and the door to the listing of Chinese concept stocks in the United States was basically closed. Until last month, DuoYing YY submitted an IPO application to the US SEC, and plans to raise 100 million U.S. dollars. Morgan Stanley, Deutsche Bank, and Citigroup were the YY listed lead underwriters, and the general stocks listed in the US showed signs of recovery.

Investors Qiming Venture Partners Gan Jianping further disclosed that Vanke Eslite has already prepared for US listing and is choosing to submit a prospectus.

Gan Jianping believes that if YY can successfully complete the IPO in the US stock market, then all customers can start the listing process. It is also stated that the current financial indicators of Vanke have been adjusted to a better state and will be profitable in the coming months.

"Last November, we did indeed make some preparations related to the IPO, but the environment was so bad that the boss (Aged) met with Soros and took the initiative to give up the IPO after the exchange. If you bite the bullet and sprint, the interests of investors cannot Guarantee," said the guest, but he has not received the latest news about restarting the listing.

"Blood" listing is not worthwhile

In the past four years, the seven million yuan start-up funds that were collected by three people including Chen Nian and Lei Jun in July 2007 attracted six rounds of follow-up investments worth US$422 million. The investors include IDG, Lianchuang Ceyuan and Softbank Games. Rich, Qiming Venture Capital, Tiger Fund, CITIC YE Fund, Kerry Group and Temasek.

Some investment fund partners said that the YY plate is smaller and the capital market will be purchased. However, if the guest had previously had six rounds of financing, the light of the sixth round of financing will be 230 million U.S. dollars, with a valuation of 3 billion U.S. dollars.

"Now IPO, the valuation of the capital market is only 1 billion US dollars. If the listing, where the guest will be a significant bloodshed." The fund partner said, "where the guest IPO valuation to reach $ 4.5 billion, or the sixth round of investors Loss. But if it is a $4.5 billion valuation, there is no way for the investment bank to underwrite it."

Analysys International analyst Chen Shou sent also said that the value of e-commerce companies is significantly lower than in previous years, investors’ vested interests are continuously diluted, and the current overall market is not optimistic. “If it is listed, it is estimated that it will lose out. Unless the customer has a very large financial bottleneck, it will generally not be listed at this time."

Can you achieve profit in the fourth quarter?

All guests expressed that the company’s key objective this year is to expect to achieve profitability in the fourth quarter.

According to the information of IPO documents that were released last year, in fiscal year 2011 (July 2010 to June 2011), Vanke’s current sales revenue was RMB 1.937 billion, an increase of 300% compared with RMB 472 million in fiscal year 2010. However, its net loss also increased from 68 million yuan to 486 million yuan, an increase of 600%. According to the total number of orders for the total number of customers totaling 17.776 million units, the customer unit price is 108 yuan, and each order loss is 27 yuan.

In addition to the keyword “profit”, since the beginning of last year, Vanke has also focused on the word “adjustment”, including the redistribution of business divisions and product line grooming. In June of this year, Vanke established a company structure of 6 divisions, 6 divisions, 12 divisions, and 19 product lines. Not long ago, it was adjusted to 11 divisions. For example, the previous person was responsible for both the knitwear and the down jacket. Now the subdivision is handled by different personnel.

The adjustment of the business divisions on the one hand has improved the company's operational efficiency, and it also allows Chen Nian to more directly understand the company's operations. Agingly admitted that Vanke had done a lot of wrong things before, so "had to do something right to pay back the debt."

All guests revealed that the number of SKUs (single item categories) has been reduced by half to 60,000 from last year to the present time, "eliminating non-core products such as rice cookers and brooms."

At the same time as contracting the category, the guests are also connected. At the end of last month, Vanke officially announced its arrival in Suning Tesco, and the two sides cooperated to kick off the curtain. Li Bin, executive vice president of Suning's Tesco, also revealed that Suning E-Commerce will cooperate with Vanke in product sales, and will also conduct comprehensive cooperation in service, management, marketing, and logistics resource integration.