Zebra consumption Ren Jianxin.
The biggest surprise in the Internet sector of the secondary market in 2023 is the share price of Kuaigou Dache. It was listed in June last year at an issue price of 21 per share5 Hong Kong dollars, 5 Hong Kong dollars at the end of last year, now only 0HK$51.
In the logistics market in the same city, the market share of cargo lala was ten times that of Kuaigou Taxi. When Didi entered in a big way and took away a piece of the cake, the market share of Kuaigou Taxi fell directly to the third. The company increased its revenue by increasing the commission rate, but the company fell into a vicious circle of business volume crisis, and the problem of loss was difficult to solve.
The current predicament of Kuaigou is a true portrayal of its parent company, 58.com, in China's Internet circle. The business is backward, the performance is weak, it is not recognized by the market, and it is difficult to promote the spin-off and listing.
On the one hand, 58.com has indeed been abandoned by the rolling tide of the mobile Internet. However, Yao Jinbo is still one of the few Internet tycoons who are still struggling on the front line, he has not retired or lying down, but it is difficult to achieve his goals, which is embarrassing.
Fast dog taxi, ankle chopping
Since the beginning of this year, Internet tycoon Yao Jinbo's mood may not be better. 58.com is currently the only listed company, Kuaigou Dache (02246.com).HK), the stock price poured out of control.
In June 2022, Kuaigou took a taxi to 21The issue price of 5 Hong Kong dollars shares landed in the Hong Kong ** market. However, the listing was the peak, and the stock price fell 2223%。After falling sharply for 6 consecutive trading days, the stock price fell directly from the issue price to above 10 Hong Kong dollars, with a cumulative decline of nearly 50%, which can be called a "listing robbery".
In the next six months, the stock price of Kuaigou Dache came out of the bottom twice. But since the end of last year, all the way, vowed not to look back, from 5 Hong Kong dollars to the current 051 Hong Kong dollars, the latest market value is only 3HK$200 million.
In one and a half years, the market value has shrunk by more than 97% - even if the Internet industry adjusts, even second-tier Internet companies have encountered market value fluctuations, and they are not as tragic as Kuaigou Taxi.
Ten years ago, mobile Internet and "Internet +" were in the limelight, and everyone believed that all industries were worth redoing with the Internet. Online car-hailing Didi, ** platform Meituan, all stood out in that era.
In 2013, Gogovan was launched in Hong Kong, one of Asia's first logistics platform applications. In the following year, 58 Daojia officially launched 58 speed operation as a short-distance freight trading service platform.
In 2017, 58 Express merged with gogovan and unified its brand name, and the Chinese mainland market was changed from "58 Express" to "Kuaigou Taxi", and other markets were changed from "gogovan" to "gogox".
Intra-city logistics refers to the transportation of large-tonnage goods of more than 30 kilograms in the same city. It can basically be called the freight version of Didi.
This industry looks very rosy, and it is different from the freight, logistics, and express delivery businesses. However, this cross-cutting market is very easy to be penetrated by the large-scale logistics, ride-hailing and even general freight markets.
Even so, the competition in the market has never relaxed. In addition to the-for-tat industry boss Lala and the chaser Kuaigou Taxi, Didi also entered this market segment in June 2020 and launched a dimensionality reduction attack with the advantages of platform and traffic.
In 2020, the market share of Lala and Gogox was 547% and 55%, a tenfold difference between the champion and the runner-up. One year later, the rapidly rising Didi Freight won 5The 5% market share poses a serious threat to the two giants, and the market share of Lala and Kuaigou Taxi has dropped to 52 respectively8% and 32%, the latter also fell from the second to the third in the industry.
In 2022, there will be 26.4 million orders for Kuaigou Taxi, generating GMV2540.7 billion yuan, far lower than the business level from 2018 to 2019. In the first half of 2023, the order volume will be 11.3 million, GMV945.1 billion yuan, further shrinking.
The company has increased its revenue by significantly increasing the commission rate, which will be 7. in 2022 and the first half of 2023, respectively7.3 billion and 37.2 billion yuan, an increase of 17 percent year-on-year0% and 66%。This has also failed to solve the long-term problem of the company's revenue and loss, and the net profit was -12 last year and the first half of this year0.9 billion and -64.3 billion yuan.
Since 2023, the evaluation focus of the Internet industry has shifted, gradually switching from the theory of scale growth to the theory of stable profitability. Kuaigou Dache has neither growth nor stable profits, so it is difficult to be recognized by the market.
In the face of the industry's predicament under internal and external troubles, cargo lala and fast dog taxi are trying to get out of the quagmire.
All of them have taken the C-end business as an important force point and penetrated into the scene, such as the moving business. Even if you haven't used Lala and Kuaigou, there is a high probability that you have seen these advertisements on ** and their bodies.
However, the C-end business not only failed to allow them to kill the moving company to achieve sustainable growth, but also brought them great trouble due to vicious incidents again and again.
Originally, these two companies had relatively deep overseas genes, but due to the complex environment and their own limited strength, the performance of Lala and Kuaigou in the overseas market was unsatisfactory, and the overall volume was not as good as express delivery and takeaway.
Therefore, the biggest variable in the industry in the past two years is that Lala and Kuaigou Taxi have sought foreign aid to solve their own growth problems. For example, enter the online car-hailing aggregation platform to get traffic;Gogox cooperated with Cainiao to improve its network utilization.
The rise of the same city
Led by Kuaigou Taxi, the sluggish state shown by the entire 58 series is completely different from the high-spirited spirit of 58 City, how can Yao Jinbo not be disappointed?
Yao Jinbo was born in Yiyang, Hunan Province in 1976, and after graduating from Ocean University of China at the age of 23, he came to Beijing to become a "North Drifter". At that time, the Internet industry was in the ascendant, and this young man from Hunan immediately showed his talent for entrepreneurship.
Like Cai Wensheng and others, Yao Jinbo relied on domain name transactions to complete the original accumulation in the early days, and also founded the domain name trading platform Yiyuwang. It is rumored that he has the most two-digit domain names in China, and has **28com、30.com、hupu.com、egou..com and other domain names. Even the brother-in-law Dai Kebin founded the starting point of Liepin - liepincon, which he also provides.
After that, Yao Jinbo sold Yiyu to China Wanwang and joined the company as an executive. During this period, Yao Jinbo and two other colleagues founded the country's first online tutoring service, Xueda Education, and inadvertently cultivated a listed company.
Yao Jinbo was unwilling to do this, and began to toss his own entrepreneurial project again. He researched the top ** in the U.S. market to see which ones had not landed in the Chinese market, so he found the market opportunity of classified information**, and founded 58.com in 2005.
In the process of the rise and growth of 58.com, Yao Jinbo gave full play to the spirit of his Hunan people: hard-working, domineering, and patient.
In the early days, the market did not recognize 58.com, but Yao Jinbo firmly believed that this product form of Internetizing the city's yellow pages would definitely meet the needs of users.
SAIF** joined this gamble, and from 2006 to 2010, he invested 60 million US dollars in three bets to help Yao Jinbo withstand the difficult start-up period.
Later, the classified information market gradually matured, and 58.com competed against Ganji.com, and the advertising war was in full swing. At that time, "Wulin Gaiden" was a big hit, and Ganji.com asked Yao Chen to endorse it, shouting "Ganji.com, everything";Yang Mi, the star of another popular TV series "Palace", has also become the spokesperson of 58.com, "This is a magical **" can be called the originator of Internet ** advertising.
At the end of 2013, 58.com was listed on the New York Stock Exchange, becoming the first listed company with classified information in China, with a stock price of **41 on the first day of listing88%。
Two years later, under Yao Jinbo's stubborn ptalking, the old rival Yang Haoyong relented, and 58.com merged with Ganji.com, which failed to be listed, unified classified information ** Jianghu, and Meituan and Dianping were listed as the "Big Three" in the field of local life services.
At that time, 58.com also ranked among the top 10 of the top 100 WAP **100 and entered the first echelon of Chinese Internet giants.
The rise of 58.com profoundly reflects several core points of the PC Internet era: the importance of domain names, in the era of surfing that requires everyone to enter** surfing, hao123 in its heyday, a simple and easy-to-remember domain name, but also one of the foundations of success, Yao Jinbo obviously has more advantages;Almost all the initial Internetization of traditional industries has opportunities, and 58.com is a typical Internet-based city yellow pagesAt that time, the purchase model in the era of mobile Internet had not yet become popular, and 58.com had established user awareness through a large number of ** advertisementsThe operation mode of Internet + local push, expanding the entry of all kinds of businesses, 58.com is almost pervasive.
At the end of 2017, the 4th World Internet Conference was held in Wuzhen, Zhejiang. During the meeting, Yao Jinbo organized a dinner in Wuzhen, with participants including Tencent Holdings Ma Huateng, JD.com Liu Qiangdong, Meituan Wang Xing, Xiaomi Lei Jun, Douyin Zhang Yiming, Didi Chengwei, Kuaishou Suhua, Lenovo Yang Yuanqing, as well as Zhang Lei of Hillhouse Capital, Shen Nanpeng of Sequoia Capital, and Zhu Xiaohu of GSR Venture Capital. That was almost Yao Jinbo's highest moment.
After that, there was no more Wuzhen dinner in the rivers and lakes, and the bigwigs no longer appeared collectively, and Yao Jinbo slowly entered his own period of water reversal.
Yao Jinbo's frustration for three years
Three years later, Yao Jinbo's 58.com was delisted from the U.S. stock market.
Although 58.com did not fall to penny stocks like the current Kuaigou Taxi, the market value was also one-third higher than the peak, far lower than Yao Jinbo's expectations.
In addition, the return of Chinese concept stocks has had successful experience, 360 of A-shares, Alibaba, NetEase and other companies in Hong Kong stocks have also continued to write the myth of wealth, and it is impossible for Yao Jinbo not to be moved.
In the third quarter of 2020, 58.com was delisted;And in one step, directly promote the business spin-off + return to listing. Yao Jinbo made a bold statement that 58 Group will become the world's first classified information platform to complete the industrialization transformation.
In the early years, 58.com had a huge traffic pool of classified information business, but it suffered from the lack of strong monetization channels and its commercial value was relatively low.
Through self-construction + acquisition, 58.com has cultivated many business platforms in real estate transactions, intra-city freight, Internet recruitment, housekeeping services, idle transactions, driving tests and other industries, such as Kuaigou Taxi, Anjuke, China Talent Network, Swan to Home, Zhuan Zhuan, and Driving Test, etc.
However, after 3 years of tossing, the spin-off and listing plan of the 58 series did not go smoothly.
In April 2021, Anjuke submitted its IPO prospectus to the Hong Kong Stock Exchange for the first time. At that time, Anju was complacent and took the new housing agency business as the main selling point of the listing. Yao Jinbo also personally went out to report the shell "one of the two" with his real name, and the challenge was obvious.
Unexpectedly, the real estate market has suffered a major adjustment, and Anjuke's prospectus has not been updated since it expired in October 2021. On the contrary, it was the biggest competitor, Shell, which was listed on the Hong Kong stock market for the second time a few months later.
In June 2021, Swan Daojia launched an attack on the U.S. stock market, but he didn't expect it to end hastily for some reason after 17 days of disclosure.
Kuaigou Dache first disclosed at the end of August 2021 and passed the hearing in early February 2022, but it failed to be listedIt was re-disclosed at the end of April 2022, and passed the hearing again in early June, and then began to be listed on the Hong Kong stock market.
After twists and turns, it has become a unique seedling listed company in the 58 series, but I didn't expect that the business, performance was sluggish, and the market value was under pressure, and I was lonely.
The failure of the sub-business to go public has some reasons of its own. The core reason why the 58 series as a whole is not recognized by the capital market is that 58.com has fallen behind.
The era when 58 was born and rose to prominence was the heyday of the PC Internet, and display and search were still the mainstream methods of information distribution.
However, when the center of gravity of the Internet shifted from the PC to the mobile side, the way of information presentation transitioned to information flow and recommendation. 58.com has been unable to launch products that meet the needs for a long time, and it has gradually been forgotten by users and the market.
Taking the Internet recruitment that 58.com has made the most efforts to do as an example, the recruitment platform under the 58 series, whether it is 58.com, Ganji Zhipin or the acquired China Talent Network, has failed to stand in the industry C position in recent years, and the total market weight obtained may not be as good as Yao Jinbo's brother-in-law Dai Kebin's Liepin network.
In the process of traffic monetization, 58.com lacks its own core power point. Those real Internet giants, Tencent has games, Alibaba has e-commerce, Meituan has local life, what does 58.com have?This state of this company was once described as "maverick" and "undefined", but when it came time to show its core strengths, it had a little bit of everything, and it was not strong enough.
58.com originally hoped to acquire a ready-made business platform to make up for its disadvantages in traffic monetization. The acquisition of Gogovan has supported Kuaigou Taxi, the acquisition of China Talent Network has expanded the Internet recruitment business, and the acquisition of Anjule has consolidated its influence in the real estate trading circle.
However, when the influence of the core of 58.com declined, most of the acquisitions were losers in some industries, coupled with the limited industrial operation capacity of 58.com, resulting in the 58 series gathering the "second" of major sub-industries. Kuaigou Taxi's current market share is less than one-tenth of that of Lala, and it is also suppressed by latecomer Didi FreightAnjuke was crushed by the shell dimensionality reduction;Internet recruitment, 58 series is not the head of the industry.
As a result, the current situation has emerged, the spin-off and listing of the 58 series is not smooth, and the progress of its various businesses is unfavorable. The last time Yao Jinbo was noticed by everyone, it was because he issued an open letter demanding that all businesses and cities of 58.com be profitable, otherwise he would be 100% cut. Immediately, 58.com was exposed to layoffs.
Now, as GoGoGo's share price continues to come under pressure, the chill has truly arrived.