The embarrassment of the unicorn: working hard for many years to catch up with the famine year

On a well-known financial account, an investor teased, what does the unicorn, a beautiful animal eat? ——Answer: Leek.

In 2018, unicorn companies such as Meituan and Xiaomi concentrated on IPO, seeking to realize their valuation. Time is not enough. These companies eagerly waiting to ring the bell may work hard for many years to catch up with the famine year.

The human effect is 11 times lower than Xiaomi. The border of Meituan is stuck in IPO

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a5a0e#04da The value of a company, "per capita revenue creation" and "per capita profit creation" are the key values. The unicorns hitting the IPO all tried their best to prove their excellent data.

Recently, "1 Xiaomi employee ≈ 11 Meituan employees" screened.

The per capita income of Xiaomi employees was 7.896 million yuan, while Meituan was only 726,000 yuan. Among the six new economic giants, Meituan was the bottom.

Since Meituan’s net profit in 2017 was negative, its per capita profit cannot be calculated. As a result, in the six rankings, Jingdong's per capita profit creation lags behind.

Investigate the reason, the number of Jingdong dragged down. The number of JD employees is 11 times that of Xiaomi and 2.4 times that of Ali.

(Image source: Sohu Technology)

The number of employees depends on whether it is good or bad. The timing.

Meituan’s ground push iron army helped it attack the fourth, fifth and sixth tier cities, but it also brought limitations from the mother’s womb due to the large number of people and the high cost of employment. Further up, it is the platform, technology and industry high-end network ceiling of established OTAs for many years. Meituan is not good at it.

After the IPO, I pushed the iron army to doubt

c5a0e4#da1a#for the boundary of entrepreneurship,#da1a# The thinking never stops.

won the battle of the thousand regiments, and the Meituan team stood with Tencent and Ali. In the online car-hailing battlefield, Meituan competed against Didi. In the wine travel market, the situation of Evergrande continues, and Meituan has always lost to Ctrip. In the food delivery field, Meituan and Ele.me are fighting each other, and the original user base attracted by subsidies is not sticky.

Meituan is proud of its push iron army. Wang Huiwen, President of Meituan Dianping's restaurant platform, Wang Xing's classmate and entrepreneurial collaborator, once said at the 2017 Code Conference of Source Code Capital that "Meituan's strategy is more than just surrounding the city from the countryside."

In the early days of its business, Meituan’s large-scale ground-propelling force covered stations, restaurants, and small hotels in Tier 4, 5, and 6 cities, and even smaller counties, with primitive manual assistance. Push the way to promote the prosperous operation of its shop and wine travel business.

5, 60 years old, a small hotel owner who does not know how to use a smart phone, and does not know how to operate an online reservation system, and even feels relieved to go out to play mahjong. Meituan bd places orders on behalf of the hotel's front desk.

This is the dumbest way, but it is also temporarily effective.

For the ground push strategy, Wang Huiwen also said that “when the winner is divided, he will retreat in the small city and open the city while calculating the account.” After all, people in the top cities are more wealthy. , Is more attractive to Meituan.

However, in the summer of 2018, the Meituan IPO bell was close, and the position of the Ground Push Tiejun was particularly embarrassing.

listing is often tied to layoffs. On an anonymous software, multiple certified "Meituan employees" expressed concern. "The pip of the erp department is about to start." "The payment department too." These people broke the news.

(Image source: an anonymous social software)

da1a7d# The early Meituan. To truly become an oligarch, Meituan's business model needs to be iterated.

Pushing the army on the ground, the height that the Meituan Wine Brigade can reach is equal to that achieved by Qunar.com in 2016. Going up, pushing the ground was a constraint, and the ladder suddenly came to an end.

Can the wind finally blow the pig?

Back to the dream of subsidizing blood transfusions, competing for market share, and successfully listing for money.

In 2016 and 2017, when Rebs and Wang Xing were interviewed by reporters, they both stated that they "do not rush to go public." But in 2018, the two unicorns rushed to the Hong Kong Stock Exchange.

It’s too early to say good, and kill a company full of imagination? Even if the valuation is not excellent.

There may be only one reason: there is not much time left for them to find the Panxia.

As a serial entrepreneur, Wang Xing has experienced the lack of money more than once. Because I can't afford server bandwidth, the sale of the "pro-son" school intranet to Chen Yizhou is just like yesterday.

Eat a ditch and grow a wisdom. Meituan worked hard to make money in Wang Xing's borderless expansion. The stalls are very large and involve many businesses that are highly dependent on burning money to grab the market.

Meituan stock certificate disclosed that from 2015 to 2017, Meituan-Dianping’s losses during the year were 10.519 billion yuan, 5.795 billion yuan and 18.988 billion yuan, and the adjusted net losses were 5.14 billion yuan. Billion yuan, 5.353 billion yuan and 2.853 billion yuan.

And Meituan's win over Mobike is equivalent to marrying another big money-burning household.

So, we arrived at one node. Perhaps the company's capital chain is not sustainable, or investors are forced to cash out, and moving to the Hong Kong Stock Exchange may not be desirable, but the only option for Meituan.

Regarding the listing of Xiaomi and Meituan, CDH Ventures founder Wang Gongquan’s words are quite meaningful: the three-month IPO share price trend of Xiaomi and Meituan will profoundly affect China’s venture capital industry Investment value orientation. They have iconic significance at this historical stage. If it is good, everyone will continue to dream of explosive growth; if not, the bubble era of venture capital will end.

Since the opening of the Internet venture capital in 2014, it may not be able to blow so many pigs, but also a group of people.

In the law of the jungle of venture capital, the actual accumulation of growth brought by users is not as beautiful as subsidies for market share data. Meituan continues to lose money, even smashing its market share even harder than subsidies from friends. Round after round, it's like playing drums and passing flowers, becoming huge pigs blowing in the wind, and winning funds that want to double their profits tenfold.

The valuation of the company is superimposed round by round, and the leek is not enough after all. Only the IPO made a sudden leap, allowing investors to pay for its huge losses.

Some investors said that they would never pay for the 60 billion valuation of Meituan. 1. Meituan does not have moats like Ali, Tencent, and Baidu. 2. Meituan relies on subsidies to grab the market, which is too replaceable and has no technical content. 3. Meituan suffered a huge loss. In business, how much blood can Tencent lose. 4. The profit margin is too small and there is no room for imagination.

More terrible things come from the unfavorable information released by the environment.

Many unicorns have cut their meat and went public, and hit the global smartphone shipment decline. The impact of the Sino-US trade war has not disappeared, and the stock has not yet finished.

Industry insiders believe that the last round of investors of Xiaomi and Meituan may have little money to make when they go public. The technology Internet bubble that has lasted since 2014 was not initiated by Xiaomi and Meituan Dianping. But in 2018, it is likely that Xiaomi and Meituan Dianping will start the process of penetration.

Investors squeeze their money bags in anxiety, 2018 may become a famine year. Meituan’s share price may have witnessed the freezing point of venture capital.

The content involved in the article is quoted from a public report on the portal website:

1. "1 Xiaomi employee ≈ 11 Meituan employees 》

Content source:

Sohu Technology: "1 Xiaomi employee ≈ 11 Meituan employees! Illustrated by the six giants of the new economy, which employees generate more income"

2. Meituan Wang Huiwen stated that "Meituan’s strategy is not only to encircle the city from the countryside"

Content source: