2 Two Hunan villagers , Work together to create a ten billion yuan IPO

source ： Day after day IPO（ID:pedailyIPO） author ： Liu Bo

Intra city freight is on the market , coming .

Intra city freight is the first IPO The birth of .

The investment community 6 month 24 Daily news , Fast Dog Taxi officially landed in Hong Kong stock market today , this IPO Opening price is 21.5 The Hong Kong dollar / stocks , Based on this calculation , Opening market value 132 Million Hong Kong dollars , After opening, the market value once exceeded 140 Million Hong Kong dollars .

Quick dog takes a taxi behind , The helmsman is a Hunan man —— Chen Xiaohua .2004 Graduated from Xiangtan University in , Chenxiaohua went south to Shenzhen to get involved in the Internet , To become a SEO master . thereafter , Chenxiaohua joins ganji.com , Yao Jinbo, who is also a fellow countryman in Hunan, took a fancy to him , Eventually become 58 Core technical members in the same city . When 58 City Success IPO after , Chenxiaohua chooses to start a business again , In one fell swoop, he created two unicorns: a quick dog, a taxi and a swan .

Intra city freight is a trillion track , At present, there is a vigorous wave of listing —— Except for the quick dog taking a taxi , There are also goods 、 Didi freight arrived . Another brutal listing competition , It started .

01 41 year , Hunan guy today IPO bell , have 140 Billion market value

The story of a quick dog taking a taxi , Yaocong is the entrepreneurial story of a young man in Hunan .

Born in 1981 year , Chenxiaohua grew up in a rural family in Shaoyang, Hunan , The economic condition of my family is not good . To add insult to injury , In his third year of junior high school , Brother was injured in a traffic accident , To relieve my father's pressure , Chenxiaohua and his sister 、 Two brothers work together to make money by planting and transplanting rice seedlings for others . I will recall this scene in the future , Chenxiaohua still has a fresh memory ,“ At that time , Work until 89 o'clock every night , The most uncomfortable thing is that there are many mosquitoes in the fields .”

2000 year , Chenxiaohua was successfully admitted to the school of mechanical engineering of Xiangtan University . during school days , He often goes to the information engineering college 、 Business School 、 College of literature and Journalism and other departments “ feral ”. In Chen Xiaohua's view ,“ Xiangtan University is a comprehensive university , This makes me access to more professional knowledge , And found the direction I love all my life .”

In the twinkling of an eye, I graduated from college , Chenxiaohua went to Shenzhen . After many twists and turns , He founded an Internet company , Mainly for enterprises SEO( Search engine optimization )、SEM( Search engine marketing ) service . later , Chenxiaohua also participated in setting up the Dianshi forum , The latter has gathered a large number of domestic SEO master . Little by little , Chenxiaohua is SEO The circle has become famous , Youku 、 Tudou.com 、 Kuliuwang has come to him .

Chenxiaohua, who has achieved a lot , stay 2007 year 6 In June, I joined the market network , Become a core technician . Information websites at that time ,58 The flow in the same city is the largest , kijiji ( The predecessor of people.com ) second , The traffic of ganji.com is still relatively low . With the joining of chenxiaohua , The traffic of ganji.com has increased by leaps and bounds , At that time ,“ No matter which city you search for moving 、 Rental information , The first link is from Ganji .”

This makes 58 Yaojinbo, the founder of the same city, began to notice the rapid rise of Ganji , And chenxiaohua behind it . So , Yaojinbo made great efforts , Finally, Chen Xiaohua “ dig ” Come here .

Join in 58 After being in the same city , Chenxiaohua used 8 months , take 58 City traffic from 20 Million breakthrough to 100 ten thousand , by 58 Lay the foundation for the city to rank first in the industry .2013 year ,58 Successfully listed on NASDAQ in the same city , Chenxiaohua submitted his resignation shortly afterwards .

Talking about this decision , Chenxiaohua once explained , If you continue to stay 58 Same city , The days ahead must be much easier , But he doesn't want to live a life that can be predicted ten years later today . He has also considered transformation VC, But then I thought , Invest in 60 You can still do , But entrepreneurship is not always possible .

Final , With the support of yaojinbo , Chenxiaohua broke into the domestic service track ——2014 Established in 58 Home group , Then it was disassembled 58 Housekeeping and 58 Express two brands . The former has been renamed , It has become today's swan home ; While the latter , It is the predecessor of fast dog taxi .

2017 Year is 58 A crucial year for express transportation . At the beginning of the year , Chenxiaohua was introduced by a friend , Got to know linkaiyuan （Steven Lam）, The latter is a local logistics platform in Hong Kong, China GOGOVAN founder .

Lin Kaiyuan 2011 After graduating from Berkeley University in , I returned to Hong Kong and founded an advertising company , It is mainly used to paste advertisements on the disposable plastic boxes for takeout boxes , Give the box to the restaurant for free . As usage continues to surge , Linkaiyuan is aware of a problem , The source of vehicles transporting these boxes is a big problem . therefore , Linkaiyuan decided to develop a truck platform , He brought several students to start a business together , Everyone takes out 2 Ten thousand Hong Kong dollar , stay 2013 year 7 The month was founded. GOGOVAN.

The first time they met , I think the merger can be discussed .“ We need to move towards a larger logistics market , At the same time, open services for Asia and enterprises . and Steven Lam Our team fits this perfectly .”

therefore , In the same year 8 month ,58 Express announcement and GOGOVAN Complete the merger , And continue to use 58 Express as a Chinese brand name . But after a year ,58 Express was suddenly renamed “ Take a taxi ”, It once caused quite a controversy . Regarding this , Chenxiaohua once explained , The name change was not a whim , It's the flowers 6 Months 、 It was decided after hundreds of meetings . In his opinion ,“ This is at least a value 5 To 10 The decision of $100 million .”

The renamed fast dog takes a taxi , Once I had two hot searches , New customers even reach 3 times . With the rapid development of business , A quick dog takes a taxi IPO Launched a sprint . last year 8 month , Fast dog took a taxi and formally submitted the form to the Hong Kong stock exchange , And this year 2 The hearing was passed in August . this IPO, Take a taxi IPO Issue price 21.5 The Hong Kong dollar / stocks , Market value after opening 140 Million Hong Kong dollars .

Looking back on the road of entrepreneurship , Chenxiaohua also sighed ,“ I am here 58 We have fought in the same city for ten years ,‘ Climb the snow mountain , Across the grass ’, I have experienced the hardships of starting a business for a long time . The investor asked me why you should do such a heavy thing ？ I said coffee is bitter , Entrepreneurship is also done because I am important .”

02 Does intra city freight make money ？ have 520 Ten thousand drivers , annual income 6 $

What does a quick dog need to support a taxi IPO？

For self positioning , The official website of kuaigou taxi is described as follows ： Committed to providing customers with goods anytime, anywhere 、 house-moving 、 Intra city freight service for transporting things , Based on the whole process closed-loop online trading platform and massive socialized transportation capacity , We are committed to efficiently meeting the different types of intra city freight needs of various users .

In other words , Fast dog taxi is positioned on the pure platform . At the capacity end , Fast Dog Taxi gathers independent drivers and logistics companies to provide order distribution services ; On the demand side , A quick dog taking a taxi radiates B Small and medium-sized enterprises and independent enterprises C End user .

thus , Shippers and drivers at both ends of the supply and demand , It is very important for fast dog to take a taxi . The prospectus shows , By 2018 year 、2019 year 、2020 Years and 2021 year 12 month 31 Japan , Fast dogs take a taxi about 1450 10, 、1980 10, 、2400 Wan Mingji 2760 Million registered shippers and 130 10, 、300 10, 、420 Wan Mingji 520 10000 registered drivers .

The specific term , Fast Dog Taxi currently covers three major businesses , Serve the platform respectively 、 Enterprise service 、 Value added service . among , Platform service matches drivers and shippers on the platform , Promote on-demand intra city logistics ,2021 In, the business accounted for% of the total revenue 39.1%; Enterprise service is to provide planning and on-demand local logistics services for enterprise customers ,2021 The proportion of this business in 56.4%, It has propped up half of the revenue ; The rest 4.5% That is, value-added services .

The prospectus shows , Come on, the dog is taking a taxi 2018 year 、2019 year 、2020 Years and 2021 year , The realized income is 4.53 One hundred million yuan 、 5.49 One hundred million yuan 、5.3 One hundred million yuan, 6.61 One hundred million yuan . At the same time , The gross profit margin of the company is 23.0%、31.6%、34.6% And 36.6%.

But what can't be ignored is , Fast dog taxi is still facing the problem of continuous loss . During the reporting period , The net losses of fast Dog Taxi were 10.71 One hundred million yuan 、1.84 One hundred million yuan 、6.58 One hundred million yuan, 8.73 One hundred million yuan . At the same time , The adjusted losses are 7.84 One hundred million yuan 、3.97 One hundred million yuan 、1.85 One hundred million yuan, 3.11 One hundred million yuan .

Regarding this , Quick dog took a taxi and said frankly in the prospectus , The continuous loss is mainly due to the fact that the company's local logistics business is still in the initial stage , The company has made substantial investments to drive business growth . meanwhile , Quick dog also mentioned , Losses are still inevitable in the next three years .“ Considering the business investment plan , The company expects at least as of 2022 year 、2023 Years and 2024 year 12 month 31 Losses will continue to be incurred for the year ended .”

How big is the local freight market ？ Frost Sullivan reports that , The market scale in mainland China has grown from 2017 Year of 8931 100 million yuan increase to 2021 Year of 13199 One hundred million yuan , expect 2026 The year will continue to increase to 23008 One hundred million yuan ,2022 Year to 2026 Year of CAGR( Compound annual growth rate ) Then for 11.3%.

obviously , This is a super track with great potential , But there are already strong enemies around .

First of all, huolala was born at the same time as the fast dog taxi .2020 year 12 month , Huolala announced the completion of E Round of funding , Led by Sequoia China , High allocations 、 Shunwei capital and other old shareholders follow the investment , The amount of financing is 5.15 Billion dollars ; Then he completed the project led by Hillhouse F Round of funding , Valuations are super 100 Billion dollars . from 2020 From the year onwards , About the preparation of the goods IPO The news of . last year 5 month , Huo Lala announced the start of car building , Focus on new energy trucks ,IPO It seems that my steps are getting closer .

Didi also killed her . Didi freight on 2020 year 6 Officially launched in , The first day of the opening of the city, the order is over ten thousand . last year 1 month , Didi freight has also completed up to 15 $ A Round of funding , The investor is Temasek Temasek 、 CITIC Industrial Fund and IDG capital , And Yinshan capital 、 Country garden venture capital 、 Dingpei investment, a subsidiary of dingpei group VMS、 Yunfeng fund and Zhongguancun Longmen fund participated in the investment .

2020 end of the year , Manbang has also announced its entry into the local freight market . Earlier, it acquired provincial and provincial return cars in the field of intra city freight transportation , Finally, the city freight business will be carried out with a new brand . As the first domestic digital freight share , The man gang was founded last year 6 Monthly landing on NYSE , And is planning to be listed in Hong Kong for the second time , Estimated fund raising 10 Billion dollars .

thus , The top three of intra city logistics are re ranked , They are cargo Labradors 、 Didi freight and kuaigou taxi . Facing a fierce opponent , Taking the lead in landing the secondary market is very important for fast dog to take a taxi .

03 Two Hunan villagers ： Yao Jinbo threw in the first round 1 Billion dollars

Along the way , Fast dog taxi also assembled a team of investors .

According to incomplete statistics of the investment community , Fast dog taxi has been completed at least 4 Round of funding , There is no lack of 58 Same city 、 Huaxin investment 、 Alibaba 、 Rookie network 、 Sino Russian investment funds 、 Former master fund 、 Bocom International 、 Chery Automobile, etc .

2018 year ,58 Express changed its name to the previous month , Completed a round 2.5 Billion dollar financing , Led by Huaxin investment , rookie 、 Sino Russian fund 、 Hongrun capital 、 Former master fund and parent company home group follow-up investment . Talking about this investment , Huaxin investment CEO, Zhaofu, the founding partner, once said , The trillions of short haul freight market is in great demand , But the supply is very fragmented , The traditional mode is inefficient 、 Poor service quality , The application of mobile Internet has significantly improved the efficiency of short distance freight transportation .

last year 7 month , Fast dog taxi also announced the completion of a new round of financing of nearly US $100 million , By bocom international joint Cyberport investment venture fund (CMF) Jointly lead the investment .

Review the journey of fast dog taxi , Outside chenxiaohua , There is also a key figure ——58 Yao Jinbo, founder of the same city .

The equity structure shows , Yaojinbo and chenxiaohua are the actual controllers of the company ,58 Same city 、Nihao China Corporation And Trumpway Limited Jointly held 58 Daojia about 77.5% The right to vote .

Yaojinbo and chenxiaohua are fellow villagers in Hunan , A few years older , It is also the same as joining in Internet entrepreneurship after graduation from university . As early as 2000 year , Yaojinbo founded the domestic domain name trading website E-domain , It was acquired by wanwang in September of the same year . thereafter , Yaojinbo became Vice President of marketing all the way from the product manager of wanwang .

After spending five years in wanwang , Yaojinbo decides to start a business again , stay 2005 Founded the classified information website 58 Same city , Also laid the foreshadowing for getting to know chenxiaohua in the future .2007 year , At this time 58 The city has become the first in the industry , However, yaojinbo found that ganji.com actually caught up . After much inquiry , He learned that a man came to the market SEO A great god , That is chenxiaohua .

Such a man of cattle , Yaojinbo naturally doesn't want to miss . stay 2016 year 9 In a live broadcast in June , Yao Jinbo once revealed , In order to attract chenxiaohua to the banner , He invited chenxiaohua to dinner under the pretext of a fellow villager in Hunan , Keep calling to make an appointment , But they were all rejected . Even in the end , Chenxiaohua directly pulls yaojinbo away from his mobile phone . In desperation , Yaojinbo went directly to the office building of ganji.com , In the face of such persistence and sincerity , Chenxiaohua was finally moved .

The first time they met was in a coffee shop . There is a detail circulating in the market ： At that time, yaojinbo took 20000 yuan and directly gave it to chenxiaohua , As a deposit . Chenxiaohua recalled afterwards , Yao Jinbo said the most touching words at that time ：“ I'm sorry that other people are not so important , The most important thing is to be worthy of yourself , Who do you think you're most likely to do it with .”

Final , Chenxiaohua helps 58 The city ranks first in the industry , Yaojinbo took him to the bell ringing stage of NASDAQ . But what surprised yaojinbo was , Chenxiaohua then resigned , To do home service .

Facing the ambition of entrepreneurial partners , Yaojinbo chose to support to the end , He agreed to chenxiaohua's application for independent entrepreneurship , And throw it to chenxiaohua 1 Billion dollars to start up , Become 58 Angel investors at home . thereafter ,58 In the same city, the Swan comes home again 、 The follow-up financing of fast Dog Taxi continues to increase , Yaojinbo has always supported this little brother in Hunan with practical actions .

The story of chenxiaohua and yaojinbo , It is just a microcosm of Hunan native Internet entrepreneurs .

Tencent Zeng Liqing 、 Wechat Zhang Xiaolong 、 Hi, Kwai su 、 Mo Mo Tang Yan 、 Yingke is blessed …… A group of names familiar to the Chinese Internet community , They all come from Hunan . Hunan people have always been “ Just bitter 、 Bully 、 Be patient ”, It has gathered and created a famous Hunan army in the history of Chinese Internet .