What Is The Successful Booster Of Mcglaughlin'S Listing?
On October 26th, Mcglaughlin, China's vertical clothing e-commerce company, will visit the US NASDAQ on Tuesday. Shen Napeng, founder and executive partner of Sequoia Capital China fund, said Mcglaughlin was accepted by the capital market as the success of the company's business model.
Looking at the executive power of e-commerce and management
Mcglaughlin was founded in 1996 last year.
Mcglaughlin
The annual sales volume has exceeded 1 billion yuan, and the sales revenue is mainly based on websites and call centers, and retail outlets are subsidiary. The proportion of the former accounts for about 85% of online shopping.
In 2008, Sequoia Capital held nearly 80 million dollars.
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Before investing in Mcglaughlin, Sequoia Capital held about 253 million of the common stock, accounting for 75.9% of the total share capital, and Shen Napeng was chairman of Mcglaughlin.
"When investing, it is judged that China's e-commerce will soon rise. At the same time, we are also optimistic about the rapid growth of the domestic garment industry. These two points are the basic starting point for investment at that time", Shen Napeng talked about when he decided to invest in Mcglaughlin.
In fact, in addition to optimistic about China's e-commerce, optimistic about China's clothing industry, Shen Napeng also attaches importance to Mcglaughlin's management team.
Mcglaughlin CEO Gu Bei Chun is a low-key but practical and hardworking person. The whole team has strong executive power.
Shen Napeng also revealed that Sequoia Capital and he will play a role in the board of directors, such as the company's strategic direction, talent recruitment, KPI indicators set up and looking for partners and so on, but he stressed that the company's growth in recent years is the team's success.
"Like other invested enterprises, we are entrepreneurs behind entrepreneurs, but corporate management has always been the ultimate operational decision maker."
Listing is the success of business models.
"I believe that the capital market can accept a strict consideration of a listed company. Mcglaughlin can go on the market smoothly.
company
The success of business models, not just its profits.
At the beginning of this year, there was a listing plan, and the business was carried out in accordance with the usual steps. There was no deliberate adjustment or deliberate attempt to become the first Chinese e-commerce enterprise to list in the US.
Shen Napeng believes that the listing of Mcglaughlin is coming, and listing is just a new starting point for the company's better development in the future. The first step in the long march is that Sequoia Capital will support the growth of enterprises as a long-term investor.
In fact, we can see Mcglaughlin's rapid growth in recent years from the prospectus. Last year's revenue reached US $177 million, while in 2007, the revenue was only 61 million 400 thousand US dollars, with a compound annual growth rate of 70.2%.
The net profit of three years in 2008 and 2009 reached 3 million 552 thousand and 7 million 212 thousand US dollars respectively, with an annual growth rate of 103%, and net profit of 2 million 527 thousand US dollars in the first half of this year.
Another important reason why Shen Napeng is optimistic about Mcglaughlin is that its sustained high-speed growth is supported by the cash flow generated by the company itself. After Sequoia bought its original shareholders in 2008, no new capital was needed.
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