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Electricity Supplier Puzzle: Forced Listing And Financing &Nbsp, IPO Road Conditions Are Numerous

2012/3/16 14:17:00 5

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As the two fast expanding business giants, Jingdong mall and van customer's products play a leading role in the industry. Their listing is of universal significance.

And after Mcglaughlin and Dangdang listed on the stock market fell, the failure of handover network IPO for reference, how to face the listing predicament of Jingdong and how to become a problem that should be considered and breakthroughs.

At present, China's electricity supplier websites are frequent and static: IPO has been rejected by the US NASDAQ capital market; the Jingdong mall and Dangdang have launched a price war; and the original planned marketing in 2011 is Vic. With the departure of vice president Wu Sheng, the way of listing has become blurred; the listing plan of Jingdong mall has also slowed down.

In front of the capital market, China's e-commerce website also showed "half dead" signal. Mcglaughlin and Dangdang share prices have shrunk.

The road of listing is in full swing.

At present, the B2C websites with large scale and high concern in China are ready to list Jingdong mall, Fan Cheng pin, the failed hand in hand, and Dangdang and Mcglaughlin who have already achieved IPO in the US.

In October 26, 2010, Mcglaughlin listed on NASDAQ. Mcglaughlin listing is a landmark event in China's B2C industry. It is the first share of China's B2C website galloping through the US capital market.

Then Dangdang was listed on the NYSE in the evening of December 8th Beijing time.

The initial announcement of two listed websites is amazing.

Mcglaughlin, China's first publicly traded B2C company, issued a IPO price of $11, issuing 11 million 740 thousand shares, and the planned financing amount of $129 million.

The closing price on the first day of the listing was as high as 17.26 US dollars, up 56.91%, and the P / E ratio was 157 times; the Dangdang issue price was 16 dollars, and the financing was 272 million US dollars.

The first day of listing rose 86.94%, closing price of 29.91 U.S. dollars, at the issue price of 16 dollars, Dangdang net earnings ratio can reach 103 times.

However, behind the bustle, there are dangers.

Not long after, Mcglaughlin's stock price fell generally in Waterloo, and now Mcglaughlin's closing price is only 1.28 dollars (take stock price in December 26, 2011 as an example).

Dangdang shares rose to more than $30 after listing, but since mid January 2011, its share price has fallen all the way to the close of only $4.66 today (taking stock prices in December 26, 2011 for example).

Nasdaq market delisting $1

rule

。

That is, if the share price of a listed company is less than 1 dollars per share, and this state lasts for 30 trading days, the Nasdaq market will issue a warning of loss. If a warning company fails to take corresponding measures in the 90 days of warning, it will be declared to stop trading by changing its share price.

Mcglaughlin's share price shrank by 90% a year, and we must be alert to the risk of a stock price falling below US $1.

In addition, Mcglaughlin was once deeply involved in the vortex of collective action in the US related companies. He accused Mcglaughlin of failing to disclose information in IPO, including the weak trend of Q3 quarterly operation, rising cost costs, failure of internal financial control and so on, thereby misleading investors.

Still seeking listing

B2C

It has also been tested.

The handshake net handed in prospectus to the US Securities and Exchange Commission on 8 November 2011, which was originally planned for listing in November 14th. At the end of the day, it was reported that IPO had died unexpectedly.

However, the listed public statements before Vic and Jingdong mall were also suspected to be "no fixed timetable".

"At present, the performance of China's B2C listed companies has gradually shifted from a very optimistic atmosphere to a comparison.

heavy

The atmosphere. "

Feng Lin, director of the network finance department of China Electronic Commerce Research Center, said in an interview with reporters.

Forced listing

E-commerce as an emerging industry in the Internet, its profitability has not been ideal.

Feng Lin told reporters, "at present, all aspects of the cost of electricity providers, including advertising, human resources, logistics costs, rapid expansion, and the electricity supplier's homogeneous competition is very strong, such as Jingdong before making digital, now like department store development.

So at present, it is very difficult for e-commerce websites to make profits.

The financial report of the hand open stock prospectus disclosed that since its establishment in September 15, 2009, the cumulative net loss of the handshake has been more than 470 million yuan RMB; Mcglaughlin's earnings report shows that the net loss of 2011 US dollars in the third quarter was 14 million 400 thousand US dollars; Dangdang net 2011 third quarter financial report showed that its net loss was RMB 73 million 400 thousand yuan; recently, a veteran customer named VANCL was posted on the blog.

The salary of personnel is at least 500 million yuan per year, and the accumulated deficit may exceed 2 billion yuan in 4 years.

Although the customer denies its authenticity, there is no doubt that the whole business industry is in a state of loss.

The US B2C giant Amazon website was founded in 1995. It only started selling books online, and gradually expanded its business scope, including music CD ROMs, computers, software, electronic products, clothes, furniture and so on.

Before the listing was launched in 1997, Amazon was in a loss stage until 2002, with a net profit of $more than 300 million in 2004.

After 9 years of struggle, Amazon is now making profits, which seems to indicate the direction for China's B2C website to make profits.

Insiders have concluded that at present, e-commerce websites in China are mostly in a state of shortage of capital chain, and there is not much VC to buy in the new round of financing. Listing is the only way to collect money.

Statistics show that the 3 rounds of financing were launched in June 2010, December and April 2011 respectively, amounting to 5 million US dollars, 50 million US dollars and US $111 million respectively.

According to the speed of "burning money" in the Internet industry, it is urgent to re inject funds.

The wind market has revealed the trend of watching and declining group buying websites, with capital tightening and private placement more difficult.

People in the industry shouted, "the shortage of food and grass is not good enough, but this is the frustration of the handshake net because it needs to survive."

The success of all customers is due to the continuous injection of capital behind.

At present, all passengers get 6 rounds of investment, A round of financing 2 million dollars, B round 10 million dollars, C round 30 million dollars, D round 50 million dollars, E round 100 million dollars, F round 230 million dollars, six round financing about 420 million dollars, converted into RMB about 2 billion 700 million yuan.

Van guest had planned to launch a new round of financing in the near future, with the scale of financing up to 1 billion US dollars.

The Jingdong mall said it will launch the IPO plan, which plans to raise 40~50 billion, and will soon reach the US capital market in the first half of 2012.

According to Feng Lin's analysis, the valuation of Jingdong's C round of financing has reached 10 billion US dollars.

This volume is difficult to carry out D round financing.

It is the best choice to go public as soon as possible without the profit and bad financing environment.