Listed On The First Day Of Listing Fell 37%: Net Red Money Net Red Shares Hard To Make Money

According to IPO, as early as know the news, net red business first shares such as Han Holdings (securities code "RUHN") yesterday officially on the NASDAQ in the United States, the issue price of IPO is 12.5 dollars, opening price is 11.5 dollars, issue 10 million shares of American depositary shares, raise 125 million dollars.

Citigroup and UBS are subsidiary underwriters, such as joint underwriter, tiger securities (TIGR).

On the evening of April 3, 2019, the network operator, such as Han holdings, was officially listed on NASDAQ in the US, issuing a price of 12.50 US dollars, such as Han holdings, each ADS equals 5 shares of class a common stock, and the total issuance is expected to be about $125 million.

Such as Han holdings opening price of 11.50 U.S. dollars, lower than the previous IPO issue price of 12.50 U.S. dollars, 8% lower than the issue price.

Subsequently, such as Han holdings stock prices all the way down, closing down 37.20% to 7.85 U.S. dollars, the market value of 649 million dollars.

The sale period of the insiders is 180 days and expires in October this year.

At that time, the share price will face a new round of pressure.

Whether the major shareholders will make a commitment to extend the ban period will also become the focus of the next few months.

Net red holdings, the market did not buy it.

In addition to such high-level holdings as Han holdings, Zhang Dayi and other net red appeared on the Nasdaq, making the listing of Han electric providers as one of the highest listed companies in China.

Feng Min, founder and chairman of Han holdings, said in a speech at the public offering that "we have more than 10 years of experience in the operation of e-commerce. With the net red ecosystem, we have become China's leading net red incubator and an ideal partner for retail brands.

It is a milestone for us to come here today. We will not forget our minds and continue to work hard.

If the holding company and the offering shareholders have granted the Underwriters the option to exercise their options within 30 days from the date of the issuance of the final prospectus, an additional 1 million 500 thousand shares of ADS can be purchased for excess placement.

If Han holdings will adopt dual ownership structure after initial public offering, it will be divided into class a common stock and B common stock.

Such as founder Feng Min, Sun Lei and Shen Chao hold all the B class common stock.

Class a common shares and class B common shares are only different in terms of conversion rights and voting rights. Class a common stock contains 1 voting rights and can not be converted into B common stock. B common stock contains 20 voting rights and can be converted into class a common stock.

After initial public offerings, ordinary shares such as B will account for about 42.9% of the total share capital of the company and about 88.2% of the voting rights.

Ali shares of the first net electricity supplier

Such as Han holdings, founded in 2001 by Feng Min and others, is positioned as "net red incubation" company, using the image of the red man to create high-quality shop brand, and then realize it through the electricity supplier.

The three major businesses include the Reds brokers (incubating new media opinion leaders), marketing promotion (advertising endorsement and brand marketing consultation), and e-commerce business (using Reds to build store brands).

According to the report of Sullivan, according to the revenue, total paction volume and the number of signed net, the company is the largest net red platform in 18 years, and the number of platform fans and e-business shops is the highest.

At present, the company has 113 signing nets.

A total of 3 top KOL, including Zhang Dayi, Daijin and leiberlin, have 32 million 500 thousand fans, and 7 and 103 emerging KOL, with 28 million 900 thousand fans and 8 million 700 thousand people, respectively.

Most of the income of the company is achieved by "net red", and carrying goods to the NASDAQ.

Since its establishment, the company has carried out several rounds of financing, and Alibaba has been leading many times.

As early as in November 2016, Ali invested 300 million yuan, and subscribed 3 million 111 thousand and 100 shares, such as Han holdings, 9.58% of the total share capital at the price of 96.43 yuan / share, and successfully landed on the new three boards in August of the same year. After the completion of the financing, Han holdings held a valuation of up to 3 billion 132 million yuan.

At present, such holdings include Alibaba, Sai Fu fund and so on.

Prior to this IPO, founder Feng Min held 29.27% stake, the largest shareholder of the company, Sai Fu and Ali both held 8.56% stake, and Jun Lian capital held 8.54% stake.

Behind the high inventory turnover: short supply chain

Opening Zhang Da Yi's shop, "my favorite Wardrobe", after browsing several treasures, it is easy to find that most of the babies are not in stock, the number of days waiting for them exceeds 6 working days, and some even need to wait for 20 working days.

The reason behind this is not only hunger marketing, but also supply chain logistics.

Such as Han holding mode of operation, including the "net red + Incubator + supply chain" three links.

Among them, net red and incubator have mentioned before, that is, using the ability of head KOL to carry the sales side, while the incubator is the new KOL.

The most important point is the optimization of supply chain.

Take the fast food ZARA as an example.

ZARA is famous for its inventory turnover and fast response of supply chain, including the whole process of acquiring inventory and selling, which only takes 30~40 days.

Therefore, the new speed is very fast.

And the net red supply chain represented by Han has similar style.

Such as the adoption of the "new flash purchase + pre-sale", the corresponding is "a small number of small, quick turn over" supply chain mode.

However, judging from the number of inventory turnover figures disclosed, it is clearly not the same as ZARA turnover.

The average inventory turnover days calculated based on average inventory and sales cost show that this index is as high as 190 days.

In other words, it takes close to half a year from stock to sales.

This is also the main reason for poor cash flow.

Zhang Dayi did not want to sell early, but did not have the supply chain capability to sell quickly because they could not backlog their stock.

Another indicator is the scrapping rate of stock.

Looking at costs, inventory scrap costs account for about 5% of revenue.

This is precisely the effect of "pre-sale".

The essence of net red economy

In March 4th this year, the "Tmall gold makeup Award" conference, Zhang Dayi ranked second in the annual beauty makeup creators' list of reds, and the title is still loud.

In her view, for the net red economy, which is no stranger to the world, it is necessary to recall the original intention, to do something that best fits the characteristics of this era, or to return to the essence of the net red economy, that is, the three plates of content, community and retail.

"Net red must have the vision and credibility of mining outstanding products."

Us red net CEO Wang crane thinks that every network Hongdu should have a very vertical field of its own. The real net red business is developing to the highest stage. It should be "red man red goods".

As for the financing and listing of enterprises, Wang Shouhe said in an interview with reporters that not every enterprise is suitable for financing. IPO does not represent the freshmen of enterprises, nor is it the beginning of the rise of enterprises.

"Because financing brings about the rapid development of enterprises, before IPO, in fact, capital growth has accelerated the growth of enterprises. Enterprises may produce various problems, including management loopholes, team building, business process and profitability.

After 2019, an enterprise must have profitability and strong value productivity. "

With the continuous improvement of product quality, the ability, personal quality and team knowledge value of the net fans should be higher and higher.

Only by matching this way can we maintain a credibility and stick to consumers and fans all the time.

Otherwise, just like the personal experience of a friend of C's uncle, the net red shop spreads all over the minefields, many of which are sold at a price of quality and general, but the styles are very fast, but they are far from the net red display effect.

Of course, it is important to be able to carry goods, but the formation of re purchase is the core of deciding the future increment.