If The Stock Price Falls On The First Day Of Listing, It Is Difficult To Hatch More Zhang Dayi.

On the eastern time of April 3rd, Hangzhou's Cmi Holdings Ltd (hereinafter referred to as "Han Holdings") officially went to the United States, the stock code was "RUHN", and the 10 million US depositary share was issued at the issuing price of US $12.5, becoming the first net electricity supplier in China to be listed on NASDAQ.

After the end of the first day of trading, such as Han holdings shares fell 37.2%, to 7.85 U.S. dollars.

Before going to the US IPO, such as Han holdings is experiencing a continuous loss.

Prospectus shows that in the 9 months from April 1, 2018 to December 31st, such as Han holdings revenue of 856 million yuan, a net loss of 57 million 500 thousand yuan.

The company's revenues in fiscal 2018 and fiscal year 2017 were 9.47 and 577 million yuan respectively, with a loss of 89 million 950 thousand yuan and 40 million 130 thousand yuan respectively.

Such as Han holdings, founded by Feng Min and others in 2001, is the earliest explorer of "net red business" mode, that is, the social media incubator network is red, and sells products with the influence of net red.

In 2011, the company launched the Amoy brand "Li Bei Lin", its performance has entered the list of Taobao top ten, but entered the 2014 performance decline, Feng Min began to seek pformation.

In 2014, Feng Min and Zhang Dayi worked out a Taobao's "happy Wardrobe", which was modeled by Zhang Dayi.

At that time, Zhang Dayi had nearly 300 thousand fans in micro-blog, and was called "micro-blog goods king".

Sales volume rose rapidly after the shop went online, and the sales volume of the shop ranked first in Taobao clothing category a year later.

"My happy Wardrobe" entered the list of top ten sales of double eleven ladies in 2017, and sales exceeded 170 million yuan. Other brands in the list also included UNIQLO, Only and Vero Moda.

After seeing the great potential of the net red business, Feng Min decided to copy this pattern. In 2015, he began to adopt the business mode of "net red + Incubator + supply chain", and invested a lot of funds to hatch the net red, creating the next "Zhang Dayi" who could carry the goods.

As of December 2018, such as Han Holdings has 113 net red, the company will also be divided into top red KOL, growth KOL, emerging KOL three categories.

Top KOL are Zhang Dayi, Daikin and Lilin three.

Such as Han Holdings said in the prospectus, "we built a KOL ecosystem in China, linking a large number of KOL and its fans to build a huge network."

Such as Han holdings's net red has already harvested about 150 million fans in major social media. These fans are important consumers like Han holdings's stores.

It is reported that about 39% of the self holding online stores are purchased by users.

Holding handheld net red, such as Han holdings, began financing in 2014, and in 2016 Alibaba had a share of 300 million yuan acquiring company 8.65%.

In the same year 8 months, such as Han holdings through the backdoor cosmetics sales company Kerrey love the new three boards, known as the "China net red business" first share.

In 2018 4, as Han holdings formally delisted, it said that "to meet the needs of the company's future development and planning strategy", the company will be listed in the US in 2019.

In view of the stock market crash on the first day of listing, the analysis of insiders may be related to the company's loss and listing.

The loss of such holdings may be related to the mode of "net red + Incubator + supply chain", especially the cost of hatching links is too high.

According to the prospectus, the cost of training the new network is still high.

At the same time, the net red that the company hatched at a high price didn't contribute much to its performance.

It is undeniable that Zhang Dayi's cargo effect is obvious, but it is somewhat difficult for Han holdings to reproduce Zhang Dayi's success by constantly hatching new net red.

The prospectus shows that 53.5% of the company's revenue in the first three quarters of fiscal year 2019 (from the website turnover) came from the electric power company jointly established by Zhang Da Yi and the Han holding company. The main revenue of the company is still brought by Zhang Dayi.

After the listing, Jiang Hui, founder of cat class, published micro-blog, saying that "Han Han holding" is about to adopt a new business model, which is not yet open to the public.

Whether the new mode can stop losses like Han holdings still need time to give answers.

Author: Zhang Xinyu ZXY