Listing Less Than 50 Days, Such As Han Holdings Market Value Has Shrunk Nearly 70%

Such as Han holdings spent a lot of money and time to train net red, but most of them did not have the ability of carrying the first line net red.

Known as the "net red first share", successfully hatched out Zhang Dayi, bugs, Daikin and other net like electricity providers such as Han holdings, since the listing, the share price has dropped repeatedly, and its internal business situation has caused people to reflect on the "net red + Incubator + supply chain" business logic.

According to fashion business news, shares such as Han holdings fell 11.71% to 4.45 U.S. dollars yesterday, and the market capitalization was about 360 million dollars, which shrank by nearly 70% compared with the market value of 1 billion dollars on the first day of listing.

It is noteworthy that if Han holdings dropped its issue price after opening, the first day's closing loss increased to 37.2% at $7.85 per share, and the market value of that day shrank by 1/3, even though the stock price rebounded on the following day, and rose 9.68% to $8.61 per share, still below the issuing price of 12.5 US dollars per share.

Prior to the first day of listing, that is, the phenomenon of breaking the issue price, such as Feng Min, chairman of Han holdings, said that the old shareholders did not sell any money. This is the mechanism of some hedge funds. It is not clear why the reasons for the specific decrease can not control and affect the two tier market. The only thing that can be done is to do well in the performance of the industry, and that the fundamentals of the company have not changed.

According to the prospectus, nethong Zhang Dayi is second only to Feng Min's second largest shareholder.

In the shareholding structure such as Han, Feng Min holds 27.51%, Zhang Dayi holds 15%, director and general manager Sun Lei holds 14.59%, director Shen Chao holds 6.67%, Sai Fu and Alibaba share 8.56%, Jun alliance capital shares 8.54%.

It is noteworthy that, such as Han holdings in the past 3 years has been recorded losses, 2017 net loss of 40 million 100 thousand yuan in fiscal year, net loss in the 2018 fiscal year was 90 million yuan, the 2019 financial year before the three quarter net loss of 57 million 500 thousand yuan.

In the first 9 months of December 31st last year, such as Han holdings revenue grew 14% to 856 million yuan, the net loss increased 120% to 57 million 500 thousand yuan.

Wang Sicong's comments on such topics as Han holdings also triggered widespread controversy.

He pointed out that if the issue of Han holdings is the first loss, nearly 150 million of the marketing cost is puzzling for a business incubator specializing in KOL.

According to the data of Han IPO, in 2018, the gross profit of Han Han company was 300 million yuan, including 100 million yuan in performance costs, 146 million yuan in marketing costs, 130 million yuan in comprehensive management fees, 710 thousand yuan in other revenues, and a total loss of 72 million 350 thousand yuan.

Secondly, the head net red is not replicable, such as Han holdings signed more than 100 net red, but the dependence on Zhang Dayi is very high. In the 2017 fiscal year and the fiscal year 2018 and the three quarter of fiscal 2019, it occupied 50.8%, 52.4% and 53.5% of the income respectively. This is a very unhealthy proportion.

Finally, such as the net red hatch of Han holding, the net red business, and the net red marketing mode have not been verified successfully, nor have they proved that they can train the new KOL.

Just like Wang Sicong's comments, such as Han holdings did not hatch more net red KOL, which could rival Zhang's rival, to become the company's "bruising", which is related to the increasingly fierce market competition and the early luck factor of net red.

The famous net red and the blogger belong to the "head economy". With the market competition becoming more intense, the net bonus period is gradually disappearing. It is more difficult for ordinary net red to get traffic and jump to head net red.

Some analysts pointed out that as more and more celebrities and head net red share their skin care and wear experience on social media, ordinary net red is likely to lose some fans. After all, the attention of consumers is very limited.

According to industry sources, the internal elimination mechanism of hatchet red is very strict, and the net red that can really earn money is only 10% to 20% of the head group.

Cao Lei, director of the China Electronic Commerce Research Center, also said that net red brings traffic increments and order increments, but how much incremental orders can be generated remains to be seen. After all, many users chase after the net is entertaining, and if they want to really switch to consumption, the two sides need to be integrated.

Moreover, the Matthew effect is now showing that the gap between ordinary net red and head net red is getting larger and larger.

Analysis shows that, in the final analysis, the core competitiveness of a network of Hong Kong Electric Company is the personal influence of the head net red, or the overall planning ability of the electronic business platform and the strength of the supply chain.

On the other hand, the cost of hatching new net red is getting higher and higher. The emergence of red head has great opportunistic nature. It is almost impossible to rely on hatching.

The prospectus shows that the marketing expenses such as the net marketing of red net are increasing year by year, from 9 million 920 thousand in the second quarter of 2016 to 70 million 840 thousand in the fourth quarter of 2018. The per capita net marketing cost is 630 thousand yuan per person in the fourth quarter of 2018.

Such as Han holdings, there are 113 signed net red, with 148 million 400 thousand fans and 91 self run shop, but in addition to several head net infrared, such as Han holdings signed a lot of net red has been unknown.

As of December 31st last year, 91% of the net red year GMV did not exceed 30 million.

In addition, it is more and more difficult for the head net to continue to maintain its brand.

Net red Sydney once said in an interview with the media that she looked forward to the luxury fashion industry, even if the founder relegated to the second line, leaving behind the name can also make the brand continue.

"You can't be a red man all the time."

Said Sydney.