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E-commerce sources claim that Vanke Eslite has submitted a listing application for listing as soon as possible (VC327)
Just when Rushao.com suspends its IPO due to accounting issues, the B2C company Vanke listing plan has been quietly launched. Intime CEO Liao Bin broke the news on November 11th that B2C company Fanke has submitted the listing approval on November 5th, and it can be approved and listed as soon as next month. This is already a privately recognized message from B2C circles.
Some investors said that Fanke originally planned to go public in 2012 and launched a new round of financing before the listing, with a financing scale of up to 1 billion US dollars. Fanke CEO Chen Nian and angel investor Lei Jun have made great efforts in this, However, due to the large scale of Vanke and the high valuation, there have been rumors that it has reached 5 billion US dollars.
The above investors pointed out that under the current situation of capital tightening, there are not many VCs that can take over, which also makes Fanke through the private equity financing plan to turn to the public market.
There is not much VC available in the new round of financing
In fact, since 2011, it has been rumored that Vanke Eslite will go public in the United States many times. As early as mid-2011, foreign media reported that Vanke Eslite has selected five investment banks to be responsible for its listing in the United States in the fourth quarter of 2011, with a planned financing of 1 billion yuan. US dollars. According to news from foreign sources, the five investment banks appointed by Vanke Eslite IPO were CICC, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley.
E-commerce industry veterans also revealed that they recently visited Vanke Eslite. Although Vanke Eslite insiders did not admit to disclose the relevant details of the listing, the other party said that the company is currently in a silent period of listing.
Fanke's public relations department has not yet responded to the matter. However, a Fanke middle-level executive confirmed this, saying that Fanke has already selected five investment banks, and the IPO has been under preparation, but it did not disclose more information.
At the beginning of the year, he made it clear that listing is not the top priority of Vanke Eslite. Large scale is the most important thing, but all sources show that Vanke Eslite is still on the tiptoe to join the ranks of listing.
It is reported that Vanke was established in 2007, and its sales in 2010 reached 2 billion yuan. In 2011, it set a sales target of 10 billion yuan. At present, Vanke has completed five rounds of financing, and the latest one is $ 100 million. If this $ 1 billion IPO goes smoothly, Vanke will be expected to become the largest Chinese Internet company in the US capital market financing in 2011.
Or predict that the capital environment will be worse next year
According to a person from an investment bank, companies generally have to go through several processes for listing: the first step is to ask a securities firm to write relevant listing materials and form the financial statements for the last two or three years; the second step is to submit a listing prospectus, including secrets Submission and formal submission. During this period, the Exchange has regulations for listed companies. It is not allowed to publicize relevant listing information, and companies will be required to make multiple amendments to the prospectus. The third step is to start a roadshow and conduct it with potential investors. Communication; the last is the listing, ringing the listing bell.
Li Huabing, a partner of Qiantao Capital, said that Vanke has three main factors for listing: getting more shells, it is difficult to obtain larger private equity financing, and investors need to cash out. Li Huabing said that it is not surprising that Vanke is listed. It has obtained multiple financings before and after. If it is unable to obtain a new round of financing in the case of burning money, it will inevitably slow down the pace of expansion and be surpassed by competitors. In the current private equity market, where the market value of Vanke is already very large, few VCs have enough funds to take over.
On the other hand, investors have been kidnapped by entrepreneurs after multiple rounds of investment. Although the capital situation is not good, they still need to work together with entrepreneurs to help companies list and finally cash out. Taking the handle network as an example, the initial valuation of the handle after financing 50 million US dollars has reached 1 billion US dollars, but the highest issue price of this listing is only 15 US dollars, the highest financing of 80 million US dollars, the market value has shrunk significantly. Li Huabing believes that Handlenet can be said to be a "bleeding listing", but for late investors, even if the investment loss is 60% exit is the best choice, which is also applicable to Vanke.
Internet analyst Hong Bo believes that Vanke still insists on listing when the capital environment is unfavorable, indicating that it is more pessimistic about the future capital market prospects. Vanke may want to choose a relatively good listing time. VIE is also a major hidden concern for the listing of Chinese Internet companies. The early listing also allows Vanke to avoid VIE constraints. In addition, Fanke continued to burn money also requires follow-up funds to enter.
Information shows that Vanke not only increased its sales target in 2011, but also expanded its coverage and background services and increased advertising, including signing Huang Xiaoming and Li Yuchun as new spokespersons. At the same time, it cooperated with the layout of Wuhan and Chengdu warehouse centers to increase offline advertising. Investment efforts; its self-built logistics subsidiary Rufengda announced that it will open 28 city distribution services, and launched an English website to secretly deploy overseas markets, all of which require money.
VC is accused of intimidating and breaking the enthusiasm for B2C
At the same time that Handle and Vanke started to go public, a phenomenon that deserves attention is that B2C companies, the darlings of the capital market, are slowly falling out of favor. Since 2010, VC companies have invested madly in B2C companies, and even not investing will be considered as not entering the bank. A total of more than 1 billion US dollars of funds have poured into the B2C industry. However, after entering August 2011, the capital market became significantly colder.
Zhu Qigong, CEO of B2C Corporate Cool Sports, said that at the beginning of the year VCs chased B2C companies and called every day to ask when the companies would raise their second round of financing. Everything is to wait and see. Although there are still many VCs in many conferences, everyone's topic has changed, and the main question is where the profitability of the company is.
Zhu Qigong said that when the market is very hot, VC is not afraid that there will be an order taker. As long as the price is raised, someone will take it. However, when the market environment changes, many VCs ask what to do if no one takes the order, and if the enterprise fails to do so, it may fall into it. Just like buying real estate, the more you fall, the less you can buy.