Once the listing is successful, the New Third Board will usher in a big overlord.
On April 12, UCAR Co., Ltd., the main operator of Shenzhou special car, officially submitted an application for listing the new third board. On the same day, Lu made his first appearance in the media meeting as the chairman and CEO. Solved a series of problems and ideas about the recent development of Shenzhou special car.
Did Ali invest or not?
This is an unavoidable topic from the media to investors.
At the end of March, there were rumors that Alibaba had completed a strategic investment of nearly 3 billion yuan in UCAR, holding 9.8% of the shares. However, Alibaba does not agree with this, only that it has a close and pleasant cooperation with Didi Chuxing and will continue to support the development of Didi Chuxing.
Then, on April 1 1, Shenzhou Special Vehicle officially announced that it had reached a strategic cooperation agreement with Alibaba. Ali confirmed this, and the two sides will gradually promote strategic cooperation in automobile e-commerce, big data marketing, cloud computing applications, high-precision maps and travel big data, and smart cars.
But subtly, Ali and Shenzhou did not deny the investment rumors, and both officially stated that Ali did not hold the equity of UCAR.
What happened in the middle?
Worried about Didi, or appeased China?
Lu disclosed this detail for the first time in April 2002 at 65438+, saying:
On February 29th this year, the Shenzhou special car launched a new round of financing of 3.68 billion yuan. Alibaba did invest 654.38+04 billion yuan in UCAR through "Alibaba (China) Network Technology Co., Ltd." in China and "Alibaba Network China Co., Ltd." abroad, accounting for 2.8 billion yuan, accounting for about 9.8% of the company's shares.
The company's pre-investment valuation is 25 billion RMB, and its post-investment valuation is 28.7 billion RMB.
However, for some reasons, Ali transferred all his shares to Yunfeng Investment and Yunling Investment respectively on April 1 day.
The following is the change of shares:
What the hell is Ma Yun's father doing?
There are different opinions on the reasons for Ali's transfer of shares.
A bridge widely circulated among people is that after the news of Ali's participation in Shenzhou special car came out at the end of March, Liu Qing, president of Didi Chuxing, went to Hang Cheng, the headquarters of Ali, and raised an objection to Ali's investment in other Internet car rental platforms as a shareholder of Didi Chuxing. Although Didi denied this statement.
Lu Yao Zheng said: "I suggest asking Alibaba."
Some media asked about the relationship between the two acquisition institutions in Lu. His explanation is: "This change was made by these two companies after Ali invested. The overseas part was changed to Yunfeng and the domestic part was changed to Yunling. They found it, not us, and it has nothing to do with the company, me or the company's team. "
But on the whole, anyone with a discerning eye can see that this financing is still related to Ali. After all, Ma Yun is the founder of Yunfeng Fund. More analysis also tends to think that the real reason for Ali's transfer of shares is that between Ali and Didi Kuai's shareholders, it is restricted by the no-entry agreement.
As for Ali, who holds Didi shares, why should he invest in a special car in China? This is another interesting topic.
Everyone knows that the earliest shareholder behind Didi is Tencent, Alibaba's arch-rival. As a fast shareholder, Ali became a shareholder of Didi because of the rapid merger of Didi. So, how did the merged Aauto Quicker live? Let's look at a set of data:
As can be seen from the above figure, compared with the rapid drip, not only the volume is far from each other, but also the growth rate has plummeted: the rapid activity in March was only 2.977 million, down 82.3% year-on-year; Daily life is 235,000, down by 85%.
So you know.
Let's not talk about those who question the major problems in the Shenzhou model, and the loss led to Ali's withdrawal.
In BAT's existing "Internet plus car" pattern, Baidu and Tencent are heavily guarding Uber and Didi respectively, and LeTV has also gained control. Ali's sense of crisis can be imagined.
Moreover, the policy risk of 2065 438+06 C2C Internet tourism is unknown, and the subsidy is bottomless. On the one hand, China's special car policy that adheres to the B2C model has the least risk, and it has relatively jumped out of the subsidy quagmire. As an investor, it is a normal reaction for Ali, who is in a downturn relative to Tencent.
And this move can be described as killing two birds with one stone. It is not a loss to properly brush the sense of existence to Didi Tencent and hang a special car in China. I can only say: Ali, you are cruel.
Why can the valuation be nearly 30 billion?
The rapid decline and the escalation of BAT travel competition are one of the reasons why Ali turned to the special car in China, but it is still not all.
UCAR has become the "fragrant steamed bun" in the investment field in just one year, with a valuation of nearly 30 billion, except for the market prospect of special car travel that everyone can see:
More importantly, Lu created a business model of "car rental+special car+used car" B2C car, which further radiated the whole travel and automobile industry chain.
There are two key points: the whole automobile industry chain and BC2 differentiated business model.
▲ Let's talk about the entire automobile industry chain:
This is definitely the subtlety of China's market value management.
According to the latest announcement of the equity restructuring of the automobile company (0699.HK) in mid-March this year, UCAR has become the largest shareholder of the automobile company.
CAR Inc, whose main business is self-driving in short rent, has become the founder of the automobile ecosystem with its huge fleet size and nearly 654.38 million+vehicle management.
Judging from the existing structure, in addition to the special car business, UCAR's holding subsidiary will also extend its reach to the whole automobile industry chain such as CAR Inc., used cars, flash loans, car trading and so on. The industrial closed loop has basically taken shape.
At the same time, the circle is still expanding
As described by UCAR, the company's strategy and vision are:
Shenzhou UCAR will focus on the whole industrial chain and the ecosystem of people and vehicles in the field of travel and automobile, and deepen the industry through the combination of commercial operation and capital operation.
The company's business includes the existing tourism sector, e-commerce sector and other business sectors that will be launched in the future.
Note: Source: Interpretation of UCAR strategy.
This is a great temptation for Ali.
This is why the strategic cooperation between Ali and Shenzhou Special Vehicle will emphasize that the two sides will give full play to their respective industrial, technological and ecological advantages, carry out all-round strategic cooperation in the field of "Internet plus cars", and strive to reshape relevant industrial chains and ecological circles. It is not limited to Internet tourism.
Relevant data show that in 20 15, the retail sales of automobiles reached 3.6 trillion yuan, accounting for 5% of the total GDP; In 20 15, the size of China's automobile aftermarket has reached 800 billion yuan. In the future, UCAR is likely to cut into auto finance, auto insurance, car networking, smart cars and so on. And the space can be imagined.
In addition, it is worth mentioning that UCAR will first invest no less than RMB 654.38+000 billion in the field of automotive e-commerce, and will introduce strategic partners with rich online resources in this field. "It may be Ali, or it may not be Ali." Yao Zheng sold another prisoner.
▲ Let's talk about the business model of B2C:
Lu firmly believes that B2C is the only reliable business model in China tourism. His judgment is mainly based on the differences between B2C and C2C in cost structure and profit model.
Note: Source: Interpretation of UCAR strategy.
Regardless of whether the evaluation of C2C is accurate or not, at least in the B2C model, from the successful listing of CAR Inc' s Hong Kong stocks to the current sustained profitability, Lao Lu still has a certain say.
In addition, according to Lu, the special car in China "has walked out of the mud pit of subsidies". Compared with other platforms 100 return 100, or as low as 50% to 60% discount, the promotion of special cars in China has really remained at the scale of 100 return to 20% for a long time.
It is precisely for this reason that Lu believes that Shenzhou special car has left a good reputation with market experience, and the existing retention rate can better reflect the real customer needs. Even if the price war is repeated, you can receive a premium of more than 20% for taxis.
According to the data of roland berger, an international market research company, in the private car market where the taxi premium exceeds 20%, in 20 15 years, China private car occupied 40% of the domestic market share.
Comparing the existing C2C model, Lu asked: "The model of burning money crazily will eventually burn out. When the tide recedes, where is the real customer demand?" It makes sense to think about it. At least on the existing scale base of C2C, there are still a lot of bubbles due to low-cost subsidies.
The core team has been established.
According to the latest announcement of CAR Inc., Lu resigned as the CEO of CAR Inc. and became a non-executive director, and continued to serve as the chairman of CAR Inc. ..
Regarding the job adjustment, Lu believes that CAR Inc is already a listed company in Hong Kong, and it is more willing to focus on profit, work and growth. Moreover, the car rental business has been in a relatively stable growth period, and the experience in the existing team industry is enough to guide the company to achieve its strategic goals. UCAR still has many innovations to be practiced. His personal focus will also shift to UCAR.
At this point, the core management team of UCAR has all been formed. Most of them are the founding members of automobile companies .. Li Hui, the former president of Huaping Investment Group in the Asia-Pacific region, was hired by Lao Lu, and the heavyweight was no less than Didi's Liu Qing.
Everything is ready. It remains to be seen whether the performance of the special car market in China can be profitable in the third quarter as Lao Lu wishes.