Interesting inn appears on the market at was in the United States on October 18, 2017, the market prise when appearing on the market is as high as 11.5 billion dollar.
Before appear on the market, ant gold is taken is to hold a the 5th large stockholder of 12.8% , to on April 30, 2019, ant gold takes share of clear already empty interesting store.
A the 4th large stockholder of 16.1% is held to pile up source capital before appearing on the market, already the stock at clear on December 31, 2018 empty interesting inn.
A Kunlun of the 3rd large stockholder of 19.7% is held before appearing on the market 10 thousand dimension, at the stock of clear on April 30, 2019 empty interesting inn.
So, before April 30, 2019, hold between 10-20% the 3rd, the 4th, stock of store of empty interest of the 5th all Qing Dynasty, and inchoate investor La Chi is achieved cast, the 6th large stockholder is when appearing on the market, hold however did not decrease up to now hold.
Note: Equity method consulted interesting inn, Kunlun 10 thousand dimension, contact interacts to appear on the market 3 times company announcement, piece the article that invests net of emperor of note, 36 krypton, thunder to wait, form the article
One, the business of interesting inn
At the beginning of 2014, interesting inn still calls an interest in installment, at that time from provide consumptive loan professional work for undergraduate group.
In November 2015, after interesting inn accepts ant gold to take investment, provide a service to consumer through paying treasure, shift the emphasis young customer from the undergraduate, fall from the line turn to the line.
Present interesting inn, cause client is Chinese number with 100 million plan young customer, their need is small credit undertakes consumptive, and traditional banking orgnaization is insufficient to their service.
In interesting inn, borrower can apply for with the mobile phone small credit, approval can be won inside a few seconds.
4 kinds of business of 1.1 interesting inn
(1) cash credit product
Provide credit, borrower can collect ready money through paying treasure account credit and repay loan, interesting inn obtains financing income and loan advantage to spend income.
Exceed the loan that inn provides, before 2016 year change interest rate to exceed 36% , borrow money to what there still is 60% 2016 year of rate that influence cost more than 36% .
The supreme court releases " about trying statute of comfortable use of civilian leasehold case the regulation of a certain number of problems " rose on September 1, 2015 carry out, formulary interest rate exceeds year of 36% invalid.
In April 2017, interesting inn adjusted credit product value, in order to ensure year of rate that influence cost do not exceed 36% .
(2) commodity credit product
Consumer obtains the loan of instalment while interesting inn buys a product, interesting inn obtains advantage of financing income, loan to spend income and sale middleman's fee.
Interesting inn already obtained cooperation with supplier of many 480 commodity, offer wait for more and more product categories to watch, sports and outdoors product from consumptive electron product.
(3) product of economy car banking
Rose in November 2017, interesting inn was rolled out do obeisance to a car greatly, provide car loan service for consumer, consumer buys a car through interesting inn and obtain loan, interesting inn obtains advantage of financing income, loan to spend income, sales revenue.
Up to on March 31, 2019, accumulative total exceeding inn rents and sold about 25 thousand cars.
(4) loan recommends platform
2018 second half of the year only then, interesting inn rolls out loan to recommend open platform, through Xiang Ping stage user recommends a product, interesting inn obtains service fee.
The financial data of 1.2 interesting inn
Traded 2014 the forehead is 600 million yuan about, came in April 2014 caustic of net loss of the end of the year 40 million yuan.
Net 2015 loss 230 million yuan.
Gross income was 1.44 billion yuan 2016, make up the deficits and get surpluses, net 2016 gain 580 million yuan.
Gross income was 4.8 billion yuan 2017, net profit is 2.16 billion yuan.
Traded 2018 the forehead grows about 58 billion yuan, gross income is 7.7 billion yuan, net profit 2.5 billion yuan.
Up to by 2018, the enrollment of interesting inn the user achieves 71.8 million, 88% of gross of the person that the person that repeat loan takes active borrow or lend money about.
2, the control of interesting inn counterpoises
Interesting inn appeared on the market on October 18, 2017, the cent after appearing on the market is A with B.
Every 1 A kind have 1 ticket right to vote, every 1 B kind have 10 tickets right to vote.
Chairman of the author of the company, board of directors and presiding apparitor Luo Min, hold is all the B of a 10 tickets.
After appear on the market, luo Min is held 19.2% , have the voting right of 70.4% .
To on March 31, 2019, luo Min is held 21.4% , have the voting right of 73.1% .
Hold a scale to increase, because the company counter-purchases stock be caused by,the likelihood is.
1 person masters Luo Min the absolute majority of shareholder plenary meeting is voting authority, can control extraordinary item and common item.
The A that of other shareholder hold is a 1 ticket.
The equity structure of interesting inn pursues as follows:
When appearing on the market in October 2017, the board of directors of interesting inn is 8 people.
Luo Min holds the post of president to hold presiding apparitor concurrently, lian Zhu of group member Lv holds the post of trustee.
4 investor appoint a director each, have two independent director additionally.
To December 31, 2018, board of directors by 8 people instead 5 people.
Luo Min holds the post of president to hold presiding apparitor concurrently, lian Zhu of group member Lv holds the post of trustee, have 3 independent director additionally.
Investor is to prepare quiet empty stock, is the director of accreditation so overall evacuate?
Will analyse the financing process of interesting inn from the back.
3, the money that spends angel investment still did not find way
2009, zhu Tianyu just joined La Chi to achieve cast, see Luo Min of 26 years old for the first time on annual meeting of business of the cable that send era, luo Min plays a net to hold the post of president assistant in the interest at that time.
2011, zhu Tianyu invested Chen Hua group, at that time " sing " had not come out, have 3 people only an idea, do not have even a piece of paper. The electric business way of original expect does not have Chen Hua make it, after this adjusted 100 many poineering direction one year.
After a year " sing " horizontal sky is born, "The instant exploded " , la Chi is achieved cast become sing the first investor.
Chen Hua lets Zhu Tianyu see a candidate of mart vice president at that time, as it happens is Luo Min. And Luo Min decides finally to stay in very happy buy, till had been accomplished 2013 happy bought vice-president.
Zhu Tianyu and Luo Min often are in later each circumstances such as conference of industry of electric trading company meet, luo Min came out to do poineering work 2013, the likelihood took the money that the angel such as Li Xiang, Wu Shichun invests, but did a lot of projects to all end in order to fail.
Luo Min and Zhu Tianyu had chatted for many times, but Zhu Tianyu is not agreed with to the poineering direction before Luo Min, rejected him for many times.
4, La Chi achieves the A that cast annulus financing
In March 2014, luo Min decides to want to make an interest in installment, zhu Tianyu and Luo Min talked about about half hours to decided to invest.
Zhu Tianyu says, because,can be determined so quickly to invest is:
(1) La Chi is achieved cast valueing consumer credit is market of an opposite blank, have very large latent capacity.
(2) Luo Min although be played basically already,use up grain at that time absolutely, but beside ten brother follow him all the time, this is god-given idiosyncratic.
(3) before this two people already were acquaintance 5 years, luo Min does poineering work, with Zhu Tianyu it is to maintaining more " every two months touch poineering way " relation.
Should time period is happy already began distribution before half an year, interesting inn wants to must make the best of time successfully to overtake.
For this, la Chi is achieved cast send 2 million dollar, made half money that day about in the autograph, two make total money inside Zhou Zhi, former and affirmatory capital was increased again in a month the capital crossing the bridge of one times. For race against time, still make money to personal account of Luo Min directly.
Zhu Tianyu says, normal dollar project complete a business transaction often needs 4 to 6 months, and La Chi is achieved cast hit money to connect a file to had not begun to draft, more never mention it complete a business transaction.
This is pair of groups, trustful to Luo Min huge, also be want to be clear that it how help him manage is good to how help him manage before cast risk.
Left to be met a long time full with Luo Min the following day about in the autograph, discussion financing source, besides the money that relies on equity financing, still have other source?
Interesting at that time inn does loan to need a large number of capital, luo Min is little known, find the financial firm that is willing to cooperate very hard.
Zhu Tianyu achieves the financial firm one by one that joins a department to call to La Chi, let them support Luo Min. So advanced 6 months, interesting in installment the fund that capital carries has La Chi fastens brotherly company to borrow be as high as 80% .
Still must continue after business is done financing, save financing time to help Luo Min, make him absorption expand business, la Chi is achieved cast LP was pulled to invest in July 2014, because have trustful base, can persuade them very quickly.
Interesting at that time inn still calls an interest in installment, at the beginning mode is the goods that offers instalment for the undergraduate, after making an appointment with the user for instance, sheet is signed in the dormitory, the interest is in Beijing in installment east next sheet buy IPhone pass on to give an user.
After confirm mode is feasible, enlarge began to enrol the ground to push a group before tomb-sweeping day 2014; In July 2014, the ground pushs a number to recruit 100 people, the 27 provinces city besides Tibet of Qinghai Ningxia Xinjiang debutted; In September 2014, opened 180 cities.
Development rate is very rapid, luo Min's opinion is: Not be to choose good office to enrol a person to had groomed again first, just give off go working, rush forward to work first however, if be no good,change, give the space first occupy.
He Hongjia says the interest is in installment: Make up for strategic inadequacy conscientiously with tactics, with oneself time top goes up. He thinks the interest can rush in installment, because use,be was opposite person, looked for a few life to be laid the person that press, they erupt force is more powerful; Bold enable new personality, also consider the effect that be less than of purpose, interesting in installment the youngest provincial manager is returned not undergraduate course graduates.
5, the A+ of source capital annulus financing
It is the interesting inn that Zhu Tianyu recommends to Cao Yi allegedly, source capital cast interesting inn in August 2014 " A ＋ " annulus, cast 3 million U.S. dollor to be not occupied 10% .
Note: Establish 5 months estimate to be worth above of 30 million dollar namely? Does the RMB make an appointment with 200 million yuan?
Cao Yi says to still see Guo Luomin when Chinese larch capital, talking about an interest is the 2nd in installment meet, talked about half hour to decided to invest.
Cao Yi says, source capital just held water at that time before long, basically view two kinds of subjects: One kind is be diversion of traditional banking orgnaization " discharge " enterprise; Another kind is to do actual banking business " closed circuit " enterprise, saw a lot of, interesting inn is to be done at that time " closed circuit " small borrow business to run in foremost face.
Luo Min is right of the opportunity long for degree very strong, the experience it may be said before him " 9 be defeated to be gotten the better of " , hold back is worn a very large interest, accumulated tremendous energy.
6, by happy event turn the B of Bei annulus financing
Source capital is opening season immediately after investment, interesting inn wants money to grab the market again.
Cao Yi says: Interesting at that time inn made half an year only, early days data bulk is not great, saw many investor but total financing is not quite successful.
Cao Yi recommended interesting inn Zhou Yahui to say:
Interesting inn provides consumptive finance to the undergraduate, the first is inside this fractionize at present, grow very fast.
The capital cost that takes from P2P is in 15% less than, borrow a student year change interest rate to be in 40% , have 25 difference that choose interest.
At present a day of loan 6689, the end of the year predicts a month can be accomplished small 10 100 million, this company has the opportunity of 5 billion U.S. dollor.
Interesting inn prepares to do B annulus financing, appraise is worth in 1.x 100 million U.S. dollors are controlled, *** should cast 50 million U.S. dollor.
Our source has the right to be able to follow cast 5 million U.S. dollor, but source of so large amount does not follow.
Make loan likewise, when everybody borrows financing appraise to be worth 600 million U.S. dollor, everyday loan volume is less than 5 million RMB; And the interest has been accomplished in installment everyday loan 7 million, 100 million U.S. dollors of 1.x of ability appraise value.
If follow electric business to compare, the net of 10% compares interesting store electric business is tall still. Get together sale is less than the United States at that time 1 billion, the sale of interesting inn has gotten together more than beautiful, net interest rate is similar.
No matter be with what make loan everybody is borrowed,compare, still get together with what do electric business beautiful actor is tasted than, interesting in installment appraise value is low-down.
Interesting inn is in VC and PE now among, VC is cast a bit big, PE drops just in time, but decision-making speed slants slow, look for a balance in speed and appraise value so, appraise value is OK a bit lower.
Zhou Yahui just begins to study investment in those days, did not think of he says: Can be you cast more? We cast 12 million U.S. dollor.
Zhou Yahui says later, not be flicker be givinged by him, thought however at 3 o'clock:
The first, internet finance, very large trade, and this company sounds growth is quite rapid still.
The 2nd, chen Yizhou gives the undergraduate finance that I had said to cast the United States company SOFI, listen to him to say to be worth 1 billion U.S. dollor last.
The 3rd, otherwise of this company group went, I jump to do, my this ability, how can be so large trade also folded vacate a company of 3 billion U.S. dollor.
Am I short of an entered chance, became oneself to pay the tuition that go to school.
Zhou Yahui saw Luo Min later, feel adepter, have some of gas field, resembling is a person that starts to compare firm, saw a person decide an in part.
Luo Min said a competitor in installment happy, and how to exceed instead after terming begins in September 2014 in installment happy, and right extremely how is bad Zhang rate controlled etc.
Go seeing a company again, a big the standard width of a room in an old-style house does not have partition, one caboodle person carries out revolution together. Zhou Yahui has felt, but the somebody that goes together feels to resemble deceive people pass market a tissue.
Go treating a competitor again in installment happy, in connection know DST decides essentials is cast in happy process in installment in installment happy 50 million U.S. dollor, the appraise before casting is worth 250 million dollar.
Get this information Zhou Yahui 100% should drop an interest certainly in installment, did not tell Luo Min this news at that time, be afraid that he wants to rise in price.
Zhou Yahui says, had encountered what poineering group has talked to rise in price again many times really later, also come up against investor to finish fulfil his duty to investigate the case that cuts price again (allegedly each VC has had) .
Did not look later again in installment happy, basically be lazy most; The 2nd be DST is cast, the price so expensive, I also won't follow this price cast, what is more,the rather that in installment happy business had been exceeded instead in installment by the interest.
Cao Yi puts forward this with can turning the form of debt first loan, waited for B annulus investor to decide again certain stock, the value of the 75 appraise before fold or be being cast that presses B annulus is highest 130 million U.S. dollor, which low do by which.
Still say B annulus is done very quickly decided, not be great firm it is Chun Hua capital, value of the appraise before casting is Pre of 200 million U.S. dollor, if do not make money rapidly,cannot hit fold be cast.
Zhou Yahui says, anyway my in one's heart has thought leasehold it is an exceedingly meaning, had decided investment, they tell me more confidence is fuller, walk along flow very quickly to give money hit the past, time was November 2014, invest interesting inn 12 million dollar (can turn debt) .
From meet to make a money with respect to a week time, did not do an industry to investigate or fulfil his duty to investigate, it is completely trust by intuition and acquaintance, zhou Yahui says:
(1) he invests to VC at that time and Internet finance is a novice, consider look very difficult also see way to do sth comes.
(2) the turned pair of Cao Yi into this individual logically credit of judgement.
(3) with Luo Min the contact feels pretty good also.
(4) added DST to cast in installment happy (DST forces than my ox much, he is cast in installment happy always be well-founded) .
(5) if this company is no good,oneself jump to do, self-confident affirmation can be done.
The announcement of 10 thousand dimension says Kunlun, capital of source of 10 thousand peace keeping establishs Kunlun the fund of an invest in interesting inn, 10 thousand dimension invest Kunlun 12 million dollar serves as LP, source capital is GP.
And source capital and commitment of agreement of interesting inn autograph, offer 20 million dollar can turn debt, namely besides Kunlun the 12 million dollar of 10 thousand dimension, offer 8 million dollar additionally again?
In Kunlun 10 thousand dimension invest a lunar hind, b annulus financing still does not have a message.
Luo Min says is FA gave an issue, FA follows great firm, the fault gives the value when Chun Hua is communicated, company demand is the appraise before casting is worth 180 million U.S. dollor (calculate on the appraise after epicycle financing is cast namely is worth 250 million dollar) , FA should do the appraise after casting to be worth 180 million U.S. dollor to give an orgnaization, luo Min says to want to change a FA or oneself go talking.
Zhou Yahui helps introductory FA later, recommend fund of all sorts of the later period in can be being cast, luo Min said to see 100 orgnaizations, connect small fund to be able to cast 10 million U.S. dollor to also be not let off, but nobody is willing to invest.
One day Luo Min is in suddenly group in say, SIG is willing to cast, but can cast 15 million U.S. dollor only, the appraise before casting is worth 150 million U.S. dollor.
Lendingclub of American P2P originator has appeared on the market at that time, the company already still was as high as 10 billion U.S. dollor in deficit market prise; And of home in installment happy business dimensions still is inferior to interesting inn, value of the appraise before casting also reachs 250 million dollar.
Zhou Yahui says, the appraise before interesting inn is cast is worth 200 million dollar expensive not at all, believe can be in harmony arrives money, put the emphasis on body of a few big orgnaizations, their money is much, and be willing to send big law case.
Can cast because of DST in installment happy, after some VC had seen interesting inn even, turn and go following cast in installment happy, it is the appeal force because of DST.
Suggest Luo Min goes looking for DST later, although they are gotten,cast in installment happy, but DST is not to cast Beijing already east also cast Alibaba. Communicated 2 times with DST, but very regretful they were not cast.
Zhu Tianyu discloses, b annulus financing later is La Chi achieved agree source capital to carry millions of dollars on the head together.
Zhu Tianyu says to thunder emperor net, b annulus financing when the information asymmetry with constant presence, other investor does not understand the company's located current situation certainly, also do not understand father to be able to accomplish this thing what degree, the executive force to Luo Min or condition is differ will surely accept quickly.
But, la Chi is achieved cast accompany interesting inn to grow all the way, what more sees is growing opportunity. The thing that says every time before Luo Min can be accomplished, this is La Chi is achieved cast pair of Luo Min most confident place.
7, 10 thousand dimension cast Kunlun on C cycloid
Arrive very quickly in Feburary 2015 the Spring Festival, the university has a holiday to be able to be done without what business, financing is one disaster after another more.
Luo Min is a little anxious say to Zhou Yahui, otherwise does the financing of 3000 U.S. dollors one round first, do you and SIG send 15 million dollar each? Appraise is worth a little low also goes, so basic need not again financing, add 30 million U.S. dollor to come in to be able to accomplish only month cash to flow for.
Zhou Yahui says, it is cheap to want to occupy only before just (before invest secondhand through source capital) , had not wanted to want oneself to cast C annulus, and SIG did not reply, likelihood not follow-up.
Luo Min is analysed, if press the means of principal and interest waiting for the forehead, collect service fee first, cash shedding is early.
But think early days maintains rapid growth originally, flow to be entirely to the cash after January 2016.
If according to the plan of 5 billion, money is enough, but if want shiver,still want many somes of bullet.
Volume of user of handbill of hair of this month time-out did not drop apparently, the ability that shows Internet is producing effect, now 70 register an user more, development arrives this year 10 million, the user had demand nature to come.
Zhou Yahui says, wanted to sleep to be not worn night, get on line of the bank that enrol business in installment the store studied, think to wanted to solve on-line problem only, the credit card company that Internet turns should be to be able to be done big, pay high frequency shopping demand with credit card, school periphery business door and electronic business affairs are strung together rise.
Think of this, zhou Yahui decides essentials drops an interest in installment 50 million U.S. dollor, and not be 15 million U.S. dollor only.
Note: 10 thousand dimension were in Kunlun on January 21, 2015 Shenzhen does poineering work board appear on the market, at that time be in harmony 1.3 billion yuan, there is 2 billion RMB on Zhang.
Zhou Yahui looks for Cao Yi to discuss, this 50 million dollar by Kunlun 10 thousand dimension are gotten directly cast, do not carry source sth used to one's own advantage.
Because throw so a good deal of money, if cannot invest to attend a board of directors to share the management of the company directly, be pair of partner is not responsible.
Cao Yi agreed very readily.
Such, kunlun 10 thousand dimension cast 50 million U.S. dollor again to interesting inn in April 2015, agree must implement on-line strategy stoutly.
This round cast 50 million dollar to take interesting shop the share of 20% (the appraise before be being cast namely is worth cough up of 200 million dollar) , a seat is owned in the board of directors of 5 people.
Hold secondhand through piling up source capital before 5.7144% , value of the appraise after going up one round to cast namely is 1200/ (5.7144%*80% ) 100 million dollars of =1.68, before casting 156 million dollar? Subtractive La Chi achieved agree source capital to carry millions of dollars on the head together, is the cost of appraise of 130 million dollar that before mixing, says about the same?
After this, the interest is in in installment the line goes up inside 3 weeks the interest that is equivalent to credit card pays and interesting inn (platform of business of the C2C in campus is small cable) , every undergraduate is online after finishing all sorts of information to register, the interest pays to give a letter automatically to every undergraduate 1000 yuan of RMBs, the product such as the convenient face that daily life uses, coke can be bought in interesting inn, do not need to rely on line go to the fields to turn main force so of each school go doing autograph to give a letter, finished an user to fall from the line in driving on-line to the process.
Rely on the development below the line only, be the high speed progress that cannot achieve dimensions to change, efficiency of the on-line after be being done falls than the line certainly tall, but when beginning to do on the line, doing is very difficult, must search to enter a place to cutting.
Business development rate is very rapid, luo Min says: Want to break money to develop business door wildly, every user allowance 5, every time 6 yuan, let them come everyday scare buying goods of 1 minute of money, everybody is OK scare buying 5. According to such development, do quickly calm 10 million buy an user to also want only 360 million.
such, swing very quickly in installment happy, baidu index exceeds 30 thousand at that time, be in installment happy 2 times much.
The deficit of whole company also does not calculate too big, net 2015 loss 230 million yuan, to 2016 with respect to make up the deficits and get surpluses.
Fall from the line as interesting inn turn to the line, employee number also from the 1940 people by 2014, reduce the 800 people to the end of 2016, personnel reduced an in part much.
Also rolled out in installment pay same product with the interest, credit purse, but the time that roll out is later than interesting inn, when will be rolled out June the student is close to have a holiday, when be late already.
8, ant gold takes D annulus financing to turn into white-collar market
Business grows very well, luo Min wants to turn to white-collar market from undergraduate market again, want to press 600 million U.S. dollor again be in harmony round, ant gold is taken search came.
Ant gold is taken the key extends sesame seed credit at that time, the user that asks every application interest pays must register credence of application sesame seed, appear what the interest can give sesame seed credence one day to bring level of 100 thousand volume in installment is new add an user.
In August 2015, ant gold is taken get cast D annulus financing, invest 75 million U.S. dollor, and accreditation a trustee.
10 thousand dimension follow Kunlun send 25.3 million dollar, acquire the equity of 4.05% , is the appraise after be being cast namely worth 625 million dollar?
10 thousand dimension invested Kunlun on April 1, 2015 12 million dollar, invested 50 million dollar on April 7, 2015, on August 11, 2018 reinvest 25.3 million dollar.
Around be apart is less than time of half an year, invest 87.3 million dollar in all, hold directly of 19.45% , hold secondhand 4.4% , a seat is owned in the board of directors.
Other investor also has a part to follow cast, d annulus financing restrains 125 million dollar in all.
Take with ant gold after reaching the strategy to cooperate, interesting inn begins to prepare for war double 11.
Luo Min utters word of a person of extraordinary powers, double 11 do 1 1 billion months, let DST come in again in those days. Professional work is better and better later, also did not let DST come in again.
such, credence of sesame seed of have the aid of divides this magical tool, interesting inn changes an adult to successfully consumption from student market in installment the market, push in installment product, since finance platform, also be electric business platform.
9, Du Li comes in tear open VIE framework
2015, the Internet enterprise of structure of a lot of dollar demolishs VIE framework in succession, market of capital of plan regression home in order to get bonus. About VIE the content of the framework can read the article that has written before bamboo:
Zhou Yahui says, luo Min also did not miss a place with a draught that tears open VIE, he says: I and Cao Yi feel to want to tear open VIE earlier, today's top headlines is not torn open now, because dollar partner anticipates too tall. Still sent to me piece " before Beijing east vice-president Zhao Guodong changes as A company large stockholder " news.
The thing that interesting inn tears open VIE is not quite great, RMB investor of one class market is to press PE to give appraise the value, the interest is awaited in those days in installment although income is very tall, but profit is not high, cannot give an interest in installment so overmeasure value.
Later, the mystery of Introduction Wu Shichun 80 hind capital old man, Du Li, take out framework of 2 billion VIE to give tore open.
Note: The A that Du Li still lends housing to accuse a Cheng Jin making a state appear on the market company, hear following Wu Shichun is the Du Li that calls heart city understanding, 2 people collaboration got a fund later.
On January 7, 2016, in the Kunlun when tearing open VIE framework 10 thousand dimension are added to interesting inn again endowment RMB 180 million yuan, the Kunlun after finishing of 10 thousand dimension hold turn into 19.21% , a seat is owned in 7 people board of directors.
Same time, a appear on the market movement of company contact each other achieves the LP that cast for source peak, source capital is GP, add to interesting inn endowment 940 million yuan, add endowment after finishing, hold 15.73% .
Be appraise is worth 6 billion RMB? Only at that time month trades the forehead is close 1 billion yuan, net 2015 loss 230 million yuan.
To here, the partner of interesting inn backside is standing 10 thousand dimension, Guo Chengjin accuses Kunlun, contact is interactive (through source capital) 3 A appear on the market company.
10, double blow...
Just tore open VIE, a borrow housing to appear on the market with respect to what suspended Internet banking firm examine and approve, the wind that tears open VIE also begins refluent.
And at that time, interesting in installment brand by the competitor in installment happy registered, luo Min decides to upgrade the brand " interesting inn " group.
On the other hand, interesting in installment + come in installment 2 business high speed is developing, luo Min says interesting 2016 in installment hopeful make 30 billion sale, will can make 5 billion sale in installment, he still is talking about the financing that 12 billion RMB appraise is worth one round, look situation auspicious.
Actual condition is, gross income was interesting inn 2016 1.44 billion yuan, net profit 580 million yuan, first make up the deficits and get surpluses.
Appeared on the market in the United States to interesting in October 2017 inn, gross income was 4.8 billion yuan 2017, net profit is 2.16 billion yuan.
11, equity method a bit thinks
11.1 how to find investor?
Is angel investor of Luo Min the friend of acquaintance?
The Zhu Tianyu of A annulus, be the understanding when doing professional husband, still have industry communication had seen a few times on the meeting.
If do not have handler of the course of study that do job to recognize the opportunity of investor, in the professional manager crowd that can you perhaps know investor with infiltrate? Perhaps attend the industry communication that there is quality?
The investor from the back is one introduces:
The La Chi of A annulus achieves the Cao Yi that casts capital of source of Introduction Zhu Tianyu, cao Yi introduces Kunlun again Zhou Yahui of 10 thousand dimension; Introduction Wu Shichun gives angel investor 2 billion the Du Li that tears open VIE framework; Contact interactive, Kunlun 10 thousand dimension two A the LP that the company ever was source capital; And Chinese larch of Cao Yi out... Zhu Tianyu says, interesting inn gets old partner supports all the way, "Everybody picks up firewood blaze tall " .
Many industry that be cast expresses to uncommon business reporter, the money that took Wu Shichun does not worry about financing below one round, because Wu Shichun is the biggest FA.
So, is the investor that finds a key quite serious? Opened good head, from the back incidentally much cough up?
Ant gold takes him to search come, because ant gold is taken,want to extend sesame seed credit, and what interesting inn can give sesame seed credence one day to bring level of 100 thousand volume is new add an user.
A word says: Others searchs when you are small nobody manages, etc you are powerful others can push burst open the door.
The person that this world always perfects is much, the person that carbon sends in snow is very few.
Let oneself become powerful hard so, can resemble big border choose investor cough up in that way with contest mark.
The investor with 11.2 what kind of choices?
The gold of serious investor ant that casts those representing capital as interesting inn strategy is taken, hold before appear on the market 12.8% , already was in the total share of clear in April 2019 empty interesting inn.
Interesting inn and borrow the agreement does not renew an autograph at expiring in March 2018, with pay treasure tripartite special channel serves online service provider not to renew an autograph at expiring in August 2018.
Ant gold is taken investing interesting inn at that time is to push sesame seed credit, and the development that credence of sesame seed of interesting inn have the aid of divides this magical tool to obtain advance rapidly.
Now, interesting inn already was finished to popularize the mission of sesame seed credence, and the product of interesting inn and borrow return existence competition to concern, if interesting inn does not think come over and pledge allegiance, be abandoned to be normal? Interesting inn already came true now appear on the market, also do not care by clear sky, channel of the financing after appearing on the market should be abounded a lot of.
many 100 talk when B annulus financing nobody is willing to cast, although the data of interesting inn is good at in installment happy, can cast because of DST in installment happy, everybody feels DST is deep pocket, and judgement is very accurate, be afraid that the company that invests with DST competes, after VC has seen interesting inn, turn and go following cast in installment happy, it is the appeal force because of DST.
Zhou Yahui says, there are oneself to become independent on Chinese capital market and the person that invests judgement ability sturdily is not very much, and the domain that every investor is familiar with him only, and the investor of TMT wants over or across to visit rife territory, final phase follows others to cast namely, follow heat company to cast, all corners of the country medium the person that has appeal power a few times so, if they jump out to get,join a certain company, the major orgnaization on very sharp market also is met a cash stake this company.
So, to interesting inn this kind relies on the company of capital pile camp, who sent a competitor quite important also?
It is after be difficult to do of B annulus financing, 10 thousand dimension decide Kunlun suddenly oneself invest 50 million dollar.
What Zhou Yahui sees is on-line giant vacuum, still having him himself is to make company one's previous experience, if Luo Min does him adventitious to jump to also can be done,those who want is, is this the investor that does company one's previous experience and the important distinction that make the investor of simple investment probably?
Source capital and Kunlun 10 thousand dimension two, in interesting inn financing development process has gone energetically, stock of clear already now empty interesting store.
They invest is to make money purely, sky of seasonable Qing Dynasty is very so normal also. But, assume interesting inn cannot appear on the market in time, do not know what to situation you can encounter?
Zhou Yahui says, interesting inn tears open VIE not quite successful, because of the RMB investor of one class market is to press PE to give appraise the value, this is the remarkable distinction of RMB fund and dollar fund.
Is so the VIE framework of today's top headlines torn open very hard?
But, the Du Li of 3 big investor of interesting inn, Kunlun 10 thousand dimension, contact is interactive, is financing source the transition that RMB company makes?
RMB fund is worth by PE appraise is big probability thing, but also have small probability thing?
Other large shareholder is decreased hold clear even air, but La Chi of A annulus investor is achieved cast did not decrease up to now hold.
Zhu Tianyu says, la Chi is achieved cast dedicated arrive at investing angel the high-quality goods project of A annulus, once maintain those to be provided extremely,do poineering work idiosyncratic person selected, la Chi ready becomes the person that do poineering work people " from 0 to 1 " accompany the person that run, and have enough staying power.
The 100 much dollars when interesting inn appears on the market, market prise already dropped to 20 much dollars now.
On March 10, 2018, luo Min of interesting inn author is affirmatory, since January 1, 2018, till interesting inn market prise reachs 100 billion dollar, he gets pay and bonus from the company no longer.
Is Zhu Tianyu to prepare to wait for interesting inn to arrive when 100 billion dollar exit?
11.3 how to move investor?
The La Chi of A, B, C annulus is achieved cast, source capital, Kunlun what 3 investor mention 10 thousand dimension jointly is to value this industry, before two investor still have more knowledge to this industry ahead of schedule.
So, is the investor that finds job of visit of know the business, attention quite serious also?
3 investor mention the characteristic of father Luo Min.
Zhu Tianyu thinks, what Internet banking company needs most in inchoate development is enough speed and dimensions, what Luo Min has ego to grow is idiosyncratic: It is to know oneself have a problem, 2 it is to be willing to change, 3 it is to change quickly.
Luo Min has very doughty executive capacity, renew idea ceaselessly, with tall person collision gives new scintilla, run so fast, grow very fast. Go 3 years partly, after experiencing actual combat of true gun of a field, luo Min progress is rapid, became Zhao Yun from Zhang Fei, already was " brave is sought have both " .
Those who let Zhu Tianyu remember profundity is, autumn 2015, when Luo Min is handling the issue with an interest extremely complex structure, not only showed your everybody exclamatory to coordinate ability, still showed super- the soft figure of common, concede partial individual interest becomes an issue with final hurried solve.
So, the ability of father and bearing are the mainest factor of successful financing.
11.4 hold financing rhythm
Investor says, luo Min is firm financing is over to prepare to fall one round on one round almost, financing ability did poineering work this to produce the mainest effect successfully for Luo Min.
To capital the interesting inn that is the mainest barrier, perhaps financing ability can decide a destiny really.
The assurance that 11.5 control counterpoise
In April 2015, 10 thousand dimension give Kunlun interesting store after investing 50 million dollar, the board of directors is 5 people in all, among them Kunlun 10 thousand dimension 1 person. Whether to achieve agree source capital to send 1 person each for La Chi? Is virgin group the 2 people such as Luo Min?
In November 2015, after ant gold takes interesting inn to invest 75 million dollar, the board of directors still is 5 people, gold of ant of 10 thousand peace keeping takes Kunlun to send 1 person each. If La Chi achieves agree source capital to send 1 person each, does virgin group have Luo Min only 1 person?
In January 2016, interesting inn demolishs VIE framework, turn from the dollar partner of humanness civilian money, the board of directors is 7 people, gold of 10 thousand dimension, ant takes Kunlun, source capital, La Chi is achieved cast, Du Li each 1 person, does virgin group leave the 2 people such as Luo Min only?
In whole financing process, luo Min group is occupied in the board of directors comparing is minority, luo Min still can the way of dominant enterprise develops.
Perhaps be each investor way develops to the enterprise when investment relatively approbate, or more trustful to Luo Min?
So, choose the investor of concept and flavour of bearing speak or sing alternately, can you also reduce the risk that counterpoises about control?
12, the equity of interesting inn is incentive
Interesting inn appeared on the market in October 2017, the employee number to the end of June 2017 is 1000 people about.
The data that discloses from book of raise capital by floating shares can see, besides father Luo Min, only Lv connects 1 person of column to acquire the equity drive of about 1.5% before appear on the market, other employee + angel investor holds a scale to be in all 1.4% .
The proportion of employee equity drive of interesting inn is quite small, the business property of likelihood and interesting inn is concerned.
From the qualifications and record of service of be in harmony in front Cheng Ke sees, the core competition ability of interesting inn is in speed of money, financing, development (concern with father thinking) , technology of and rather than, also not be other employee.
To such company, money is more serious than employee perhaps, the person that money can find need will expand business, so equity drive is occupied than very low.
The equity drive form of interesting inn has undertaken a few times adjustment
Need not employee pays bought period right
In obtain the capital that pile up a source and Kunlun during 10 thousand dimension invest (came in August 2014 2015) , interesting inn awards 4 years for partial employee period period authority, travel authority price is 0 yuan, cancelled these equity drive to plan later.
Sent period authority instead is fictitious
On December 26, 2015, give partial employee authorization afresh fictitious period authority, already stopped to December 2016.
Use this to plant fictitious period authority, do not know to suffer the effect that ant gold takes?
The period authority of common stock
Interesting 2016 inn demolishs VIE framework, preparation returns to A, incentive form also did equity to adjust.
It is by 2016, equity is incentive from fictitious the period authority of an instead common stock.
Employee period counterpoises awarding the price should be under evenhanded price, so generation share compensates amount, was 22 million yuan 2016, was 64 million yuan 2017, was 58 million yuan 2018.
13, the canal of official seal and legal representative accuses
The announcement of interesting inn says, because build official seal or legal representative to sign to be able to represent a company external, the company needs to assume responsibility for this, sign to affix one's seal or legal representative so undertake tubal accusing.
Sign legal document for instance, it is affix one's seal commonly, and do not let a legal representative sign.
The company has chapter of official seal, contract, financial order 3 kinds of seal, the use of chapter of official seal, contract must be approved via law Wu ministry, administration department, the use of financial regulation must be approved via financial department.
To ensure the objective of seal is safe, deposit seal in commonly appoint a place, the member designate main person that has law Wu, administration or financial department only just can consult, the legal representative cannot use official seal normally.
Bamboo is murmurous: Prohibit the legal representative uses official seal and cannot preventing to concern a risk actually, because the legal representative signs external effective, even if euqally effective without official seal, prohibit what effect can his use official seal have again?
About signing legal document the affix one's seal, interior government measure that does not sign with the legal representative, it is otiose external.
