24 Coupons Du Yinan exhausted

[From the current domestic group buying industry situation, 24 coupons have been difficult to adhere to the IPO step, which makes common stock is difficult to find arbitrage opportunities, and preferred shares can be through private equity financing or mergers and acquisitions arbitrage, which is the 24-ticket management team and the root cause of the game;

The 24-coupon CEO, Du Yinan, who is not willing to wait to be evicted, is seeking more financing as a bargaining chip to pull the management back to its equivalent negotiating table.

In Friday, domestic group buying net 24 coupons have disclosed a collective statement signed by representatives of all 13 departments, saying that the debt collection behavior from creditors will be handled in a paid and closed manner, and that this difficult decision is caused by a 24 coupon of a certain share of the east at a critical moment to take away the company's operating capital.

In fact, 24 coupons also hope that through such a closure, to the old shareholders "Force Palace" to force it to open dialogue with itself. Du Yinan to the "First financial daily" reporter also admitted that the 24-ticket management team and the shareholders from Malaysia intensified contradictions between the two sides are now deadlocked.

It is understood that the upcoming financing, is only a stepping stone of the interests of both sides, the amount of only about tens of millions of yuan level. Behind this financing, there is also a potential strategic mergers and acquisitions, which is the reason for the dispute between the two sides on the equity arrangement.

"Gong Dou" upgrade

Du Yinan did not think that, because the old shareholders are unwilling to continue to invest, their individual months of continuous travel, the result of hard money, just waiting for their own will be plotting to play out of the process.

Du Yinan described the process as a "coup": in September this year, Du Yinan, who was in the United States, received several similar emails before nightfall, from several core executives in the 24-ticket Beijing office. They invariably disclosed to it, 24 coupons Coo KK, is plotting to set up a new company outside 24 coupons, and decided to Du Yinan before returning home to carry out the transfer of assets.

In the past few months, KK in 24 coupons in the name of advisers on-the-job, as 24 coupons COO The post only half a month. It is reported that KK has worked successfully in Malaysia, as a successful group chairman of the personal friends. And one of the 24-coupon investors is a successful group president finite's personal company (B&b Company). The 24-coupon investment project also happens to be the chairman of the successful group.

Therefore, within 24 coupons, KK is regarded as an investment representative in the management finite.

On the news that KK to set up another company, Du Yinan overnight with the company each executive phone call, declared its "as 24 coupons founder will never leave the company", with several senior executives reached agreement, through the mail deposed KK. Since KK served 24 coupons COO only half a month, has not yet taken the normal job appointment process, so it was not approved by the Board of Directors was directly dismissed.

However, after the dismissal, September 13, KK represented by the investors unilaterally will have into the 24 vouchers in the account of the 2.4 million dollar funds have been transferred to the Du Yinan control of the Hong Kong HSBC, as a response.

Just last week, one of the 24 coupons of the creditor of the company to the court, the United Marshals several times to the 24-ticket office to compulsory compensation, the two sides had a fierce negotiation. It is reported that 24 coupons owed to China Wisdom company 1.69 million yuan. And in KK's representative of the investors to draw 24 of the above operating funds, 24 coupons have been unable to repay the arrears. Du Yinan's current control of all funds is only about 2 million yuan.

Du Yinan told reporters that 24 coupons started last week's paid closure, is out of protection of staff safety, and to KK on behalf of the management pressure.

The dispute over equity

Du Yinan said he knew that his conflict with the investors would come sooner or later, but he didn't expect it to happen in this way.

3 months ago, thanks to a new round of investment intentions, Du Yinan saw the hope of bringing 24 coupons out of the woods. Previously, according to KK said, although the loss has been narrowing close to the break-even, but 24 coupons were still in debt of about 60 million yuan.

Du Yinan will be the upcoming financing message to the KK representative of the investment side. Du Yinan told reporters that whenever we talked about the shareholding ratio, the latter would not respond positively and dragged on, which made him very anxious.

KK representatives of the investors learned that, after the new financing, Du Yinan also linked to another strategic investors will also be timely entry. KK representatives ' investors began to negotiate with Du Yinan on the issue of equity allocation of new financing.

24 coupons Previously experienced a total of six financing, the upper rounds (e-round) after the financing, 24-coupon management shares a total of 24.8%.

But 24.8% of management shares are common stock, not preferred stock. In private equity, common stock may not have much to gain if it is financed more frequently, according to the gradual distribution from preferred stock to common stock.

KK revealed to this newspaper, in order to introduce a new round of financing, investors willing to divide the founder Du Yinan 8%, management team 2% preferred shares. The bottom line, however, is that Du Yinan's personal and management teams need to get a total of 25% preferred shares, while the share of common stock can be reduced. The two sides are deadlocked.

Du Yinan for this reason, in the 24 coupons the most difficult time, is the efforts of all staff to make the company survived, for this reason, the management has promised to give more incentive to the administration team in the future financing process, and secondly, the new financing is the personal pull, the original shareholders did not contribute in this process, according to industry practice, it is justified to get more preferred shares.

There are industry analysis that from the current situation of domestic group buying industry, 24 coupons have been difficult to adhere to the IPO step, which makes common stock difficult to find arbitrage opportunities, and preferred shares can be through private equity financing or mergers and acquisitions arbitrage, which is the 24 voucher management team and the root cause of the game.

Serial Bureau

Du Yinan that many entrepreneurs are at the mercy of their employers because they lack the chips in their hands. Therefore, its decision to take the initiative to attack. At this point, 24 bond founder and management equity dispute escalation.

In September this year, out of the 24 voucher running accounts, Du Yinan in the eyes of KK, from the b&b company to 24 coupons in the overseas account, the withdrawal of about 2 million yuan to 24 coupons in a domestic account. This domestic account is also the most important transit account in the 24-voucher financial system.

Du Yinan The Malaysian online and b&b companies as a unifying interest. B&B Company is responsible for the investment of 24 voucher project is the chairman of the successful group, and successful group and Malaysia online set up a joint venture, Malaysia Online is also a large shareholder of 24 coupons. In addition, the Malaysian management has a total of 24 coupons of nearly 40% preferred shares, 24 coupons 5 board seats occupy 2 seats, the other shareholders have a greater impact on decision-making.

In other words, by embezzling B&b company funds, it seems that Du Yinan has a game with many shareholders.

B&b company also really worried, began a series of moves. In addition to the plan to set up a company in addition to 24 coupons, the original shareholders unilaterally transferred 2.4 million U.S. dollars, KK will be 24 coupons the rest of the majority of overseas accounts frozen. This situation has also been confirmed by KK.

At present, Du Yinan has a chip from the overseas account transfer of 2 million yuan and the threat of closure, and the 24 coupons and the bondholders of the contradictions lost to the original shareholders. And the old shareholders control 24 coupons of large sums of money.

However, there are reliable news that the two sides are not interested in the single new financing of the equity interest distribution, but for the subsequent merger of another larger strategic investors, advance the layout of interests.

Du Yinan said he had a close association with new private investors and another acquirer, and did not worry that old shareholders would bypass their negotiations with the new management. He said he was full of trust in the new investors he was negotiating. It also said that the Malaysian management representative KK had leaked the company's mail, and spread 24 coupons of adverse information, will only let future buyers bid lower.

There are other group buying industry concerns, in any case, strategic mergers and acquisitions are a market price for domestic group buying, the 24-coupon dispute will pull down the overall purchase value. He expressed the hope that the founders and the management would resume negotiations in the longer term.