Thunder bloody IPO staff chilling

Thunder management style and decision-making caused the middle-level technical staff instability, this time the collective Tucao more direct exposure to conflicts in the public.

Financial weekly reporter Pan Qingping, Vera Wang / Guangzhou reports

It's been 10 days since listing on Thunder NASDAQ on July 4, 2014, but the bellwether executive team has not returned to the company.

A Thunder employee told the Financial Weekly reporter, these days are more leisure work, "the big leader has been missing, small leader in."

Executives have yet to return, I do not know whether they know the network boil thunder listing.

"China's largest resource district Thunder off-line, boss Zou Shenglong, with his 350 million seeds to flee." Major social networks, the thunder of the Thunder listed one after another, endless. Many Thunder Member Tucao Thunder offline download resources become less, and even the original can not be downloaded, there are members that Thunder "refund membership fee."

This is Thunder in order to go to the United States listed on the "revolutionary achievements."

This time listing, Thunder paid the price of blood.

Listing by the collective Tucao

Compared with other internet companies recently listed in the United States, the listing of Thunder is quite quiet.

Social media, all kinds of Tucao constantly. And the collective thugs of Thunder far more than from members, there are Thunder internal staff and a lot of Internet V.

Thunder employees said, "Thunder listing is the most chilling is not the staff did not have much practical benefits, but a bunch of bosses knock bell owners have been staying after the United States to play for yourself, and now have not come back and share the joy of the team "

It is reported that the follow-up to the United States Zou Shenglong bell bell executives, including co-founder Cheng Hao, senior vice president Zhang Yubo, senior vice president Yu Fei, vice president Wei Yonggang, vice president Li Xiang, CFO Wu Tao, COO Huangpi, CTO Wujiang a total of nearly 20 people.

Many people in the micro-Bo drying out of the cabin with his wife's family photo family portrait.

For the group of executives who knock Bell in the United States, Thunder internal staff seems quite dissatisfied, "Some people did not come running around to ring the bell, and some people started almost from the company did not go, this is really Some people chilling. "Some people also said that" knock those who ring the bell who spent 5 years Xunlei? IPO in 2011 those who qualify! "

According to Thunder prospectus disclosed that in November 2013 it attracted the CFO Wu Tao on the Thunder has a $ 2.11 / share exercise price, lower than the Huangpi $ 2.40 / share.

It is reported that the 2011 Thunder listed unsuccessful, there have been a large number of brain drain. With the CFO Zou Jun left, there are many middle-level product managers have chosen to leave. At that time, the market generally attributed the brain drain to the hopelessness of listing and the company's vision.

But even if the successful listing of Thunder, its middle-level staff, it is not good news. Earlier employees think Thunder given the option to ignore the middle-level staff. Thunder is a technology-based enterprises, founder Zou Shenglong and Cheng Hao are all technical background. The Thunder, the most important than the most extensive middle-level technical staff. However, for these middle-level employees, the sub-option is only one aspect, Thunder has been unable to focus on business but also dispersed the cohesion of the enterprise. "You go and see Thunder's business line, so far the Internet to do everything comparable to Tencent's diversity." Insiders said. There are even internal staff, said, "In the Thunder years, all the trial and error to do the product, one by one down."

Thunder management decision has also been strongly questioned as early as the last wave of departure tidy was revealed, "Thunder product to hide the successful development of Zou Shenglong." According to the close to Thunder executives revealed that "there is a Thunder company up and down Written insider, is to do the product, you need to hide without Zou Shenglong, the following people quietly to do, to a certain extent, and then with Zou Shenglong said, otherwise, let Zou Shenglong know, he will begin to put forward a variety of products All kinds of requirements, so that the project team of staff overwhelmed. Thunder look is to terse Zou Shenglong to develop.

Thunder has always been the management style and decision-making caused by the middle of the technical staff of the instability, and this listing will lead to collective Tucao will undoubtedly more directly exposed conflicts in the public.

Thunder in front of a more serious problem is that, in the internal problems can not be solved at the same time, there are still foreign aggression - Tencent, waiting in the wings.

Thunder, a technical staff told Money Weekly reporter, "Internet companies would have been large liquidity, and Thunder most employees are jumping to Tencent, this is a fact we all know."

It is reported that in Shenzhen, Thunder headquarters and Tencent buildings stand on the street. Although Tencent has closed the side door against the Thunder up, but digging in, Tencent's door has always been open for Thunder employees. Earlier, Tencent's wall-cutting action has already started. According to people familiar with the situation, Tencent has basically raised its wages by 50% -100% for the Thunder technicians who dug past. At the same time, employees who give up the Thunder option will be compensated. "

In this collective Tucao, Thunder employees disappointed to say, "Broken, leave it, a lot better treatment next door."

Costly pain

It is reported that, although the listing of executives in the United States "linger", but the bell the day, Zou Shenglong did not show much joy. In addition to the big shareholder behind Lei Jun microblogging to celebrate, the Thunder to the United States executives are not on their respective microblogging sound.

And other companies listed in the United States is different from the thunder over a layer of haze. The listing, the price is too high.

On the eve of the Thunder listing, one of its internal staff expressed concern that "Thunder's business is not suitable for listing, its revenue is actually gray income, but to a very standard market to raise funds, it is not very scientific."

Indeed, in order to go to the United States to market, Thunder first "leather" their own "life."

For the U.S. market to accept, Thunder must first solve the copyright issue. On the eve of listing, Thunder signed an agreement with the Motion Picture Association of America that promised to increase the protection of genuine content and prohibit users from illegally downloading movies and TV programs of its members. In order to ensure genuine, Thunder is also prepared to establish a content identification technology system. As a result, most of the film and television resources on the Internet will be blocked by the Thunder. It is reported that Thunder and even cleared up some of the resources users store in the cloud.

And these were blocked "gray resources", just the reason why Thunder paid users "pay." As a result, Thunder members began to fight back, Tucao and asked Thunder to withdraw membership fees.

Membership income, that is, the above-mentioned internal employees said "gray income", happens to be the most important source of income Thunder. According to information disclosed by Thunder prospectus, membership fees in 2013 revenue 86.73 million US dollars, accounting for 48.1% of total revenue in the first quarter of this year, the proportion has soared to 60.3%.

With the deepening of Thunder "revolution", it is no longer attractive for Internet users, the number of members is bound to decrease. This is the price of Thunder to the United States.

As of July 3, Xunlei stock price of 14.55 US dollars, the total market value of 1.01 billion US dollars. The figure of "one billion" is in the eyes of many people.

Thunder hit the IPO for the first time in 2011, its valuation reached 20 billion US dollars once, after the "China stocks storm" valuation fell again breaking the bottom line of Thunder, it was helpless to suspend. And now successfully listed, the valuation is only 1 billion US dollars is still not satisfactory.

In addition, Thunder had listed five times before this round of financing, absorbing IDG, Morningstar, Fidelity Asia, Chunhua Capital and many other investment institutions, the total financing of more than 500 million US dollars. Of these, there were 310 million U.S. dollars raised in April alone. In contrast, the market value of 1 billion US dollars after the listing does Biequ.

Moreover, the latest round of financing, millet and Jinshan entry, so that thunder instantly changed "club", a Lei Jun Department. Thunder Board also accounted for three seats Lei Jun Department.

Helpless to pay too much for the listing, listing is on the verge of having to send.