Xiang-E mood change: cooks who don't want to play big data are not adventurers.

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Xiang-e sentiment abandoned catering industry, competing for large data, claiming to use the Internet thinking to transform radio and television, staged the business of the year the most can not understand the transformation. About founder Mengkai, some people said he moths, some people said he was desperately, but his response is: You say I stupid, actually don't know how awesome I am.

Xiang e sentiment Chairman Mengkai in front of uniform four mobile phones.

"Yesterday I had a matter, because the minister is not here, we have to postpone to the weekend, and then I will tell you the time." ”

"I wonder if this grandson went out yesterday and it's going to happen, you tell him." ”

Micro-letters, text messages, telephones, sitting in front of us in the Mengkai of different mobile phones frequently switch between different applications, so it is difficult to have a whole time with him fluent conversation.

Over the past year, Mengkai has been unusually busy. The tense atmosphere is still in the mood of Xiang-e. As once the "private dining first Share", Xiang e sentiment announced will completely peel off the catering business, transform into large data and internet enterprises, and too drastic transformation caused the catering, the Internet and the capital market wide doubt.

Many people sneer at Xiang-E and Mengkai: Cooks do not study recipes and have large data. It is really hard to imagine, a catering business, within a year from the food and beverage jump to environmental protection, film and television to large data, this seems how unreliable. In particular, Mengkai also ordered the joint venture Shenzhen Love cat harvesting the fast-sowing part of the staff, the fast-sowing situation, you know.

If Xiang-e sentiment is not a listed company, it will fail directly. "To accept this exclusive interview, Mengkai lamented the environmental changes faced by high-end catering, has made him no way to go," what is called Doom and then born, working mentality will not do this transformation. ”

2013, Xiang-e sentiment in the catering business, a huge loss of 564 million yuan. This year, Hunan and Hubei have been closing the situation, the sale of assets to maintain performance, and eagerly seek to bear the future, to win the capital market confidence in the main business. Mengkai first in the public catering, environmental protection and film and television industry increased investment, paid a lot of tuition, finally found the "last straw"-Big data.

In April, he joined the head of the Chinese Academy of Sciences in charge of the work of a multi-year friend, and quickly reached a series of collaborations. In order to reduce the transformation resistance, Mengkai will "clean" the board of the Xiang-e affair, all the directors who are related to the traditional catering business are eliminated collectively.

Though full of absurdity and uncanny, the transformation drama of Xiang-e situation is in real and tenacious stage. Announced with the Anhui Radio and Television Information Network Co., Ltd. reached the value of 1.5 billion-2.5 billion yuan in cooperation, Xiang-e sentiment originally fell and began to share prices, and even a continuous trading market, had to suspend because of the price of a different move.

Mengkai to the Economist, Xiang-e situation (will be renamed in the Branch Cloud Network) has the technical background of the Chinese Academy of Sciences and the upper level of resources, will be network security and radio and television Internet of the "national team." In short, this is a "steady earn no compensation".

Even so, he is still slashing "critical", and few people can identify and determine that he will make a difference in such a different field.

Mengkai is bold, arrogant and full of words. Large data, Internet, network security concepts such as Taoyuan fairyland in his mouth, but when it comes to the profit model, division, financial situation, and so on, he also to the listed companies, such as the announcement of the reasons refused to answer.

This contradictory state reflects a founder's struggle, confusion, maneuver and determination in the face of a great crisis. Mengkai's situation and choice is not bad, but the whole high-end catering industry facing the common dilemma, Qiao Jiangnan crisis, all poly Germany, small Southland, net ya also face the pain of transformation. Mengkai is only one of the most drastic and most decisive.

Can Xiang-e's situation pass through the present difficulties? After the directional additional success, it will be in the radio and television large data on the road running, or halfway? No one can give a definitive answer. "Chinese entrepreneur" reporters through in-depth interviews with Mengkai and Xiang-e intelligence executives, departing employees, partners, rivals and even radio and television experts, try to sketch the helm's mentality, transformational thinking and possible outcome.

Transition distress

Just two years ago, Mengkai was an entrepreneur with an ambition for catering. At that time, Xiang-e sentiment revenue reached 1.2 billion yuan, all from the Xiang-e love store, "We give ourselves 3 years, the output value must reach 10 billion yuan." Mengkai at a press conference.

Results 3 years later, Mengkai personally will be the Hunan-Hubei food business stripped out of listed companies.

This is indeed a helpless move. The central "eight regulations" like a hurricane, the impact of the entire high-end catering industry, the Chinese Cuisine Association released the 2013 China Food Market Analysis report showed that the 2013 national high-end catering serious setback, the limit of food and beverage enterprises above the first negative growth in recent years. The main official consumption of the Hunan-Hubei situation is the most serious frustration, nearly half of the stores shut down.

Market size of the rapid contraction, so that a loss of Xiang-e love, "If you have been losing money, two years will be St, and once by St, there will be a debt crisis, is dead." Meng Kaizheng encounters the biggest karez in life.

The initial transformation was naturally along the industrial chain. As early as 2012 he has been aware of changes in the direction of the wind, set out to layout the public catering, the acquisition of Shanghai Qi Ding Restaurant 90% Equity and Ed and other catering enterprises to develop fast food and group meal business, but the results are very little.

Mengkai found that the industry's profit rate is too low, simply cannot bear huge losses, as a listed company, Xiang-e situation also needs to pay 25% of income tax and 5.6% of the comprehensive business tax, and other low-end catering enterprises are not dominant competition in the industry transformation is basically impossible.

July 2013, Mengkai will look to environmental protection. He mainly through friends recommended, find the industry knowledgeable boss, and then bring the team in person to visit the exchange, looking for projects. Subsequently, Xiang E Love announced to 200 million yuan to acquire Jiangsu Yu Environmental protection 51% Equity, but the first project was a bad one. May 11 this year, Xiang-e situation announced due to financial accounting and qualification issues, the termination of the acquisition of environmental protection.

In fact, the media initially questioned the transaction, because the environmental protection is not engaged in specific business activities in Yixing, there is no physical plant, and from 2009 to 2011, the revenue are zero. But this did not prevent the changes in Xiang-e situation.

However, the subsequent acquisition of Hefei Yan and other environmental protection companies became the first quarter of this year's main force. Xiang e sentiment reported that the first quarter of this year, the company achieved net profit of 36.0419 million Yuan, Hefei days Yan contributed 40.15 million yuan net profit.

After environmental protection, Xiang-e situation began to dabble in film and television. In March this year, it and the Beijing film and television companies and flute women signed the acquisition agreement, the owners of the two companies are friends with Mengkai acquaintance. Regardless of environmental protection or film and television, Xiang-e situation takes the form of gambling. This is the way he suffers from lack of funds.

But the acquisition of two film and television companies did not bring the imagination of the growth, Mengkai some aggrieved: "After the acquisition, the market does not face, (stock) does not raise prices, why others buy all up, I do not rise here." "A play two stars" policy, let him hunch that the whole industry profit margin is certainly falling.

He began to ponder the new direction, through research music, he found that network TV more and more valuable, Sohu spend billions of yuan to buy films to play, he predicted that internet TV will certainly exceed the traditional channels of communication. April, MA Yun 6 billion shares of the news let Mengkai Spirits, "Ma Yun want to do?" Soon, the market came to do the Internet, large data message.

In the face of this newspaper reporter, Mengkai strongly denied that Xiang-e situation has been transformed many times. "Environmental protection and film and television projects are always in charge of the team, I did not intervene." I do not value environmental protection, the acquisition of environmental protection is to emergency, the company also swung, film and television is a pre-acquisition. Mengkai said, Xiang-e love only one transformation, is the transformation of large data, the middle of the action even exploration is not, just to avoid the company to do the purchase.

Additional difficulties

During the interview, our correspondent found that Xiang-e sentiment attaches great importance to stock price fluctuation, especially since May when the situation of Xiang-e sentiment has been transformed to large data.

This is largely due to the May 11, the introduction of the Hunan-Hubei directional additional program. Xiang-e situation to change, but the lack of funds, there is nothing to do.

The 2014-year Quarterly bulletin shows that the company is expected to have a total of 353 million liabilities, and the last quarter of the money money only 92.8856 million yuan. Financing has become the first gap to be crossed in the road of Mengkai transformation.

May 11, Xiang E situation Bulletin, the company intends to 6.00 yuan/share of the price to include the chairman of the Mengkai, including the 9 specific objects issued not more than 600 million shares, the total amount of fund-raising not more than 3.6 billion yuan. Among them, 200 million yuan is used to repay the bank loans, 480 million yuan to pay the company's bond back to sell, 2.92 billion yuan to replenish liquidity.

However, the market has been questioned, and the stock prices of the two-tier market fell below 6 yuan. We raise the price of 6 yuan, the share price fell to 5.57, the market think you do not issue, so we emergency suspension. That was my hardest one months. Mengkai said that he had insomnia almost every night for one months and began to lose his hair, resulting in a lump of alopecia on his head.

Due to the market vote against the targeted additional abortion, Mengkai is not the first time encountered. 2012, in order to raise funds, Xiang-e sentiment passed to Beijing Jin Panlong Cultural Development Center issued 60 million shares, raise 450 million Yuan plan, then it is because of the sentiment of Xiang-e shares far lower than the additional price, Kim Panlong no longer optimistic about the future development prospects of the company and miscarriage.

In the direction of additional 3.6 billion yuan in the key moment, stock price fluctuations like needles sting Mengkai heart. In addition to the Mengkai capital investment of 960 million yuan, the company's vice chairman Meng Yong investment 300 million yuan subscription 50 million shares, Teda Manulife Fund, Xinjiang Sheng Da Guoxing, Beijing, Jin Jun and venture Capital Center, Beijing Sino-Venture Investment center, Beijing Fu Tak Hao State Investment Center capital of 360 million yuan subscription 60 million shares; Shanghai Boer International Trade capital of 300 million yuan subscription 50 million shares, individual investors Wei Yao 240 million yuan subscription 40 million shares.

According to other media investigation, participation in the issuance of several PE very strange, are in a short period of time set up. However, regardless of the form, the person behind the control, must be to raise money to promise the proceeds. The stock price is lower than the additional price, may again let the Xiang e sentiment plan to increase the miscarriage.

"If the market recognized, said I did the right, that the future of my stock appreciation, I can go to finance, after the financing I can continue to buy, with the capital lever to do." For the money, I did not say that I was lying on my account 960 million, such as part of the cash, the bank with a part. But in the future market recognition, the share price will rise. Who buys the share price? Mengkai said.

In a certain sense, Mengkai and the Chinese Academy of Sciences Cooperation, and Anhui Radio and television Information Network Co., Ltd. and Shandong Radio and Television New Media Co., Ltd has achieved initial success. Since the end of July, the Hunan-Hubei situation and Anhui radio and television in the home smart cable TV cloud terminal as much as 1.5 billion-2.5 billion yuan, after the stock price even after the rise has exceeded 9 yuan. Compared with 6 yuan of directional additional price, has provided the space for the fund-raising person.

At present, I do not know how to change the stock price after the Xiang-e situation, but the biggest obstacle to the directional issue has been eliminated.

Xiang E Vice president and Secretary of the Board of Directors Li Yu told our correspondent, Xiang-e-directional additional 3.6 billion is still in progress, due to more procedures involved, has not been reported to the SFC. She admits that before the stock price and the issue of additional prices upside down is indeed a problem, in general, investment banks encountered this situation can only be postponed to wait for better timing.

Now, from the preparation procedures, waiting for the opportunity to report to the SFC and through the audit, to the final directional additional success, Xiang-e situation to get a smooth 3.6 billion yuan of true gold and silver, there is a way to go.

"Friends" help

Grassroots Mengkai, with strong political awareness. National policies are the main criteria for his choice of industry, and the way to find a project is through a circle of friends. Mengkai told this newspaper proudly that the resources of Xiang-e situation were in the network. This kind of thinking runs through in the whole transformation process of Xiang-e sentiment, for example, to enter the film and television from this field of friends, and the determination of large data for the main industry, more from the field of radio and television network resources strong. Tied with dignitaries, whether it is dry dining, or playing large data, Mengkai style.

Many close to the Mengkai of his impression is: a straightforward nature, the ability to make friends very strong. A widely circulated joke is, there is a period of time Mengkai every day 10 o'clock in the morning, after getting up to each of the package toast, drink generous, treat also generous, make a lot of friends. He also attaches great importance to friends, will help many friends to settle things.

These are "customer friends," Mengkai says, not regular contacts. But he proudly told reporters, with so many years of customer friend's accumulation, ready to transition he will develop the hero: "Dude what good project recommended to us?" What do you want to do? " It's easy to have resources to butt in.

Xiang-e sentiment to large data transformation is also not out of the network. Little-known is that Xiang-e sentiment reached with the Chinese Academy of Sciences and Shandong, Anhui two radio and television companies, the middle of a mysterious businessman to promote.

According to our understanding, the mysterious businessman is a Shanghai Ying conjoined Intelligent Technology Co., Ltd., a person in charge, he was many years ago Mengkai at the table to meet friends. Shanghai Ying Lian and the Chinese Academy of Sciences before the calculation of a cooperative relationship, is through his matchmaking, contributed to the Hunan-Hubei and the Chinese Academy of Sciences Cooperation.

May 4, Xiang-E and the Chinese Academy of Sciences set up a network of new media and large data joint laboratory, 20 days later, Xiang-e and Shanghai Ying Lian set up the Shanghai cat New Media Data technology company, and the June 11 Xiang-e sentiment and Shandong radio and Television New Media Co., Ltd., but also because of Shanghai Ying-Lian and Shandong Radio and television cooperative relationship.

According to Mengkai, Anhui Radio and television hope to the wired network for two-way transformation, initially invested 3 billion, now need to cast 2 billion. The superior leader's opinion asks them to seek the cooperation side, thus has found the Xiang e sentiment. Mengkai back to study, found that the market is very promising.

Mengkai told "Chinese entrepreneur", the transformation story of Xiang-e sentiment mainly relies on this friend's support. Sinorama interviewed Mengkai, the mysterious businessman had a short appearance, he was a casual white, slender, elegant in the presence of shrewd, words but very strong, "send Meng Eight words: Nothing to toss, something toss." He smiled and said. We interviewed him repeatedly, all of whom he declined.

There is this mysterious person to pull strings, Xiang-e sentiment and the Chinese Academy of Sciences from contact to cooperation, only spent two weeks. CAS is responsible for technology research and development, Xiang-e situation to provide financial support and market applications. Mengkai said that Xiang-e sentiment will be put into the laboratory in the next 3 years not less than 100 million yuan.

July 29, Xiang-e sentiment also announced to the Chinese Academy of Sciences under the division of Tian-JI Technology Co., Ltd. to increase the capital of 50 million yuan, account for 45% of the target company, but let the outside world is to question the premise is that the asset appraisal institution "to the whole equity value of Tianji technology is not less than RMB 60 million yuan", At the end of last year, the net assets of Zhongke were only 5.04 million yuan.

In order to cope with the transformation of the company, the Hunan-Hubei intelligence board made a big change, in addition to Mengkai, those with catering-related directors were cleared out, some executives have left the company. Then came some technical directors. However, a few months, the hands of the knife fell, another lake. Mengkai's strong and decisive, he does not mince his own in some things.

Cao Tiejun, who resigned from the vice president of Xiang-e sentiment in May this year, is now in charge of the Beijing regional catering business in Hunan and Hubei, and he has rejected this economist's interview: "I don't have any ideas, what can I think?" I'm just an executive layer, and it's just execution. ”

As for the resistance and opposition in the transition, Mengkai unwilling to talk more, in the reporter repeatedly cross-examine, he said: "They leave Xiang E love can find work, no wages low ..." the implication is that the work experience in the Xiang-e situation itself is wealth.

Tri Yu, a consultant to the CIC, expressed concern about the cooperation between Xiang-E and the Chinese Academy of Sciences: "Although Xiang-e sentiment is ' generous ' capital contribution, it faces the challenge of not having the control power in time and lack of operation experience in the intangible assets such as patent and human resources." ”

Xiang Chung Capital Executive director Shen Mong frankly not optimistic about the above cooperation. He believes that although Xiang-e is good at operating the market, but a bunch of technical personnel and a bunch of people who do not understand the technology, the lack of a gap between the technology and the market to understand the high-end talent, and this part of the people in the short term difficult to find. As a business leader, Mengkai has a certain risk in the absence of a complete background.

In particular, he felt that in such a short period of time, the sentiment of Xiang-e had spanned so many industries, in fact, there is no more patience in any one industry, "one may be his personality is so, more urgent; another may also be the financial pressure is larger, because a year loss of more than 500 million, if this year again loss words May on St, these two factors , causing him to be unwilling to give too much patience to the transformational project. "Shen Mong said.

Borrow the name of the cloud

In the package of Mengkai to save Xiang-e sentiment, cooperation with the Chinese Academy of Sciences is undoubtedly the most important, and this is the place where the outside world has been questioned most.

Shanching, deputy director of Chinese Academy of Sciences, said in a media communication meeting the Chinese Academy of Sciences has mastered a lot of core technology, such as godson and the blue whale to do the mass storage, but through the subordinate enterprise technology into a product cycle is very long, the Chinese Academy of Sciences will provide large data support for Xiang-e situation, trying to the mass data products.

The first step is to help the radio and television system occupy the Internet, these powerful departments choose to hold Hands Xiang E love, is clearly valued behind the Chinese Academy of Sciences. Now Mengkai often around the market, and sometimes sit in the early morning of the high-speed rail, talk about a city to the second city, the evening to sit at the latest train back. The day after the interview, he hurried to Jiangsu Network television.

But a senior executive of Xiang-E told The Economist that these are not the main contents of the cooperation between Xiang-E and the Chinese Academy of Sciences, the Network security field is a huge market. The security level of work can only be done by the "national team", for the technical application of the Xiang-e sentiment, this is a promising business. "Now the country has raised the security loophole of the bank, the server is a foreigner, security loophole who to fill in?" Network letter Office has to change the server, change the server you need confidential technology, which requires confidentiality, breaking the secret experts.

"Academician of CAs Zheng Jianhua and the bank U-Shield inventor general Wang are experts in this field." You think of two top experts in Xiang-e situation, even no one understand what the company is going to do. The executive said Xiang-e situation in the capital injected into the division, these fellows, experts will come to the company, the future of Xiang-e Network security services are very confident, so those fund researchers crazy to buy-"they finally found that the national team came in, it is a bit like backdoor Xiang-e situation. ”

According to the Xiang-e executive, called the national team latent to Xiang-e love, to do is the Internet security and large data collection and application, the two business, the room was established, the data center was established, confidentiality related applications have to do, but also to maintain.

The story of the Xiang-e executive is somewhat exaggerated, and many details cannot be confirmed. But has the Chinese Academy of Sciences endorsement and support, indeed for the transformation of Xiang-e situation has brought help, "Anhui Radio and Television (Network Co., Ltd.) in fact, in this business really fancy is the Chinese Academy of Sciences, Big data, many people now really buy (stock) are for this purchase." "Mengkai said. Even with the Shanghai Ying Lian, if there is no intervention of the Chinese Academy of Sciences, Shanghai Ying-Lian's brand and technology is also difficult to make Xiang-e love ability to obtain large-scale orders.

Under the wing of the Chinese Academy of Sciences, Mengkai seems to have a full sense of security.

Large data, cloud search, bottom technology ... Mengkai is very easy to speak to the fog, the final investors on the situation after the transformation of Xiang E is not completely clear.

"What big data, that cloud is all about, not the concept, but that they stay at the conceptual level." "A radio and television experts told the Chinese entrepreneur," said Xiang-e situation is to help build an open wired network.

If you do not consider the problem of large data, the direction of Xiang E is actually very simple, that is, to the cable TV network to transform, free of charge to radio and television users to give new set-top boxes. According to the number of users, as well as the user fees, and radio and television companies to a certain proportion of the split.

In Mengkai's view, Xiang-e and provincial network to talk about cooperation, is based on radio and television network by the Internet to beat, trample on the death, the background of lower boot rate. He is not without a vision to say, Xiang-e Internet technology to turn the wide grid into radio and television Internet, which protects the radio and television to protect themselves this net has a revolutionary role, "it is completely technically to the radio and television a nuclear weapon." ”

Is that true?

Box future

No one is willing to do a loss of business, no matter how bad it looks in the transformation of Xiang-e situation, completely denied the entrepreneur in adversity the courage and determination of such a breakthrough is too arbitrary. In fact, in the closed and separatist China cable television network, funds, technology and networking, who said that will halberd?

July 29, Hunan and Hubei Province announced to undertake 5 million users of Anhui radio and television, ready to launch 5 million set-top boxes as home intelligent cable TV cloud terminal, and realize digital TV set-top box, wireless router and other multiple functions. Mengkai claims that they are helping the radio and television system to carry out the Internet reform.

Talking about the cooperation with the radio and television system, Mengkai in the media interview, said that the radio and television system has been the Internet has been very powerful, they are in the radio and television for a breath, the equivalent of broadcasting as a pioneer.

"Their cooperation is mainly based on cable television terminals, for radio and television, some people are willing to contribute to solve the box, platform and even the content of the investment, of course, welcome." But from the point of view of how the wired network develops, the most important thing is not the terminal problem, but the business model. "A person in China's media told this newspaper that from the content of the announcement, the value-added services mentioned in the Internet traffic distribution, advertising mode and the electricity quotient, and not too innovative things, may have to wait for products to see more clearly."

He personally believes that the entry threshold in this field is actually very high, without a special deep understanding of the industry, it is difficult to succeed.

Of course, everything is not absolute, the final result depends on the relationship between Xiang-e and Anhui Radio and television in the end binding degree, how the two sides running-in effect. "Simple development of a terminal is not difficult, but the business model, continuous service capabilities and product operation capacity is the key to successful cooperation." Said the Chinese media personage.

Streaming Media Network CEO Zhang Yanxiang Analysis, from the perspective of radio and television, it will continue to go forward. In fact, faced with a terminal huge cost of expenditure, terminal this piece of technology is not particularly high, the biggest problem is the funds, Xiang-e situation can rely on its funds to make up for radio and television itself funding gap.

On the other hand, the radio and television market in fact, there is a huge user stock, the terminal size for Xiang-e situation can be in a relatively short period of time to achieve the so-called transformation, after all, 5 million is a large number, and the entire Anhui TV users up to tens of millions of, which allows both sides to form a foundation

Although only the beginning of cooperation, but with the Chinese Academy of Sciences Technology, radio and television system resources, Mengkai ambition is very big. He said: "We have innovative technology, innovative thinking, to create a market where no one is currently competing", "then, millet, the number of these boxes plus their routers, can not compare with us." "In addition to going northward, many of the provinces that are undergoing two-way network transformation are ready to enter," he said.

China Interactive Media Industry Alliance Digital Culture Industry Group leader Bao in an interview with the blunt, not optimistic about Xiang-e love to do TV box. In his view, the cable industry is not like film and television, film and television results quickly, as long as you make a god play, take a few phenomenon-class film, this thing became, but the cable industry is needed to boil, "you have to boil the time ah, boil construction ah." Because the time is longer, the industry cash flow is not good, how to do this thing ah?

Xiang-e Situation from a large data point of view into the radio and television reform, the risk should not be overlooked, "the key is that the period is too long." Hardware accounting period generally requires 5 years, service operating account period will not be less than 3 years. "There are a lot of companies that wanted to help SARFT with the Internet, but not much," Bao said.

As a listed company eager to improve its performance, the direction of Xiang-e is the broadcasting industry which needs to endure time and reform slowly. Did the receipt of silver, received film and television, gambling on the environmental protection of Mengkai, this time to run to win time this biggest opponent?

Before the end of the interview, Mengkai told us that he was used to being questioned, "any business will be challenged before it succeeds, and companies that are not challenged are often unsuccessful." Lei made software now to do hardware, Li Ka-shing once is to sell plastic flowers, Ma Yun was doing Yellow pages, and finally changed. Diverted to a business is not a difficult thing, I have this confidence. "In the interview, he has more than once quoted this inspirational sentence of parallelism."

"The more people questioned, I feel better, like a dozen hormones, you say I stupid, actually do not know how good I am." "Mengkai said.

"How do you form this mindset?" I asked.

"People who sell vegetables have a good mentality. Selling vegetables is always harmony, customers hit the bench we accompany the smiling face, so we have no temper, forever grinning, we have long been bullied habits. How else am I going to sell for the Chinese restaurant boss? Xiang-E emotion training is ' all my fault '. "Mengkai a bulge of small belly, while pacing the back of the enterprise training ...

He said he had gained 20 pounds a year because of his good mentality. But one of his subordinates whispered that Meng's weight gain was due to being too tired and having no time to exercise.