267 million of millions of dollars in a tenant's prostitution, the valuation shrinkage is actually a sale?

Liang Weiping's IPO dream did not come true, and once-listed tenants sold 58 to the city at $267 million trillion, at a rate of 1.5 billion dollars in early 2014. It is reported that the entire transaction in the form of cash-price shares, after the completion of the transaction, including Liang Weiping, the company's executives and investors will be withdrawn, 58 of the city to achieve 100% holdings.

267 million bucks for a prostitute.

Yesterday afternoon, 58 with the city officially announced the acquisition of residential tenants, the transaction amounted to 267.01 million U.S. dollars.

After the merger, 58 together with the city will set up a real estate business group, the integration of 58 with the city and the real estate businesses, will be built for new homes, second-hand housing, rental and other areas of business. The tenant will still retain its website, app and other brand assets, maintain brand independence. At the same time, 58 of the same city will take out 10 million U.S. dollars to the original team of tenants equivalent restrictive stock incentive.

58 together with the city will appoint senior vice President Zhangjiandong as the 58 housing Group president, the founder of the former CEO Liang Weiping will continue to serve as the group's chief advisor to help both sides achieve a smooth transition at the business level. It is understood that Liang Weiping will also two degrees of entrepreneurship.

For the reasons for the acquisition, 58 with the city CEO Yiu Jingbo said that 58 with the city and the merger of the tenants will bring a lot of synergies, "whether in the field of rental, second-hand housing, new house field, we will go a little more relaxed, become the first housing platform." ”

Is it a sale?

1.5 ago, few left Shanghai Liang Weiping in Beijing to see a wave of media, revealing the same message: When the income of the home to 1 billion will start listing. At that time, the tenant has just announced the 2013-year income reached 800 million yuan, is expected in 2014 years income of more than 1 billion yuan. At that time, media reports said that tenants were scheduled to be listed in the first half of 2014, valued at 1.5 billion U.S. dollars.

However, at the beginning of March, the home for the increase in Pay-per-click prices were 9 Beijing-Shanghai intermediary blocked. The attitude of the intermediary is tough "we are not anxious until the price is satisfactory to resume cooperation, not satisfied with the tow." "During the same period, SouFun, which had already been listed, was also resisted and the share price fell by over 15% within 4 days."

The housing slump has not stalled because of a compromise with the intermediary. On the one hand, the whole property market in the second half of 2014 cold, the other side of the room, Eirogio and other related to the offline trading O2O real estate platform was hyped. has been a pure platform for the tenants, the market is basically hopeless.

At the scene of the meeting yesterday, the tenants refused to disclose the 2014-year operation data, but some media reports quoted people familiar with the situation said that the income of the tenants in 2014 fell by 20% compared with the previous year, or, in other words, last year's income was about 270 million yuan.

In the industry analyst Sun Mengzi, frequent resistance has shown a pure online model of the abuse of real estate information platform: a single model, easy to be subject to intermediary companies. "The model of the tenant is not too much to imagine the future, missed the best time to market, capital rush to quit, sell or the best way." "In addition to a single model, Internet analyst Li Chengdong believes that fierce competition within the industry is another reason why tenants have to sell themselves." Search room under the line intermediary, chain home to seek online platform, against the view of the tenants, due to lack of funds, difficult to break through in the fierce market competition.

Due to the passivity of the model and the limited volume, Sun Mengzi said the 267 million dollar price is not a "sale".

Official claim: Previous valuations are high

In less than a year, the value of homes has shrunk by 80%, from $1.5 billion trillion to 267 million dollars in prostitution.

In this respect, Liang Weiping gave the explanation is that the transaction is in the form of cash and shares, the original number of shareholders will hand 50% of the equity in the hands of 58 shares with the city, as 58 shares in the city rose, shareholders will earn more than 267 million U.S. dollars. "I am not a cash-box, mainly holding 58 of the same city stock, it seems that the price is not high, but value the next few years 58 with the city's development." ”

Unlike Liang Weiping, 58 with the city CEO Yiu Jingbo mainly pointed to the previous valuation of the virtual high, "our quotation is true, need to be approved by the SEC Securities and Futures Commission", since last year to see a lot of start-up companies to finance hundreds of millions of of billions of dollars of news, which contains a certain amount of water; Many companies ' valuations are financed by 30 percent 40 percent.

Can the platform model stick?

Last year, 58 with the city launched a personal certification housing business, there are media reports in the report said the personal certification of housing users across the intermediary directly and the landlord contact, is in the life of the intermediary. This led to 58 of the city's strong counterattack, 58 City chief strategy officer Xiaohua in the Media communication meeting Direct response said the press release is a competitor, intended to between the relationship between the intermediary.

After the merger, Yiu Jingbo again stressed that the integration of 58 of tenants still adhere to do information and services platform, resolutely do not make transactions, not with intermediary competition.

Yiu Jingbo said, "After last year's storm, the intermediary has now put the tenants as a reassuring platform." After the merger, brokers, intermediary companies should be more comfortable with us.

But Sun Mengzi think the simple platform is not a long-term solution, "only do information integration away from the money too far, I guess is not in the short term how to do, first do a good posture, gradually involved in trading links." ”