About Lei and the van.

Many people would argue that Lei's generous showed of age is that every visitor gets financing at a critical moment. In fact, Lei is the founder of the joint, where the customer from the project, Angel investment to VC introduction, is actually lei behind the help.

From the above we can see that the joint venture source, IDG, its, qiming, Temasek in this financing have to vote, are looking at the lei thin. and Citic Industrial Fund, Kerry Group of the later entry of PE and Tiger Fund, then did not follow.

Do not enter this, lei this 100 million dollars of collar and vote, enter at this time, not only will not lose, but will get corresponding profits. Even if they get a 10% stake in this round of financing, the LEI valuation is about 1 billion dollars. And every customer's last round of valuations is as high as $3 billion trillion, the market value has shrunk by 2/3.

What's the sales for 2013 years? The old disclosure of 2012 years of sales is 6.5 billion yuan, and in 2013, the first three quarters of the year's sales growth of 30%, if the annual growth of 30%, then every customer 2013 sales of 8.5 billion yuan, about 1.4 billion U.S. dollars. And the LEI took over so many shares at a price of about 0.7 times times the market, can they say no?

However, I am skeptical about the amount of sales that have been disclosed by the aged. According to the data disclosed by the aged, every customer in the 2012 sales than when, only the goods will be big. Only the 2012 annual revenue of the goods will be less than 700 million U.S. dollars, that is, less than 4.2 billion yuan. When 2012 revenue also less than 5.2 billion yuan. But why do third-party data agencies target the domestic market share of the consumer to be the guest when and only the goods will be behind?

But anyway, as long as everyone will prove their continued profitability by the end of this year or early next year, the capital markets are valued at a time when the IPO is far more expensive than 5-6, 700 million dollars. You know, the only product is now worth 6.2 billion of dollars.

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The financing story of Lei and every guest

Every guest's start comes from the suggestion of Lenovo Investment boss Zhu Linan. In the first half of 2007, PPG rose to fame and shocked the industry with 50 million of dollars in financing and 200 million yuan in advertising fees. Zhu Linan find old, hope that the original network team can replicate PPG model.

Zhu Linan was also an early investor of the Network of Excellence. In September 2004, Lei sold the network of excellence to Amazon. April 2005, aged away from the Amazon.

Where the first round of VC financing from the October 2007 2 million U.S. dollars in financing, before the 3 months, the PPG has a detailed analysis of the aging and Lei, has been ready to do a job in the field of electrical business.

Only, this time lei play is no longer the boss, but do entrepreneurs behind the entrepreneur, and Lei together as an "angel" into, there are Liu Yan, such as several Zhongguancun friends, as well as the apparel field of businessmen.

In the July 2007, Lei and old began to look for investors. In a courtyard of Qin Lao Hutong in Beijing, Lei found Feng Po, which is the Beijing office of the source of the joint venture. As an early investor of Sina, Feng Po was already famous in Zhongguancun.

At the same time, aged in Friendship Hotel met IDG forest pillars. Less than a day, the pillars of the forest to participate in the investment of all visitors. And according to Lei after years of expression, Feng Po on the day on the decision to invest. Therefore, every customer's first financing, is the joint venture source and IDG 1 million of dollars each. October 2007, every guest announced the first financing. The month of 18th, where guests officially online.

In addition to the joint venture and IDG, in 2007, to find Lei talk about the gongxin right. September 2007, Gongxin right to Lei office tea, chat to every guest project rise, said want to follow Feng Po and forest Pillar again cast 10 million dollars. Wang also find lei for old phone number. That night, Wang and aged from 10 o'clock to 1:30 A.M.. However, the case did not get the unanimous approval of the interior of the Ding Fai.

But the experience of excellence because of the lack of money to sell to the Amazon Lei, think 2 million dollars is not enough, where customers do clothing, clothing needs brand, where customers should quickly melt more money.

At the end of 2007, in New Zealand opened an internal meeting of the soft silver race rich partner sheep East received the Lei "ultimatum", and the soft silver race rich competition there is a big-name fund, Lei said to them, who move fast, choose who. As a result, sheep East in the day 5 o'clock in the afternoon from New Zealand telephone reply said to vote. But the soft silver race rich competitor's reply is only 2 hours late.

January 2008, the soft silver race rich 10 million U.S. dollars has been to the customer account.

In July of that year, Yuanjiming Donshau also joined IDG to invest about 30 million dollars. In other words, in the 9 months after the customer's online time, it has completed 42 million U.S. dollars of financing.

2010 Every guest in the "where the object" of the network popular in the fifth round of financing. In May 2010, Tiger funds invested 50 million of dollars in clients. Tiger Fund is also the investment side, in the former, Tiger Fund also invested in Jingdong Mall.

December 2010, with the last round of financing six months, where the customer ushered in a joint venture and IDG and other old shareholders of the 100 million U.S. dollar financing. At the same time, Dangdang in the United States listing. According to the plan at the time, to get hundreds of billions of dollars to finance the visitors will also be listed in the next year.

But the blind expansion and overly ambitious fuzzy brand positioning, the sequelae of the last in 2011 began to ferment. A large inventory backlog directly leads to excessive loss rate.

In 2008-2011, the sales revenue were 120 million, 300 million, 1.2 billion and 3.2 billion respectively, the 2010 growth rate was 400%, and the 2011 growth rate was close to 300%. But sales grew at 300%, while net losses grew by more than 600%, with a whopping $486 million trillion in fiscal 2011.

At the end of 2011, Old announced a sixth round of $230 million trillion in financing, which was also understood as an extension of the planned listing. The round of financing was valued at $3 billion trillion, and PE gained 7% per cent.

Now, 2 years later, every customer helpless to find Lei financing, is not 200 million U.S. dollars in 2 years soon burned? But the Hubei guy is shrewd, help is help, also cannot but consider own business, plus every guest originally is Lei half child, aging can not release more shares out?