Bai equity changes behind the ebay retention sub

"In June 2011, Tenaya Capital had already taken a stake in Bai. 13th night, Bai founder and CEO Wang Jianyue to the author for the first time disclosed the people's Network of C-round financing. The C-round financing took place two years ago, but has never been disclosed to the outside world.

The author notes that the change in Bai equity may be the first attempt to "transform a wholly owned subsidiary of a foreign company into a local start-up company" in the History of Chinese science and technology.

Bai "originated" on ebay. In the second half of 2004, after buying a 25% stake in Craigslist, the US classified advertising website, in March 2005, ebay also launched a classified advertising program in China, Japan, France, Germany, Italy and Canada.

The ebay project is similar to the Craigslist model, designed to provide users with the services of publishing and querying information free of charge. At this point, Bai is a wholly owned subsidiary of ebay.

But in the June 2008, the Chinese founding team and the Silicon Valley venture capital Jinsha have taken over most of the shares held by ebay. Among them, the guests gathered in China's founding team to become a major shareholder, but ebay did not fully in the stock changes in the withdrawal, but to become a small shareholder.

After the end of the stock exchange, the guests are renamed "Bai". According to Wang Jianyue, the second equity change in the people's net took place in August 2009. Since 2005, the People's network has experienced two rounds of financing.

At this time, Silicon Valley's benchmark capital, Benchmark, became the first Chinese equity investment in benchmark Capital.

At the end of 2010, Matt Cohler, a benchmarking capital partner, talked about his understanding of the difficulty of developing classified information ads in China in an interview with the author. This point in time, Baidu has just launched a "Ah Life" project, involved in the consumption of life as the core of the pan-commerce platform.

"If we look at the history of science and technology in the United States, innovative companies to a very high degree of concentration, executive power to do a market is the norm, on the contrary, large companies to use brand and capital advantage to successfully suppress innovative enterprises only a few." I believe this will be reflected in China too, because the economic law is the same, but it takes time, and it may be taken first by some of the most patient and dedicated subdivision sectors. "He stressed.

Another noteworthy phenomenon is the Tenaya capital that Bai behind. When it comes to Tenaya capital, Americans will associate Lehman Brothers. This is because five of the 6 partners in Tenaya Capital are from the venture capital division of Lehman Venture capital. After Lehman Brothers collapsed in the financial crisis at the end of 2008, the investment arm was stripped from Lehman in early 2009 as an important step in the cash-flow debt-relief plan for the sale of assets after the bankruptcy.

The author of the Tenaya Capital (Tenaya) official website, the investment agency in China to invest in another project is "where to go."