Can the handle net hold up?

Group buying defeated the Bureau has not come to the end, for the fall into the mire of group buying players, this winter seems particularly cold.

The handle may be one of the most Shixi companies. The company, once a promising first-time IPO, quickly entered the downward spiral after the IPO failed. Tencent Technology this year has analyzed the failure of handle listed behind the scenes, that is, burning money expansion, chaotic management and blind pursuit of sales.

But its tragedy is not over. Recently, close to the handle of the http://www.aliyun.com/zixun/aggregation/18501.html "> Sources to Tencent Technology revealed that the handle network will soon start a new round of layoffs, while many employees voluntarily leave, The headquarters office will also move to a building in the Beijing Wangjing area after the Spring Festival for rent and staff cutbacks. The person said, the current pull net cash flow is tight, the account is only about 200 million, but to the merchant accounts payable up to 400 million.

Multiple sources of information to Tencent Technology, said this August after the founder of the Wu has been completely invested by the investment side, after the handle into a new round of turbulence.

A manager of a left-pull handle said that last December, there were 4 provincial-level district managers leaving the area. Front handle the manager of Henan District, Sophia, even made public "claims" on Weibo, claiming that the Nets were paying their wages and demanding that the ipad be sent back as a reward. Sophia says her encounter is not a special case for handle workers.

Another handle left staff to Tencent technology disclosure, handle the handle of the product group buy products Department in the fall of 2012 a large exchange of blood, there are dozens of employees were cut, although part of the reason for layoffs is the product sector corruption, but the new managers do not have a good business to do. "Within three or four months, sales of the handle product department fell directly from 150 million per month to around 30 million per month," he said. The employee said.

The news has not yet been confirmed by the official channels, but the handle in 2011 after the IPO, has been continuously outgoing executives and layoffs and other negative news, the status quo is undoubtedly the entire Chinese group buying industry in miniature. The current group buying industry and two years ago the situation of the Thousand-Regiment war is very different, in addition to a very few group buying site can still be more healthy development, a large number of group purchase website closed down or struggling in the plight. Last October, the famous Group purchase website 24 coupons announced "suspend" operation, has not recovered.

What happened to the company after it failed to go public?

Investment Control Bureau

Last August, Wu, founder of the handle net, began to be no longer the CEO of the handle net, retaining only the chairman of the Chair. And April that year, to vice president of the position to join the handle Feng promoted to handle the net COO, overall responsible for handle business.

People familiar with the situation said, Feng into the handle and as COO is to handle the investment side of the Jinsha River, according to handle the IPO data show, the Jinsha venture to occupy 38.9% of the stake in the handle, the first major shareholder. Wu holds a 22.6% stake in the handle net, the second largest shareholder in the handle net.

A person close to the handle simply said, now the handle has been fully taken over by the investors, handle daily accounts payable are required to handle investment Fongmaton final approval to transfers. Milestone investment for handle the third round of financing, according to handle IPO data show, milestone Investment holding handle 4.9% of the shares.

A variety of information display, handle 2011 when the IPO application, the company founder Wu still fully control the handle business, but there has been a certain contradiction between its and investors.

November 2011 Handle First Impact IPO failed. A handle network staff revealed that in the month, he had heard handle investment Fongmaton investment partner Chiliping in the phone loudly scold Wu.

There are indications that the failure of the IPO has made investors more dissatisfied with Wu and gradually weakened Wu power, eventually leading to Wu's resignation as CEO. The final result is that the Feng, representing the Jinsha venture, becomes the handle COO and handles day-to-day operations.

Feng behind the Jinsha River to represent the venture, and handle the vice president of human resources Huang Yingxia behind is milestone investment.

July 2011, Milestone Investment recommended the Huang Yingxia to join the handle, then milestone investment did not really plug in hand-holding network business. But after Huang Yingxia joined the handle, the power of the personnel of the handle network was extremely expanded.

In the hands of the Ministry of Personnel, handle network in July 2011 set up the Commissar system, the county every day will be local provincial or city manager of the situation reported to the Ministry of Personnel leadership. This system has been most of the handle area manager's criticism, and the Ministry of Personnel through the Commissar system to intervene in the operation of the handle network business.

Wu's turning point in the handle was in March 2012. People familiar with the situation said that the month has two things happen, one is following Wu for many years the handle Network Innovation Division general Manager Liming Separation, the second is from this month handle daily accounts payable need milestone final reply can transfers. Have handle exit staff revealed that there was a sum of money needed emergency, but the financial email to milestone official reply, the other party agreed to the money.

In April 2012, Feng the position of vice president, and in June began to take over the business of handle. According to the person close to handle the board of directors revealed that in July 2012, the handle network has convened a board of directors to discuss whether to increase decentralization, but ultimately did not reach a consensus, "quarrel and noisy huff." ”

Handle staff recall, in August 2012, Wu finally and handle the big area manager opened a conference call, and the content of the meeting is mainly to tell the area manager after more with Feng docking.

Wu's current situation is not known to outsiders, and there have been rumours that it is planning another venture. But what is certain is that he has not been able to take full control of the company he founded and has to shoulder a lot of responsibility for the mess it is in.

Handle the current investor-side-background executives can turn things around? This is an extremely difficult challenge, as seen in recent months.