Fast broadcast on the road to IPO

This is the fastest 15 days of broadcast and Wang Xin.

On June 26, Guangdong Provincial Communication Administration served a "Decision on Administrative Punishment" to the fast-break broadcast and the fast-broadcasting of the value-added telecommunications business license was suspended due to the dissemination of obscene and pornographic information through the Internet. On the same day, Shenzhen Administration for Industry and Commerce also quickly infringed intellectual property rights inflicted a fine of 260 million yuan on it.

Value-added telecommunications business license is a necessary prerequisite for commercial websites, was revoked means that Internet services will not be able to carry out fast. Coupled with a huge fine of 260 million, fast broadcast seems to be the critical moment of life and death.

Short period of 7 days left, the fate of fast broadcast see the outcome. Sensitive fast broadcast, involving a lot of shareholder Gangster intricate love and hate. Seven years ago, product manager Wang Xin founded a fast broadcast. One of its angel shareholders Ma Huateng rival Zhou Hongyi, one is the founder of Ma Huateng once had Li Qing. They cast a fast broadcast almost simultaneously.

Seven years later, the broadcast almost died of "take the lead Brother" Tencent's hand.

Fast broadcast where to go?

At this point, the same troubled Hunan, Hubei and Hubei (002306.SZ, now known as the cloud branch) Incarnation Knight white to the sky. Although Hunan, Hubei and Hubei have repeatedly denied the rumors of acquisitions, the Weekend Weekly reporter learned from various sources that the two did have a close discussion on the matter of acquisitions and that relevant parties in Hunan, Hubei and Hubei Provinces went to the headquarters of the fast-broadcasting headquarters in detail. "If the contract is not signed yet, That's it. "

Money Week (WeChat public account money-week) Reporters lasted a week, multi-party survey found a series of self-help fast-track and operating practices. What you see now is not necessarily the end result.

Hunan, Hubei and Qing Moutai acquisition, the key in the debt handling

Express broadcast received the decision to punish the next day, that is, media reports from the food and beverage technology transformation of listed companies Hunan and Hubei plot conspired to buy fast broadcast, negotiated by the Chinese Academy of Sciences.

Three days later, the announcement of the affair of Hunan, Hubei and Hubei Province said the news was not real. As of the announcement day, the Company itself had not negotiated the acquisition of shares with Express Broadcast, nor did it negotiate with any other third party through fast broadcasting with a third party or alliance.

But this rumor is not groundless.

A fast-broadcasting insiders confirmed to the Financial Weekly reporter, "People who have seen Hunan, Hubei and Hubei Province." "Talking about mergers and acquisitions is true, but what form of acquisition is not sure. If there is debt, the acquisition will not necessarily be implemented. Do not know if the signing of the purchase contract is not.

According to informed sources, at present, Wang Xin himself in Hong Kong. Obviously, the fast broadcast is a passive side, the time is too short, temporarily find a reliable access plate is very difficult.Obviously, Hunan, Hubei and the situation has not yet determined.

Obviously, a fine of 260 million yuan for fast broadcasting will make it difficult for Hunan, Hubei and Hubei to make a resolution. "Look at the acquirer is willing to insist that the model of past broadcast grappling can not continue, the technology is still valuable, but also for the acquirer." An insider in Tencent said.

Interestingly, the announcement of Hunan, Hubei and Hubei made use of the expression "the company itself" and does not rule out the possibility that major shareholder Meng Kai negotiated with the fast-broadcasting in the name of other related parties.

Two days after the announcement was clarified, the Hunan-Hubei-Hubei Province announced its change of name to "Zhongke Cloud-Net Technology Group". It completely departed from the original "high-end catering" industry track and positioned the future development as a big data cloud service that is not familiar to the head of the company, Meng Kai.

More than a month ago, Mengkai, chairman of Hunan, Hubei and Hubei Province, said pessimisticly to the media, "(Catering) this game of chess has no longer continue to move forward in the industry, high-end restaurant gone, low-end restaurant I also a year earlier Did, and did not, what I have the ability to say that in the industry rise? There is no way to go. "

Prior to this, Hunan, Hubei Province, has repeatedly shot the acquisition concept nowadays the hottest television, environmental standards. Companies that had been included in the list of purchasers of Hunan, Hubei and Hubei were all kinds of companies, including environmental protection company Jiangsu Zhongyu and Hetian Tianyan, a green energy company. Television and Television Culture Co., Ltd. One of the context.

Who can imagine that the final outcome of the two fragile companies together?

The report of Hunan, Hubei and Hubei Province in 2013 shows that there are only 82.09 million yuan in monetary funds on account. Most of current assets are other receivables and prepayments while short-term borrowings are 220 million yuan. In 2013, the net profit of Hunan, Hubei and Hubei Province recorded a loss of 570 million yuan and a net cash outflow of 200 million yuan. If the acquisition of fast broadcast, where the money come from? How to solve the broadcast within a few days will have a huge fine?

"Is not responsible for the transformation of the business, do not know this." Li Qiang, vice president of Hunan, Hubei and other situations said. Xiang Miao, chairman of the phone is no answer Mengkai. Hunan, Hubei and Hubei Securities Department said that all the announcement shall prevail.

Interestingly, the acquisition of fast-broadcasting may not only Hunan, Hubei and even within the fast-broadcast there is even a saying that Tencent has also considered the acquisition of fast-broadcast, but did not negotiate, and thus retaliation. "Otherwise, there's no way to say that the broadcast is not big enough for the government to pay attention to."

Tencent's role in this fast-forwarding incident is quite important, and is even known as the "Big Brother" that erased the fast-break, which once triggered the online "siege" of the fast-broadcasting Otaku embracers.

Tencent want to buy fast broadcast rather than the argument that the Internet commentator Ge Jia said the industry passed, but the authenticity of doubt. "Not likely, nor reasonable. Broadcasting is Zhou Hongyi investment, Tencent to invest 360 fast broadcast consent, 360 can agree? Tencent will not mention it." As for Tencent's complaint, not the key. "Anti-Piracy Alliance is not the main Tencent, but Youku, Sohu."

For the broadcast of the penalty, Tencent said that punishment of fast-broadcasting is a government act, as a business inconvenient comment, respect for the government's decision.

Emergency registration of several new companies, divestment of assets

July 3 morning, financial weekly reporter followed the fast-forwarding business registration address to Nanshan District, Shenzhen Science and Technology Development Park, China Science and Technology Development Park, Building A2, Room 22, Room A1. A 22nd floor elevator to see full of flowers celebration basket. Reporters walked around the entire 22 floor but did not see the fast-track.

Money Weekly reporter went to the left hand side of the office on the 22nd floor, the front desk staff told reporters: "This is the A1 room, we just moved in these days come in. Before the fast-broadcasting, but has moved away, do not know where to move "It is reported that this company called little wonderful technology company is the new tenant.

Information on the first floor of the hall card also wrote 22F-A / 23F Shenzhen Broadcasting Technology Co., Ltd.. However, the security of the building confirmed to the Financial Weekly reporter: "The broadcast was moved last week and they rented two offices, one on the 22nd floor and the one on the 23rd floor. Are you looking for him to deal with disputes?"

In fact, the fast broadcast did not completely move away, just focus on the 23rd floor of the office.

It was reported that on June 26, the fast delivery of the fast delivery service was still operating normally, but the interior was deserted and some office areas were cleared. At that time, there were fast-broadcasting employees who said some employees had been relocated to other companies elsewhere.

An insider who declined to be named told the Financial Weekly reporter, fast broadcast has re-registered several companies, some unshielded assets quickly stripped out for the placement of different businesses and employees. One of them is called Yunfan Century, which put the business of the fast broadcasting series besides the player.

"Cloud fan" word is no stranger to sound, fast video search engine launched search engine called "cloud fan search", and fast broadcast player are inseparable.

Business information shows that there is indeed a company called Shenzhen Yunfan Century Technology Co., Ltd., was established on May 26 this year, the registered address for Shenzhen South Road, Futian District, Room 1605, Building A, South. Yunfan century legal representative Liu Li, the amount of 500,000, 100% stake.

Money Weekly reporter went to the cloud sail century scene and found the channel 1603-1609 where the glass door locked, no one inside, the floor scattered with a few pieces of paper, a mess.

Elevator signs on the sign 1606: Shenzhen Lu Lu Shun Construction Services Limited. The reporter confirmed at the property office: "1603-1609 belonged to Lu Lu Shun, but it was removed a few months ago and rented it to anyone who did not know it. Now no one has moved in and new arrivals come Register on our side. "

"Employees walk about one-fifth, senior vice president Xiong Junbo, He Mingke recently gone. The rest are assigned to different new companies to go." He Mingke another identity, for the fast-screening agency Softbank Rich investment manager.

A person who just left from the broadcast told the Financial Weekly reporter: "do not want to go to a new company, after this incident to see a lot of people .On the one hand, the company's staff arrangements, on the one hand, many people take advantage of the right to confrontation. Under is a must, not those who are not the kind of hard-working attitude.

On the one hand to set up a new company, on the other hand, after receiving the penalty decision, Express also expressed dissatisfaction with the decision on punishment, will submit an administrative review and submit the appeal as soon as possible.

There are three reasons for the fast broadcasting: First, the market supervision bureau of Shenzhen Municipality, as an administrative authority, refers to the decision of the Supreme People's Court on penalties for criminal offenses and makes inappropriate references to articles. Second, the fast broadcasting companies are not as judicial as Serious infringement of the public interest, causing great harm to society, 260 million yuan penalty amount is too high; Third, the company did not insert ads in the fast broadcast player, there is no charge to the user and profit.

In fact, at the hearing on June 17, the fast-break broadcast had a heated debate with the handling units about the punishment. However, the final hearing group upheld the punishment suggestions of the case handling department. Xu Youjun, deputy director of the Shenzhen market and quality supervision and management commission, also said in a media interview that the 260 million penalty for fast-broadcasting was a breakthrough in terms of calculation method, but it was legal. "Shenzhen is a city of innovation and a demonstration city of intellectual property. We want to set a precedent for infringement by fast-broadcasting companies and form a sample and reference for the enforcement of law and judicial protection of all intellectual property rights."

"If the appeal fails, it will only be liquidated and we will appeal and use all possible means to do our best," exclaimed the aforementioned fast-forwarding insiders.

Zhou Hongyi underestimate the regulatory brewing tragedy

Rather than speculating on the factors that have caused grievances in the fast-bang event, more insiders told Financial Weekly reporters that it is an undisputed fact that the fast-broadcasting is very much in line with the ball, only that it underestimates the regulatory situation this year.

Ge Jia, a well-known internet commentator, also said: "The Internet situation this year is different from that of previous years. In the past, the protection of enterprises was only prompted by rectification, and the revocation of two licenses like Sina was not done in the past."

In May of this year, SINA received two notices of the State Administration of Press, Publication, Broadcasting, Radio, Film and Television, its Internet publishing license and the information network dissemination of audio-visual programs due to posting of many obscene pornographic works on its reading channel and posting of pornographic audiovisual programs in its video program. The card is revoked.

Not just fast-casting, many internet companies have the original sin of playing the ball, but they are either "whitewashing" or earlier in transition and are therefore not involved. Regulatory development, fast broadcast fell at this turning point.

260 million penalty deadline for seeing the approaching.

From the June 26 receipt of the penalty decision, fast delivery required to pay a fine of 15 days, overdue penalty according to the amount of 3% daily fines, the first 3% is 7.8 million, the number is not small.

The profit-making mode of fast broadcasting mainly includes game intermodal, pop-up advertisements, and software bundling promotion. 2010 entrepreneurs selected the most potential dark horse business rankings, fast broadcast selected, was announced in 2009 operating income of 13.04 million yuan. By 2011, the fast-broadcasting revenue of billions. Two years later, this figure reached 300 million yuan.

"It should be able to survive," Ge said, "but 260 million hit is also great, and the business stagnation, the past business model can not continue to look for new business models, user experience has a great impact."

"Now to see how the interests of the original shareholders to deal with, is to recognize the claims, or work hard." Li Yi, secretary general of China Mobile Internet Industry Alliance believes that "but even the transition, but also the trend has been to go users have abandoned it because The reason is gone. "

At the beginning of the broadcast, it received angel investment from Zhou Hongyi, Chairman of Qihoo 360 and Zeng Liqing, one of Tencent Five Tigers. At the end of 2008, he received no investment from Softbank SAIF.

Business data broadcast fast, CEO Wang Xin invested 3.152 million yuan, 31.52% of the capital contribution, had Liqing 16.68%, Zhou Hongyi wife Huan 7.85%. In addition, the shareholders also broadcast fast broadcast Heming Ke, senior vice president, CTO Zhang Ke-dong, founding employee Zhong Zhi, and Liu Yan, Zhong Weiguo.

Pour on the IPO road, executive options into waste paper

The trouble is not over yet.

Only last week, Nanshan District People's Court of Shenzhen City, there are 13 cases on the fast-broadcasting hearing, the parties are happy Hunan Sunshine Interactive Entertainment Media Co., Ltd., Beijing Golden Spirit Sun Culture Communication Co., Ltd., which also appeared in the name of Thunder, the case of more It is a dispute over the dissemination of works information networks, in addition to copyright ownership, infringement disputes.

Prosperity in the grand prix held in Beijing in April this year, the press conference announced that the broadcast of the broadcast of the alleged infringement of its new media exclusive rights drama, which has passed notarization and other means of obtaining evidence 315. Last week, Golden Age Sun had three cases on the fast-track court in Nanshan court.

Also in April, the list of the top ten typical cases of the annual IPR trial in Guangdong Province was announced. In the case of the dispute over the right to broadcast network infringement of fast-track infringing works heard by the Court of Nanshan Court, the case of " Guangdong's top ten typical cases of intellectual property. " Nanshan Court on the official website proudly wrote: "This is the hospital for the third consecutive year since 2011, there are 10 cases of selected cases in the province."

Frozen three feet non-day cold.

People are quite saddened that this year a large number of Internet companies take advantage of the window IPO period, the broadcast has had this intention. "Express has been listed in the operation more than a year, has not yet been to the investment bank that step, but are in preparation. Uncertainty where to go, it must be outside." The fast insiders told reporters: "Equity incentive three years, Every year, there is now a pile of options on hand, and the options are available early in the contract and some in the second two years. "

According to insiders, the establishment of seven-year fast broadcast already profitable. According to incomplete statistics, the fast-broadcasting annual income of over 300 million yuan, including three: one is opened when the pop-up ads; the second is agent intermodal games, and developers into; the third is bundled software.

Business information from the fast broadcast can be seen, all shareholders of fast broadcast pledge in 2012 to the good look Technology (Shenzhen) Co., Ltd.. Good-looking technology is a wholly-owned Hong Kong legal entity, sponsored by the shareholder QVOD Technology China Holding Limited, both of which are registered in 2009. Good-looking legal person is Wang Xin, the same address and fast broadcast. Member information shows Wang Xin as general manager, Heming Branch as supervisors. Chairman Wang Xin, three directors were Liqing Li, Hu Huan, and Softbank Saifu partner sheep East.

Jintian Tian Fang Tao law firm told reporters that such an architecture designed to facilitate overseas listing. Wu Liangtao, a lawyer from Beijing Yingke (Wuhan) Law Firm, said that the pledge of shares may be conducive to the control of the fast-broadcasting by overseas companies.

Without this accident, the broadcast may be the same as the Thunder, this year a smooth market.

"Originally planned to be broadcast this year with an IPO plan and a revenue scale of up to 2. They all think of the packaging concept, called the" largest video aggregation platform, "said a person approaching the broadcast.