How the second tier of the internet will develop

BAT (note: Baidu, Ali, Tencent), a long time ago to become synonymous with the Chinese internet giants, in their view no one can be worse than them, even the staff to walk the road, but also feel superior. But if the core standards of the first echelon as an independent, there are also two wonderful, one is odd Tiger 360, the old week that subversive momentum here is not to say, the other is NetEase, he with a European-like conservative , Now Ding Lei's hand cash and short-term investment has been as high as 16 billion yuan, colleagues are at 1 billion yuan per quarter of the rate of growth in Hangzhou, "three business, cash cow, wife, children, hot picket."

And 3NBAT is different, the second echelon of the living environment is the worse, in the mobile internet U,c Yu Although stubborn hope independent listing, but the Morning Hing Venture investment fund due to liquidation, make the company's fate key has been delivered to Ali that end. And just yesterday, two years ago, with hundreds of billions of dreams of Sina Weibo also signed a contract of sale, not only in the valuation is 3.36 billion U.S. dollars to accept Alibaba 586 million dollar strategic investment, the transfer of 18% of the equity, but also signed a 12% forward selling options.

Previously wanted to and the first echelon of the runners who clamor, but fell into the status of physical exhaustion.

Why is that?

According to the data released by the Sina earnings report, Chao's personal holdings accounted for only 0.3% of the total number of shares in circulation, which usually led to the development of the company, which would be guided by the share price of the capital market rather than the individual spiritual appeal. As Sina's share price showed last night, Sina's IPO rose 18.3% in the US and eventually rose 9.4% after the microblog was injected into Alibaba.

Addition：

First, the founder will no longer determine the direction of the company. Because of the depth of VC intervention, if in accordance with 20% per round dilution of equity, only need to complete the C round of financing (including the four rounds of Angels round), the company will lose the founding team in the equity advantage, due to VC withdrawal cycle and management of systemic risk, even if you can have a shares, B-shares of financial innovation to maintain the original team control. But in fact, the mentality of the party B at the time of financing usually makes the founders unable to fully control the capital level of the company. The most extreme example is the Wu of the handle net, not to mention NVC lighting.

Second, the Giants have begun to dabble in capital markets early on. Before 2007, although the domestic has four major portals, but in fact, even the best cash flow netease, can not support a large amount of investment. The rise of strategic investment is about 2008 years or so, as for the earlier rounds of B or C rounds, it is only after 2011 years to start. While companies are more appreciative of VC access in the early days, with the recent apathy of venture capital, the money of internet giants is often the only option for entrepreneurs. And because of strategic demand, the investment terms are usually more stringent than VC, including a lot of limited options and prohibited options, which also means that companies in the future operations more passive. For example, the recent tick-tock taxi and quick taxi, has not formed a monopoly will be Tencent, Ali into the under.

Finally, the second echelon enterprise has been difficult to complete the ecological closed loop independently. As you can see, the large Internet companies that have recently sold their shares have always had an absolute lead in their vertical areas, but they have struggled with ecological exploration. such as UC has invited Mingyuan to build "UC Paradise" Unfortunately, Micro Bo is in the electricity quotient, payment, micro-recruitment, open platform and other fronts on the drubbing and return. At this time only rely on the power of giants can be a siege.

Where are the pain points of the Giants?

There is no market, is the start-up company's own valuation usually encountered trouble, if put to the Giants, but also like to find entrepreneurs to talk about the ideal, talk about life, of course, when talking about money hurt feelings. But in the last year, a few business has become, Alibaba received a friend, cast a UC and micro Bo, Baidu is the PPS and snacks, where to go into the under, Tencent is in the brush machine channel and ROM under the full effort.

But wondering who will be acquired needs to know what the giant's pain point is right now.

Alibaba: Listing is the top priority

As is known to all, Alibaba is currently the most urgent is the company's overall listing, after the IPO whether it is Alipay, cash flow, or the company's development will be a best answer. Listing is the concept of the need, if it is an ecological system for road performance, will be the most appreciated by investment banks, but the real Ali Empire, in the system components, before the following three point layout: First, is SNS, after the acquisition of Sina can sit back and relax. Second, on the wireless side, Ali also did not get a killer application, although Alipay has enough potential, unfortunately as a tool, is not the most ideal entrance destination. Finally, on the lbs Ali still need a fight, in 2010 capital injection map Capital of the company 35 million U.S. dollars, the company on the map is not a big development, this is also a point of regret.

Baidu: Mobile Internet is annoying

What's bothering Baidu? How to shift the advantages of the web side to the mobile Internet is a problem that Li has been plagued with. And among them, the need for the entrance, channel, search transformation and grafting are the company headaches, and the company lbs division of the O2O spring and Autumn dream, but also lack of offline team to support.

Tencent: Micro-credit feels too good for itself

Micro-letters seem omnipotent, as Lee Kai-fu said: "Micro-letter is more than ' cut into the Voice assistant field ', there is simply the potential to become ' mobile voice assistant ', not only ' change to the App Store ', almost likely to ' become mobile store ', more than ' streaming mobile search ', full opportunity ' Become a mobile search '! ' Ma also claims that business models are chosen by businesses on the development platform and even from the media. Does it sound cool? But like the question that Weibo needs, I do not know which day pony will tease: "We use one thousand or two thousand people, each month to spend hundreds of millions of yuan to build this highway, a group of lorry drivers swagger on the money, and no one paid tolls!"

Who will follow the footsteps of Weibo

In the market, in fact, there are all the wind of the road, today Zhang three to be a billion acquisition of Baidu, tomorrow Doe has been Ali due diligence, and let us take a little inventory, the future may become a microblog second company.

The most popular comment. All of a sudden, the reviews are valuable, and this is a year earlier than the Yelp company set up a UGC on the platform, this month just after the 10 birthday of the enterprise, in the mobile internet wave glow under the second spring. Unfortunately, because the business model is subject to group buying or having or without erosion, reviews also had to start their own tour, and then two consecutive rounds of 160 million U.S. dollars in financing, also makes the company began to gradually out of the entrepreneurial team control, while the internal in the company's "Light" and "heavy" issues more or less will have some differences , after all, by virtue of what concept of listing is greatly affecting the company's valuation.

Fortunately, the advantage of public comment is the disadvantage of the Giants, while the company's more than 1 billion dollar valuation is not expensive for bat. What's more, Yelp has risen from $17 to $27 in 10 months, and the reviews are sure to sell at a good price.

Second push, the gold map. As a double leader in free maps and paid navigation on the market, the company's 527 million dollar market capitalisation is so cheap, not to mention that 5.27 includes 216 million dollars in cash, cash equivalents and term deposits, and a net profit of around 30 million dollars a year. Within the company, how to inject new blood into the company in the mobile internet era has made the CEO of the company exhausted, because in the CMO Jin Jun, CTO and the vice president of the Internet from the entry, he is facing the situation of the old successor, whether the salary, Ideas and work efficiency will touch larger sparks. And if the company entrusted to an internet giant, for both buyers and sellers is a better choice.

Three push handle: who will claim it? In an article entitled "The next 6-12 months, which companies have acquired value?" "Once analyzed, in the Jinsha River after the handle, first through the" High-quality businesses using day checkout money "to prove their own capital chain, but also a high-profile start of thousands of people" expansion "project, Again is Zhu Yuhu to receive the interview to issue "the reflection" the voice. "They're playing ' image engineering ', rebranding," says a friend who has worked for 8 years in an internationally renowned PR firm. "If that's true, there may be a big capital move behind it, either financing or mergers." ”

For today's handle, faced: 1, IPO in the short term, whether it is the capital market, or its own conditions are not allowed. 2, the previous brand and the accumulation of offline channels is still valuable. 3, the management has been near takeover, Zhu Yuhu is the personal fencing, to seek new CEO becomes inevitable.

What is the value of the handle for the following companies? 1, has a wealth of offline experience and BD sales team, this is to form O2O closed-loop, lack of offline ability of the company need. 2, a huge market share and brand value, for the hope of Sprint Group purchase concept IPO Enterprises also have some temptation.

Last push, Renren. Everyone is abandoning everyone, this is the most direct evaluation of everyone, in the wireless end Meimei, pop and other Shanzhai products have been frustrated, mobile game large-scale investment has not seen the results, and then mixed with the "Renren" of their own old users fled, this once boasted China version of Facebook (Renren) +groupon ( glutinous rice net) +zynga (everyone game) +linkedin (Jingwei Network) has become a joke, and the market value also fell to 1 billion of dollars near. Although decadent, but does not mean that everyone company has no value, you can see that everyone and qzone is so far only have not to the media development of SNS platform, those who want to work on the SNS company, since the qzone may not be done, such as everyone is a good choice.