Macaulay's share price is 3.91 dollars.

The is 3.91 U.S. dollars at the end of the eastern time of September 20. October 26, 2010, Macaulay landed on Nasdaq. On the first day of the IPO, its top share price amounted to $18.50.

Once the head of "China's first Chinese manufacturers," The Mai Lin, from the former star stock has come to the edge of the retreat.

"Under the impulse of the IPO, being led astray by capital, excessive packaging, and blind expansion of the listing." Macaulay has become a typical example of the stock of electric quotient by the many problems it exposes. Shou, an independent electric analyst, said that the question of Macaulay was "a concentrated embodiment of the current problem of the electricity quotient." ”

Analysis says it's just a matter of time

"It's only a matter of time before Michael's return to the market," he said. Shou, an independent electric analyst, said.

"The first stock of Chinese companies" Macaulay, from the beginning of the 2010 listing of the "peak" fell.

In May this year, Macaulay was given a cold shoulder during a quarterly conference call: CEO Beichun and CFO both attended the meeting to answer questions from analysts, but no analysts called to ask questions. This embarrassment is not the first time for Macaulay.

In the two quarter of 2013, the revenue share of the Macquarie E-commerce business was reduced from 45% in the four quarter of 2012 to 30%, less than 1/3 of the company's total revenue. In addition, its two quarter of the call center and offline store performance also showed a large decline.

Macaulay since the listing, the stock price "diving". On the first day of the IPO, Macaulay's opening price was $17.5, at $17.26, up 56.91% per cent compared with the $11 offer. The top price of the first day amounted to 18.50 dollars. It is also the highest share price since Macaulay was listed.

As of September 20, the U.S. Eastern time close, the price of Macaulay 3.91 U.S. dollars. This is less than 1/4 per cent of the 18.5 U.S. dollars that were listed at the top of the stock market.

At the same time, the company's cash flow is also very tight. The data show that, as of June 30, 2013, the balance of the cash and cash equivalents of Macaulay was $7.2 million, which was nearly half the amount of USD 13.3 million in cash and cash equivalents at the end of December 2012.

Independent Electric business analyst Shou told reporters that if the current state of operation, Macaulay is only a matter of time.

has led the trend of overseas listing of electric companies

"Macaulay has made a good start for Chinese electric companies to go public in the U.S. "In October 2010, when Macaulay successfully landed on the Nasdaq, there were comments from outside.

October 26, 2010, Macaulay landed on Nasdaq. Since then, the IPO wave of Chinese enterprises has come into being: in December, Dangdang landed on the U.S. stock after Macaulay, and in April 2012, it landed on U.S. stocks. Beijing East, every guest also several times outgoing preparations for the U.S. IPO trend. Analysts believe that it is Macquarie's IPO, to some extent, to accelerate the Chinese E-commerce enterprise listing process.

Mecoxlane on behalf of "China's business" first to the Nasdaq, many people in the electrical industry do not recognize.

Yanping, general manager of Dcci Internet Data Center, said he always disagreed with Macaulay's identity as "the first share of the word". "I never thought Macaulay was the first Chinese E-commerce unit. "Yanping to Beijing News reporter, as by" catalog Mail-order "business, Macquarie's online business does not occupy the largest proportion, for a long period of time, catalogues mail order and offline entities are its absolute main force. "So Macaulay is, at best, ' mail-order first share ', is ' the first share of financing listing skills '."

"When Mecoxlane in the United States, Taobao, van, wheat bags and other brothers are laughing." "Xun CEO Bin Said," Relying on a large warehouse and a group of couriers riding electric three-wheeled courier to sell some do not know what the brand does not know what the material package, unexpectedly also can be listed in the United States. It seems that there are no companies listed in China, the open window in the Pacific Ocean is so bright. ”

Goutain Technology founder Expressway has said, "also want to see, the Chinese stock market after the exposure of some of the negative news such as financial fraud, and so on, is making overseas investors on the shares of more and more questions, or even malicious short." Coupled with the company's IPO after the performance of pressure, so that the Chinese stocks overseas listing of the road is not as good as imagined. ”

At the end of November 2010, Q3 reported one months after the listing of the results, then the stock market "diving" type of collapse, the next half a month, the share price suffered a fall, nearly 50%, and continued to decline.

In December of that year, Macaulay was caught in a good faith swirl due to "excessive packaging", which was sued by US investors. The allegation that the company included or permitted a major error or misleading statement in the IPO application for stock listing and the prospectus was in violation of the Securities Act 1933.

In May 2012, the price of Macaulay fell below 1 U.S. dollars for the first time, the former "first share" began to be predicted to "retreat".

Shou sent to say, from the current results, listed on the electricity commodity licensing Mai Lin, the impact is "disastrous."

Jing Dong CEO Liu has issued a point of view: from the current public news of Macaulay, investors dominate control flavor. Investors are sometimes angels and sometimes devils. Doing well in electronic commerce must have the mentality and method of industrialist. If the collective action is defeated, Macaulay is likely to become the first Chinese e-commerce fall, the entire industry has a huge impact.

Being "led by the nose" by the capital.

Macaulay to the U.S. listing, "from the capital point of view, completed the listing of the Mission", representing Sequoia Capital Shen may be the biggest winner.

Sequoia Capital sold 29% of its stake to Sina and China in March 2011, with about $115 million trillion. After the change of shares, Sequoia Capital still holds 33.8% of the stake in Macaulay, as the largest shareholder.

In the 2008, Sequoia Capital won the absolute control of Macaulay by 80 million dollars. By selling 29% per cent of the stake, Sequoia Capital has been recovered with the benefit of the company.

Before that, Shen, representing Sequoia Capital, had a 75.9% per cent stake in Macaulay, far beyond the founder of Beichun, the CEO of the 13.8%, Shou sent to believe that the lack of right of speech, led to the Mecoxlane in the strategy of serious obedience to capital, performance in the IPO process, or even by the capital "lead the nose."

Macaulay before the listing of data shows that in the capital before the big intervention, Macaulay has had a relatively good performance.

In the three years before the IPO (2007-2009), the company's net profit was $4.112 million, $3.552 million and 7.212 million, according to the Macquarie Prospectus.

"Macquarie's operating indicators have not reached a relatively stable level, the IPO is premature, the capital blindly push its listing is tantamount to spot." Shou said.

"Capital has its own payback cycle, and it's not a question of capital, it's about how I can recoup my investment over a period of time and make sure I get the money and finish the deal." Macaulay earned the money for Sequoia, and the investment was successful for Sequoia. ”

"But for Mai-Lin, the electrical commodity card, is seriously controlled by capital, business development lacks its own independence, repeated adjustment strategy, lost the best market opportunities." The business is hard to make a difference. ”

In the two years before the IPO, Macquarie began to expand significantly under the pressure of Sequoia's rapid IPO. One of the outstanding performance, is a large number of open offline entity stores, rapid packaging scale and performance.

Relying on the "Trinity" mode of "online + entity + mail order", Sequoia Capital helped Macaulay to go public in the U.S. and won the U.S. capital market in the early days of listing.

Shou told reporters, for Sequoia, even after the listing soon that deep mire, Macaulay is still a successful case of capital operation. "From the capital point of view, has completed the listing of the current mission." ”

Electric Business analyst Ruzenwang has written that the Sequoia Capital acquisition of wheat forest after the adoption of the acquisition of PE is the customary approach, to take control of the enterprise, through a variety of means to reduce costs, fatten enterprises, the financial do beautiful, fast listing, and strive to return. "Although the Sequoia capital is not necessarily a failure, but for the acquisition of Macaulay, is almost predictable failure." ”

Online and physical "hand to hand"

"To be an electric dealer, what kind of entity shop do you do?" "Yanping that the development of the Business-to-consumer, and a large number of open line stores, which in itself is a conflict."

Yanping told reporters that the most fatal mistake of Macaulay is to violate the "light" common sense of e-commerce. The rapid expansion of the offline entity store adds a heavy burden to Macaulay.

"Listed packaging, not not to packaging, but the wheat forest packaging obviously too blind radical, the general direction is wrong." "Yanping said," In recent years, the new entity shop brand, Lok Ma Lok, close closure, shrinking contraction, the physical store business model itself has been downhill. This time point open a large number of physical stores, high cost, low efficiency, very unwise. ”

In addition, the Mai-lin "online + entity + mail Order" of the "Trinity" strategy, in the actual operation also led to "their own competition", according to the industry's words, "hand in hand with each other." ”

According to the layout of multi-channel retail, three channels to carry out marketing, Mai Lin's official website, "wheat net" selling clothes online, the entity shop online also sell, mail order can be through the directory for telemarketing. However, in the case of different types of channels, there is a competitive relationship between the online and the offline for a long period of time.

Michael Beichun, CEO of Macquarie, has explained the MAI multi-channel strategy that some people are used to shopping online, some people have to experience in the physical store to make the decision to buy.

According to reports, there has been a franchisee complained that the significance of the Mai Lin retail store is only as a "online shopping room" and member promotion channels, the lack of profit space.

September 11, the reporter to join the identity of the Mai Lin, asked in the shop and the entity shop channels overlap, whether the franchise benefits will be affected. Mai Lin North District director Kim told reporters: "There will be such a possibility, but we have a physical shop and shop has different purchase channels, you open the entity shop, you can not and the same as the site into the goods." ”

Chen, director of the Shandong-Henan province, said that shop and physical shop overlap is declining, at present, the Macquarie Entity store goods and online goods is about One-tenth is the same, "overall will not affect the physical store sales." ”

So far, Macaulay seems to be caught in the paradox of multi-channel retail mode. If the entity shop and shop in the channel conflict, Macaulay will be "hand in hand with each other" embarrassment: shop because of cost advantages, will drag the real store performance, if the entity shop and shop channels do not conflict, supply category independent, then lost the entity shop "experience" meaning, and Beichun said the original intention of multi-channel retailing.

Industry insiders believe that for Macaulay, multi-channel retail mode has been out of control. "Controlled by capital led to a lack of clarity in strategy, and Macaulay was diverted to lose focus." ”

Unable to reverse the decline or sell the shell to save oneself

In order to reverse the decline, Macaulay has done a lot of attempts: close offline physical stores, the introduction of partners, but it seems to have little effect.

It is understood that from the beginning of 2011, Macaulay began to terminate the expansion of the offline entity stores, the number of physical stores is shrinking. Mai Lin, a regional leader told reporters, the current Mai Lin in the National Direct shop and franchise the total number of stores "about 400". This figure has been reduced by about 1/5 compared with nearly 500 in the peak period of the Macquarie Store (2010).

At the end of 2012, Macaulay and Korea giosis set up a joint venture "Tian Mai Test forest", test water open platform, giosis accounted for 60%.

Yanping told reporters, Macaulay at this time the platform of the attempt is too late. In the domestic, to the day cat, Jing Dong, Dangdang, etc. as the representative of the electric business platform has been almost divided into clean market.

Mai Lin next step, Beichun in the media interview has said, will "pay attention to the company brand Building", as to which channel exerting force, "also depends on which channel can bring more profits to the company." "There is not much room for choice for the three-channel development," he said.

Today, the wheat net is also gradually separated from the MAI test forest. In mid-September, the reporter calls Wheat net, the website customer service tells the Reporter: "The wheat net has many brands and the shop, the Macaulay Forest is only the wheat net in a shop, our side does not have the Mai Lin the contact way." ”

As for Mecoxlane once the trump card-catalog order, has quietly faded out of people's vision. The reporter calls the MAI Lin company several different departments by the consumer status, consults its staff to consult "The Mail Order Subscription" service and "the product catalogue" The whereabouts, several staff members told the reporter "does not know", "now seems to have no", "you go online to buy".

After the 2013 two quarterly financial statements published, the capital of the news that the continued loss of Macquarie, has faced a retreat, it is possible to be the other well-run Chinese electric dealers to borrow the shell listing. Both sides are negotiating on this matter. Another source said that the current Mai-Lin's major shareholders have been considering the exit, Macaulay is facing the fate of being sold.

Capital analysts said, for now on their own has not been able to turn the tide of the backdoor, if the real can be, to achieve "prostitution", but also a more rational and ideal choice.

Extension

Macaulay "Not a Case"

In the capital markets, Macaulay is not a case in the stock market.

Shou, an independent electric analyst, said that the problem of Macaulay was "a concentrated embodiment of the current problem of the electricity quotient." ”

Yanping, general manager of Dcci Internet Data Center, told the Beijing News correspondent that the stock is now in the transition period of "Gao" and "Making cakes". In the process, some of the shares "made a pie", even beyond the expectations of investors, others are far less than investors expected. Yanping is clearly the typical representative of the latter.

According to incomplete statistics, at present in the United States listed in the stock, has been on the verge of delisting and is facing the withdrawal of the market has reached more than 40 companies.

Recently, the Eagle Capital issued the "Chinese enterprises Overseas Listing white paper", the report shows that in the first half of 2013, the Chinese mainland enterprises continued to decline overseas listings, only 19 in the Overseas 5 capital markets listed, the number of Year-on-year listing reduced by nearly half.

Industry insiders pointed out that the share of the "integrity crisis" and corporate governance issues frequently, is the main factor affecting Chinese companies to go overseas listing.

And like Mecoxlane, from the former star stock to the brink of the city's experience, for many domestic enterprises, is also a warning. Shou sent: "Macaulay through the excessive packaging of capital, the company packaged into a seemingly very successful case, behind the lack of performance support, the real state of internal operations are covered." To some extent, Macaulay Forest is not a case, but a typical centralized embodiment of the problem of the electric quotient. ”

Shou sent to believe that if Macaulay started without being kidnapped by capital, not in a hurry to go public, but concentrate on the step-by-step development of their own advantages, then now it should be more simple situation.

Yanping that, the current situation of Macaulay, to the electric quotient of the stock of the revelation is that the electric business enterprises should be down-to-earth, the goal to focus on, and in the impulse of the IPO to remain sober, correct assessment of their own and the market.

Bin, chief executive of Yi Tong, wrote: "We cannot infer the ultimate fate of Macaulay, but at least he represents the vast majority of domestic enterprises from abroad to pick up a big lesson." ”