Penguin shares public comments, bat World War again opened a new bureau

Poly Beautiful Products announced to the United States after the listing, its old rival Lok Bee net in Valentine's Day this lightning-like and only products will be announced "marriage": the only product will strategic stake in http://www.aliyun.com/zixun/aggregation/30503.html "> Oriental popularity of the Lok Bee Network subsidiary 75% shares, anecdotal rumors of the total amount of 112.5 million U.S. dollars. This is the first major merger and acquisition investment since the IPO.

Le bee nets in the United States to the U.S. after the Lightning action is the most beginning to be interpreted as: committed only goods will, only for sniper Poly beauty products listed. This interpretation makes people feel very rejected, similar to the post-war losers of the unyielding and self sinking, and similar to "better and friends, not with home slaves."

But as the details gradually leak out, another kind of speculation began to dominate public opinion, that is, le bee nets, only goods will, Poly-Mei Excellent products This battle to the death of three of the electricity business site, in fact, the Chinese Sequoia Capital layout of the chess pieces, listing or marriage, is the Sequoia in order to maximize the benefits of the hidden behind the Sequoia is the biggest winner. In the only product will, Lok Bee nets, Poly-Mei excellent products behind, with a common investor Sequoia Capital.

Logic is like this, the current only goods will be high, has more than 100 U.S. dollars, the market capitalisation of the highest ever close to 6.8 billion U.S. dollars, more than Sina, close to Sohu 3 times times, more than 7 times times when. Only the product will be able to borrow strategic investment Lok Bee Network to support its high market value. And as the only product will be more similar to the Poly-Mei excellent products, to be listed in the United States, its valuation is bound to need to refer to the only goods will be maintained, only the goods will maintain high market value, the Poly-Mei excellent products will be listed market value is pushed higher, therefore, as two shareholders of Sequoia Capital can benefit both ends. Background: March 2011, Poly-Mei excellent product access to Sequoia Capital million-dollar class A-round investment. January 2011 and April, Sequoia Capital, DCM jointly completed the only two rounds of private investment, the total investment of 61.4 million U.S. dollars. Before the IPO, Sequoia Capital shareholding ratio was 19.3%. Last year, Sequoia sold its shares to ads for two degrees, falling to 15% per cent.

Obviously Sequoia Capital in a group of big chess, but the problem is that April 2008, the Lok Bee Network parent company Oriental Popular Group has also won a round of tens of millions of Chinese Sequoia capital financing, in 2012, the Lok Bee Network announced the acquisition of a round of Sequoia financing, Sequoia Capital is also the shareholder of the Lok Bee Network, in the Chinese Sequoia Capital Chess, Where does the path leading to the Lok Bee Net lead, is to become an abandoned son to be split off, or to the third win?

From the 112.5 million dollar price, if the Sequoia to promote the Lok Bee NET is held for the subsequent split, obviously is not worth it, because it is equivalent to the previous investment is basically no profit.

Moreover, because Sequoia is not a big shareholder of the Lok Bee NET, if it wants to become this bureau chess, also cannot regard the Lok bee net as abandons the son, only takes the interest and the foreground drive, but is not abandons, can make the Lok bee net each shareholder to cooperate actively. From this point of view, Sequoia should be on the future of the Lok Bee Network commitment, rather than outside speculation because the poly-beauty products listed and give up the Le bee, or even split the Le Bee. Because it's not good for it. Only 1 1 1 is greater than 3 to suit the interests of Sequoia.

So what did the Lok-bee net get in the deal? First, it is well known that some shareholders are more than 100 million dollars in cash. Second, in the only product will be led by the integration of resources after the new development ideas. If the Lok Bee Network and the only products will be the perfect integration of resources, and effective use of the original Lok Bee network of the company's media resources in the east, will not exclude the Lok Bee network to achieve reverse attack or even the possibility of independent listing. At this time, is the Sequoia once again benefit maximization harvest moment.

Therefore, the combination of various factors, if you want to get a not only in line with the interests of Sequoia, but also to achieve the Lok Bee Network, the only product will win-win outcome, only "independent operation, resource sharing" is the Lok Bee Network and the only product will be the best choice for both sides.

Look at the tiger sniff someone commented that the only product will be holding the Lok Bee net or for Li I have a benefit, is to be able to concentrate on the brand, flow channel things can be relieved to the only goods will be taken care of. This statement makes sense, as a vertical mall of the Lok Bee Network, its own brand is its business advantages, accounting for more than 40%, its own brands in addition to the Lok Bee Network sales, Taobao and other electronic business platform on the operation, and its own brand gross profit margin is still high, to more than 60%. But in China's national conditions, the inherent deficiency of its own brand is lack of flow, in the past, the network spent a lot of energy in the production of content, relying on content to obtain traffic, and then to facilitate the sales of this arduous process, the conversion of a user expensive, but with the only product will be able to import a large amount of traffic, to solve this problem.

And the only product will be able to pass the music Bee network in the cosmetics field strengths, to complement their own short plate. Only the user group of the product will have a certain intersection with the user group of Le Bee, but for both sides, it is certainly more new users. These users in the only product will be resolved by the tail goods demand, in the Lok Bee Online solution is the brand demand, Lok Bee net of the talent will be regarded as a strong supplement, the only product will be able to help the Lok Bee network digestion Cosmetics tail goods.