Suningyun business market value approaching hundreds of billions of people's banks have not blossomed

In the secondary market, the Suningyun (002024.SZ) has become the leader of the concept stocks of private banks. Since Suningyun August 23 issued a notice confirmed the company launched the establishment of the bank, the company's total market value has soared from the announcement before the 55.5714 billion yuan to the September 24 closing 97.4898 billion yuan.　　On the same day, Suningyun traders again to limit the report, the final plate reported 13.21 Yuan.　　In just 21 trading days, the company's total market value surged by more than 40 billion, up to 41.9184 billion yuan, up to 75.43%.　　In the Suningyun by the market main stir fry behind, as early as in June and July this year, a group of senior executives and the second largest shareholder Suning Electric Appliance Group Co., Ltd. (Suning appliance) has become the biggest winner. Prior to that, Suning appliance in the period from June 19, 2013 to 27th, through the Shenzhen system total increase in the company's shares 36.7228 million shares, increase the total amount of 182.8146 million yuan, an increase in the average price of 4.98 yuan; and vice chairman Weimin, President Kim Jinming, Vice President Mengxiang wins,　　Vice President Jingun and other senior executives in July this year before and after two overweight, respectively, the cost of 28.8439 million yuan and 11.1123 million yuan each overweight 5.4518 million shares and 2.0321 million shares, total 7.4839 million shares.　　As of the end of the day, the above increase in the stock market value has been increased to 485.1084 million yuan, 98.8629 million yuan, within a short period of two months, the surplus has been up to 302.2938 million yuan and 58.9067 million yuan respectively.　　About 50 billion of the financial business valuation in this regard, Hongyuan Securities analyst Chen Yuoru that Suningyun business layout Finance will help the company's commercial development, but is still in its infancy, the company's competitiveness in the financial sector has not clearly emerged. "Although the company intends to dabble in the current market concepts and areas including banking licences, mobile resale into virtual operators, Internet lounge with videoconferencing, Yi Bao balance management, microfinance and insurance," he said. But it is not yet known whether the company will eventually get a bank licence. Moreover, the future of these popular concepts is still alive and well. For now, the market has given companies too high a valuation premium.　　Chen Yuoru bluntly.　　In Chen Yuoru's view, if the "platform value +ps" mode of valuation of Suningyun, its offline part and online business section (suning easy to buy) valuation is about 23 billion yuan-27 billion yuan and 17 billion yuan-21 billion yuan. Among them, in 2013, the company is expected to earn 1000.12 trillion yuan under the line, in accordance with the best Buy 0.23X PS valuation, to give the company offline business 23 billion-270 yuan market value, the annual online business income can be close to 30 billion. Prior to that, the last capital of Beijing-East financing corresponding valuation of about 50.062 trillion yuan. By contrast, Suning's easy to purchase business, which accounts for only 1/3 of Beijing's east, is valued at about 17.021 trillion yuan. Line down the two plus total, valuation total about 400-48 billion yuan.　　From this, we can see that after deducting the online valuation of the line, the market has already valued 49.4898 billion yuan-57.4898 billion yuan for the Suningyun business. "Companies are struggling to enter the financial sector, or to bring about a turnaround, but as internet finance is still in its very early stages, the future of Suningyun is uncertain, and valuations are hard to judge." "Chen Yuoru said. "The hardest thing in the world is not to do anything, but to give up and choose, and there is nothing to do." Whether it is Tencent, Millet, Qihoo 360, behind it is the power of concentration. And what is done is often the most miserable. "On the same day, Suningyun Securities Department of the relevant people said that as the launch of the establishment of the supporting preparations for the bank, the company has previously applied to the relevant industry and commerce departments of the Suning Bank Limited name pre-approved."　　September 12, the name "Suning Bank" has been approved by the SAIC. However, the company also said that, because the private banks to set up a supporting regulatory system needs to be further clarified, the company to report the program also need to follow the relevant rules for further optimization and improvement, the establishment of the issue of banks still need the relevant state departments of specific guidance and approval.　　The company will focus on policies and regulations, and maintain close contact with relevant departments, and actively promote the establishment of the declaration work.　　In addition, Yasmine, an analyst at Ping An securities, believes that while management's vision of allowing private capital to create private banks is good, it is not appropriate to be overly optimistic about the future operation of private banks. "Mainly private banks lack of long period of experience accumulation, the ability to resist risk to be tested." Compared with the Chinese listed banks with a long history and good Credit Foundation, the newly established private banks lack long-term accumulated credibility.　　"Reed Yasmine said. Platform free mode checking and, for the recent Suningyun business to tie in with the transformation of the open platform strategy, the industry has also raised the question.　　On the evening of September 12, the company held the "Open Platform Strategic Bulletin and Union Conference", elaborated its open platform "Suningyun Taiwan" strategic concept, service content and implementation details. According to the company in charge of the words, Su Ning has no hesitation to transform to do the Internet enterprises, positioning in the "electric Business + Shop + retail service provider."　　Thus, an open platform is another important strategy after the company renaming (representing the change of mode, organization and image) and the double line price (integration under line).　　By then, Suning's open platform will cover the entire category and the entire channel, for the settled merchant to provide including the logistics, the data, the finance and so on the complete set of retail solution. One of the biggest selling points is the "Rent free" model.　　Su Ning does not to the settled merchant "collects the rent", including exempts the annual fee, the platform/the technical use fee and so on, exempts the most category advantageous merchant commission, collects the low margin only, and shortens the merchant payment period greatly. However, the reluctance to sign the securities industry researcher said that, from a strategic perspective, the company's transformation of the determination and direction of clear, but short-term corporate profits will still be affected by the two-line price, face the risk of a decline in margin. In the long run, we should continue to observe the improvement progress of the easy-purchase platform and whether the expected results will be achieved. "Due to the late start of the company's network shopping business, the company platform construction Lag, consumer experience is deficient." At the same time, outsourcing to IBM construction is also difficult to quickly achieve consumer feedback and platform improvement of the benign interaction. "We believe that the company's subsequent platform construction, including large-scale customer and commodity collection, as well as improved user experience, will still determine the success or failure of the company's business in the coming years," the researcher said. Otherwise, it is inevitable that experience will not pass through the loss of customer risk. "In addition, in the researcher's opinion, the competition of the electric business platform is also extremely brutal, the winner all in all, the flow scale is king."　　For the electric business, the customer experience is very important. It believes that the larger the flow of the platform, can attract more commodity categories to join, thereby increasing the product category to bring a better customer experience. Therefore, in the field of platform electric business, the scale of traffic is king.　　From the traffic aspect, Jing-dong is su Ning's 10 times times, the day cat is Su Ning's 20 times times, Suning and industry leader's disparity is huge, is difficult to form the good customer experience. Moreover, from the original single category of vertical electric operators into a comprehensive category of platform electric business difficulties, effective customer conversion rate is difficult to improve.　　Mainly, the previous customer positioning in the vertical category of purchase, often difficult to convert to other categories of consumers. However, the company's securities department said, now Suning's understanding of the market is to use the ultimate user experience, prices and services to obtain traffic.　　This period, the issue of profitability is not in the first place, it is important to obtain traffic after the use of new products to make the flow of liquidity. "Under the open platform, the core of the company's profit model is to make the previously accumulated capacity available to all, and to cash in the value of various capabilities, such as purchasing and logistics." "In the future, the main sources of corporate profits are the growth of logistics, finance and customized underwriting," the source said. "1 2 3 > Remaining full text scan left two-dimensional code, pay attention to investment in China Network official micro-letter" Every day 15:00-16:00, for you to PE/VC investment and financing in the field of the day heavy news highlights, micro-signal: china-venture "From this can be seen, after deducting the line of both valuations,　　The market has valued 49.4898 billion yuan-57.4898 billion yuan for Suningyun's financial operations. "Companies are struggling to enter the financial sector, or to bring about a turnaround, but as internet finance is still in its very early stages, the future of Suningyun is uncertain, and valuations are hard to judge." "Chen Yuoru said. "The hardest thing in the world is not to do anything, but to give up and choose, and there is nothing to do." Whether it is Tencent, Millet, Qihoo 360, behind it is the power of concentration. And what is done is often the most miserable. "On the same day, Suningyun Securities Department of the relevant people said that as the launch of the establishment of the supporting preparations for the bank, the company has previously applied to the relevant industrial and commercial departments of Suning Bank Limited sharesThe name of the company is pre-approved.　　September 12, the name "Suning Bank" has been approved by the SAIC. However, the company also said that, because the private banks to set up a supporting regulatory system needs to be further clarified, the company to report the program also need to follow the relevant rules for further optimization and improvement, the establishment of the issue of banks still need the relevant state departments of specific guidance and approval.　　The company will focus on policies and regulations, and maintain close contact with relevant departments, and actively promote the establishment of the declaration work.　　In addition, Yasmine, an analyst at Ping An securities, believes that while management's vision of allowing private capital to create private banks is good, it is not appropriate to be overly optimistic about the future operation of private banks. "Mainly private banks lack of long period of experience accumulation, the ability to resist risk to be tested." Compared with the Chinese listed banks with a long history and good Credit Foundation, the newly established private banks lack long-term accumulated credibility.　　"Reed Yasmine said. Platform free mode checking and, for the recent Suningyun business to tie in with the transformation of the open platform strategy, the industry has also raised the question.　　On the evening of September 12, the company held the "Open Platform Strategic Bulletin and Union Conference", elaborated its open platform "Suningyun Taiwan" strategic concept, service content and implementation details. According to the company in charge of the words, Su Ning has no hesitation to transform to do the Internet enterprises, positioning in the "electric Business + Shop + retail service provider."　　Thus, an open platform is another important strategy after the company renaming (representing the change of mode, organization and image) and the double line price (integration under line).　　By then, Suning's open platform will cover the entire category and the entire channel, for the settled merchant to provide including the logistics, the data, the finance and so on the complete set of retail solution. One of the biggest selling points is the "Rent free" model.　　Su Ning does not to the settled merchant "collects the rent", including exempts the annual fee, the platform/the technical use fee and so on, exempts the most category advantageous merchant commission, collects the low margin only, and shortens the merchant payment period greatly. However, the reluctance to sign the securities industry researcher said that, from a strategic perspective, the company's transformation of the determination and direction of clear, but short-term corporate profits will still be affected by the two-line price, face the risk of a decline in margin.　　In the long run, we should continue to observe the progress of the easy-purchase platform and whether the expected results will be achieved. "Due to the late start of the company's network shopping business, the company platform construction Lag, consumer experience is deficient." At the same time, outsourcing to IBM construction is also difficult to quickly achieve consumer feedback and platform improvement of the benign interaction. "We believe that the company's subsequent platform construction, including large-scale customer and commodity collection, as well as improved user experience, will still determine the success or failure of the company's business in the coming years," the researcher said. Otherwise, it is inevitable that experience will not pass through the loss of customer risk. "In addition, in the researcher's opinion, the competition of the electric business platform is also extremely brutal, the winner all in all, the flow scale is king."　　For the electric business, the customer experience is very important. It believes that the larger the flow of the platform, can attract more goods category ofAdd to the product category to bring a better customer experience. Therefore, in the field of platform electric business, the scale of traffic is king.　　From the traffic aspect, Jing-dong is su Ning's 10 times times, the day cat is Su Ning's 20 times times, Suning and industry leader's disparity is huge, is difficult to form the good customer experience. Moreover, from the original single category of vertical electric operators into a comprehensive category of platform electric business difficulties, effective customer conversion rate is difficult to improve.　　Mainly, the previous customer positioning in the vertical category of purchase, often difficult to convert to other categories of consumers. However, the company's securities department said, now Suning's understanding of the market is to use the ultimate user experience, prices and services to obtain traffic.　　This period, the issue of profitability is not in the first place, it is important to obtain traffic after the use of new products to make the flow of liquidity. "Under the open platform, the core of the company's profit model is to make the previously accumulated capacity available to all, and to cash in the value of various capabilities, such as purchasing and logistics." "In the future, the main sources of corporate profits are the growth of logistics, finance and customized underwriting," the source said. ”