The limited company holds approximately 1.48% of the shares, with a subscribed capital of 30 million yuan, ranking the seventh largest shareholder.
In other words, Bubble Mart became an LP. The so-called LP (Limited Partners), the limited partner, commonly known as “the father of the gold master”, is the investor of venture capital institutions.
What is less known is that as the founder of Bubble Mart, Wang Ning himself has already become a number of venture capital institutions LP.
The Tianyancha APP shows that Qianxun (Tianjin) Enterprise Management Partnership (Limited Partnership) added a new foreign investment development on February 10 this year, and it became a shareholder of Ningbo Badou Equity Investment Partnership (Limited Partnership), and subscribed The capital contribution is RMB 20 million. According to the data, the actual controller of Qianxun (Tianjin) Enterprise Management Partnership (Limited Partnership) is Wang Ning, the founder of Bubble Mart, who holds 99% of the shares.
As early as September 23 last year, the LP lineup also appeared as Wang Ning in the RMB II fund officially announced by Black Ant Capital. There is an episode: Wang Ning withdrew from the shareholders of the second fund on October 15 last year, but one of the new shareholders on the same day was Qianxun (Tianjin) Enterprise Management Partnership (Limited Partnership).
It is worth mentioning that Wang Ning has a deep connection with Black Ant Capital. Bubble Mart is a continuous investment project of the first and second RMB fund of Black Ant Capital, which has made four consecutive rounds of betting. At the end of 2017, Black Ant Capital invested in Bubble Mart for the first time, and then invested 3 consecutive rounds at the end of 2018, early 2019, and early 2020.
In addition to investing in Black Ant Capital, Wang Ning also invested in two VC institutions. According to Tianyancha APP, in just five days from May 30 to June 3 last year, Wang Ning successively invested in Ningbo Jinhui Fengluntong Equity Investment Partnership (Limited Partnership) and Suzhou Fengqiao Jichu Venture Capital Partnership ( Limited partnership), the management agencies of these two funds are Jinhuifeng Investment and Fengqiao Capital.
Similar to investing in Black Ant Capital, Wang Ning chose to shoot all venture capital institutions that had intersections with him. Among them, Jin Huifeng Investment’s investment in Bubble Mart began in June 2015 and then re-injected capital in 2016; while Feng Qiao Capital’s founder Tu Zheng participated in the appointment of Qifu CapitalWith multiple rounds of financing of Bubble Mart, after the establishment of Bee Qiao Capital in 2018, we continue to choose to invest in Bubble Mart.
From taking VC money to become an investee company to back-feeding institutions as investors, Wang Ning and Pao Mart’s LP map gradually surfaced.
The post-85s are at the helm, with a net worth of 50 billion yuan, and a market value of hundreds of billions by selling blind boxes
From a grid shop to a market value of hundreds of billions, the rise of Bubble Mart is legendary.
Wang Ning, born in 1987, was influenced by his parents who were doing business at home and had a great interest in business. In the summer vacation after graduating from high school in 2005, Wang Ning, who played well in football, founded a football summer school and gained his first pot of gold.
After that, Wang Ning was admitted to Sias International College of Zhengzhou University, majoring in advertising. During his studies, he still didn’t let himself be idle. In May 2008, he opened the first physical store with a few classmates as a grid shop. In 2009, the 22-year-old Wang Ning graduated from University. After nearly a year of tossing, he still couldn’t get rid of the idea of starting a business-opening a retail store.
After making up his mind, Wang Ning and his classmates who had opened a shop together went to various places to investigate. In Hong Kong, a company called LOG-ON has attracted their attention. This store sells all interesting and novel cultural and creative products, toys, and groceries. Wang Ning and his team have also found their own entrepreneurial direction: Sell trendy products like a supermarket.
But in the beginning, Wang Ning was in a business that people called “unintelligible”, so he was repeatedly rejected. In November 2010, in a small corner of Beijing Zhongguancun Europe and America Shopping Center, Bubble Mart’s first store was completed. After being rejected by countless shopping malls and shopping centers in the past six months, they finally managed to win for their own brand. Store.
It was a very difficult time. Bubble Mart is a name that no one has ever heard of. No one understands what they are selling. At one time, they couldn’t hire a salesperson. Before long, even the store manager and other employees resigned collectively. There was no way, he and the rest of the team. The members buy and sell goods together, and become clerk themselves.
From the end of 2011 to the beginning of 2012, Wang Ning, who saw no light, almost gave up Bubble Mart. In order to survive, they also set up a shopping network for Xiaomomoshop until they met angel investor Mai Gang. The other party told him that he was not interested in Taohuo, but was interested in Bubble Mart, and gave 2 million as a seed round investment, which made Wang Ning believe in the value of Bubble Mart again.
A bigger turnaround is yet to come. With funds, Bubble Mart opened several new stores. When doing business inventory at the end of 2015, Wang Ning found that the sales of a Japanese IP toy named Sonny Angel had been growing rapidly, and a single doll accounted for one-third of the store’s revenue. One, the keen Wang Ning immediately said to the team: “From today, all categories will not be done, only trendy play.” He recalled afterwards that this was an All in gamble, but business intuition and sales basis Let him decide to take a gamble.
He threw the question on Weibo: “In addition to collecting Sonny Angel, what else do you like to collect?” Half of the answers pointed to Molly. Three days later, Wang Ning went to Hong Kong to meet designer Wang Xinming. After many negotiations, he bought the exclusive IP copyright of Molly in his hand. In 2016, Bubble Mart launched the first Molly twelve constellation blind box. The result was an instant success and sales skyrocketed.
Bubble Mart survived the blind box economy. Before the launch of the blind box in 2016, the company was still at a loss. By the first half of 2017, it successfully turned losses into profits, and it has soared all the way afterwards. The prospectus shows that from 2017 to 2019, Bubble Mart’s revenue was 158 million, 514 million, and 1.683 million, and net profits were 1.56 million, 99.52 million, and 451 million, respectively. The growth rate is staggering.
On December 11, 2020, Wang Ning led Bubble Mart to successfully land in the Hong Kong stock market, completing the transformation from grid shop to “the first stock of fashion play culture”. The opening day of the listing skyrocketed by 100.26%, and the market value exceeded 100 billion in one fell swoop. Hong Kong dollar. As of the close of Hong Kong stocks this Friday, its latest market value was approximately HK$96.2 billion.
With the successful IPO of Bubble Mart, Wang Ning’s personal wealth has also increased. According to the prospectus, Wang Ning holds nearly 55% of the equity of Bubble Mart. Based on the latest market value, his corresponding net worth exceeds HK$50 billion.
Zhang Yiming and Wang Xing started as LPs, and the rich and upstarts started to feed back the VC/PE circle
Nowadays, more and more wealthy upstarts are emerging in the LP circle.
The inability to raise money is still the overall feeling of some RMB funds in the past year. “Institutional LPs generally have no new major moves. Bank funds are difficult to fund as LPs; insurance funds have been slow to see substantive actions; the channel for government guidance funds has also begun to narrow…” said the head of IR of a Beijing VC fund.
In this case, the entire market is exploring new LP groups. At the same time, the new economy was bornWith a group of upstarts, they began to become an emerging LP group in the VC/PE market.
The main force of this new economy comes from the heads of emerging unicorns/giants, most of whom are born in the 1980s. In the past few years, there is no longer only BAT in China’s Internet ranking competitions. With the rise of new car-making forces such as Meituan, Xiaomi, Bytedance, Pinduoduo, Didi, and Xiaopeng Motors and Weilai Motors, a group of The rise of the upstart tycoons, the wealth has risen.
Among them, equity investment is one of the most popular directions for upstarts. The investment community has previously reported that many new economic unicorns/giant heads, including Zhang Yiming, Wang Xing, He Xiaopeng, etc., are quietly becoming the “grant fathers” behind GP.
The LP layout of Zhang Yiming and Bytedance is quite secret. Zhang Yiming and Cao Yi, the founding partner of Source Code Capital, had a very close personal relationship. When Toutiao was struggling to find Series B financing, Cao Yi, who is still working at Sequoia China, pushed it at the internal meeting. Later, Zhang Yiming became the first issue of Cao Yi. One of the fund’s funders. In addition, Zhang Yiming and ByteDance have also invested in UpHonest Capital, an early-stage fund active in Silicon Valley, venture capital firm XVC, and Black Ant Capital.
Wang Xing’s LP layout gradually emerged. Behind Source Code Capital and XVC, in addition to Zhang Yiming, Wang Xing also appeared. In addition, the entire Meituan family capital covers Source Code, XVC, Chenhai Capital, 01 Venture Capital, Zhongding Capital, and Meituan’s own Dragon Ball Capital. VC has become a force that cannot be ignored in the venture capital circle.
And it was listed on the Hong Kong Stock Exchange just a month ago, and it became the fast hand of the “first stock of short video.” The Tianyancha APP shows that on September 4, 2020, Nanjing Wuyuan Qixing Venture Capital Center (Limited Partnership) newly added shareholder Beijing Kuaishou Technology Co., Ltd., the former is one of the investment entities of Wuyuan Capital, and the latter is Kuaishou’s Operating subject.
Nowadays, more and more leaders of the new economy enter the VC/PE circle as LPs, and they are more inclined to choose the venture capital institutions that have helped them to cooperate. In the early years, a large number of startup companies, with the support of VC/PE, grew all the way and embarked on the stage of IPO bells. After seeing the power of venture capital, these successful entrepreneurs began to feed back institutions again.
A new LP is entering. It is foreseeable that in the future, behind some star funds and star projects, more and more wealthy upstarts will be seen.
This article is from WeChat official account: investment community (ID: pedaily2012) , Author: Liu Bo Yang Jiyun