As people focus on the pair of grievances, the Dangdang, who was for 20 years and was forgotten for a few years, was once again salvaged from memory. After 10 years of listing, 16 years of privatization and delisting, the 19-year-old founder left, the former Chinese Amazon seems to have been cool.
文/陈凯乐
If it is not Li Guoqing and Yu Yu, the pair of resentful tears, Dangdang may be forgotten.
The melon has eaten enough. To put it simply, Li Guoqing screamed at the show and slammed Yu, and then forwarded to the circle of friends. Amway’s new project will be read sooner or later. The result was too big, and Yu Yulian magnified the move, exposing “contains homosexuality”, “stolen hundreds of millions of cash”, and ugly wild history. Li Guoqing and his wife fired overnight.
Li Guoqing Circle of Friends
“Why women kill? Because men ask for it.”
The American drama “The Deadly Woman” is staged in reality. As people focus on the pair of grievances, the Dangdang, who was for 20 years and was forgotten for a few years, was once again salvaged from memory. After 10 years of listing, 16 years of privatization and delisting, the 19-year-old founder left, the former Chinese Amazon seems to have been cool.
Mother and wife shop
The plot is boring, but it is still staged.
In 1995, Li Guoqing, who graduated from Peking University, resigned from the iron rice bowl to sell books, and met Yu Yu in the American dinner. After 5 months, the two married. Li Guoqing brought back his wife Yu Yu and brought back a business partner.
Looking back, Li Guoqing is obviously grateful to Yu Yu. He used to be proud to say, “Liu Qiangdong’s envious old man told me that you look at your wife, New York University MBA, and Wall Street is back, can help you do business.”
And Yu Hao, who has a background of returnees, quickly pointed out the direction for Li Guoqing and made China’s Amazon. In 1999, two people launched their own husband and wife shop, Dangdang. This was the first online bookstore in China at that time. Relying on the background of Wall Street, Yu Yu pulled the investment of 6.8 million US dollars from Softbank.
Dangdang’s life, catch up with the last bus of the Internet venture gold period. Because there was a sense of vertical field very early, focusing on the book audio and video publishing, 4 years later achieved breakeven. In 2004 and 2006, it received $7.5 million and $27 million in investments.
Li Guoqing (left) Yu Yu (right) Image from the network
The advantage of the couple’s shop is that the speed is fast. In 2004, Dangdang’s sales exceeded 440 million, more than the sum of Taobao Jingdong. At this time, it was only two years since Ma Yun took the 17-year-old Luo Hankai. And Liu Qiangdong, who has just been desperate, shut down the physical store and put the treasure on the e-commerce. This is also the only important life decision he has made except for his sister-in-law.
The moment of high light is coming soon. Just five years later, Dangdang landed on Nasdaq and successfully knocked on the clock. The couple’s shop is highly sought after by investors. Dangdang’s share price has risen by 86.94% from the issue price to $29.91, and the price of Dangdang has risen to $2.33 billion.
This has also become the highlight moment of Li Guoqing’s life. A story that has been passed down to the present is that in an interview with the media in 2011, Li Guoqing said, “I have done so well, I have done a Dangdang network for 10 years. Like me, I should do ten Dangdang.”
Dangdang privatization: defeating the United States
No one will deny that the moment when Dangdang announced privatization, the defeat has already been revealed.
On September 21, 2016, Dangdang announced the completion of the privatization agreement. At this moment, it was only less than six years since Dangdang was listed on the bell. China’s Amazon was in the United States and secretly left.
In fact, the defeat was revealed 14 months ago. In July 2015, Dangdang.com announced that the board of directors received a privatization offer from Chairman Yu Yu and CEO Li Guoqing to acquire investors’ stocks for $7.812. This price, although it exceeded 20% of the closing premium at that time, was not even half of the listing price five years ago.
There was a strong reaction from investors. “This price not only seriously underestimates the value of Dangdang’s company, but also greatly damages the interests of Dangdang shareholders.” More investors have issued an open letter, accusing Yu and Li Guoqing of their husband and wife, wanting to take advantage of the time difference between China and the US stock market, and taking shareholders to trade. .
Li Guoqing Weibo replies to divorce
The failed ending has already been written at the beginning. As early as Dangdang online market, Liu Qiangdong played a book price war. Ironically, at the beginning of 2010, Liu Qiangdong also threatened that “the book market will not enter the market within five years.” Subsequently, Tmall, Suning, and Amazon joined the battle.
Liu Qiangdong played the price war, aiming at the weakness of Dangdang’s profit after listing. He announced the Jingdong book “until the price dropped to zero.” Dangdang then spent 40 million, in 3C, department stores, books and other products drastically cut prices, Jingdong follow-up overweight announced that it will carry out 80 million yuan of promotion. Although the price war ended with the intervention of the relevant departments, but the barefoot is not afraid of wearing shoes, Jingdong, who claimed that “the book is not profitable within 5 years,” did give Dangdang a good drink.
Foresight Industry Research Institute’s “China Book Retail Chain Industry Market Prospects and Investment Strategic Planning Analysis Report” (hereinafter referred to as the report) shows that as of 2013, book e-commerce has formed Dangdang, Amazon, Jingdong as the first The pattern of the echelon, the oligarchy that was previously maintained by Dangdang, has become a yellow flower.
Times back to 1983, 30 years ago, Steve Jobs walked into the office of PepsiCo president John Sculley and said the famous saying that “Do you want to sell sugar for a lifetime? Want to get a chance to change the world?” A few months later, John became Apple’s CEO. Dangdang, who started from books, is also reluctant to be called “selling books” for a lifetime.
After listing in 2010, Dangdang began to expand its product category. On the one hand, it launched an open platform, taking into account the two-faced role of self-operated e-commerce and platform. On the other hand, it began to transform to department store, and put on daily necessities, home appliances, clothing and other products. But helplessly, when Dangdang focused his attention on the book market in the early years and strived for profit, the road became narrower and narrower. As the price war broke out, its profit margin was even more severely suppressed. After two years of price wars, Dangdang completely missed the golden period of domestic e-commerce development. Dangdang finally escaped the fate of “selling books.”
Dangdang Jingdong, which achieved sales of 10.2 billion in 2010, this number has turned 21 billion a year later; Tmall claims that sales in 2011 reached 100 billion, and it is expected to exceed 200 billion in 2012. . Dangdang is dwarfed, with sales of only 2.28 billion yuan in 2010 and 3.6 billion yuan in 2011.
In addition to this, Dangdang is also facing the problem of user loss. In May 2012, Li Guoqing was saddened by the fact that many consumers lost confidence in Dangdang and even left Dangdang because of service quality problems.
The battle of burning money, the loss of users, and the loss of the e-commerce golden period, Dangdang must only withdraw from the market. Yu Yu’s savvy is undoubted at this moment. Li Guoqing told the media that “when privatization, the ratio of the two people’s negotiating shares was five to five, and Yu Yu suggested that the two sides take half of the shares to their sons and themselves.On behalf of the son half. After the day of stealing the day, Yu Yu’s shareholding has reached 64%, and Li Guoqing’s power is downside, with only 27.5% of the shares.
This laid the groundwork for the future imperial palace.
Sell and not sell
If you want to be Dangdang, Li Guoqing and Yu Yu and his wife have disputed at least four times.
As early as 2004, Amazon proposed to buy 70% of Dangdang’s shares for $150 million. Yu Yu wanted to sell, and Li Guoqing felt that his children could not reluctantly raise them;
In 2013, Li Yanhong came to talk. But in the end, it was not negotiated because of the stock issue;
Li Guoqing and Yu Yufu of 2014 are the most likely to change the e-commerce structure. That year, Tencent came, and proposed to buy shares 33%, absolutely control Dangdang, the dowry is good to buy. After Li Guoqing did not agree, Tencent found Jingdong, which accounted for 15% of the outstanding common stocks with US$214 million. It also sent two dowries from Patpao and Yixun. It became a major event in the Internet.
Zhang Ying, the founder of Jingwei Capital, once commented on Yu Yu, “Li Guoqing is ignorant of capital, and it is a good life to Yu Yu.” And Li Guoqing has repeatedly angered Yu Yu, and she commented on Li Guoqing “whether as a Individual, or a CEO, has no plans at all.”
The radical intensification of the contradiction is in 2018. Hainan Airlines intends to acquire Dangdang, giving a price of 7.5 billion, while the Dangdang valuation was 9 billion. If the pig is raised, it should be slaughtered. Yu Yu wants to sell it. However, Li Guoqing also regarded Dangdang as his son, reluctant to acquire the fourth abortion.
Yu Wei, who holds 64% of the shares, has already murdered. At the forum that year, she hinted, “Dangdang’s prefix and suffix don’t have to hang the name of the founder of Li and Guo forever. I don’t think Bill Gates has managed Microsoft for more than 30 years. Stephen and now the Indian brother still develop Microsoft very much. Ok.” The meaning is already obvious.
A year later, the forced palace event broke out. Li Guoqing was abolished, and Yu Yu’s curtain was listening to politics.
Although the market share is less than 1%, Dangdang may still have life. In an interview with reporters, Dangdang said that sales and profits in these years are double-digit increases. In 2018, the sales volume was more than 10 billion, the GMV was 150-160 billion, and the profit was more than 400 million, which lasted for 5 years. These numbers make Dangdang seem infinitely possible.
Dangdang Vice President Chen Lijun is clearly optimistic about the prospects. He said that Dangdang has established the main strategy of “scenarioization” and will deepen reforms in the supply chain to open up the context of all levels of the industry.
But in front of Dangdang, Li Guoqing, who is his son, ran to pay for knowledge. In the eyes of his mother, he was still a lamb. If the price is right, will it be sold again?