US group IPO Countdown: create "dining + platform" to eat, drink, play, have an ecology.

US group IPO Countdown: create

Author: GG

Star Technology Company is coming to Hong Kong again. Recently, the delegation passed the HKEx hearing and will be listed on September 20 with the stock code ( In September 13th, IPO was priced at HK $69, which is located at a higher end of 60 to HK $72. The IPO group will raise about $4 billion 900 million, valued at $53 billion 400 million.

It is worth noting that the US group introduced 5 cornerstone investors this time. Tencent, the largest shareholder, subscribed about HK $3.14 billion, Oppenheimer, the British fund Lansdown, the New York investment fund Darsana, HK $1.57 billion, and the SOE restructuring fund, HK $785 million. At the same time, the US delegation was also subscribed by giants such as Li Jiacheng, Liu Luanhong and Zheng Zhigang.

Ding Daoshi, a well-known Internet critic, believes that the IPO could be supported by Tencent, Li Ka-shing, Darsana and other institutions to participate in the subscription, largely because the American troupe is about "eat", in the restaurant and take-out distribution of two areas simultaneously won the "double championship". And actively play a platform effect, linkage partners, users to build an open "closed-loop system" based on "eat" and diversified development. At present, the troupe has set up a technical platform to support a variety of food, drink and fun categories, that is, a platform for multiple categories, various categories can pull each other, cross-marketing each other, to build a "food and beverage + super platform" super e-commerce platform.

"Eat" out of the electronic business platform

As Wang Xing, founder of the Beauty Troupe, said, Beauty Troupe reviews captured the core category of the food, drink and play industry "eat" and built a super e-commerce platform.

As of the end of April this year, the demand side of the US group has 340 million stickiness consumer. That is to say, in the past year, every four Chinese people in China, close to one person spent money on the platform of the American League. On the other hand, the US side cooperates with 4 million 700 thousand businesses under the national line. It includes a variety of restaurants, including many hotels, many cinemas, and a lot of local entertainment, whether it's KTV or beauty salons. These off-line merchants are distributed in the country's 2,800 administrative units above the county level, the United States Troupe has basically completed the entire territory of the Mainland coverage.

"Let's take a look at the whole history of the Internet development process is a step by step all walks of life O2, offline to online process. So on the macro level, O2O is offline to online. Wang Xing said that recalling the rise of the Internet in the 1990s, news is the easiest to put on the Internet, so portals such as Sina, Sohu, Netease took the lead in moving traditional news from offline to online. The development of Taobao after the market from the line down to the line; Jingdong electrical shopping mall or department store from the line down to the line. 58 and go to the market to classify the original newspaper information from offline to online.

And the American Troupe, is to "eat" from offline to online, the American Troupe review has now built one of the largest service industry e-commerce platform. Wang Jian, an Internet analyst, said the group's commentary was on e-commerce in the food, drink and entertainment services sector. There are many industries in the local life services sector, and "eating" is the most important because it is the most popular demand, everyone needs it, and one of the most frequent needs. Each person at least three meals a day and absolutely just needed, the company formally seized this food, drink and play industry in the core category of "eat" to build a super e-commerce platform.

Four business radiation "all aspects of eating"

For today's American League, "eat" is the core, its mission is to help people eat better, better life. In Wang Xing's view, in addition to covering the restaurant's annual market size of 4 trillion yuan, the Mei Tuan also liberated the demand of some consumers to cook at home, eventually covering the overall food demand of 8.7 trillion yuan, and the market is growing rapidly at an annual rate of 8.3%.

Taking takeaway as the cornerstone, the US group has set up a leading Internet platform for eating. As Wang Xing said, the troupe continued to devote itself to food, to do more, to do more upstream in the industrial chain, and to open up the value chain.

From 2012 to 2016, the domestic O2 market has been exploring unceasingly, facts have proved that the most successful is the take-out. "Food, clothing, shelter and transportation" is the core, the greatest public demand, is just needed, the user base is huge, the country's 1.4 billion people, everyone can not do without; one of the highest frequency of demand, three meals a day is indispensable. Because of the uneven development of the industry, the takeaway market has great room for development.

"Eat" led by the take-out business is more frequent, more stable and sufficient cash flow can be guaranteed, more guaranteed user stickiness. Fresh, taxi and other industries because of the need to go deep into the industrial chain management, relatively heavy assets, need great investment, strong cost control capability; or the traditional power is strong, need to pay very high subsidies to maintain the operation of the platform.

After cultivating user habits by subsidies, the takeout industry in China has developed rapidly, just as it did from the group-buying market, the American troupe has also been fighting out from the takeout market, and has become one of the largest takeaway platforms in China. In 2017, the annual transaction value of American Food and Beverage Takeout Service was RMB 171 billion yuan, with a market share of about 60%. In the fourth quarter of 2017, the US group took out 15 million yuan a day.

At present, the company's "food" business in addition to take-out, there are many areas, including immediate delivery of similar to take-out home, fresh retail and from the group purchase and review business to the restaurant catering.

Wang Xingyu's "very proud thing" is not a takeaway business. Beginning at the end of 2013 into the food and beverage take-out industry, in the past few years, the United States is not only the country's largest food and beverage take-out platform, the United States is also the world's leading food and beverage take-out platform. According to Ari's report, Metro's takeout was the world's leading catering service provider by transaction count, with an average of 14.7 million daily transactions in about 2,500 cities and counties in China in the fourth quarter of 2017. In 2017, the annual transaction volume of the US group's catering takeaway service was RMB 171 billion yuan.

Delivery has become the world's leading instant distribution network, only take-out distribution network scheduling platform has a thousand engineers engaged in research and development, through the collection of large amounts of data, optimization of distribution routes and dispatch of dispatchers, website network stability, good experience and higher efficiency. For example, the gross margin of each distribution rose from the negative number in 2015 and 2016 to more than 9% now.

In addition, the US group is also developing business categories horizontally. For example, the use of take-out trading process, user base, distribution network, in restaurants outside, expand convenience stores, supermarkets, fruit stores and other businesses, the use of supply chain management capabilities and product development capabilities of the United States, the development of new retail, fresh supermarket business.

Outside impression of the American troupe is still mainly on the C side, such as take-out, supermarket, to the store and other business. In fact, as a platform connecting 4.7 million businesses, the American troupe is expanding to B-side catering enterprises, providing them with marketing, distribution, food procurement, financial services and other services, vertical in-depth catering. Industrial chain.

Judging from the recent statement of the US delegation, "eating" is not only the core, but also the strategic focus of the future. Wang Huiwen, senior vice president of the group, said recently about future business development planning that if the company invests more resources, it will have better business output ratio and better strategic coordination with the platform. At the same time, there is still a lot of room for growth in take-out distribution business, so the attention of the U.S. Troupe will shift to the "eat" side.

Boundless radiation: mining value from "eating"

Of course, the company not only provides food and beverage services, as early as a few years ago, the company began with this as a breakthrough, to attract users to the development of new business, such as it provides a restaurant, restaurants and other "eating, living, shopping and entertainment" one-stop service, to create a "food and beverage + super platform".

Wang Jian said that such cross scene demand closed-loop power is actually very strong. Customers will have a daily consumption relationship with the platform, to some extent, this kind of full-scene demand closed-loop, to bring users a housekeeping service experience, invisibly also enhance the United States in the life of service in the field of competitiveness.

In the prospectus, the company positioned itself as a life service e-commerce platform, focusing on the public, just-needed, high-frequency life services, one end to connect consumers, provide food, shelter, travel, shopping, entertainment and other services, one end to connect businesses, provide marketing, distribution, IT, finance, supply It should be supported by chain and operation. In 2017, the company completed more than 5.8 billion transactions, amounting to 357 billion yuan, serving 310 million trading users and 4.4 million active businesses in more than 2,800 cities and counties across the country.

Starting from catering and group buying, the group began to comment on film tickets, take-out, hotels, air tickets, finance, online booking, fresh, shared bikes and other businesses. In view of the presence of industry giants in each of the subdivisions of the new layout, such as hungry restaurants and takeouts, hotels and travel portals, and Internet-contracted cars, the US Troupe joined not to compete with its competitors, but to meet users'service needs around its core user needs, and so on. Form a high frequency band and build a super platform for users.

According to the company's prospectus data, 82% of transactions in 2017 were from reusers in 2016, and the retention rate for early active users from 2010 to 2013 was still 50.4% by 2017. According to the data, the average number of purchases in 2013 was five times a year. By 2017, after five years of precipitation, the average number of purchases reached 29, and the contribution of individual households increased year by year.

In addition, the crossover diversion between new and old businesses also significantly reduces the cost of the extension. From 2015 to 2017, sales and marketing expenditure accounted for 177.7%, 64.2% and 32.2% of revenue, respectively, declining year by year, further falling to 25.9% from January to April 2018. In 2017 alone, more than 80% of new hotel subscribers and about 74% of new users of other life services have been converted from catering takeaway and in-store travel.

Wang Xing said that the platform established by the US group supports multiple categories, including catering and non catering. "We help users search and find, and can complete transactions on the platform, and can complete the payment. By building a platform to support multiple categories, multiple categories pull each other. Now we have become the market leader of many kinds of products. At present, in addition to take-out, we are also the leading brand in restaurants, hotel bookings last quarter we booked room is the leading in China.

However, as Wang Xing said, a multi-dimensional layout around a main line will produce synergies, not only improve user viscosity, but also promote cross-category user diversion, long-term view, but also provide sufficient space for value discovery. Benefiting from this, the operational efficiency of the US group reviews has been steadily improving.

From the data point of view,

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