Media: Malaysia beehive financing is coming to an end, Tencent valuation of $2 billion.

Media: Malaysia beehive financing is coming to an end, Tencent valuation of $2 billion.

Source: 36 krypton

Author: Gao Ge, Qiao Qian

Krypton learned from a number of sources that the honeycomb began this round of financing three months ago, led by Tencent, with a post-investment valuation of $2 billion and Gao Wei Capital as a financing adviser.

"This is a typical D-round round round of large dollar funds, with a longer due diligence process and the fact that the dollar funds are not particularly satisfied with their liquidity, so it has been dragging on," one FA told Krypton 36.

According to a person close to the deal to 36 krypton, the honeycomb round of financing "basic close, but the spa agreement (subscription agreement) has not been signed". 36 krypton confirms the wasp nest, and the other party does not respond.

But at a time when financing is imminent, the honeycomb is in a state of flux - pushed to the forefront of public opinion by content plagiarism.

Will the financing be affected by plagiarism? Will investors take the opportunity to underestimate the value?

A close trader said that the impact of the valuation logic was more based on revenue. The honeycomb financing phase has come to the D round, valuation logic must consider liquidity, so revenue is placed in a higher priority position.

But revenue is only one of the many considerations. A tourist industry investor analyzed that the honeycomb is a community-based platform, must be from the DAU or travel notes, the number of comments, plus conversion rate, get the purchase volume, revenue figures, and then converted into valuation.

More crucial, the person said, is whether this will "affect user trust" - the trust relationship between users determines how many people will consume content in the future. "If it affects user trust, the starting point number changes, significant factors are adjusted, and past models are modified. But if investors feel that the average user receives a large degree of contagion, it will be low-key processing, valuation will be discounted, but should continue to support.

Krypton learned from another source that the post-investment valuation was $2 billion, falling in the previous market price range of $2 billion to $25 billion.

Under the pressure of public opinion, 36 krypton questioned 10 investors about whether the valuation and financing process would be affected, six of whom believed it would be unaffected, three believed it would be, and one was neutral.

The main reasons for not being affected by plagiarism are that it does not involve the nature of the business, that valuation and review systems have little relevance, and that it has little impact on users.

The main reasons for this are: consumer confidence will be shaken, investors will also see the wind (depressed prices), people will not mind to note the bench.

Yu Zhuo, vice president of Ma cellular tourism network, has shown an "unaffected" attitude. According to Caixin, Zhuo attended the event in Macau on October 23, saying that the event will not affect the normal operation of the company, hoping to complete the IPO in the next two to three years.  

Li Yuanfeng, managing director of Falcon Venture Capital, believes that tourist communities (communities) can be valued at $100-200 per day on a daily basis plus income basis. This event has little impact on follow-up financing, because UGC life information review is not a core value section in honeycomb financing. If there is a valuation effect, investors take this opportunity to reduce the valuation of 15%-20%.

According to Q1, a global think tank for cheetahs, the Honeycomb Tourist Network has risen 2.7 times in the full quarter since February. In terms of trading capacity, 36 krypton was informed from the source that the platform GMV is expected to exceed 15 billion yuan in 2018.

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