Didi, returning is no longer a teenager.

65438+At 9: 00 a.m. on February 3rd, Didi suddenly voiced through Weibo that it would withdraw from the US stock market and return to the Hong Kong stock market for re-listing. At this time, it has been 156 days since the IPO of this young listed company was completed.

On June 30, Didi was listed on the New York Stock Exchange. At this time, China and the United States have been seesawing over the data jurisdiction of China Stock Company for some time. In the context that the two sides have not yet reached an agreement, Didi, as an Internet giant, quietly went public in the United States without even ringing the bell, which shocked all walks of life.

"In that case, like Didi, Lightning passed the review of the SEC, and it took less than a month from the submission of IPO documents to the official listing. We have never seen anything like this before, "Wang Qi, a Chinese-American securities analyst, said in an interview.

As for why Didi goes its own way, the concerns of key people can only be buried in the bottom of my heart. The outside world can only speculate through some common sense, but how far away from the truth is unknown.

For example, is there a gambling agreement behind the surprise listing? After all, since the establishment of 20 12, Didi has raised funds in the primary market for 23 times, and the accumulated financing amount has exceeded 22.6 billion US dollars. Softbank, Uber, Tencent, Alibaba, Apple and CIC are all shareholders.

"Some mainstream investors such as Softbank had some financial problems more or less in the first half of 20021. The superposition of these factors is likely to be an important reason why Didi quietly went public in the US in June. " Toby Lin, an analyst at an investment bank in Hong Kong, said.

But soon, this time, the "willfulness" of "raw rice cooked into mature rice" made Didi pay a painful price. Two days after listing, the relevant state ministries and commissions issued a notice to conduct a data security review, and new users were suspended from registration. The Data Security Law was promulgated quickly recently, which set the legal standard for data protection in China's network industry.

Since then, the market expects Didi to be delisted soon. A CFO of China Stock Exchange told Zuishi that for China enterprises, the national sovereignty of data should be raised to an unprecedented height, "so Didi's delisting from the United States is inevitable".

That night, the Chinese stocks were all green and sorrowful. Didi's share price even fell by 22. 18%. At present, the share price of $6 has been discounted from the issue price of $65,438+04.

For the current Didi, of course, the sooner the better. It needs to win too much.

2020 is the heyday of Didi. Under the large-scale subsidy policy, the market share of the flower pig taxi has increased rapidly, helping the Didi special car business to return to its peak. In the same year, 165438+ 10, under the slogan of Cheng Wei's "unlimited investment", Didi's orange heart preferred daily order exceeded 100000, ranking first in the community group buying industry.

However, with the listing of 202 1 in the United States, this internet company seems to have passed the most vigorous adolescence and entered middle age. The world of middle-aged people is full of crises, the perception of macro-environment becomes dull, the site of core business is eroded, and the new business that once had high hopes is not as easy as expected.

Like all middle-aged people, Didi needs a reconciliation, a reconciliation with the macro environment, a reconciliation with the antitrust market, and a reconciliation with itself.

After 20 16 Didi acquired Uber's business in China, Didi has no strong competitors in the online car market, and the trend of unifying the rivers and lakes is growing.

However, after Didi was reviewed for data security and suspended the registration of new users in June, all its software was removed from the platform. Other players in the online car market also started to grab the lost ground like chicken blood.

The third quarter report of Aurora Big Data, a mobile Internet data platform, shows that the monthly users of Cao Cao's special car have increased to110/0.5 million, and Cao Cao's trip has also become an online special car travel platform where the monthly users have exceeded 10 million after Didi.

T3, on the other hand, is backed by powerful capital, and its firepower output is fierce in this battle. 2065438+In July 2009, head companies such as FAW, Dongfeng, Changan, Tencent, Alibaba and Suning launched T3 Travel, which has become the most potential travel platform for valuation and business after Didi.

T3' s top management first "played chicken blood" internally, shouting slogans such as "All staff start fighting mode" and "actively implement 007". Subsequently, the "screen-spreading" mode was launched, and T3 travel advertisements can be seen on social media platforms such as Xiao Yi and Xiaohongshu. As for the new red envelopes and company subsidies, they can only be regarded as routine operations.

At the end of the third quarter, T3 had 9.867 million monthly users, nearly double the number in the first quarter.

The Meituan taxi APP, which was removed for two years, quickly went online after Didi's accident. While introducing a number of incentives to recruit drivers, we will seize customers through large subsidies.

Gaode taxi, which didn't get strategic support inside Ali before, has now started the mode of crazy recruitment and market expansion. An employee of an Internet giant in an office building with Gaode revealed that employees of Gaode taxi department basically get off work on time. "It is rare to grab the elevator after working overtime with them, but in recent months, at 9 o'clock every night, Gaode employees are indispensable in the elevator."

In fact, due to the huge first-Mover advantage, it is hard to say who can really shake Didi's rising star position in the online car market.

According to the data released by the network car supervision information interaction platform, the order volume of Didi Chuxing dropped for two consecutive months from August to September. Among them, the order volume in August decreased by 2 1. 1%. However, the relevant data of June 5438+ 10 showed that the order volume of Didi increased by 7.5% month-on-month.

Compared with the accumulated network car business, the impact of this supervision on Didi's new business is even more fatal.

For example, the community group purchase business-orange heart optimization, when Cheng Wei said that "there is no upper limit on investment", orange heart optimization entered the stage of national expansion, and every day it was madly opening a city to grab traffic. It is said that in order to stimulate the enthusiasm of the first-line team leaders, Orange Heart will give the team leaders a commission of more than 10%, and each new user will directly reward 5 yuan. Plus the commission reward for new orders, an average new team leader can get 20 or 30 yuan.

In addition, in the distribution link of outlets, orange heart optimization has also offered various attractive subsidy policies. Especially for bulk commodities such as rice flour, grain and oil, there will be a ton weight subsidy from 40 yuan, edible oil with a capacity of more than 20L, sugar with a weight of more than 50 kg and rice with a weight of more than 25 kg, and there will be a piece-rate subsidy of 1. In addition, there is an 8%-9% GMV commission for BD sales.

However, these policies have been suspended since July this year. Affected by a series of follow-up measures brought by data review, users and orders of Orange Heart Optimization declined rapidly.

In order to stop loss as soon as possible, in early July, Orange Heart preferred to dissolve the direct sales team in the region. According to internal data, by165438+1October 20th, the central warehouses in many big cities were closed. Orange Heart will transform from a community group buying platform from A to C to a fresh wholesale platform from B to B.

According to industry analysis, the main reason for the optimal retreat of Orange Heart is that it failed to meet expectations. According to the data of Analysys Qian Fan, in April this year, the preferred active users of Orange Heart were 2,935,700, but in May and June, this data decreased by 4.35% and 10.7% respectively.

With the changes in the market structure, Didi's car-making project, which has always been in mind, has also encountered challenges on the strategic basis.

Didi's car-making project is called "Da Vinci" and is led by Vice President Yang Jun. Yang Jun is also the chief product officer of D 1, which is the first electric vehicle customized for * * * that Didi cooperated with BYD last year.

An automobile supply chain person revealed to Zuishi that Didi has established an automobile research institute in Shunyi and is designing Didi's second self-developed automobile.

According to insiders, Didi originally wanted to strengthen cooperation with BYD. "But on the one hand, BYD's own car can't be sold, and Didi OEM still takes up production capacity, which is really not very active; On the other hand, Didi also wants to cut into the car-making industry itself and strive to lay the foundation for the future development of 10. "

If building a car is the basis of Didi's development in the future 10, then in the eyes of the above-mentioned people, the online car drivers on the platform are the basis of Didi's building a car, because cars can be sold to them.

But obviously, if the above judgment is to be established, the drip driver must first pay the bill. When Didi has absolute dominance in the online car market, it does have the ability to define the driver's car. A typical case is that after the Shenzhen municipal government promoted the electrification of the city's network car, the vast majority of car drivers eliminated the old car and chose a BYD car, because it is a new energy car that meets the standard of car operation and has the lowest price.

Therefore, when Didi has the right to define the platform driver's car, its car-making plan will have an absolute market advantage. However, once Didi's core business advantages weaken, the network car driver may not necessarily listen.

At present, Didi's car-making plan is still in progress. The above-mentioned person said, "There is a high probability that Didi will build its own factory to produce the next car."

Judging from the information disclosed, Didi's next self-developed car is an autonomous driving network. As early as 20 16, a year after competitor Uber announced the goal of autonomous driving, Didi also set up an autonomous driving department. According to Didi's prospectus, the department was upgraded to an independent company in 20 19, with more than 250 engineers, and is developing level 4 autonomous driving technology.

Since late July, Didi has released the recruitment information of more than 50 autopilot engineers and product managers for its independent department of Voyager, which will be responsible for autonomous driving technology.

But the problem is that developing autonomous driving technology is a difficult and costly process, and it may take years or even decades for driverless taxis to replace them.

At present, only Baidu has obtained a trial commercial license for driverless taxis, and this only happened ten days ago.

"I heard that Didi's second car will be upgraded in D 1 technology, or it is based on the awareness of service drivers, but now the demand for this car has increased, and the difficulty of subsequent manufacturing has soared." Zhang, an auto industry veteran who has worked in Beijing Benz for five years, said that according to his understanding, Didi improved the design standard and technical level of the second car in August this year.

He suggested that Didi be pragmatic, make a conservative model under the existing circumstances and continue to optimize through market sales feedback. "According to my own industry ability and judgment, if we follow the current technical standards, this car will not be listed within three years."

The information obtained from the pulse shows that Didi's HC is currently shrinking in many businesses. It is said that many interns enrolled in business schools have begun to dismiss, and the corresponding employment needs have also been locked and will not be released.

It is said that there are no enterprises of the times, only enterprises of the times. The above is the normal reaction of an enterprise that has experienced the changes of the times.

In a sense, now Cheng Wei and his Didi have become defenders of the online car industry.

Since two hitchhiking safety incidents in May and August of 20 18, this young company has been facing major challenges. The criticism caused by the windmill incident made Didi's entire team extremely embarrassed. Since then, related businesses have been removed from the shelves, which has caused heavy losses to the overall performance of the company.

After more than a year of rectification, Didi finally re-launched the free ride service at the end of 20 19. However, the COVID-19 epidemic in early 2020 once again put its main business in trouble.

Perhaps in the whole process, Cheng Wei found that the team's mentality has changed. It is said that he shouted a slogan at the internal meeting to return to the peak and start a second business.

Then there is a multi-faceted attack. Whether it is the orange heart optimization of community group buying projects, the low-end online car-sharing platform quietly launched, or services such as freight, running errands and take-away, Cheng Wei will compete at all costs to bring the entrepreneurial spirit of the whole team back.

Entrepreneurship was once the most prominent label of Cheng Wei. Ali, a former employee of Zhonggong Tiejun, who is famous for his wolf nature, is in charge of a sales team of only four people in his old club. In just one year, he took these four people to the third place in the country.

After Didi was founded, Cheng Wei has always been a wolf. At first, in order to let more taxi drivers and taxi users know about Didi and download Didi, Cheng Wei went to Beijing Railway Station and Airport to persuade drivers and users to download Didi.

These constantly chewed stories are regarded as the background color of Didi. With this background color, young Didi wins in the era of fierce competition.

Cheng Wei used to like to describe Didi's situation with a "wolf's den". In his view, "Didi is a very insecure company, born in a pool of blood, and faced fierce competition from birth."

It is said that in those years in the wolf's den, Cheng Wei clearly understood a truth. The wolf's strength is not only reflected in growling and biting, but also in long-distance raids and snowy nights. Endurance is the most powerful force.

Now, Didi, who has crossed the ocean, has set foot on the way home. Although he is no longer a teenager, the road under his feet is not narrow or short.

I hope that the memory of teenagers will stay in this organization, get used to insecurity, enjoy long-distance raids, enjoy the stay on snowy nights and maintain endurance.