Bloody listing, Yao Jinbo's hand this "swan" can still fly?

Following the privatization of 58 cities, Yao Jinbo has made great moves in the capital market.

On July 3rd, Swan returned home and submitted an IPO prospectus to the new york Stock Exchange. It is planned to be listed on the NYSE with the stock code "JIA", and it is planned to issue 5,654,388+0.7 million shares of common stock, with JPMorgan Chase, UBS Group AG and as the lead underwriters.

If the listing is successful, Swan is expected to become "the first family service platform in China". Although the third-party consulting organization shows that the company is currently in a leading position, this "swan" is obviously not fat enough in this industry with very low concentration.

"bloody listing"

Swan House was founded on 20 14, formerly known as 58 Home, and it is a life service brand separated from 58 cities. The main business is based on family service, subdivided into cleaning, nanny, nanny and other domestic services. After the privatization of Tongcheng announced, the company changed its current name.

Renaming means that Yao Jinbo wants Swan to go home solo, but it is undeniable that this company is still inextricably linked with 58 cities. Judging from the ownership structure of Swan Home, the total proportion of directors and senior executives of Swan Home before listing was only 3.4%, and the largest shareholder of Swan Home was 58, accounting for 76.7% of the shares.

According to the prospectus, the company has been losing money since its establishment.

In the first three months of 20 18 -2020 and 20 12, the company recorded revenue of 399 million yuan, 611million yuan, 711million yuan and/kloc respectively.

One of the main reasons for the continuous loss is the high marketing expenses.

According to the prospectus, from 20 18 to 2020, the marketing expenses will be13.83 million yuan. They were 348 million yuan, 436.5438 billion yuan and 604 million yuan respectively, an increase of 69% in the first quarter of this year compared with last year.

Swan's home marketing mainly starts from spokespersons, activities and advertisements. Spokesmen from Huang Xiaoming and his wife to Deng Chao are well-known stars; In terms of activities, koi fish was selected to appear, and nearly 100 Blue Vs were linked to launch massive marketing activities; Take the form of ladder advertisement in advertising, and let people feel immersive through the scene. But in recent years, it is obvious that the marginal effect of advertising is declining.

Trillion orbit

According to the data of iResearch, the domestic service market will be about 909 billion yuan in 2020, and it is expected to grow to about 2 12 trillion yuan in 2025. As an important branch of local life service, domestic service is in short supply.

Among them, the data shows that Swan has become the industry leader in China. By March 3, 20265438, Swan House had become the largest one-stop family service platform in China, with more than160,000 registered users, 4.2 million users and more than10.5 million registered certified workers.

According to the prospectus of Swan Home, the GTV (total transaction volume) of Swan Home will reach 8.83 billion in 2020, which is more than twice the sum of the second to fifth places in the industry.

But at the same time, it is worth noting that although the market share of Swan is still less than 1%, the industry is still in a very loose state. But even so, the capital is very optimistic about the future growth potential of this company.

At present, Swan has completed four rounds of financing, among which Tencent is a loyal follower, and has appeared in employers since the Pre-A round. In addition, Ali's rookie network also participated in the A round of financing.

In addition to providing "intermediary" service for domestic service, Swan also started the business of self-employment training after she got home.

At this level, Swan tried to put a professional label on itself after arriving home, and established a standardized process from warehousing to home delivery. Every worker has to go through the whole process of identity authentication, physical examination, training, assessment, grading, matching interview, etc. before he can be qualified for on-site service. In addition, quantitative assessment and grading are carried out according to the ability of workers.

In order to fill the gap of professional domestic workers in the market, Swan also launched on-site service training programs, such as maternal and child care, family nanny, old-age care and so on. To train professionals in the industry in a standardized and professional way.

Last March alone, 26,000 people completed online training. However, there are also voices questioning that the so-called professional training is just a cover for selling classes. On the black cat complaint platform, there are as many as 1522 complaints with the user name of 58, and many complaints also focus on the problem of not dropping out of class and high fees.

It is reported that Swan needs to pay a training fee of 3,980 yuan to the platform and go to the offline store for training 13 days. In other words, the company earned the training fee before the actual order was generated.

A big game of chess

Since Tongcheng announced privatization on September 58 last year, Yao Jinbo, the head of the company, has been active in the capital market.

Around the local life, we dismantled the swan that specializes in domestic service, the fast dog taxi that specializes in moving goods, Mi Dou that specializes in second-hand commodity trading, and the Anjuke that specializes in house leasing. Yao Jinbo seems to want to make 58 cities "dotted" and make it an investment holding company similar to GE model.

The listing of Swan in the United States was the first battle after the split of Yao Jinbo. In addition, the rumored transfer will be the earliest IPO in 2022; Fast Dog Taxi has designated CICC and UBS as the responsible banks for listing in June, and submitted the listing application in the third quarter as soon as possible; On April 8, Anjuke Group submitted a prospectus in Hong Kong.

All kinds of actions seem to mean that Yao Jinbo seems to want to use its many companies to "attack everywhere" in order to return to the first echelon of the Internet.

But "scattered all over the sky" seems to be just Yao's wishful thinking. Now it seems that except for Swan, which has the leading edge at present, most other companies are in the position of "the second child in ten thousand years" in the industry, and it is even more difficult to take off this hat.

The ideal is full and the reality is skinny. The success of Yao Jinbo's first chess game depends on whether investors on the other side of the ocean are willing to pay for this swan that keeps losing money.