Jinshanyun property

Ruixing has been exposed for more than a month, and the hole is getting bigger and bigger.

On the evening of May 12, Beijing time, Ruixun announced that Ruixun had terminated the positions of two senior executives a day ago-one was Liu Jian, the "culprit" that Ruixun gave up when he exposed fraud, and his chief operating officer was suspended a month ago; The other is CEO Qian, who is also the founder of Luckin Coffee. In addition, the two have resigned as directors at the request of the board of directors. Six other employees who participated in or knew about false transactions were also fired or suspended.

The new acting CEO is Guo Jinyi, director and senior vice president of Ruixing, who is also the co-founder of Ruixing. Cao Wenbao, Senior Vice President of Ruixing, and WU GANG, Vice President, served as directors.

At the same time, an internal letter signed "Luckin Coffee President's Office" was also exposed. In the letter, Ruixing expressed "deep apologies" to all employees and their families.

On April 2, more than a month ago, when Ruixing exposed 2.2 billion yuan of fraud, its public attitude was still swaggering, encouraging all employees to continue to "go all out" to work.

What happened in these 40 days? Where will Luckin Coffee go? Has the China Stock Exchange been affected? How will the pattern of Chinese coffee market evolve?

It is worth mentioning that Tencent has taken the opportunity to enter the market. Also on May 12, Canadian coffee brand Tim Hortons announced that it had obtained Tencent investment in Shanghai. The brand entered China more than a year ago and plans to open more than 65,438+0,500 stores nationwide.

12 On the evening of May, Luckin Coffee announced that the independent investigation team led by the special committee of the board of directors had found more evidence about financial fraud.

What should come will always come. Luckin Coffee's boots for cleaning management have finally fallen behind. In addition to Liu Jian, who was publicly accused of fraud by Ruixing, it was the turn of Ruixing's founder and CEO Qian.

Last year, at the Luckin Coffee strategy conference, Qian was still active in front of the stage, telling the latest story to the capital market-"Luckin Coffee 2065438+09 aims to surpass Starbucks in an all-round way and become the largest chain coffee brand in China".

Ruixing's crisis is continuing to ferment. On April 27th, many media reported that China Securities Regulatory Commission had sent an investigation team to Luckin Coffee to audit its financial situation. Subsequently, Luckin Coffee also publicly admitted that the company is cooperating with the regulatory authorities to conduct relevant investigations.

It is worth noting that this is the first time that China Securities Regulatory Commission has introduced "long arm jurisdiction".

This is inseparable from the crisis of trust in China Stock Exchange triggered by Ruixun's fraud scandal. After Ruixing exposed the accusation that 2.2 billion yuan was faked and short-selling, it caused a series of chain reactions such as iQiyi, who to learn from and a good future. During this period, the stock price evaporated10 billion.

This clear statement directly dampened the interest of China Stock Exchange. Fortunately, under the impact of the epidemic, the share prices of many domestic Internet companies remained firm and even rose. Jinshan Cloud rose as high as 40% on the first day of listing on Nasdaq on May 8.

As a senior investor analyzed, the impact of financial fraud of Luckin Coffee on China Stock Exchange may not be as serious as everyone thinks now. "Rui Xing represents more individuals and is sporadic. American companies also have a lot of financial fraud. "

Let Ruixing return to Ruixing, and let China Stock Exchange return to China Stock Exchange.

The aftermath of fraud is shocking, and many capitals are accelerating their departure.

Previously, CRGI, the former third largest institutional shareholder of Luckin Coffee, had cleared its position, and another major shareholder, Solitary Pine Capital, also made the same choice. In addition, Joy Capital is also reducing its holdings.

Luckin Coffee, which was originally maintained by capital transfusion, is losing its most important dependence.

Except the capital of China. One version shown to the public is that Lejin Coffee was a project discovered by Qian during his tenure in an automobile company ... after leaving office 18 months, Ruixing was brought to the market and finally won the title of "Coffee Queen".

However, in addition, the relationship between Luckin Coffee and China is closer and more complicated than people think.

Qian was one of the founding members and won the trust of Chairman Lu. 20 17 Qian founded Ruixing, which was also funded by Lu. After listing, there is no lack of Shenzhou Department in its intertwined equity investment.

In fact, Guo Jinyi, co-founder of Luckin Coffee's new acting CEO, is also from the Shenzhou Department and used to be Lu's assistant. According to public reports, Guo Jinyi is a doctor of Beijing Jiaotong University and once worked in the Ministry of Transport. Two years ago, Guo Jin visited Starbucks in a circle of friends late at night, which greatly increased the popularity of Luckin Coffee. At that time, he claimed to be the vice president in charge of store development and supply chain, and asked Starbucks to respond whether there was an exclusive clause with the property party.

Among the two new directors of Ruixing, Cao Wenbao joined Ruixing from 2065438 to June 2008. He worked in McDonald's for 23 years and served as the vice president of McDonald's China. WU GANG joined in March 2065438+2009. He is a veteran of the aviation industry and once served as executive vice president of China United Airlines.

Ruixing's operating model is indeed too similar to CAR Inc, and even means to directly graft the operating model of the car rental market into the coffee market: burning money to copy, accumulating data by coupons, and continuing to expand after attracting investment.

Previously, the online merchants in the world interviewed a number of investors in the article "The exclusive response of muddy water: shorting Ruixing is a wake-up call to the market". Among them, an institutional investor in Shenzhen said that Ruixing shareholders cashed in through equity pledge financing instead of selling shares, just like CAR Inc, and called "Ruixing an old hand".

The old driver still overturned.

Ruixing's highlight moment was June 65438+1October 65438+July this year, and its share price rose to $5 1.38, with a market value close to $1300 million. Today, when it was suspended, its share price fell to $4.39, leaving only 1. 1 billion.

A widely accepted view is that China is behind the blood transfusion of Luckin Coffee, which actually depends on the myth of "making wealth" of Ruixing Coffee. According to Caixin, a person close to the market once said, "Almost all departments of the Shenzhou system are losing money, and the automobile policy has been blocked. If you don't make coffee at that time, China may lay off employees. "

Today, this capital game is rapidly collapsing. Luckin Coffee fraud, which shocked the venture capital community, is far from over.

Ruixing even once became the "light of domestic products".

A magical phenomenon is that after Ruixing exposed the fraud, its stores still operated normally, and even more orders were ushered in because of the increase in the popularity of the scandal, so that the order-taking system once collapsed.

On that day, Luckin coffee official whispered-today is full of energy! Subsequently, Lu, chairman of Ruixing, also sent the same content in the circle of friends.

This "calmness" finally disappeared after more than a month.

On May 12, an internal letter from Ruixing showed that Ruixing apologized for the troubles caused to all employees and their families by the company crisis.

At the same time, the internal letter said, "The normal operation of the store, the stable operation of the supply chain and the continuous innovation of products are inseparable from the perseverance of all partners and the responsibility of helping each other in the same boat."

The letter also revealed Ruixing's next move, which will reorganize the company's organizational structure and reshape the company's value culture. In the letter, Ruixing said, "I believe that through the efforts of all Ruixing people, the company will be able to tide over the crisis and return to the normal track."

Ruixing still can't bear to leave. However, it is a fact that Ruixing, who lost his hematopoietic capital, will inevitably regress from the coffee market. Brands such as Starbucks continue to triumph, and new coffee brands and capital are also rapidly occupying this reclaimed market.

Coffee may only be the object of a capital game of Ruixing, but it has brought an impact on the Chinese coffee market by mistake and participated in the development of this market to a great extent. China also has more people falling in love with low-priced coffee and coffee.

Almost at the same time that Ruixing cleaned up the top management, a Canadian coffee brand named Tim Hortons (Tims for short) announced that it had obtained Tencent's investment.

It is reported that Tims belongs to the international catering brand RBI, and it also owns fast food chains such as Burger King and pepys. RBI and Descartes Capital Group jointly established Tims China.

Tims China opened nearly 50 stores in China in the past year, mainly in Shanghai, and plans to open more than 65,438+0,500 stores nationwide. Tims China did not disclose the specific amount of Tencent's investment, but said it planned to use Tencent's investment to accelerate the digital upgrade and quickly open more stores.

Who will remember Rui Xing when new enemies enter the arena and have a coffee fight?