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The [Bikong Environmental Protection Development Co., Ltd.] in Luzhou City is booming, but Wu Siyuan has long returned to Yangcheng, Yue Province.

Here, there was another matter for him to decide.

Regarding [Chaoqun Group]’s previous strategic investment in [Qiandu Waimai].

[Qiandu Takeaway] finally couldn’t survive, and the parent company [Qiandu] planned to sell it.

Looking back on the development of [Qiandu Waimai], [Qiandu Waimai] was in its glory days before 2016. When [Eatme] and [Lituan Waimai] were still competing in the campus market, [Qiandu Waimai] relied on [ With the support of funds and traffic from Qiandu Group, it first launched its efforts in the white-collar market and dominated it, with its share reaching a peak of 33%.

However, unfortunately, in 2016, [Qiandu] tried to transform into an artificial intelligence company after experiencing a series of events such as falling stock prices and shrinking market value. As a business that has little to do with artificial intelligence, [Qiandu Takeaway] gradually It was marginalized, and even when it came to financing, no investors were willing to raise funds. Finally, it found [Chaoqun Group], which had a conflict with [Lituan Waimai] at the time, and it was able to raise funds. However, [Qiandu Waimai], which received the funds, was just hanging on. After burning out, it faced the danger of the capital chain being broken. Later, it came to [Chaoqun Group], but [Chaoqun Group] no longer needed [Qiandu Waimai] at that time. I don’t want to be such a fool anymore.

In fact, [Qiandu Waimai] found its entry field very accurately at the beginning.

Data from third-party data agencies such as iResearch and Analysys show that due to white-collar workers’ strong consumption power and high customer price, the white-collar market share accounts for more than 60% of the entire food delivery market, which is much higher than the 30% of the campus market, which is important. Strategic fortress, which means whoever captures the white-collar market will win the food delivery war.

From this point of view, [Qiandu Waimai] took the lead in entering the white-collar market and seized the opportunity.

It’s just that the latter couldn’t maintain it and were caught up by latecomers.

Beginning in the second half of 2015, [Eatme] and [Lituan Takeout] reacted by shifting their strategic positions from the campus market to the white-collar market. [Eatme]'s offensive was particularly fierce. On the one hand, it spent a lot of money to invite celebrities. To help out, on the other hand, they cling to the elevator media where white-collar workers gather and do bombing propaganda.

After the first round of launch in 2016, the ranking of the [Eat.me] app store rose from over 100 to around 20; the average daily revenue in the white-collar takeout market also increased rapidly from 7 million to 35 million. This way, during the communication window period After several launches, [Eatme] quickly won the white-collar market, and its leading position in the food delivery competition was gradually established.

Subsequently, [Li Tuan Takeaway] also launched a strong attack on the elevator media of office buildings that white-collar workers must pass every day. The advertising slogans [Li Tuan Takeaway can deliver anything quickly] and [Orders will arrive in 30 minutes] are deeply rooted in the hearts of the people.

After a few rounds, the pattern of the two heroes competing for supremacy was determined. It is reported that at that time, [Eatme] and [Lituan Waimai] had an average daily turnover of more than 500 million yuan, while [Qiandu Waimai] fell behind.

[Qiandu Waimai]’s lagging behind also has a lot to do with itself.

While everyone is busy detonating the brand and seizing market share with massive subsidies, [Qiandu Waimai] has spent its limited funds and energy on building a quality central kitchen, fresh food, food supply, supermarket, crowdsourcing, and e-commerce platform. The food delivery ecological chain composed of Selection Life and others has led to a massive loss of b-side and c-side resources at the same time, ultimately handing over the once dominant white-collar market.

This is not to say that building a food delivery ecological chain is a wrong step. This is a matter of diligently practicing internal skills and strengthening oneself, but it also depends on the time period.

At that time, the market competition was the most intense. What you should do at this time was like a wolf, fighting, seizing, and seizing the opportunity.

This is the [timing] stage for a food delivery company to develop rapidly.

If you can seize this window period at this stage to launch a saturation attack to detonate the brand and seize the minds of users first, you can effectively leave behind the latecomers. Even if you want to catch up, you will have to pay a high price.

[Qiandu Takeaway] was thrown away like this, but it wants to come back, and no one is willing to give him a chance and pay the price for him!

Of course, [Qiandu Waimai] had several other strategic mistakes that led it to the current situation that it is completely unable to turn around.

For example, it was struggling to cope with attacks from other food delivery companies, which resulted in a loss of cash flow and no replenishment. In the end, it was forced to lay off employees on a large scale.

Secondly, [Qiandu Waimai] gave riders a holiday during the Spring Festival, which made it difficult to achieve basic delivery for a long time, affecting the efficiency and credibility of the platform, causing growth to stagnate.

Finally, and the fatal point is that in November 2016, in order to obtain financing and show investors a better report card, [Qiandu Waimai] adopted the method of quenching thirst by drinking poison to quench thirst - regardless of the flow of water, to increase profits, that is, in An additional 5% commission will be charged at the merchant level and delivery fees will be increased at the user level.

Consumers are not fools!

The same store, the same dishes, why are they so expensive on your platform and the delivery speed is not that fast?

Consumers vote with their feet!

So far, [Qiandu Waimai]’s market share has continued to decline and is now less than 7%.

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For its parent company [Qiandu], [Qiandu Waimai] has become a proper strategic negative asset, and the desire to sell it is getting stronger and stronger.

[Qiandu] People from the company have found many buyers in the market.

Among them, the one with the strongest intention is [Tongfeng].

[Shunfeng] is the number one private express delivery company in China. [Shunfeng] has been active in takeout delivery. Even though [Heyke] failed and [Shunfeng Selection] was not successful, it still hopes to take advantage of the o2o corner to overtake.

After [Shunfeng Holdings] completed its listing on the Shenzhen Stock Exchange on February 24, 2017, SF Express's willingness to invest in [Qiandu Waimai] increased significantly. However, after more than two months of negotiations between the two parties, [Shunfeng Holdings] was only willing to invest US$200 million in shares and signed a series of agreements with [Qiandu] Company, but [Qiandu] Company insisted on [Qiandu Takeaway] The latest The valuation price of US$2.4 billion was negotiated with [Shunfeng Holdings], but the negotiations between the two parties failed.

【Qiandu】turned around and found 【Have you eaten】?

At this time, [Eat.me] received strategic investment from [Alibaba] and had sufficient funds. It was also very interested in [Qiandu Waimai]’s white-collar market share and hoped to make [Eat.me] bigger through strong alliances. ] market share.

The negotiation process between the two parties was relatively smooth, and the acquisition conditions were finally reached: the total acquisition amount was US$1.1 billion, of which US$800 million was cash, and US$300 million was the traffic entrance fee of [Qiandu] package.

But after [Qiandu Waimai] has reached an agreement with [Eatme], it does not mean that [Qiandu Waimai] can be successfully acquired.

Because the sale of [Qiandu Takeout] requires the approval of [Chaoqun Group].

When [Chaoqun Group] invested nearly 100 million US dollars in [Qiandu Waimai], in addition to obtaining 6.6% of the preferred shares, it also obtained many rights terms, such as - the right to veto major matters!

This is a very important power!

In order for a company to develop, financing is essential, but investors do not spend real money for charity. They usually appoint their own people as directors to join the board of directors of the invested company. Many investors will also ask for veto power on board resolutions. belonging.

This is because experienced investors know that veto power is an important part of achieving board control. After all, the board of directors is the helmsman of the company's actual operations.

But the veto power is actually a double-edged sword. If used well, it can smoothly reconcile internal conflicts and allow the group of dragons to have the leader, thereby speeding up the efficiency of decision-making; if used poorly, it will become a never-ending battle between capitals. Many companies in the early stage or even in the mature stage ultimately failed because of the veto power held by investors in the board of directors.

There used to be a leading domestic digital company that later declined. Rumor has it that the directors appointed by investors abused their veto power on the board of directors. As a result, the founding team lost control of the board of directors, and many ideas were unable to be implemented, which in turn dragged down the company. The company's development speed eventually led to it being gradually eliminated by the market.

Why do investor directors like to veto with one vote? The reason is simple: directors appointed by investors will interfere too much in the company's specific operations to protect the interests of the investors, but the investors' understanding of the company's development direction is often inconsistent with the founding team.

Most investors just want to get their money back as soon as possible, but the founding team has a plan for business development. It is very easy to cause conflicts between the two. This conflict is at the conceptual level and is basically irreconcilable, which means that the company's operations will suffer. Big questions.

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[Chaoqun Group] has one-vote veto power on major matters!

Although [Chaoqun Group] has never used this power once, even the management of [Qiandu Waimai] has almost forgotten this power of [Chaoqun Group], a strategic investor.

But the rights stipulated in black and white are recognized and protected by law.

If [Qiandu Takeaway] wants to sell to [Eatme], it must obtain the consent of [Chaoqun Group].

Even if [Chaoqun Group] does not have this power, thousands of [Shennong Orchards] under [Chaoqun Group] are exclusively online on [Qiandu Waimai].

[Shennong Orchard] is very famous in the white-collar market and the mid-to-high-end residential market, and the online transaction orders it generates account for a large share of [Qiandu Takeout]’s order volume.

You know, in another time and space without the black swan of [Chaoqun Group], [Qiandu Waimai] was acquired by [Eatme] as early as August, and the acquisition amount did not reach 1.1 billion US dollars. 800 million US dollars, of which [Qiandu]’s traffic entrance fee of 300 million US dollars has not changed, but the valuation has increased by 300 million US dollars.

The key to this increase is the exclusive launch of [Shennong Orchard].

Over the past year, [Lituan Waimai] has repeatedly approached [Chaoqun Group] for negotiation, and offered extremely generous conditions, including [top store ranking power], [free commission], [brand advertising], etc., but in exchange for All are [no]!

I heard that the president of [Lituan Takeaway] had scolded the then brand manager and higher-ups for this many times.

This shows the importance of [Shennong Orchard]!

For this reason alone, if [Qiandu Waimai] wants to make any big move, it must greet [Chaoqun Group] in a good voice!

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In fact, under normal circumstances, no investor would object to the sale of [Qiandu Waimai].

Anyone with a discerning eye can see that [Qiandu Takeaway] is already a leaky boat. If it continues, the boat will sink and everyone will be destroyed.

Now there is [Eatme] willing to acquire it, and the conditions given are not bad, which can make up for part of the losses.

For example, [Chaoqun Group] occupies 6.6% of the shares in [Qiandu Waimai]. This acquisition can get 72 million US dollars.

At the beginning, [Chaoqun Group] invested US$98 million in [Qiandu Waimai]. In other words, without considering currency depreciation, [Chaoqun Group] would have lost US$26 million on this investment.

Compared to losing all your money, being able to recover US$72 million seems to be a good thing.

Moreover, [Super Group] will not suffer any other losses.

Normal investors or investment institutions will not object to this sale.

For example, when the situation was reported to Wu Siyuan this time, the people in charge were just reporting it as a routine matter, and they didn't think Wu Siyuan would object.

But when Wu Siyuan saw it, he had a vague feeling in his heart that the logistics and transportation capabilities of the food delivery company would be important at some stage in the future, so he should not give up casually.

Wu Siyuan believed in this feeling. He felt that his ability to predict the future was reminding him.

In addition, the food delivery industry has been cultivated into a huge market.

It’s hard to say it’s mature yet. After all, the current food delivery industry still relies heavily on subsidies to attract consumers to place orders, in order to cultivate consumers’ usage habits, just like the original online ride-hailing industry.

But no matter what, the food delivery industry is also an industry with great influence.

If he could get a share of the pie in this industry, Wu Siyuan would have no less influence!

After all, the most takeaways currently are food.

And food is the most important thing for people!

After careful consideration, Wu Siyuan made the decision to get deeply involved in the takeout market.

In Yangcheng, he met with the group's senior executives and held a meeting with the top executives of the Internet Division to implement this decision into the group's strategic policy.

The first thing after the meeting was to disturb [Eatme]’s acquisition of [Qiandu Takeaway].

Because we were running out of time to develop a takeout business from scratch, the efficiency was also a bit slow.

And if we can get [Qiandu Food Delivery] and integrate it on its basis, we can enter this market in the shortest possible time and continue to compete with the two giants in the food delivery market!

Since this is the case, then [Qiandu Takeaway] cannot be sold.

Because [Chaoqun Group] wants to buy it, and it wants to buy it at a super low price.

Who says [Super Group] has the right to veto!