Who shopping: business ?kidnapping? venture capital shareholders ...

?We have nothing! You can rest assured that fight, fight!?Jingdong MallAVenture capitalSaid.But a Beijing foreign investment director said: ?venture capital money and money, not be so.? Venture capital?s point of view, they have been dealers kidnapped. ?This is a money game, venture capital can only support, if not, may well past investment and money they cannot come back.?August 15th.Liu QiangdongSaid, the price war if within three months cannot end, Jingdong IPO plan will be delayed for one year.Price war started, for theSuning Appliance(002024,Shares) side of the investors is also a test. In July, the two venture capital institutions Rundong investment and Hirotake just directed through the issuance of shares of investment formSu NingElectrical appliances, directed the issuance price at 10.97 yuan / share. While the August 15th closing, Suning Appliance has Su Ning electrical equipment group holdings of trading, but the closing price of only 6.47 yuan. The two institutions have to float owes 41%.On the surface is a price war, it is behind the venture capital ?shopping?.??Jingdong shareholders who?The Jingdong Mall off this ?price war?, its shareholders have no position.?Not convenient.? Sequoia Capital China DirectorZhou KuiExpress. Senior investment staff also directly to ?interview? refuses to comment on. Capital todayXu XinThe mobile phone has been no answer.A Shenzhen Vc firms chairman analysis,Liu QiangEast inMicro-blogOnly mentions a shareholder support, this does not prove that all shareholders have the same view.Jingdong Mall had three rounds of financing, venture capital to participate in more than a dozen. The company?s first round of financing in April 10, 2007, investors are now capital, investment amount is 10000000 yuan.The second round of financing in the end of 2008. In 2009 January, Jingdong Mall disclosure is obtained from the capital today, bull capital as well as the famous Asian investment bankerLiang BotaoThe Private Companies $21000000 jointly funded. This wheel financing bull capital brought in for $12000000, with $8000000 of capital today, Mr. Liang Botao personal investment of $1000000. According to Liu Qiangdong was revealed, the valuation of the company than the first round to grow nearly 10 times.After the completion of second round of financing, capital today then acquired ownership of more than 30%, Liu Qiangdong and his management team accounted for more than 60%.The third round of financing can be determined is home to 6 institutions, including the RussianRossInvestors Digital Sky Technologies Corporation (DST), the tiger fund. The former investment Jingdong Mall for $500000000, the $150000000 stake in Jingdong mall. In addition, the capital high Ling is also disclosed in Jingdong Mall, amount to $150000000. Last November, the founder and managing partner of Sequoia Capital ChinaShen NapengThe first foreign confirmed investment Jingdong mall.According to legend, the third round of financing valuation for the first round is the second round of 100-125 times, 4-5 times, valuation of $10000000000. It also says, is $7000000000.According to one of the third round of financing parties have had contact with the venture capital industry sources, the third into the shareholders of Jingdong Mall status most discontented. Because ?they are the loss?.In May 30th this year, Jingdong Mall was held in Hongkong, listing promotion, analysts in Hongkong Jingdong Mall to the highest value of only $6000000000, significantly less than the third valuations.?If I are Jingdong Mall shareholders, even Jingdong Mall because of price war to continue financing, I also will not continue to invest money.? The venture capital professionals said, in the Chinese concept stock listed elusive, business is no good profit mode, will stop in time.?Institutional DilemmaAlthough the Jingdong Mall announced, the book there is 8700000000 yuan, but in a ShanghaiBrokerAnalysts, Jingdong or money.Does not rule out 8700000000 yuan, part is the supplier reserves. In addition, Jingdong Mall to investment ?1? warehouse, according to the plan, this year the need to throw 3000000000.According to Liu Dongqiang estimates, in 2012 the company income 47000000000, loss rate of 5%, the annual loss of about 2350000000. If we take into account the 2013 warehouse construction funds for the needs (3000000000) and the expected loss (3500000000 =700 ? 5% billion), in order to ensure the operation of two years, Jingdong financing may be in 6000000000 above.?This is just before the measurement, the price war, Jingdong loss rate may increase.? Analysts said the above.This means the Jingdong Mall also needs to undertake the fourth round of financing, or IPO.But in two ways, have difficulty. The valuation of high office situations, ?round of financing is not profit, it is less attractive to other venture capital.? A venture capital managers think.In Su Ning electric equipment, the agency has been the price war to drag the awkward situation. ?If Suning Appliance in the battle lost, the stock price will not to be worth a hair, 36 months will make enormous loss of phase locking mechanism.?

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