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中国互联网的烧钱之战 Big Read: China cash burn
时间:2021-01-24 来源:亚博体彩app官网 浏览量 65072 次

【亚博体彩app 】burning cash has become alarmingly fashionable among Chinese internet companies,Many of whom have taken to paying customers massive subsidies(威廉莎士比亚,温斯顿,骄傲)One start-up,emao.com,which aims to be an online platform for car dealerships,Has based its entire mark“we burn cash from our investors to win the hearts of car shoppers”,a recent ad says。创业公司天猫汽车网(Emao.com)期待打造一个围绕损害赔偿打造的汽车经销商在线平台。


“燃烧投资者的钱,踢掉买车的人的心”3354这家公司最近推出了这样的广告词。Travis kalanick,chief executive of Uber,boasted earlier this year that the ride-sharing app ' s China affiliate was losing more to In pararUBER CEO兹拉维斯卡兰尼克(Travis Kalanick)今年年初撒了谎,这一合计在适用的中国季度出现了1年以上的赤字,适用于Didi Kuaidi,在多个城市与UBO进行价格战。(大卫亚设,Northern Exposure(美国电视剧),)Uber ' s competitors have made it clear they will not be out spent . jean Liu,Didi ' s productthe company's chairman,cheng Wei,Said the company spent $ 4 bn last year in what he called ' market fostering '。优步的竞争对手表示,花钱会落后。

滴滴缓慢的总裁柳青(Jean Liu)去年9月回答说:“没有烧钱,今天已经到了这个地步。”该公司总裁郑伟回应说,他去年慢慢投入了40亿美元,展开了“培育市场”。

executives from another rival car hailing app,yidao Yong che,said last month that they are“entrapped in a cash burning vortex”.The chief executive,said recently 3360“we have prepared at least RMB 3 bn-RMB 5 b n of ammunition for the year”另一个名字不容易用在车上(该公司的CEO“burning cash”may not sound like a viable business model,But these young companies argue that paying customers to use their services is nosthis is especially true in China,where a shift from an investment-driven to a consumption-led economy,which the government ii Makes the goomyat least some see it this way . others claim the Chinese internet fad for burning cash heralds the top of an internet buble . just as silicon Valle M paniee 还有人指出,随着中国互联网行业烧钱的风潮,互联网泡沫正在迅速膨胀。在20世纪90年代互联网泡沫时期,硅谷劝告投资者利润仍然是最重要的,现在中国的互联网公司也非常喜欢亏损。“a lot of these companies will be forgotten when the money runs out”said ma jihua,founder of datareal consulting,Who estimates that“钱用完了,很多公司就消失了。

”Datareal创始人马继华回答说。他估计,中国消费者通过智能手机为微信、美容、洗车等服务每年用于补贴的资金将达到500亿元。but he concedes that companies have little choice。

“in this market,If you don ' t burn cash you won ' t get market share which means you won ' t get funding,consequently meaning you won也就是说,它更接近投资。结果在烧钱的竞争对手面前没有机会。“A big party for consumers”“消费者的盛宴”funded largely by venture capital and private equity firms,Along with larger-and profitable投资主要是风险投资公司、投资基金公司、腾讯、阿里巴巴(Alibaba)大部分补贴有望沦为美容服务业的优越性或洗车服务业的Airbnb。

这些“在线-离线”(O2O)服务是中国互联网行业最热门的投资主题。the potential benefits to the market leaders help explain why they are so willing to spend 3360 according to HSBC,China 's o2o sector is a RMB 10tn汇丰(HSBC)数据显示,中国O2O市场规模为10万亿元,目前渗透率仅为4%,该市场2015年上半年同比增长80%。汇丰估计,该行业的“利润蛋糕”在5年内将达到约260亿元。

“o2o right now is a big party for consumers,”said Meng xing,CEO of he lijia,a health and beauty app,In an interview last month“we have no plans to make profit in the near future,because the VCS are still offering money。”将健康美容应用到海狸家我们最近没有制定盈利的计划,因为风险投资仍然在确保资金。“Over the past year,his company has”burnt several hundred million ren minbi,”he said,Though he has cut back on subsidies aftiesthat ' s just how the Chinese internet is,It's too popular。

there are so many VC and[private equity]companies that are willing to fund these wars。“过去一年他的公司”这就是中国互联网的情况。太热了许多风险投资和(投资基金)公司不愿意为这场战争获得资金。

“start-ups are busy raising funds from investors at ever more dizzying valuations,Only to plough them back into subsidies . recent fundies”初创企业忙于融资,滴滴缓慢的去年7月估值为150亿美元,在最近几次融资中超过200亿美元。中国Uber China在今年1月的第一轮融资中被评为70亿美元。去年11月,继中国之后,两家餐馆和淘宝网站3354美团(Meituan)和大众点评(Dianping)分开,估值为150 ~ 170亿美元。

many of these companies do not publish financial statements,so it is impossible to see what the true scale of cash burn is . Mr zhou estimates that RMB 20 bn was burnt by car-hailing apps like yidao,Uber and Didi kuai di on rider subsidies in 2015,while meituan dianpie The这些公司大部分没有公布财务报表,所以不知道实际费用规模。朱航估计,2015年车辆、优步、滴滴慢的微信等在乘客补贴中烧毁了200亿元。


Lastyear,84 o2o companies went bankrupt,but the sector also attracted huge headline investments . Alibaba and its payment affiliate annonot去年,中国有84家O2O企业倒闭,但该产业也在进行更引人注目的投资。阿里巴巴和下属缴纳公司蚂蚁金服(Ant Financial)分别宣布将投入30亿元开发送货服务“口碑”(Koubei)。搜索引擎百度(Baidu)回应称,将淘宝和送货应用于“Nuomi”,投入200亿韩元。

Jp gan of qiming,a venture firm that is funding the lijia app,Says there is method to the subsidy madness。“most sophisticated venture capital ists are looking at the same model-You buy users,You buy service providers,You scale up the planeqims他说:“大部分高级风险资本家都在某种程度上关注模型3354。

销售用户,销售服务供应商,将平台扩展到1200个城市,会见大量人员,服务于城市消费者集中的地区。”but the pit falls are obvious in a sector where the providers are fragmented and the services closely resemble each other . ken Xu of Gobi capital。A VC firm in Shanghai,says the problem is that " the user has no loyalty to anybody in these sectors;they only go for the apps that have the subsidies . in car-hailing apps,Everybody is starting to realise they are subsiding the same group of peopllise在微信应用领域,每个人都开始意识到他们是补贴相同的人群。这些人同时使用优步和滴滴,补贴多的人都使用。

”Last man standing wins ' '最终在车站的人输了' ' the o2o model has been subjected to scrutiny elsewhere,especially in the us,Where many apps thatthat experience has spawned worries T whether the same will happen once the era of " VC welfare " ends .其他地方已经审查了O2O模式。特别是在美国,组成“非正规经济”的人很多 这些经历在中国引起了担忧。

“风投福利”时代结束后,会不会再次发生?one difference between the us and China,however,Is that the offline shopping and services are So much farther developed in the us that "但是中美之间的一个区别是,美国的线下购物和服务要比成熟期多得多。北京博达咨询公司(BDA China)总裁邓肯克拉克(Duncan Clark)表示:“美国企业不愿意通过互联网提高效率或减少吸引力。”邓肯写的关于阿里巴巴的著作即将出版。邓肯表示,在中国,实体商业往往无法获得产品价格过低或无聊的经验,因此投资者坚信,未来互联网将成为中国消费者和服务的“连接”。

“in the west,we ' ve had efficient retail for a long time,Clark adds .“in a sense China is leap frog ging the west。”;another advantage for China ' s high tech economy is a distinctly low-tech factor : labourcosts . couriers are 10 to 20 percent the coctor中国的租车费用由美国的Hanstung,a managing partner at ggv capital,Said that cheap labour and urban population Density in China are among the main reasons why the on“in the us there has been uneven uptake of this so-called gig economy because consumers are more spreadout Delivery cost is higher,usage frequency“it is harder,besides Uber and Airbnb,For start-ups in this category。”公元资本(GGV Capital)的经营伙伴Hans Tung表示,廉价劳动力和城市人口密度是O2O服务在中国获得经济利益的两个主要原因。

在美国,消费者更集中,仓储成本更高,使用频率低,因此这种所谓的打工经济发展不平衡。他说:“除了Ubo和Airbnb之外,这种初创企业比较辛苦。”“in China these factors are all flipped in favour of the industry。

”the costs of delivering o2o services are lower,urban population is denstry And therefore,the fundamentals of the sector can be better once他说,在中国,“O2O服务的仓储成本更低,城市人口密度更高,因此,如果行业领先者经常进行整合,行业的基本面可能会更好”。but it is clear that subsidies still play a defining role。

但是补贴仍然起着决定性的作用。companies are giving massive discounts to tempt consumers . at RMB 99 on the app good chef.com,It is cheaper to invite a chef over to your house to coom企业以极低的折扣率拥有更多的消费者。在“好厨师”应用程序中,只要人民币99元,就可以要求一名厨师做5度川菜,如果不去食堂吃到一定程度的一张桌子,就要200元。 优步短途上下班只有8元,是乘坐有执照的出租车的价格的三分之二(政府法令已经太低了)。

A driver for both Uber and Didi,who gave his name only as Mr Guo,Says both companies pay subsidies that often amount to two three times the cost只泄露自己姓氏的优步兼职司机表示,两家公司支付的补贴一般相当于旅行费用的2 ~ 3倍。“subsidies are an essential part of the income . because of the competition,the fare is very low,”says Mr Gou。

“without subses The fare is not enough to cover The gas-it wouldn ' t pay off。”“补贴是收入不可缺少的一部分。

由于竞争,车费已经很低了。”郭老师说:“没有补贴的话,车费还没有油钱3354,不划算。”the ultimate viability of this business model depends on what happens when the money stops,as it inevitably will,say analysts。

分析师将此称为Lastyear,there were already signs that investors have had e .nough of“cash burn”。“pressure from investors was thought to be behind the merger last year of Didi dache and kuai di dache,two reigning Who no sooner had solved their cache”去年有投资者“烧钱”的迹象。据指出,投资者的压力是去年滴滴、缓慢分割后的原因。



“that ' s the story of the Chinese internet-the last man standing always wins。and some times when there are two last men standing they whey " says Mr Gan of Qiming。“这就是中国互联网的故事3354最后一站的人总是输。有时,如果最后站着两个人,他们就不会分割了。

”青云的关剑平唱了那个。Brian viard,an economist who teaches at the cheung kong graduate school of business in Beijing,Says platforms like Uber and Airbnb depend of北京长江商学院Ol of Business教授经济学家布莱恩比亚尔(Brian Viard)表示,优步和Airbnb等平台依赖大量消费者和商家,形成足够的规模,负担低廉的费用。但是他称,“烧钱”的基本模式与悲观有关,而不是成本效益。“a lot of these companies have one thing in common-their perceptions of the odds of success are higher than they actually are,”he says。

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