Cao Cao Century Building.

Chen Dongcheng sat in his office, looking at the documents compiled by the think tank.

The year 2016 has ended, and the results of each subsidiary are put together, and he is like a class teacher, watching the performance of several subsidiaries.

Some of the performances are flat and have no waves, such as Super Orangutan and Keep.

Some of the performances are very eye-catching, and there is a big trend for the next outlet, such as Douyin and Pinduoduo.

Li Changqing: Their remarks to Douyin and Pinduoduo are all suggestions to focus on and inject funds appropriately.

Like Keep, it is not recommended that Chen Dongcheng continue to throw money into it, and how to withdraw after investing money is a problem.

Among the many subsidiaries, the most fierce money burner is Cao Cao's takeaway.

Several platforms have spent a lot of money, which has hurt their vitality.

If Gan Jiawei hadn't gotten Chen Dongcheng's $200 million and Peng Zhijian's $100 million, he would have been beaten down by hunger and magnesium clusters.

The first to fall behind was Baidu, whose market share fell sharply, and was even surpassed by the reputation of outsourcing.

The strategic abandonment of the parent company made Baidu's takeaways panic.

Executives have left one after another, and the company's development prospects are unclear.

Baidu refused to give money, and no one else outside was optimistic.

If they can't raise money, they can only find a way to make up for it from users.

Baidu Takeaway is the first platform to increase the delivery fee and remove the subsidy.

When everyone subsidized, Baidu takeaway operated such a wave of operations, and directly played to death for himself.

Users are used to subsidies, and you want to change this inertia unless everyone stops together.

This is a false proposition at all, and it is impossible to stop subsidies without forming a monopoly.

Just look at Didi's family history to understand a thing or two.

Countless money-burning wars have achieved Didi's glory.

Within a year of Cao Cao's launch, it won the first place in market share, which really surprised many people.

The timing of the main Cao Cao's takeaway entry was just right.

Magnesium Group has signed too many business lines, and there are opponents everywhere, and it is impossible to invest in the takeaway business without a bottom line.

Hungry since the end of the party, it hasn't slowed down.

That wave of swiping operations, after being exposed, almost fell into a desperate situation.

In contrast, Cao Cao's takeaway is the most stable.

The speed of development in third- and fourth-tier cities is comparable to that of magnesium groups.

The role played by many agents should not be underestimated.

In the magnesium group takeaway and Eleme, there have been one after another agent rights protection incidents, but Cao Cao's takeaway side is calm, and the agent and the platform get along very well.

In such a comparison, there are more people who apply to be Cao Cao's takeaway agent.

It is said that it is the first in terms of market share, but in fact, the three are very close.

The rhythm of burning money will drag on for a little longer.

Gan Jiawei submitted a document with a budget for this year's promotion costs, which is expected to be no less than $300 million.

This is not Gan Jiawei's lion's big mouth, but a baseline under the pressure of magnesium masses and hungry.

Below that, the current slim lead will be wiped out.

At the same time, Gan Jiawei was soliciting Chen Dongcheng's opinion.

He heard that the magnesium group and Eleme planned to start charging commissions to merchants to reduce the pressure on their own financial costs.

Whether Cao Cao takeaway will follow up, Gan Jiawei is hesitant.

Chen Dongcheng didn't think about it, and directly gave instructions: "I will not follow up for the time being, and we will still adopt a commission-free support policy for merchants." ”

It's not that Chen Dongcheng doesn't want to make that money, it's just that it's not time yet.

Even if the magnesium group and Eleme resume the commission system, it will be up to 8%.

The competition between the three is so fierce, as long as the two of them dare to take commissions, Cao Cao Takeaway can easily get a group of merchants.

Cao Cao's takeaway is not without any sources of profit, such as selling advertising space and rankings.

Merchants on the platform can also understand, after all, the commissions are exempted from them, how much do you have to give some oil and water?

Chen Dongcheng directly called Gan Jiawei over, and Gan Jiawei called Chen Dong before taking a seat.

Chen Dongcheng poured a cup of tea for Gan Jiawei and asked, "Cao Cao's takeaway performed well last year, and its market share ranked first, are there any investment institutions that are interested?"

"There must be this, but the valuation has not been negotiated. ”

Gan Jiawei said modestly: "Our first place is a little unstable.

Moreover, the valuations offered by many investment institutions are generally low.

Only Mr. Peng of Yuansheng Capital is still sincere and offers us a valuation of 2.5 billion US dollars. ”

This group of capital will be so cautious, not frightened by the endless money-burning posture of a few companies.

In the case of the takeaway market, no matter which one you invest in, there are risks.

After Chen Dongcheng understood the situation, he asked, "How much does Yuansheng Capital plan to subscribe to?"

Gan Jiawei replied: "If it is based on the valuation of $2.5 billion in Series B, $250 million in financing will come in."

Mr. Peng can subscribe for $100 million, which is their limit. ”

"2.5 billion US dollars is not good, you go to contact Mr. Peng, the B round is still Cao Cao Holdings and Yuansheng Capital.

We joined forces to inject another $300 million into Cao Cao's takeaway, and the valuation was set at $3 billion after the investment. ”

Chen Dongcheng changed slightly, and the amount of Yuansheng Capital's investment remained unchanged, but the proportion of his capital contribution was more.

Gan Jiawei looked delighted, and nodded hurriedly: "Okay, then I'll contact Mr. Peng." ”

If the parent company has strength, the development of the subsidiary will be smooth.

At a time when many investment institutions are hesitant about the takeaway market, Cao Cao Takeaway has completed financing again, which can undoubtedly give all employees a shot in the arm.

Peng Zhijian agreed very happily.

If it weren't for the limited size of the funds he manages, he would have liked to subscribe more.

Just in time for the year ago, Cao Cao Takeaway completed a new financing, which suddenly stimulated the hungry and magnesium group.

Especially if you are hungry, Zhang Xuhao now knows how hot Ahri's money is.

In April last year, Eleme was caught in the aftermath of the party incident.

Zhang Xuhao signed a VAM agreement with Ahri, received a $1.25 billion investment from the other party, and promised to make a profit in two years.

If Hungry fails to make a profit by then, he is willing to give up control of the company to Ahri.

In Zhang Xuhao's view, survival is more important than control.

Ahri's voice in Hungry is not yet big enough to be dictatorial.

Other investors may not be on the same page as Ahri.

As long as he has a good balance, he can still continue to develop under him.

After getting Ahri's $1.25 billion, Zhang Xuhao experienced the beauty of wealth for the first time.

There is nothing that money can't solve, which city's market share lags behind Cao Cao's takeaway and magnesium group takeaway, then spend money to subsidize it.

The market share suddenly increased.

This kind of comfortable experience of throwing money into the first place really made Zhang Xuhao intoxicated and reluctant to stop.

However, there are also things that Zhang Xuhao is more distressed about.

Although Eleme had a lot of money, it had to use a part of it to buy back the equity of the previous investors.

As soon as the party was exposed, more cautious investment institutions planned to exit early.

This right is written in advance in the investment contract.

Of course, these are small amounts of money.

Such a huge amount of money lying in the Hungry account naturally made Zhang Xuhao have some other thoughts.

For example, Baidu takeaway, which was almost forgotten by Baidu.

The current Baidu takeaway is very miserable, but after all, it was once brilliant.

Baidu has been peddling Baidu's takeaways, and Magnesium Tuan and Shunfeng have had scandals with Baidu's takeaways, but soon there was no news.

Only if you are hungry, you have always had an ambiguous attitude, and Li Hong, who is hooked, is itching in his heart.

Zhang Xuhao also felt that the time was almost up.

If you wait any longer, Baidu's takeaway will be completely cold, and the purchase value will be gone.

Ele.me made a very quick move, and when everyone thought that Baidu Takeaway would continue to peddle, Ele.me quickly completed the acquisition of it.

The specific price naturally can't be hidden from insiders, and the selling price of Baidu takeaway is outrageously low.

"$300 million in cash + $100 million in equivalent stocks, Baidu's additional packaging traffic entrance resources are worth $200 million for Eleme. ”

Gan Jiawei reported to Chen Dongcheng, and his tone was a little teasing: "Baidu's takeaway market share has fallen very obviously, and Zhang Xuhao's move is a bit stinky." ”

Baidu's current market share is less than 10%.

There is no subsidy, and the realistic side of users makes the management of Baidui Takeaway more and more chilled.

If you don't sell it to Hungry anymore, even employee expenses are a problem.

Chen Dongcheng showed Gan Jiawei his circle of friends, and Zhang Xuhao posted a photo of the merger of the two companies, with the text: "Go around and around, are you hungry or the first in the market, we have not disappointed investors." ”

According to the statistics of third-party institutions last year, Cao Cao's takeaway market share accounted for 31.6%.

Magnesium group followed with 30.5%, Eleme with 28.7%, and Baidu Takeaway with only 5.8%.

From the original market share first, to the current third, it only took a few months for Ele.me.

Now that Ele.me has acquired Baidu Takeaway, the market share of both sides has been added, and it is reasonable to say that it has returned to the first place in the market.

It's just that the price of this first place is too heavy.

Gan Jiawei shook his head with a smile: "Zhang Xuhao still likes false names so much, you might as well give him false names."

I think it's a good thing for us to buy Baidu. ”

"How?"

"First of all, after the merger of the two companies, the integration of personnel was a problem.

Zhang Xuhao will definitely kick out the current top management of Baidui Takeaway and enhance Eleme's control over Baidu. ”

"In my understanding, Eleme should attach great importance to the popularity of Baidu's takeaway in the white-collar market.

After all, they started as a low-end takeaway, and they came out with a black takeaway.

There is an urgent need for a sub-brand with a good reputation to turn their image around. ”

"They used $300 million in cash to buy Baidu, plus they bought back old shares, subsidized the market, and built their own delivery team.

I guess they have seven or eight billion dollars left. ”

Chen Dongcheng asked rhetorically: "This is not a small amount, at least Cao Cao takeaway does not have so much money." ”

Gan Jiawei shook his head: "This is different, Hungry is under huge pressure, and if you want to stabilize your market share, you have to burn more money than us."

And they still have to deal with the mess of Baidu takeaway.

In contrast, we are not under much pressure.

As long as you hold on for a while, you can see that Hungry is completely left behind. ”

Chen Dongcheng pondered for a moment and asked, "Jiawei, have you thought about Ahri's acquisition and what the market pattern will become?"

"Ahri is hungry?"

Gan Jiawei paused for a moment, just about to say how it was possible.

But if you think about it, it's really not without drama.

"Chen Dong, if Ahri buys Hungry, our pressure will be very great.

We will face a formidable opponent with plenty of money and a strong approach. ”

Chen Dongcheng saw that Gan Jiawei's face was so serious, and comforted him with a smile: "Don't be too nervous, Ahri is not an all-rounder."

They are not in any field, and they can win and not lose. ”

Gan Jiawei smiled bitterly and nodded: "Hopefully, it's better not to face Ahri, this kind of giant is too strong for us who are still immature." ”

"You are not fighting alone, and the other brother companies will do their best to give you the greatest assistance. ”

Chen Dongcheng has been in the layout for so long, and he is not without confidence at all.

If you really push him to be anxious, as soon as you sell Didi's stock, you can shoot Hungry to death.

Gan Jiawei's face was a little weird, if you want to say that a company that can have a relationship with takeaways, it is Cao Cao Suda.

However, Cao Cao Suda can help with distribution at most, and when it comes to funds, Cao Cao Suda is much poorer than them.

Chen Dongcheng guessed Gan Jiawei's thoughts, and shook his head with a smile: "It's not Cao Cao Suda, it's Cao Cao Finance." ”

Gan Jiawei was a little puzzled, Cao Cao's financial presence was really not very strong.

In the third-party payment market, more than % market share.

There are too many other payment platforms, and what Gan Jiawei values most is Cao Cao's preferential payment on transaction commissions.

The frequency of takeaway platforms is relatively high.

Especially with the increase in the number of users using food delivery software, even if each person only orders once a day, it means that tens of millions of people have used Cao Cao Pay.

In addition to takeaway platforms, Pinduoduo, Heytea and many other companies are pushing Cao Cao Pay as a payment method.

Even Didi is no exception, Chen Dongcheng has a lot of shares, and it is not too much to ask Didi to add a payment channel.

With the efforts of many parties, Cao Cao Pay has lived up to expectations in the third-party mobile payment market, occupying a 1% market share.

Don't underestimate Cao Cao's payment only occupies 1% of the market share.

The transaction size of the entire third-party mobile payment market reached 38.6 trillion.

Even if it only accounts for 1%, it means that there is a turnover of 386 billion from Cao Cao's payment.

Backed by a big tree to enjoy the shade, Didi, Hey Tea, Pinduoduo, Blue Whale Overseas Shopping, Cao Cao Takeaway......

It is not surprising that so many companies work together to subsidize a little bit and get a small piece of the pie in this market.

The slight subsidy that Chen Dongcheng said also made Cao Cao Finance lose 300 million yuan last year.

"I allocated $100 million to Cao Cao Finance before, and last year it burned half of it, and this year it should be subsidized even more. ”

Gan Jiawei's eyes suddenly lit up, Cao Cao's payment of subsidies is a good thing.

With so many cooperation platforms, if Cao Cao pays the subsidy budget, tilt more on their side......

"Haha, Dong Chen, then I'll go upstairs to disturb Mr. Zhu first. ”

Gan Jiawei was anxious and said he would go.

Chen Dongcheng smiled and looked down at the document in his hand.

The upper row of fonts is very conspicuous: "Regarding the specific matters of Cao Cao's payment for sponsorship of the Spring Festival." ”

Although the Spring Festival Gala was scolded by the Chinese people very miserably, it is undeniable that its ratings are unbeatable, far surpassing other satellite TVs.

If you want to get the title of the Spring Festival Gala and all kinds of interactions with the host, you can't talk about it without 300 million.

If you want to blame WeChat and Alipay, you can only blame WeChat and Alipay for setting the sponsorship price high, and you have to endure the reluctance in the back.

Compared with the ratings of the Spring Festival Gala, this offer is not unacceptable.

The Spring Festival Gala has more than 30% of the ratings almost every year, which is still not counting the computer and mobile phone.

This means that at least 500 million people will watch the Spring Festival Gala at the same time every year.

If you put advertisements on the Spring Festival Gala and send some red envelopes, the effect will definitely be overwhelming.

Zhu Zijing's budget is that the sponsorship fee is 300 million + the red envelope fee is 700 million, which is enough for 1 billion.

Spend one billion to completely promote Cao Cao's payment.

Chen Dongcheng thinks this account is quite cost-effective.