So far, Pinduoduo has only raised one round, and the only shareholder is Tengxun.

Tengxun invested 300 million US dollars and priced Pinduoduo at 3 billion US dollars.

This valuation is not high compared to Pinduoduo's monthly active users of more than 100 million.

Tengxun understands Pinduoduo's intention to show goodwill, and they are also validating an idea.

Pinduoduo is absorbing the huge traffic of WeChat and developing rapidly.

Is it possible that they can follow this model and copy another Pinduoduo?

No matter what they think, the two are now honeymoon periods.

WeChat's huge traffic gives Pinduoduo super fission space.

Especially the existence of the seven aunts, the eight aunts and the classmates and friends around them.

There is hardly anyone who hasn't been harassed and shared a hack link.

Pinduoduo has relied on this model to develop steadily, and the monthly active users have climbed little by little.

Zhuang Yanting and her sisters are not wary of WeChat, and have made a lot of efforts to try to retain the users who are attracted from WeChat to their own apps.

Tengxun supports Pinduoduo, which is not just as simple as verifying the replication model.

The promotion of WeChat Pay is also a point that it attaches great importance to.

However, on Pinduoduo, Cao Cao payment is usually chosen by default.

Unless the user clicks to expand more payment methods, they will see the WeChat Pay page.

Of course, the Alipay payment feature is definitely non-existent.

Since Cao Cao paid to sponsor the Spring Festival Gala, Pinduoduo backstage found that users who were originally inclined to use WeChat Pay began to choose to use Cao Cao Pay with some subsidy activities.

For example, some random reduction of 1-10 yuan can attract many people to use Cao Cao to pay.

With one dollar, you can leverage the transaction volume of dozens of dollars.

In Zhuang Yanting's office, there are several pots of green plants.

Behind the desk hangs a painting of Mobao, Chen Dongcheng's hand-painted graffiti.

The word 'Hou Lang' is carefully framed.

After Chen Dongcheng saw it, he was a little helpless: "I wrote it casually, why did you frame it?"

"I think it's pretty well written. ”

Zhuang Yanting looked at Chen Dongcheng with a gentle smile and said: "Let's get down to business first, our current monthly active users have reached 15 million, surpassing Suning Tesco to rank sixth in the e-commerce field." ”

Chen Dongcheng is very satisfied: "This result is good, continue to maintain, it should not be too far from exceeding 100 million monthly active users." ”

Zhuang Yanting said: "In January this year, our monthly GMV has exceeded 3 billion, and it is expected that the annual GMV should exceed 100 billion. ”

GMV can be understood as sales + order cancellation amount + rejected order amount + return order amount.

As long as you submit an order, it will be counted regardless of whether you pay or not.

Generally, JD.com and Taobao like to brag about how good their GMV is over one trillion yuan, but that is different from the real turnover.

Chen Dongcheng asked again: "How much income is expected to be this year?"

"It should be less than 2 billion, and the loss will be more than 500 million. ”

Zhuang Yanting added: "However, the annual active buyers should reach 250 million." ”

Chen Dongcheng had expected that Pinduoduo's model was, to put it bluntly, storytelling.

Keep telling a story of exchanging losses for prospects and starting to make profits at a certain point in the future.

If you want to continue to talk about this model, the core element lies in user growth.

WeChat is the traffic cow of Pinduoduo during this period, and it must not be less.

Zhuang Yanting said: "We have signed a five-year cooperation agreement with WeChat, and as one of the conditions for Tengxun to take a stake in us, WeChat will open the entrance to WeChat payment to us. ”

The entrance of WeChat Pay has always been a valuable resource for many Internet companies.

WeChat has nearly one billion terrifying users, and even JD.com is willing to be a parasite and lie on WeChat to absorb their traffic.

25% of JD.com's new users come from WeChat.

It's just that Pinduoduo's gameplay is too novel, and Jingdong and Taobao haven't reacted yet.

Pinduoduo has more than 100 million registered users and more than 10 million monthly active users.

Jingdong is slightly better, they and Pinduoduo are two tracks with different positioning.

Jingdong focuses on high-end home appliances, and the unit price is higher.

But Taobao is different, it started at a low price, and Pinduoduo is now moving his foundation.

When Lao Ma noticed Pinduoduo, Pinduoduo had completely opened up traffic channels.

There are several traffic pools of more than 100 million alone.

In addition to WeChat, Douyin, Xiaolanshu, and Cao Cao payment, which traffic entrance is not over 100 million.

Even if the old horse wants to use means to block, he can't find a way, you ask WeChat will be a dick old horse?

Definitely not.

On the contrary, WeChat wished that Pinduoduo would completely destroy the foundation of the old horse - Taobao.

With their traffic, it is completely possible to recreate a Pinduoduo.

Lao Ma knows that he is not afraid of Pinduoduo becoming a small Taobao.

He is afraid that Pinduoduo is not just a simple desire to do Pinduoduo.

It's a bit winding, Tmall started on the basis of Taobao.

If Pinduoduo surpasses Taobao, will it be difficult to make a Tmall?

It's like Xiaomi starts with cost performance, and the original slogan was to create a low-end machine that is easy to use.

Later, it began to gradually encroach on the high-end machine market, and even created the entire Xiaomi ecosystem.

Therefore, it is difficult for Pinduoduo to make a 'Tmall', but it is not necessarily too great.

There is an example of Taobao online, and the outside world will definitely be more optimistic about Pinduoduo's model.

Lao Ma's countermeasures were very fast, and a new department was established as soon as possible.

Reconvene the cost-effective people and change them to Taobao specials.

It's all called like this, and fools know who they're running to.

Even if Zhuang Yanting had made sufficient preparations before, leading Pinduoduo to face the aircraft carrier Gang Ahri, she was somewhat lacking in confidence.

If it weren't for the lock-in of Tengxun, a shareholder, in advance, the internal employees of Pinduoduo would be even more demoralized.

Chen Dongcheng patted Zhuang Yanting on the shoulder: "According to the original plan, Pinduoduo will continue to subsidize this year and go public in the United States in June next year." ”

Now that it is difficult to get money in the primary market, investment institutions are becoming more and more cautious.

Pinduoduo's model of burning money to bet on the future is destined to be a gamble only for a few powerful venture capital institutions.

Whether it is listed for three years or five years, in the end, you can't avoid the link of listing.

Listing naturally has benefits, as it can go to the capital market to raise funds and alleviate Pinduoduo's demand for funds.

Zhuang Yanting nodded lightly: "I will try my best to run Pinduoduo well and not let you be distracted." ”

The current Pinduoduo is a dark horse in the e-commerce industry.

Even though there are many problems, it does not prevent the outside world from being optimistic.

If it weren't for the fact that Tengxun asked for too many shares, Sequoia and Gao Zhen both planned to invest in Pinduoduo's Series A.

Only such a top venture capital institution can have the confidence and foresight to gamble.

Looking at the time, Chen Dongcheng said to Zhuang Yanting: "I made an appointment to meet Yin Yanwu from Yinhai Jinhui, are you interested in meeting?"

"No, you can pick me up after work. ”

Zhuang Yanting shook her head with a smile, as soon as she heard the name, she knew that it was the gang of people engaged in securities.

For her at the moment, it doesn't matter much.

Chen Dongcheng smiled and nodded: "Okay, you get busy first." ”

The headquarters of Cao Cao Holdings is on the 24th floor, and as the parent company, the floor where the headquarters is located is naturally the top floor.

Inside the chairman's office.

Yin Yanwu was sitting and looking at the layout of the office.

Hearing the sound of the door opening, Yin Yanwu straightened the folds of his suit and got up with a smile.

"Mr. Chen, I have heard your name for a long time, and I am fortunate to see it today, and Yan Wu knows what it means to be young and promising. ”

"Mr. Yin has won the award, you sit first. ”

Chen Dongcheng shook hands with Yin Yanwu with a smile and nodded to Xie Jingyu.

Xie Jingyu went to find the treasured tea and brewed it skillfully.

Yin Yanwu's eyes narrowed slightly, and he glanced at Xie Jingyu.

From this technique, I know that this secretary has practiced making tea, and then look at Xie Jingyu's behavior: "Are you from a state-owned enterprise?"

Although it was a question, Yin Yanwu was sure.

Xie Jingyu pushed a cup of tea in front of Yin Yanwu and said with a smile: "Yes, Mr. Chen just recruited, so I came to apply." ”

Yin Yanwu nodded lightly, took a sip of tea, and said to Chen Dongcheng with a smile: "The tea is good, the craftsmanship is better." ”

"Mr. Yin has good taste, but unfortunately there is only one Jingyu, so I can't cut my love. ”

Chen Dongcheng shook his head with a smile.

"Haha, how dare I let Mr. Chen cut his love, don't torture me. ”

Yin Yanwu smiled and said: "Mr. Chen, I heard that Cao Cao Financial under your name intends to entrust us with the issuance of ABS products, and we are very honored to have Mr. Chen's trust." ”

"I have an elder who highly recommends you Yinhai Securities.

As a wholly-owned subsidiary of Yinhai Securities, Yinhai Jinhui is also mainly engaged in ABS business.

I want to know more about the market. ”

Chen Dongcheng didn't rush to make a promise, leaned back on the sofa, and made a gesture of listening.

Yin Yanwu smiled and nodded: "This is how it should be, then I will tell you a little bit." ”

"For ABS securities, it's a cliché.

To explain in a way related to Mr. Chen's business, it is nothing more than that after the consumer chops his hands, Cao Cao pays the creditor's rights obtained by borrowing to the consumer, packaging them into product items and publicly issuing them on the exchange. ”

"In recent years, the ABS market has developed very hotly, with a total of 489 asset securitization products issued in 2016, with a total issuance scale of 840.175 billion yuan. ”

"Last year, the ABS products issued by Ahri and JD.com alone were as high as 63 billion.

It is expected that this year will increase even more violently, and the number of users paid by Cao Cao.

We predict that the scale of the issuance of ABS products will not be less than 10 billion. ”

Yin Yanwu's eyes couldn't help but be a little hot.

You must know that Yinhai Securities has been in the ABS securities sector, and the development is not satisfactory.

As the person in charge of ABS products under the parent company, Yin Yanwu certainly hopes to reverse the weak situation of Yinhai Securities.

Cao Cao paid took the initiative to contact them, so that Yin Yanwu realized that this was a good opportunity to change the weakness of Yinhai Jinhui.

Just looking at Debang Securities' hugging Ahri's thighs so moist, you know how important it is to hug your thighs.

Yin Yanwu smiled and threw out the killer move.

"In order to impact the rankings, we decided to charge Cao Cao Financial the lowest commission in the industry. ”

"We are responsible for all the contracting, underwriting, and underwriting, and you will be very relieved. ”

"How low can it be in the whole industry?" asked Chen Dongcheng with interest.

"What do you think of the 1/10,000th underwriting fee?"

Yin Yanwu is very confident that at this price, they are equivalent to losing money and making money.

Yin Yanwu intends to impact this year's ABS product underwriting rankings.

The list paid by Cao Cao, he is determined to get it.

Chen Dongcheng's eyes lit up, he had heard Guo Rongjun mention it before.

In order to attract customers, many large brokerages only charge commissions of three or five hundred thousand yuan for billions of projects.

At that time, he thought it was a lie, but he didn't expect the price of Yinhai Jinhui to be so low.

"The commission cost is not the only one, I need to consider your product design, process control and other capabilities before making a decision. ”

Chen Dongcheng smiled: "After all, your kind of offer, it's not that other homes can't open it." ”

"I understand, but I dare say that we are the only broker of our level who dares to quote the lowest price. ”

Yin Yanwu was full of confidence and said with a warm smile: "Although our performance in the past few years was a little worse, the talent pool is sufficient.

You also know how much it costs to raise such an elite group every year.

What we value is not the commission, but the ABS products paid by Cao Cao to advance into the top ten. ”

After chatting for a while, Yin Yanwu answered all questions to Chen Dongcheng.

Chen Dongcheng got up with satisfaction and stretched out his hand and said, "Congratulations to Mr. Yin, and I look forward to the smooth cooperation between Cao Cao Financial and Yinhai Jinhui." ”

"Thank you, Mr. Chen, I will do my best not to disappoint you. ”

Yin Yanwu replied loudly.

vertex