"How far are the Chinese from the information superhighway?" 1,500 meters ahead!"

As a pioneer of China's Internet, Yinghaiwei was founded in 1995 and is a well-known legend in the rivers and lakes.

This advertising slogan that came out of nowhere ignited the raging bonfire of China's Internet, and since then, hundreds of millions of Chinese have once again experienced the wave of reform and opening up in the virtual world, and have been rushing to this day as the wave of global informatization.

Yinghaiwei has also become the ancestor of the industry's pioneering school, inventing the core play of China's Internet and allowing later generations to inherit and continue to this day.

In the hearts of China's first batch of netizens, Yinghaiwei is the moth that desperately pounces on the fire in the dark night, and finally burns itself but illuminates the way forward for domestic Internet companies.

On the eve of the dawn, Ying Haiwei fell, like a little match girl who lit all the matches one by one, and finally set herself on fire and sacrificed herself to the dark age of the Internet.

The income is pitiful, but he dares to spend tens of millions of dollars to advertise and build momentum, and the hundred-yuan bills burn and disappear between talking and laughing, and Yinghaiwei has become the initiator of China's Internet companies' money-burning behavior.

On top of the fallen body of Yinghaiwei, the three portals of Sohu, Sina and NetEase survived with foreign funds and operational experience, bringing China's Internet into the embryonic era.

But the battle for fame that really made China's internet power famous was the money-burning war between Taobao and eBay, led by Majack. At that time, Taobao was regarded as China's eighth road, but eBay was wholly acquired by the American Internet giant eBay, and turned into a foreign tyrant with beautiful equipment and equipment.

In terms of strength comparison, eBay, which has the blessing of eBay, undoubtedly crushes Taobao. But Majack found a Chinese consortium led by Han Hao to invest that year, and suddenly got enough ammunition to prepare for a Sino-foreign war.

As a result, Taobao, which used a free strategy, burned a huge amount of 1.5 billion yuan, defeated eBay, and at the same time completely drove eBay out of the Chinese market, losing about $300 million in investment in one fell swoop.

The speed at which Chinese burn money is inferior to Americans who are accustomed to seeing the dot-com bubble, they have money but can't afford it.

In just two years from the beginning of 2004 to the end of 2006, the two companies burned a total of at least 3 billion yuan, which was very valuable at that time.

In the past, the Internet was copied from the American model to China's localized development, and Taobao's defeat of eBay shows that the American model is no longer the beacon of the Internet, and China can also have its own red flag flying.

As a result of this Internet war, Taobao began to dominate China's online shopping market, and from there, it has grown all the way to the current $120 billion Internet giant.

So far, the money-burning trick founded by Yinghaiwei, the founding master, has been carried forward and found a successful closed loop in Taobao, an apprentice.

That is, by burning money to kill the opponent at the fastest speed, in order to obtain a monopoly position in the market, and use the continuous burning behavior to attract consumers to participate, rapidly expand the entire market capacity to obtain a high valuation, so as to form a deep moat to force back the latecomers, and finally use the market leading advantage to raise prices to harvest consumer dividends, and burn the lost money to earn back one by one.

It can be seen that if you want to succeed in burning money on the Internet: first, choose the right track, the industry has development prospects, and you can earn back the money burned in the future. The second is to have enough money at your disposal to last until the day you survive the rest of your competitors.

The reason why Yinghaiwei fell was that there was no new money to maintain it, and he died before dawn. And the reason why Taobao was able to win was because Majack got a huge amount of financial support from the Chinese consortium and had the last laugh.

The sneak attack on Pearl Harbor launched by Didi Taxi completely woke up the sleeping giant, making Han Hao focus all his attention on this field in a short period of time.

Unlike Didi's soldiers, Han Hao's current status is more supportive of his bright future.

First of all, Han Hao dismissed the current management of Kuaidi Taxi in one fell swoop, and announced that he officially took over as the company's CEO and directly commanded the campaign.

Secondly, Kuaidi Taxi will adjust its internal structure, shorten the middle level, expand the number and power of the front-line push team, and improve the corresponding treatment.

The third is to announce that Kuaidi Dache will undergo a major strategic adjustment, from the previous asset-heavy model to recruit drivers for its own vehicles, to a two-legged walk. The first is to continue to maintain the asset-heavy model, and the second is to learn from Didi Dache and start the asset-light operation model.

There is no conflict between the positioning of the two, and the heavy assets belong to the special car model, facing the high-end business travel market. The asset-light model recruits drivers across the country, focusing on ordinary travelers.

Fourth, it was officially announced that Kuaidi Taxi would open a financing channel and other venture capital funds were welcome to enter.

If the first three moves are just tricks, this fourth move can be regarded as a move from the bottom of the kettle. The first is to show that Kuaidi Taxi will collect ammunition and continue to wage war with Didi Taxi. Second, it is to strengthen oneself and weaken the opponent. There is so much capital in the market, if you invest in Kuaidi Taxi, you will not invest in Didi Dache, and vice versa.

Of course, this is not to say that Han Hao and Ma Jack have no money and need to find money from the outside. It is to unite all the forces that can be united, to make the opponent as few as possible, and to have as many friends as possible.

Fifth, Han Hao officially announced a money-burning budget with no investment ceiling, indicating that he would fight to the end with capital standing on the opposite side of him. It not only gives them confidence in investing, but also makes those forces who want to invest in Didi have a little more scruples.

Looking at the news on TV that Han Hao announced that he would be airborne to take over as the CEO of Kuaidi Taxi, Cheng Lei, the founder of Didi Dache, felt that the other party did not play his cards as he expected.

It stands to reason that the boss of the Zhonghua Group has a lot of opportunities, and it is impossible to personally go into battle to kill the enemy, but I didn't expect Han Hao to really do this.

Seeing that Kuaidi Taxi's announcement that it would also operate with light assets, such a response speed was greatly unexpected, which was the consequence of Han Hao's direct airborne.

The biggest surprise turned out to be that Kuaidi Taxi announced the recruitment of venture capital, if you need to choose one of the two on the same day, I believe that under the same conditions, the balance will still be on the side of the richest man in Han.

"No, we have to hurry up and implement a new round of financing!"

Cheng Lei's decision is very agile, the big war is about to start again, and Didi needs more ammunition.

"Do you need to follow the investment? 40 million yuan has been spent in the early stage, and another 150 million yuan needs to be prepared for this follow-up investment, and the time is very tight and only one week to consider. ”

In response to Didi Dache's request for refinancing, a venture capital fund discussed it at an internal meeting.

If Han Hao is not directly killed, the 150 million funds will be sent directly without hesitation. But now everything has changed, and the imaginary giant finally stands in front of him, looking so tall.

"If we invest 150 million, we can maintain our current equity share, but the risk is significantly greater. Once Didi can't survive, our investment may all be voided and turned into zero.

Now Didi and Kuaidi have not completely left the distance, and the positions of the eldest and second may be reversed at any time. The sunk cost is already 40 million, do you want to smash 150 million?

Judging from this situation, there will be multiple rounds of financing in the future, and the battle of online taxis will last for a long time. ”

No one dared to propose a retreat in person, so they could only analyze around the method and hand over the final decision to the boss.

"When we first invested, didn't everyone expect the entry of the richest man, and after discussion, they all said that they were not afraid. Now the situation is still advantageous for Didi, reluctant to let the child can't trap the wolf, Han is the richest man is very powerful, but he is not a god, there will always be a day of failure.

Now that we are on the poker table, we must be willing to gamble and lose, not to mention that we still have an advantage! Tell Didi that we will continue to follow the investment, and it is a big deal to jump the Pacific Ocean together if we lose!"

If he escaped at this time, he might be laughed at by industry insiders, and under the final decision of the boss, the venture capital fund made the decision to follow the investment.

However, not all Didi's investors are so determined, after evaluation, they have come to the conclusion that the funds that can be deployed with Han Hao's influence will be sky-high, and Didi will definitely not be able to burn the other party if it wants to burn money. What's more, as soon as the richest man in Han came out, the measures announced were all effective for fast taxis, and they went straight to the stubborn disease.

The company is still the same company, but the people are not those people anymore!

This battle really can't be won.

Therefore, among the nine venture capital companies that entered Didi, one clearly stated that they would transfer their equity and leave, another two announced that they would not leave but would not follow the investment, and the remaining six continued to invest under the leadership of Tencent.

Compared with the previous round of financing, although Didi introduced 6 more venture capitalists, the amount raised did not meet expectations, and the goal of 3 billion was only 2.5 billion in the end!

Originally, many venture capitalists who wanted to come in gave up because they were too busy to conduct due diligence and evaluation, and they planned to wait and see how the battle would go before deciding.

The east is not bright and the west is bright, and the financing of fast taxis is very smooth.

With the blessing of Han Hao, the first batch of fundraising was completed quickly, with 2 billion funds directly injected, and the company's valuation reached 15 billion.

A month later, on Double 12, Kuaidi Taxi officially launched a counteroffensive clarion call.

In addition to the fast taxi app, users can also directly use online taxi services through AutoNavi Map and Alipay. The three major apps will distribute hundreds of millions of red envelopes to subsidize users and encourage everyone to take a taxi.

And in 40 large and medium-sized cities across the country, Kuaidi Taxi launched a user 1 yuan taxi activity, and announced a subsidy of 12 yuan per order for drivers, and the activity lasted until after the New Year's Day holiday.

On the morning of the same day, Didi Dache, which responded quickly, announced a follow-up preferential subsidy war, and claimed that it would always subsidize 1 yuan more than a fast taxi.

The taxi market, which has finally calmed down, has once again ignited the flames of war.

The two companies come and go, each other has offense and defense, and the funds in units of 100 million yuan are burning, so that the people and drivers and friends across the country can fully enjoy the convenience of Internet taxi, and develop their new travel habits.

During the 12-month war, the two companies burned a total of 11 billion yuan, burning all domestic competitors to death, burning 900 million yuan almost every month, which translates into a huge expenditure of 30 million per day.

In the end, Didi Taxi conceded defeat, they were really burned to the end, and in the face of a mountain of capital like Han's richest man, it was impossible to shake it after all.

Burning money is simple and crude, but effective, of course, for the winners.

Under the leadership of capital, Kuaidi Dache announced the acquisition of Didi Dache, completely controlling the entire Chinese Internet travel market and giving venture capitalists the opportunity to exit with dignity.

The failed Cheng Lei led the original team to enter the new travel market, and they tossed out the shared bicycle travel and started a new entrepreneurial journey, but the competitor is no longer a terrifying giant like Han Hao, and it seems that there is still a chance to win.

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