 Jinsha venture partner Zhu Xiaohu venture Wait and see, shake, fast, why is the drop? We are concerned about the travel field for a long time. The United States voted "Uber" Benchmark and we are very good, had told us that in the United States cast a better company, called Uber, the rapid development. So we find a similar company, was still early. The earliest is "easy to get to" easy to drip two years earlier. Easy to team is also very successful, business in Hangzhou, and now the company has been sold. When they had dug a B2B salesman from Ali, they used to push in. We looked at it for three weeks, but the data did not work, and they were strictly on the standard Uber and made a car in China. At that time (five or six years ago) no one in China said that the car was not like the United States and the United States, we all know that the car has more than 100 history in the United States. So they were specifically recruited to do the push, the office building sweeping from top to bottom, to all the small boss, that you should have a better taxi. The progress is very slow, the actual performance per week is predicted 10 %about. At that time, smartphones were not widely available, so they also needed to send smartphones to drivers, only a thousand bucks, but they also cost them while educating users to acquire the market. We read the three, that easy to not right, no vote. Later waited two years, came out "shaken." We have a good relationship with their CTO, CTO and CEO know there is a conflict - CTO has not been firm.He is a very good Google product manager, but has not made up his mind to join The company, which has been "part-time", has also complained a lot to the CEO. The company has been swinging for a car or taxi, the product market has been Akira. And the CEO of the Internet thinking is relatively weak, the product must first register, first recharge to use, so conversion rate is very poor .Has later took the Sequoia 300 Million dollars in investment. And then it was "fast", fast Chen Weixing hatched, Chen Weixing is a very good entrepreneur.This is his incubation project, but he is not a full-time CEO.Therefore, this company is no CEO, but also more difficult to vote . At that time, I did not know Cheng Wei. I searched for a taxi on the microblogging, and then found Cheng Weixin letter him. He is the only one specifically to do the field of taxis. He thought very clearly: occupy more than 80% market share will do Car. Plus his own Ali background, very good at doing push, and the strategy is very clear, so we quickly cast drops. The rapid rise of the road, "quick drop" war After six months of voting, we shaken and shaken off and still swayed between the taxi and the car, and Beijing had three snowballs in the winter that doubles for every other snowfall. After opening the two sessions, Ma Huateng to Beijing to find Cheng Wei to eat, he personally find Cheng Wei chat, in the name of investors. At that time the drops are still small, thousands of single day. Tencent Investment Department to read all the companies after it , The first choice is the drop, if the drop does not let Tencent vote, they will certainly vote second. At that time Ali has given a quick sum of money, dropping to find Ali is very embarrassing, take Tencent money is also very concerned about was also very passive, and finally decided to take Tencent money. Took Tencent money after a very dramatic thing - the Chinese New Year Tencent WeChat red envelope fire. However, after the Spring Festival, red envelopes over, WeChat payment without the user. WeChat pay to find the drop cooperation, and Tencent paid subsidies were very polite drops, the budget of 800 million to do 3 weeks - Tencent feel too little, to the 15 million results a half-day gone on-line 15 million, but the effect is very good. At that time, many of my friends are trickling users, but do not want to tie cards, because the risk of too much tied card .In order to subsidize 10 dollars, are bound to tie cards, which also includes some investment bank, securities analysts. Two weeks after the event, Alipay wake up, I feel this is a big threat, so the last week, Alipay chased in. We are ready to stop after three weeks done, then far exceeded the 15 million budget.But Tencent Feel 10 bucks to buy a card user is very cost-effective. Then the drops stopped for a weekend two days, but Alipay did not stop .We saw the data changed, to Sunday night, open on March 7. If you continue to stop, and then surely overturn a week, so we held Sunday evening Teleconference, to discuss whether to continue to follow-up.The result is still follow-up, Tencent continue to support the program dropped into half the capital drops, Tencent half. To the next morning, continue to subsidize the program on the line. Ali is always a drop of more than a dollar, both playing games like the same, has been dynamically adjusted later hit another three or four weeks, the last is not to see who subsidies and more , But to see who's server is not down - every rush hour can not get in. Tencent sent 50 engineers to solve the optimization problem.Engineers were stealing food at that time, only stealing people seen such a high amount of concurrency.50 engineers worked seven days and nights overnight, very awesome.At the same time , Alipay team is also helping fast optimization. There was a lot of experience in the past - what kind of service should be stopped? How to focus on the core competence? So at the time of the demotion of the surrounding business, to ensure that the core business, then all the back-drop system to re-upgrade. Later, Ma came out to shout, when the trust between the two sides was very poor, each going down, so the final exit is very particular, very difficult to retreat also. Since then we have begun to talk about the merger, because we think the subsidy is too fierce, It's about the same.  Financing World War under "Prosperity of the Three Kingdoms." Shanghai one-third of the world, drops, fast, a hornet, all up a subsidy war .At that time the Hornet peddled in two aspects, looking for drops and quickly asked them if they want, the beginning of the bid, but the price is too far It's Later, those who hope even more rely on full subsidies to penetrate a market, rely on subsidies can get Shanghai to find investors continue to take money. At that time, Dali said to Ali that we give up the acquisition of the Hornet, we can sign the Hornet, what price we want to talk about. At that time, Liu Qing, on behalf of Goldman Sachs, wanted to invest in the drops but hoped that the drops and the quick merger could be reinvested. At that time, the market share of the drops was large and we hope to be better in July and July. At that time, dripping to melt C round of hard, took Tencent money financing is very difficult, so go to the United States financing each see an investor, Joe Cai called in the past, saying that no vote from the East China Sea back to Xi'an, We talked about several investors, but Ali immediately called that can not vote. Ali was going to the market at the time, saying, I will not vote for you to allocate shares of Ali shares. Was very painful. Originally an investor has said that it is good to vote, and later yellow and even Ma personally and investment funds to meet and reached a consensus, Did not throw the last drop. Came back after we find Wu Jingyang, find CITIC Industry Fund. At that time they and Ma Yun said good, will not vote drops and fast.But did not think that they see the data after the drop is quite good.At that time, This is not easy. After the melted C round, Liu Qing joined, we did not think.Because Liu Qing and Cheng Wei contacted many times, Liu Qing has always said that after the merger to vote, it can be understood.I did not expect Cheng Wei has convinced Liu Qing to join the drop We did not think of ourselves, Cheng Wei really dare to think dare to do. Liu Qing after the entry, the progress of the financing is very smooth, all investors saw the drops and fast all cast drops quickly behind the financing was very difficult.Finally, Jack Ma personally called Son Zhengyi to Support fast, Sun Zhengyi gave fast 700 million, followed by 300 million US dollars in the hesitation or not to vote. Three countries go to Jin, dribbling war Uber The final merger.After the merger is set very fast, may be in Shenzhen for two or three days to talk about the terms of talk for more than a week, reached a consensus.Drop and rapid merger, leaving the rest of the domestic excellent , Easy to wait are smaller. When we went to San Francisco to see the founder of Uber.No one American company has succeeded in China, the most successful is that when Google voted 5% stake in Baidu, made a lot of money.In fact, he can refer to this case, Drops and drops 5% of the shares, but he said too little 5%, to cast 40%, 40% how to make money? Uber people agree, but he did not want to fight a fight.Youbu burned 2 billion in China, every month losses, a lot of money cheated cheat subsidies cheaper subsidies in the poor There are many specialities in promoting products in China. In the end he is under very heavy pressure. Uber is not like a drip. Investors can drop out at any time in the process. Early investors are also welcome to sell their shares. Uber will not allow investors to sell shares and will eventually be driven down. For this reason, Uber's investors are better than us, a year or two ago, and they have not sold any penny now, and they certainly have the need to sell their shares, but he does not support it. Uber suffered so much losses that it burned two billion U.S. dollars in China. Investors are unwilling to give him a lot of pressure so that they must quit China. So they took the initiative to find the drop, and although we can kill it, but the high cost of merger losses will be less recently Uber a lot of problems, gave the drop a good opportunity.This may become China's first case, China's model to the United States to invest. Diligence and Uber have a slightly different strategy: We expand overseas are the choice of local partners .Chinese people can not speak English, not to work in the local level of communication, the locals go overseas is difficult.Then we put the technology , The output of operational strategy to them, this is very good. For the first time, Lyft was cast. The reason is simple: we can not make Uber make money in the United States. Once Uber makes money in the United States, they are sure to take global profits to subsidize the development in China. Earning money, and later reached its goal.Lyft's position in the United States market gradually increased, while the United States UFO basically can not make any money. Therefore, in general, every step of the trick is really soul-stirring, every step of the luck is good, we did not make mistakes, all the opponents make mistakes, especially the uber made a lot of mistakes. How to see the relationship between CEO and investors is very important. Can not ignore the needs of investors, the last issue, the conflict will be erupted .Unbest in a single earned 8 billion US dollars, so profitable projects, investors or The CEO was driven away, we can see how contradictory .This is a very interesting case. Drips of the Future & Drips team's flash points In Zhu Xiaohu meeting will be the scene, there is a guest Q & A session.After listening to Zhu Xiaohu's narration, the CEO or founder of the participating companies each made their own want to understand, learn some of the puzzles.The following has been summarized. Q1: Drops and other network about the car, for a considerable period of time by government policy restrictions, then financing how to solve this problem? Now drop that their boundaries where? Drop What are the risks? Zhu Xiaohu: The Chinese government is like this. Take a look first, let it go. Investors have no worries in this regard after the industry is stable with regulatory policies including news, P2P, games, payments and so on. Travel is now related to the core business of the drop, such as used cars, new cars, cars refueling, the car market is the drop-related business, including driving, artificial intelligence are related businesses. Not necessarily the investment, the vast majority are Self-employed. Risks Forever, such as teams, are left behind in driverless situations. Q2: How do you see a shared car? Zhu Xiaohu: There are markets in the countryside, such as electric vehicles, and many peasants spend dozens of bucks a day driving from the countryside to the township, but it is hard to do in the cities. Why? Parking fees are free for parking in rural areas and there is no parking fee for sharing bicycles. Therefore, this demand is there, the key is not hold, but still very small market. You see rickshaws can not hold will know. Ctrip is now very successful micro-tour guides, the network is very strong, the community is very active, visitors will share with each other and they are trying to commercialize, the conversion rate is very high. The key is to share among tourists, this is a fun thing. From the entrance to retain, but can not play a shared car, a short period of one to two years can be done, long-term more difficult. Do small and beautiful company very good, do not think too much, more than 90% of the company is a small and beautiful company. Small and beautiful companies, the first basic things think good. Can not think too much, think too much death. Small and beautiful now very moist, but want to do the entrance may die miserable. For example, we have seen a In the smart home entrance, it is difficult, we are afraid to vote, the industrial entrance to burn a lot of money. Q3: What is the core talent that the drop team takes to grow? How did the initial team of Cheng Wei transition to the later talent structure? Zhu Xiaohu: It was indeed very hard to push in that year.Beijing winter at 4 o'clock in the morning, they got up for a taxi - at 4 o'clock in the morning a taxi driver had breakfast, it was a special breakfast served by the government, where it was easy to find a taxi The driver was fast hit but drops of money. Alipay sent to Beijing, spent a day back to Hangzhou. Most of the drip is done in the early push, and today most of the technology. We cast them early, is that they are very suitable for push. At that time must be all in two minutes to get, such as surgery, there is a very good set program of. Cheng Wei in organizational restructuring is very high level indeed in four or five years, the entire company's system has undergone tremendous changes, he initially also in person, but to find a better position .Al so, Ali also has early people. Q4: Cheng Wei may not be the best year, what is the reason you vote for him? You talk about the growth of Cheng Wei, as a CEO what he has a good learning style? Zhu Xiaohu: I think he is the only one in the industry to make things clear, wanted to make a taxi. At that time, everyone did not know why to make a taxi. A round of the year was very difficult. Investors did not understand the taxi industry because the taxi industry is indeed very hard. Taxis work more than a dozen hours each month to earn 45,000 Making money from a taxi driver is impossible. But he wanted to know the taxi driver is the entrance. Start-ups must not educate the market, such as at least after the taxi circle over to do the upgrade, the upgrade is relatively tricky thing. Cheng Wei's ability to learn strong, open mind, he to any one investor, partner learning. Do not lie and hide, any data and information open, so as to find problems as soon as possible to correct. If the founder said to me, this is very good, very relieved, certainly not; if he said the company this issue, that issue, then this founder more chance.
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