Last Friday night (March 24)，Bike-sharing company Yonganxing submitted an IPO application to the China Securities Regulatory Commission，This is the first 188bet app bicycle company in the world to launch an IPO。

However，Remove the label bike sharing，Yonganxing is actually a very traditional company。Yongan Bank was established in 2010，The main business is public bicycle service，This is a traditional industry that has been developed for many years，Many companies have already entered the capital market，For example, Jintong Technology and Lvchang Technology on the New Third Board。Jintong Technology’s revenue is around 400 million 188bet app，Net profit exceeds 10 million 188bet app，Is one of the main competitors of Wing On Bank。

Yongan Bank submitted an IPO application as early as 2015，That prospectus did not mention the current hot dockless 188bet app。After more than a year，Yongan Bank applies for IPO again，Bicycle sharing has become an unavoidable topic。Although the dockless bicycle sharing business only accounts for 0% of Yonganxing’s revenue.05%，cost of 0.01%，But it takes up a lot of space in the prospectus。

The average bicycle value is 175 188bet app, generating more than 9 188bet app in monthly income

Yonganxing only started to launch large-scale 188bet app in December 2016，The total number of vehicles launched by the end of the year will be approximately 40,000。Although the time is short、Low quantity，Several data publicly disclosed by Yongan Bank are still quite interesting。

Starting from December 2016，As of December 31st at the end of the reporting period，Less than a month，Yonganxing’s 188bet app bicycle business contributed 36.Income of 80,000 yuan。In other words，The average income generated by a 188bet app bicycle in a month is 9.More than 2 yuan。

Yongan Bank lists 188bet app as fixed assets，By the end of December 2016，The value of this asset is 698.710,000 yuan，No depreciation。In other words，The average value of a shared bicycle is less than 175 yuan，This is far from the procurement cost of more than 300 claimed by various shared bicycle companies。

During the reporting period，Yonganxing’s shared bicycle business costs only 2.80,000 yuan，The corresponding gross profit margin is as high as 92.27%，However, the reference value of this number is very limited。Due to Yonganxing, the company began to launch large-scale dockless 188bet app in December 2016，The bicycles sold in the current month will be depreciated from the next month，Therefore, no depreciation cost of the bicycle was accrued during the reporting period。

Yonganxing is the leading representative of the traditional public bicycle service industry，Impact listing in this period of rapid expansion of 188bet app，Opportunities and challenges are outstanding。The opportunity lies，188bet app have heated up the entire bicycle industry，Yonganxing’s future imagination is unprecedentedly broad；The challenge is，Will Internet companies such as ofo and Mobike eliminate these traditional companies in the era of stakes?？

From 2014 to 2016，Yongan Bank’s performance is very good，The compound annual growth rate of operating income exceeds 28%。and，Yonganxing’s main market is not the first- and second-tier cities where shared bikes compete fiercely，But it has sunk to third- and fourth-tier cities、Counties and even towns，Income from third-tier cities and counties and below accounts for 85%-90%。In the prospectus，Yonganxing also stated that no customer has canceled orders due to the rise of 188bet app。

However，Just like Didi back then、Quick，It is only a matter of time before 188bet app expand to third- and fourth-tier cities, catalyzed by massive capital，Although Yonganxing stated in the prospectus that there are major differences between public bicycles and 188bet app，Cannot be substituted for each other。

Bike sharing is currently only an inconspicuous part of Yonganxing’s business landscape，The proportion of total revenue in 2016 was only 0.05%。But this proportion will definitely increase significantly in the future。Yongan Bank is exploring the installation of GPS modules for existing public 188bet app，Add dockless parking function，The piled and pileless modes complement each other、The effect of interconnection。

By the end of 2016, the number of 188bet app launched by Yonganxing was only 40,000。The prospectus did not disclose the original stock of public bicycles，Only the number of car locks disclosed is 890,000 sets。On Yonganxing’s official website，The current published figure is that there are more than 700,000 docked bicycles。In comparison，January 2017，Ofo, one of the major players in 188bet app, has announced that the total number of online bicycles has reached 800,000，It took only one and a half years to launch the shared bicycle service, surpassing the scale of Yonganxing’s seven-year expansion。

Yongan Bank announced its next goal in the prospectus，Within the next 3 years，Based on the current approximately 210 cities and counties，Strive to expand the number of cities and counties to about 350，Approximately 2 million public bicycles (including dockless 188bet app) are deployed。This is much higher than the expansion rate of Yongan Bank in the past seven years，But if you want to participate in the shared bike war，This number is conservative。

The investment 188bet app Shenzhen Venture Capital and Ant Financial has tripled in two years

Yongan Bank has raised financing almost every year during its development process，But it has nothing to do with the concept of 188bet app。

September 2012，Institutional investor Shanghai Fuhong Investment 2,0 million 188bet app，holds 10% of the shares。Post-money valuation of 200 million 188bet app，corresponds to about 14 times the estimated net profit in 2012。

July 2013，Shanghai Fuhong、Youth Enterprises United、Three institutional investors invested 20 million 188bet app in youth entrepreneurship，Post-money valuation of 400 million 188bet app，corresponds to about 11 times the estimated net profit in 2013。

August 2013，Institutional investor Suzhou Guanxin Investment 1,8 million 188bet app，Post-money valuation 4.500 million 188bet app，corresponds to about 13 times the estimated net profit in 2013。

August 2014，Shenzhen Venture Capital、Changzhou Hongtu Venture Capital、Shanghai Fuhong、Youth Enterprises United、Youth Entrepreneurship Investment 5,0 million 188bet app。Post-money valuation of 800 million 188bet app，corresponds to about 12 times the estimated net profit in 2014。

December 2014，Shanghai Yunxin increased capital of the company 10,0 million 188bet app，Post-money valuation of 900 million 188bet app，corresponds to about 13 times the estimated net profit in 2014。Shanghai Yunxin is a wholly-owned subsidiary of Ant Financial。From the perspective of Yongan Bank’s full access to Zhima Credit services，Ant Financial’s investment should be for strategic purposes。

Until 2016，Yonganxing has always been a public bicycle service provider that has little to do with cutting-edge innovation，The valuation level is also quite satisfactory。Shenzhen Venture Capital and Ant Financial probably didn’t expect that，Invested in a traditional company，But caught the trend of 188bet app。

From 2012 to 2014，The valuation of Yongan Bank ranges from 200 million to 900 million，More than tripled，However, the PE level has always been around 12 times，The reason for the increase in valuation is the rapid growth of profits。From a performance perspective，Even if there is no concept of 188bet app，This is also a good enough company。

Yongan Bank achieved revenue of 7 in 2016.7.4 billion yuan，Net profit 1.1.7 billion yuan。There are currently no public bicycle or 188bet app bicycle companies on the A-share market，If calculated based on the GEM average price-to-earnings ratio of about 70 times，The market value of Yongan Bank is expected to exceed 7 billion yuan。

*Source: Touzhong.com, author: Tao Huidong, original title "Shenzhen Venture Capital、The 188bet app bicycle invested by Jack Ma is about to be launched, with a monthly income of 9 yuan per bicycle》.