Two years ago，For Yidao and Zhou Hang, who are at a disadvantage in the special car war，188bet app download and Jia Yueting once played the role of "white knights"，Now both sides have turned against each other，The dramatic changes are embarrassing。

Yidao’s expansion and crisis

Last few months，Yidao defaults on supplier accounts、News that drivers’ income cannot be recorded continues to leak out，“Yidao does have financial problems at present。The most direct reason for this problem is that 188bet app download misappropriated 1.3 billion of Yidao’s funds”，Zhou Hang pointed the finger at 188bet app download in his statement last night。

Tracing back to this crisis, we have to start with 188bet app download’s investment.

October 2015，188bet app download Holdings announced that 188bet app download Automobile has officially signed an equity investment agreement in Yidao Yongche。After transaction is completed，188bet app download Automobile acquires 70% equity of Yidao Yongche，Become the controlling shareholder of Yidao Yongche。Afterwards，188bet app download successively appointed He Yi as chairman、Peng Gang appointed as President of Yidao。

For Yidao, a pioneer in the online ride-hailing market，188bet app download is an important watershed。Subsequently，Yidao founder Zhou Hang gradually fades out of company management。

“At 188bet app download’s first press conference after becoming a shareholder, Zhou Hang also sat on the same stage as 188bet app download’s senior executives，Since Feng Quanlin became COO in May last year，Zhou Hang started to fade out slowly，More assumed the role of Yidao spokesperson。"A former Yidao employee told us。

At that time, there was also a team of "Alibaba Managers" who arrived with Feng Quanlin's parachute，They have become core members of Yidao’s operations management team。

At that time，Competition in the online ride-hailing market is becoming increasingly fierce，188bet app download is in the car、Large-scale investment and expansion stage in sports and other businesses，Yidao also changed its attitude of not participating in large-scale subsidies and money-burning competition，The subsidy range is gradually approaching Didi - starting from November 2015, the "100% recharge" activity。

Last July，Yidao announced the results of 188bet app download subsidy，A total of 6.53 million people participated，The total recharge amount exceeds 6 billion yuan，Per capita recharge amount 918 yuan，Recharge rate reaches 67.4%。From the perspective of subsidy intensity，Yidao has subsidized the equivalent of 6 billion yuan in the past period。

But high subsidies also bring losses and cash flow pressure，When 188bet app download began to encounter a shortage of funds last year，The risk of being unable to sustain blood supply was quickly exposed。"Unfortunately for reasons well known to 188bet app download，It will also inevitably affect Yidao itself。For all the problems that have arisen recently，The founding team and I are very concerned and worried。" Zhou Hang said in the statement。

The direct consequence of the shortage of funds is，It becomes more difficult for users to request a ride，Yidao’s activity begins to decline。According to the data provided by Aurora big data monitoring platform，The overall trend of Yidao MAU has continued to decline since last year，There was a rebound in the two months at the end of last year and the beginning of 188bet app download year，188bet app download is not unrelated to the return promotion at that time。

188bet app download said in a statement yesterday，Has invested nearly 4 billion yuan and a large amount of ecological resources，Support Yidao development。Obviously，Now that 188bet app download has fully shrunk, it is no longer able to continue blood transfusions for Yi Dao，We are planning to introduce new investments to Yidao。

The current focus of the dispute between Zhou Hang and 188bet app download is，Did 188bet app download illegally misappropriate 1.3 billion loan funds in Yidao’s name。

According to 188bet app download，What Zhou Hang said about “misappropriating 1.3 billion”，is "November 2016 in the case of Yidao's individual loan difficulties，188bet app download Holdings uses its 188bet app download Building as collateral，Part of a 1.4 billion joint loan obtained from Yidao within the 188bet app download Automotive Ecosystem。It was clearly agreed by both parties at that time，This fund is used for the daily operating capital turnover of 188bet app download Automotive Ecosystem including Yidao，where，100 million for Yidao，1.3 billion for 188bet app download Automotive Ecosystem。To this，Zhou Hang himself is not only informed，Also sign and confirm on relevant board of directors documents，And Yidao and 188bet app download Holdings have also signed relevant agreements”，So 188bet app download believes that Zhou Hang’s accusation is suspected of defamation。

The new question is，Loan with Yidao as the main body 1.4 billion，But 1.3 billion was given to 188bet app download Motors，Whether it involves bank loan fraud？To this，A 188bet app download insider told us，Details of the use of loan funds，The bank has been informed in advance。

The specific details are still pending disclosure by the relevant bank investigation，But 188bet app download’s top priority，It is to solve the dilemma of drivers on Yidao platform having difficulty withdrawing cash and users having difficulty in hailing taxis as soon as possible。

“What Yidao is facing is not a simple dispute over claims and debts，But it may trigger mass incidents that hinder social stability。”Zhou Hang said。

Zhou Hang’s worries are not unreasonable。Starting after the Spring Festival 188bet app download year，Some Yidao drivers found that they could not withdraw cash on the Yidao platform，At the same time, the driver has closed the "Withdraw" button，You must personally bring the bank card and other personal information bound to the terminal to the Yidao headquarters for manual cash withdrawal。

The Yidao withdrawal scandal has swept Shanghai since March、Guangzhou、Shenzhen Stock Exchange and other cities，As a result, many drivers are afraid to take orders。

"The company's cash flow is tight，The access to external cash withdrawals has become tighter，Only a small amount of cash is placed in the withdrawal account every day，First come first served。"A Yidao employee said to us。

To 188bet app download，Yidao’s previous official response is obviously difficult to explain，It is said that it is due to system instability。"Currently undergoing data docking with the regulatory information exchange platform of relevant national departments，The system is temporarily unstable due to data docking，Affecting individual drivers, withdrawals cannot be completed on the same day。”

With the Zhou Hang bombardment of 188bet app download, the incident is fermenting，Easy risks are also amplified at an accelerated pace，Whether looking for new external financing，Or own capital injection，188bet app download is in urgent need of faster action，Help Yidao survive this crisis。

It’s worth noting，As far as we know，Zhou Hang also contacted other investment institutions to discuss investment with 188bet app download，But 188bet app download rejected the proposal，Negotiations broke down。This is also the subtle relationship between Zhou Hang and 188bet app download。

Sun Hongbin’s reform: cut off cash-burning and marginal businesses

Many people may have questions，Three months ago，Sunac China’s Sun Hongbin invests 15 billion in 188bet app download，Why didn’t Yidao provide some help to ease the financial problem？

In fact，188bet app download is short of money at this time，Every business is waiting for the "rice" from the "finance owner" Sun Hongbin。For now，This money is 188bet app download’s best hope for survival, which is likely to have a basic operating capital gap。

March 10，Many 188bet app download employees’ year-end bonuses have been postponed，This made many 188bet app download employees realize，188bet app download’s funding crisis，Maybe it didn’t really pass。

A person close to 188bet app download executives revealed to us，"The past few months，188bet app download’s salary payment、Reimbursement is quite difficult。”

Sun Hongbin may not be a simple savior ---- in the savior，There is no "barter" logic，And 188bet app download is what businessman Sun Hongbin is passionate about。

This real estate businessman has nothing to do with 188bet app download，100 days after investing in 188bet app download，This shows the essence of this company。Temporarily hold on to the lifeblood of money，It controls the fate of 188bet app download。

From the first day of stationing，Sun Hongbin started the “surgery” on 188bet app download。And the first knife，Fell on 188bet app download Sports。

At the Sunac Performance Meeting on March 28，Sun Hongbin’s message，It is a mistake for 188bet app download Sports to become the Chinese Super League，“1.3 billion invested，Loss of 500 million。This is a deal，This is not right。”

"Buy and sell"，The dream card that I used to play with Jia Yueting，Completely two ways of thinking。

Not long after this criticism，188bet app download Sports has lost all of them, including the Chinese Super League、Exclusive copyright for a series of AFC matches，Switched to Suning Sports、Sports Dynamics and other peers took over。

A series of changes，Reflects Sun Hongbin’s will。This is almost unimaginable for 188bet app download Sports, which once vigorously advocated core copyright barriers。After launching 188bet app download Sports membership as planned last year，The prerequisite for copyright barriers collapsed，The value of membership suddenly dropped。And member，Originally it was 188bet app download Sports’ hope to become profitable in 2017。

In the eyes of Sun Hongbin，A business that makes money is a good business，This makes Sun Hongbin favor 188bet app download, which is close to profitability，Inject heavy funds；Opposite，Sports, which is still in the period of heavy investment in the 188bet app download system, has become the best counterexample ------ now that the entire 188bet app download system is short of money，Sun Hongbin seems not to invest a penny in 188bet app download Sports，Strict financial requirements，Contributed to the concentrated loss of 188bet app download Sports’ copyright resources in a short period of time。

188bet app download Sports is not the only one affected。March 10，188bet app download announced，Because 188bet app download Mall is currently at a loss，188bet app download decided to give up the proposal rights granted by 188bet app download Holdings in the early stage、Voting rights。At the same time, 188bet app download gave up its 15% equity rights in 188bet app download e-commerce corresponding to its unsubscribed registered capital of RMB 1.5 million，LeRong Holdings, which was transferred to Jia Yueting’s personal holdings, invested and subscribed。

Same day，Shanghai Sunac Real Estate Development Co., Ltd. agreed to transfer the 50% equity of Shanghai Longshi Investment Management Co., Ltd. held by 188bet app download Holdings (Beijing) Co., Ltd.，Thus obtaining the ownership of the above-ground and underground properties in the North Building of Longshi Plaza in Shanghai Hongqiao Business District。And this industry，It was originally the building used by 188bet app download as its headquarters in Shanghai。

188bet app download Mall、These two changes in real estate projects，It means that 188bet app download is going further and further on the road of divesting non-core businesses。In Sun Hongbin’s opinion，188bet app download’s assets are generally of relatively high quality，However，Insufficient resources lead to trouble if the front is stretched too long，“188bet app download makes mobile phones alone、TV、Sports are all allowed，But we can’t do it together”。

For 188bet app download，The antidote Sun Hongbin prescribed to Jia Yueting was "the test that should pass"，Sell what should be sold”。As for who should be closed、Who should sell，Sun Hongbin did not say anything clearly，But short-term profitability is most likely Sun Hongbin’s most important criterion。

As far as we know，According to Sun Hongbin’s plan，Yidao、Wangjiu.com、188bet app download Sports and other non-core businesses have recently been seeking external financing、Maybe even be stripped out of 188bet app download。

In fact，Just because Yidao has a new share sale plan，Only then will Zhou Hang, who has faded out, have the opportunity and ideas to return to the scene with a high profile。

Not only that，Sun Hongbin’s implementation of the above strategies，Added an additional word: "supervision"。

Sun Hongbin is indeed qualified to say that。Informed sources told us，Since 188bet app download’s funding gap needs to be filled by Sunac，The wind direction within 188bet app download has changed，"After Sun Hongbin came in，The upper management pays more attention to performance，The budget of the spending department has been cut、The KPI of the money-making department becomes higher”，And these changes，Sun Hongbin’s big hand runs through it from beginning to end。

Obviously, long-term losses are so easy that it is difficult for Sun Hongbin to detect them.

Not just a money-losing department，Even for 188bet app download、Those businesses of 188bet app download Pictures that Sun Hongbin values ​​​​，It also became extremely strict after Sun Hongbin moved in。When Sunac announced its investment on January 13，It means that supervisors will be assigned to TV stations、film industry、Three mobile phone services，“The purpose of dispatching financial personnel is to control the flow of funds，You have to watch the money from sales”，Sun Hongbin said。

“We are relatively strong in 188bet app download”，Sun Hongbin emphasized。In Sun Hongbin’s dictionary，Buy and sell，Always the first keyword。

Jia Yueting’s dilemma: How to integrate two cultures?

Considering 188bet app download’s long-term corporate culture，Sun Hongbin’s “industrial transformation”，It may not go smoothly。

A middle-level executive from 188bet app download once expressed to us，“Boss Jia doesn’t care much about the process，I’m not very interested in implementation methods and implementation costs，He only cares about whether you can do something awesome enough”。This made 188bet app download internally divided among princes，Many airborne mid-level and senior managers will bring a team in with them，Teams often do not follow common sense。

In 188bet app download situation of separate camps，In addition, Jia Yueting turned a blind eye to the process，Making many people not only fighting for the company、The team that is fighting for itself becomes extremely excited。"Every new item，Achieve a certain stage，I will give 30%-50% of the equity to team members，Then take out the remaining 60% - 70% and give it away”，Jia Yueting once told us。

Not only that，Generosity in long-term incentives for senior employees，It also made 188bet app download the landing place for many industry giants。As understood，Jia Yueting previously formulated a dual shareholding structure for management，This means that executives not only hold equity in their own business segments，If business in other sectors grows rapidly，He can also share in the growth dividends。

But now，All of 188bet app download will most likely cease to exist under the transformation of Sun Hongbin, who is determined to spend every penny.。

Judging from the results，This culture，It once made 188bet app download’s pace extremely fast；It’s just that success is Xiaohe and failure is Xiaohe，This has also caused chronic problems for 188bet app download’s growing business。

Just like personality to people，Corporate culture is also the gene of a company。How will Jia Yueting change himself？Due to shortage of funds，The previous radical development methods had to be changed，Jia Yueting’s advantage in strategic layout thinking will be limited by actual financial capabilities。How two cultures coexist in 188bet app download，Jia Yueting needs to make a judgment and choice。

Also，In the long run，188bet app download’s own valuation model may also change after Sun Hongbin’s “surgery”。

In the current 188bet app download crisis，Compared to Jia Yueting’s behavior of burning money for his “dream”，A-share investors obviously prefer Sun Hongbin, who is always willing to spend money。But another problem is，Those who are willing to invest in 188bet app download，Most of them are not interested in 188bet app download’s current profitability ---- 188bet app download is nicknamed the “PPT Company”，The original core “asset” may not be 188bet app download that is now valued by investors，But behind the PPT，Jia Yueting’s personal description of “ecology” and the future of “ecology”。

This may be the real basis for 188bet app download’s unusually high “market-to-market ratio”。

But now，The foundation that supports 188bet app download’s high stock price is being shaken: cut off the developing high-investment business，Only focus on the profit and high profit margin parts based on industrial thinking，Is 188bet app download still capable of unfolding a “new story”？

Predictable，After this "surgery"，Businessman Sun Hongbin is likely to give 188bet app download a new look: no more chaos，Know how to make money，Just like an ordinary Internet commercial company。When Jia Yueting’s brand becomes shallower，The ownership of “New 188bet app download” may also be confusing。

* Source of 188bet app download article: Tencent Technology (ID: qqtech)，Original title "Behind the crisis: Sun Hongbin’s transformation and Jia Yueting’s dilemma”。

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