November 13, 2015，Zhihui Tourism offline event "Zhihui Private Party·Beijing Station" was successfully held at Beijing Jinglun Hotel。This event focuses on the topic of "How tourism O2O companies can survive the capital winter"，covers hotels and B&Bs、Outbound travel、Customized tour、Vertical segments of the tourism 188bet Live Casino such as parent-child travel and tourism capital。Liu Zhaohui, founder and CEO of Zhihui Travel、Han Ze, Director of Zuoyu Capital、Chen Chi, founder and CEO of Xiaozhu Short-term Rental、Sun Weiwei, founder and CEO of Youbi Travel Network、Jia Jianqiang, founder and CEO of 6renyou.com, and Cao Litao, founder and CEO of Oumen Parent-Child Travel, were invited to attend this event and made wonderful sharings respectively。

The exclusive private party will be held in major cities in China，The purpose is to build a communication bridge for tourism 188bet Live Casino practitioners，Connect projects for everyone、Expand resources、Provide a platform for establishing connections，Promote the deep integration of tourism O2O related industries through this platform，Promoting tourism O2O upgrade。

The following is the speech content of Chen Chi, founder and CEO of Xiaozhu Short-term Rental:

1. 188bet Live Casino under the financial crisis and economic crisis

When I started my business in 2012, 188bet Live Casino was right when the dot-com bubble started，188bet Live Casino has been three years since now。

Looking at the current environment，Actually, I do feel some chill in winter，But mainly from the outside world: first，is a friend of mine 188bet Live Casino investment community，He feels that the winter of capital has arrived，And it will last a long time，Almost lasts 24 months；Secondly，They are some of my friends who have received angel investment and Series A investment，Some friends’ start-up companies have encountered trouble in financing，Some companies are even facing the challenge of layoffs or attrition。They found me and said，See if Xiaozhu Short-term Rental can accept some of their core employees。So I think maybe the winter of capital has indeed arrived。

Although I have no experience of "overwintering" myself，But as a professional manager，I have faced several ups and downs in this 188bet Live Casino。Today I will briefly share with you some of my past experiences and some of my views on the future。

The Internet bubble occurred around 2000，But since I entered 188bet Live Casino in 2003，So I have never experienced that bubble。

But now I have been in 188bet Live Casino for more than ten years，Look back，The Internet in China in 2000 was actually in a very primitive state，The better developed ones are today’s three major portals BAT。So in the year 2000，The Internet is actually a very immature industry in the entire national economy，There are very few people who pay attention to the Internet in China，The entire industrial structure is very different from what it is now。

below，Let me introduce you to the two 188bet Live Casino “winters” I have experienced:

1.China’s middle class increased in 2008，Enhanced consumption power，188bet Live Casino begins to affect the entire national economy

2008 was a global financial crisis，The industry I was exposed to in Chengdu was not the Internet，It is some traditional manufacturing industry、Energy company、Real estate upstream and downstream industries。Although it is a bit far from the Internet，But the cold winter of capital does have a great impact on the entire market and industry。For example, a friend I know very well is the owner of a private steel factory，In 2008, its annual production capacity was nearly one million tons，Almost two-thirds have stopped；Some coal mines around here、Real estate friends，Business has basically stopped；However, 188bet Live Casino was not greatly affected by the 2008 financial crisis，So when everyone pays attention to the financial crisis，Focus more on some problems that traditional industries encounter in the entire capital chain。

But I personally think that 2008 will have an impact on the future，A 188bet Live Casino important year that affects the present，Why do you say that？

First，In fact, today we see some bubbles in the capital industry，And more capital enters the 188bet Live Casino field，Very closely related to the 2008 financial crisis。Because after 2008，Either from the international market，Still domestic environment，The world starts printing money。Almost all countries are implementing quantitative easing policies，So there is a lot of money in the entire market。

2009，China’s national GDP is growing very fast。The specific example is: my friend’s steel factory，If there were no crazy printing of banknotes，If we remove the production capacity, we may go bankrupt，But actually with the support of the local government，Production capacity expanded to two million tons in 2010，Of course 188bet Live Casino business is very difficult now。

Second，Although the Internet was still a very weak industry in 2008，The entire classified information is still in a state of just contact。But there are already companies lurking in 188bet Live Casino，For example: today’s 58 and market；There are also some websites with videos，The e-commerce industry includes JD.com，It was at a very insidious stage。

Third，2008 to 2009，In addition to the continued rise in GDP，More money，Middle-class household income is indeed increasing，The number of middle class is also increasing。Remember when I went to Chengdu in 2008，There are a lot of cars in Chengdu，But basically cars with around 100,000 cars are mainly used；When I go back in 2012，There are not only more streets in Chengdu，And the quality and brand 188bet Live Casino entire car have been upgraded to a new level。

Generally，After the outbreak 188bet Live Casino global financial crisis in 2008，In fact, China’s GDP is increasing，In addition, the distribution of wealth is also changing，The number of middle class is also increasing rapidly，These changes actually have a profound impact on the pattern and total consumption 188bet Live Casino entire China today。

More families in China have stronger spending power，There are huge opportunities in every segmented 188bet Live Casino，This is also the reason why China’s O2O attracts so many investments。

2.The economic crisis in 2011 caused the secondary market to freeze，Investment strategies in 188bet Live Casino are beginning to be cautious

Economic crisis 188bet Live Casino capital market in 2011，I was working as the vice president at the market，Responsible for Ant short-term rental project。

Actually，2010 to 2011 was a stage of major transition for the 188bet Live Casino，is a stage that affects some existing information and existing services，The 188bet Live Casino is gradually beginning to penetrate into some traditional industries，Gradually the concept of O2O became available，Start to penetrate offline。

Example from an investment perspective，In 2008, an 188bet Live Casino company received US million in Series B and Series C，Actually a very large number。But in 2010 or 2011，Like going to the market、58 These companies can easily obtain investments of tens of millions of dollars in the later stages。

Behind such changes are actually changes in the capital market，The impact of the 188bet Live Casino on the entire national economy has changed。

Around May 2011，188bet Live Casino is a period when Chinese concept stock companies are more intensively listed on Nasdaq，Because the market value is relatively high after listing，The pursuit of Chinese concept stocks is very active。Like potatoes、Youku、Qihu。

But in May 2011，After the listing of Renren.com，Suddenly, subtle changes occurred 188bet Live Casino secondary market，The valuation is suddenly not recognized。The most typical turning event was Xunlei at that time，Two days before Xunlei was about to go public 188bet Live Casino United States in May 2011，Suddenly the underwriter talked to Zou Shenglong，This price may not be affordable，Need to fold in half。Zou Shenglong began to feel that this was the wrong time，Choose not to go public，But after coming back，The company encountered a big problem。

The secondary market is frozen，In a blink of an eye, it affects the investment 188bet Live Casino primary market。Because everyone recognized primary market investment at that time，Mostly it is an emotional recognition，More affected by the secondary market。

For example: Ganji expanded rapidly in 2011，Think that IPO will soon raise more money 188bet Live Casino secondary market。When the secondary market freezes，Many companies don’t know what to do？Go to the market to recruit one or two hundred people a day，Start to freeze all recruitment，Group buying is almost stopped，Many new projects have reduced investment。

2011，I went through this stage，Everyone suddenly turned from full of confidence to panic，This is the first time I feel the impact of the 188bet Live Casino on the entire industry。Some investors are becoming cautious about this market，Even external communication is a warning to all entrepreneurs，Winter will be long，It will be very cold。

The main reason is that many companies have easily obtained money from VC 188bet Live Casino past two to three years，But many funds are expected to invest for three years，But it will basically be completed within one year，And the valuation system has completely deviated from the core of the valuation system a few years ago。Everyone submitted many, many cases，From angel round to A round, they are actually very expensive，Money goes fast，But I don’t know why the money is spent so quickly。Investors suddenly discovered that they had invested in many early-stage companies、Mid-term project，But started to face difficulties when trying to raise Series B and Series C，A lot of pressure。

For example: Another friend of mine who is an investor，He was chatting with me recently，Said he was under great pressure，Invested in many companies，Each company is responsible for how to raise the next round of financing。Because everyone is facing round B financing，Difficult issues in round C，So now the entire investment strategy has become cautious，Don’t do it so extensively，The core of the valuation also hopes to lower it。Investors tend to help the companies they have invested in to do some sorting、combing，Help them solve some problems，Want to slow down，Although they actually have money。Because the entire LP is willing to give money，They still recognize the entire Chinese 188bet Live Casino。

So，The current "winter" and the capital market problems that occurred in 2011，There are essentially differences，There was a problem in the secondary market at that time，Everyone stopped immediately，Moved to early and mid-stage investments。But today is actually different，There is a lot of money in the market，Even much more than in 2011，And everyone’s expectations for China’s 188bet Live Casino market are far from what they were in 2011。

Founder and CEO of Xiaozhu Short-term Rental: Chen Chi

2. 188bet Live Casino under the capital winter of 2015

1. 188bet Live Casino foam, 188bet Live Casino beer

About how to look at the current environment？That is, the 188bet Live Casino winter of 2015，I have two sentences。

First sentence，188bet Live Casino under the capital winter of 2015，Half is a bubble，Half is beer。

If 188bet Live Casino is compared to beer，The beginning of the development of the Internet in 2000，188bet Live Casino has no beer，There is no bubble either，Because of the entire Internet industry，You can count the number of companies with better development on one hand；

188bet Live Casino may be a small bottle of beer in 2008，A little foamy；By 2011, the entire Internet industry will be just a bottle of beer，Half of foam inside；But in 2015，China’s Internet industry has turned into a vat of beer。

This industry is already an industry that is incomparable between 2008 and 2011，The 188bet Live Casino has truly penetrated into many areas of the national economy，Beginning to influence and change many industries，The contribution to GDP has become very obvious。

Also，Why do I think there will be many bubbles in 188bet Live Casino in 2015？

Our company is on Zhichun Road，Next to Zhongguancun Entrepreneurship Street。Actually, I understand it personally，Starting a business is a very personal choice，It is a challenging choice。But if it turns into a bad street，188bet Live Casino is problematic，So there will definitely be a lot of bubbles，And the thickness and height of 188bet Live Casino foam are not small。

But the dramatic increase in the size and influence of the 188bet Live Casino needs no explanation，Currently we see that the 188bet Live Casino is just a stock of information，Do things in existing industries。In fact, there are many subdivided markets and subdivided fields on the 188bet Live Casino，There are many opportunities to build your own brand and category。

2. 188bet Live Casino sea water, 188bet Live Casino fire

Facing today’s capital “cold winter”，The second thing I want to say is: the development of 188bet Live Casino，Half is seawater，Half is flame。

188bet Live Casino ten years ago，Competition between companies，I describe it as maybe an alumni association competition level。

As far as I am concerned: I entered Yahoo at that time from a marketing experience at Bayer in Germany，There were very few 188bet Live Casino talents at that time，Except for some who know technology、Talents who understand products，In fact, the talents who understand products are also transformed from engineers。There are very few talents who understand marketing，So I was quickly promoted from an ordinary regional manager to the director of Yahoo Region。

But in 2012，That’s when I started my business。I suddenly discovered that 188bet Live Casino game has changed，It is no longer a low level competition，But it becomes a very high level competition。

Because we have rich experience in many traditional industries，People with strong abilities are beginning to enter 188bet Live Casino。A particularly large Internet company in the past，Like Baidu、Ali、Tencent has trained a large number of professional talents。The influx of these talents，The intensity and level of competition in 188bet Live Casino have begun to become different from those ten years ago。The way we have done things with ease in the past ten years，In today’s environment, I begin to understand nothing，Can’t do anything，No competitive ability。The complexity of business has become very high，Your competitors have become very strong，The competition in this industry has become a high level，High quality competition。

Just like I was talking to Zhaohui just now，Xiaozhu’s short-term rental is not going well every day，Even if we raise a little money，Don’t worry about food problems 188bet Live Casino “winter”，But I still can’t sleep well every day，worried about many problems。

It seems that starting a business is a very beautiful thing，You don’t have to work for others，You can convince many people to invest a lot of money in you，You can be on some media。In fact, only we know，The competition we face every day is very fierce，The challenge is very big。We need very strong learning ability，188bet Live Casino is very different from ten years ago，188bet Live Casino game is not that fun。

三、Capital "Cold Winter" Part 2，Opportunities and challenges for 188bet Live Casino O2O enterprises

Finally, I want to talk about: Under the "cold winter" of capital，How should 188bet Live Casino O2O companies “survive the winter” rationally，What are the opportunities and challenges we face？

In terms of the current market environment，Although it is the "cold winter" of capital，But 188bet Live Casino O2O companies still have new opportunities，Of course it also comes with new challenges。

The past ten years may be in some fields，Online 188bet Live Casino mainly integrates stock information and stock supply。Especially the merger of Qunar and Ctrip，Having an impact on many people，In fact, the overall situation is not decided，Maybe the change has just begun。

1.Mobile 188bet Live Casino Era，The opportunity lies in creating independent brands and scenes

First, do not rely on traffic and build 188bet Live Casino products.

Under the current market environment，Why is there still a lot of capital willing to enter 188bet Live Casino，There are even many people who are willing to start a business in this industry，In fact, it mainly lies in new opportunities，And a different environment than ten years ago。

five years ago，When I was doing online travel，Everyone is talking about where to buy traffic，Where to convert traffic，The 188bet Live Casino has become an outlet for buying and selling traffic。

A major change in 188bet Live Casino in 2008 is: mobile Internet、Social network has some prototypes，Many companies have begun to establish their own brands and scenarios in many vertical fields。So the development of mobile Internet and the deep penetration of the industry，What are its benefits？

The first is an entrance that does not rely on traffic，You can create your own products。Especially in the era of mobile 188bet Live Casino，Want to truly differentiate from traditional categories，means you have the opportunity to have your own independent brand and scene。You don’t need to develop your own business just to buy traffic；No need to hold the "thigh" of the flow entrance，You will get the opportunity to grow rapidly。And this is something different from five years ago。

Second, opportunities for independent brand and scene creation.

There are great opportunities in every industry，Every industry can be reproduced by the 188bet Live Casino scene，Rebuild service elements，This means that every industry has strong branding opportunities。

In the context of the 188bet Live Casino，Reformed service volume，And be able to create your own brand，Your moat is very deep，Your city walls can be made very high。

Third，The financing environment has undergone great changes，Today’s 188bet Live Casino environment has great potential，From the organizational stage、Series A、Round B to late round C、D round，There are many investors。

188bet Live Casino past, Chinese concept stocks were listed 188bet Live Casino United States，The financing amount is almost 100 million to 200 million，This is the secondary market。China today，1 billion in primary market financing、 billion is not news，But this was impossible ten years ago。Someone helped you introduce investors 188bet Live Casino past，Maybe you’ll see them all in a week；Now if your project is good，Potentially suitable investors，You won’t be able to see each other for a month。

There are many capital and investment institutions in 188bet Live Casino market，The financing environment has greatly improved from ten years ago。Entrepreneurs have many opportunities to contact different investors，There are different opportunities to get financing money，Although the valuation center is going down，But the valuation has moved up a lot compared to ten years ago。

2. 188bet Live Casino "cold winter" of capital, challenges are accompanied by opportunities

Existence of opportunities，means the existence of challenges。Because there is a bright side to things，There is 188bet Live Casino a bad side。

First，The era of categories and scenes，means that stock information and stock supply must be bypassed，Go and find 188bet Live Casino service chains、Opportunities for supply chain reshaping。

This is the different requirements for people I just talked about。A product manager with a technical background in the past，Add a technical partner，An 188bet Live Casino product may be built soon，Find a traffic entrance，And it can be done soon。

Secondly，In today’s real O2O field，Penetration into offline areas，It is a process of re-integrating all the elements，Time required，188bet Live Casino abilities and skills，It’s also not easy。

Another one is the fluctuation of capital market。Although today’s capital market is very good，There is even a lot of money in the market，But 188bet Live Casino will still be affected by the general environment。Especially when you get bigger，In the event of some major financial turmoil，The impact will also be great。

And this is why I am reluctant to call 2008 or 2011 a "cold winter" for capital，Because at that time，The entire 188bet Live Casino is still at a very young stage。

But today everyone is starting a business，The stage of innovation，Many talents are invested in the field of 188bet Live Casino entrepreneurship，When something really goes wrong，This "winter" is really not easy to live through。

Especially 188bet Live Casino past ten years，Although the entire Chinese economy is developing rapidly，There has been a great redistribution of social wealth，The birth of more middle class，Family disposable income has changed a lot，Chinese people’s consumption concept upgrades，A lot of personalized consumption begins to appear，But these phenomena are all based on the debt of the past ten years。

Will the debt of the past ten years turn into a time bomb，Become a variable in the capital market，This is unknown。This is also a big worry for me，Once this bomb explodes，188bet Live Casino companies that rely on equity financing as their main financing method will definitely bear the brunt of the impact。

Finally, it’s a matter of channel traffic。I think there are two sides to 188bet Live Casino matter，Although we can bypass some traditional traffic entrances to acquire users，But the other way around，The skills and methods of acquiring users also require a lot of innovation，188bet Live Casino is also a new challenge。

For example, our Xiaozhu Short-term Rental is exploring shared accommodation，We basically cannot get traffic from traffic channels，Because 188bet Live Casino scene is a new scene，We need to spend a lot of time to get the seeds from the landlord，Seed user，To remove obstacles to transactions，188bet Live Casino is a challenge we face。

Overall: I don’t think 188bet Live Casino winter has been a typical one，Maybe not even too cold，For most businesses，Opportunities far outweigh challenges。Thank you everyone。

*The speaker of this article is Chen Chi，The text content is compiled by Zhihui Travel based on the live recording of the event。Chen Chi，Founder and CEO of Xiaozhu Short-term Rental，Zhihui travel expert author。Entered 188bet Live Casino in 2003，Worked at Yahoo、Qihoo 360、ganji.com，Has very rich experience in Internet operation and management。Established Xiaozhu Short-term Rental in 2012。