Interview | Fast Dog CFO and his "first stock in the same city"

Source | Bohufn

Author | Medicine Pills

On June 24, 2022, fast dogs took a taxi and rushed to the Hong Kong Stock Exchange, becoming the "first stock in the same city", and the scenery was unlimited. But in two weeks, the name of this "first freight in the same city" did not perform a good performance for fast dogs to take a taxi in the secondary market.

(Picture source: Network)

For a while, many articles came out and expressed their own views on the stock price of fast dog taxi. The core point was the continuous loss: 4 years of cumulative losses exceeded 2.7 billion.

In this regard, Kuang Dog Taxi CFO Hu Gang told Bohu Finance that this is more because of the influence of the environment, and the fast dog taxi "takes a little time".

Hu Gang, 47 years old, joined the fast dog taxi in April 2021. He is the leader of the fast dog taxi. The resume shows that he has served as an accountant, financial officer, CFO and other positions in many companies such as China Aviation Technology Import and Export Corporation, Langxun China, DuPont China, Federal Express, Yisai Sunshine (Yisai Sunshine Image Hospital Group) and other companies. I have experience in the first- and secondary capital markets.

So, how will Kuyou taxi CFO answer, why does the fast dog take a taxi to go public at this bad time point? When will the profitability of the industry come for the "cargo cargo" that has been losing years?

CFO and his "first stock in the same city"

Bohu Finance: You took a taxi that you joined in April last year. Why did you choose to add fast dogs to take a taxi?

Hu Gang: As before entering other companies, I did a lot of homework before I took a taxi. I have used the driver of fast dogs many times, and I have communicated with the driver of the fast dog. Observed that their service life to the company was very long, and the communication with the driver could know that the driver was very satisfied and loyalty was very good.

I also searched a lot of information about the company on the Internet. Compared with competitors, the company's negative news is particularly small, and there are almost no other controversy except the name. Of course, I also saw the company size, which is different from the industry's first place. As a capital practitioner, I checked the fast dog taxi and this racing financing background at the time. I found that it was actually compared with his competition. The fast dog taxi was eaten on capital supply.

From the perspective of a CFO, in the case of weaker capital supply, the reputation of customers and drivers can also be obtained by the weaker than competition-the most critical elements that constitute the quality of the product. Some aspects are very prominent, this should be a good opportunity. After entering the company's in -depth understanding, I confirmed my prediction.

Bohu Finance: In July last year, you were appointed as a director. Why did you suddenly make such adjustments? Because I noticed that Fast Dog's taxi was submitted to the listing application the next month.

Hu Gang: At that time, the fast dog taxi was ready to go public. In the process of listing, unique directors were selected, which was related to the entire compliance structure. Therefore, the two of the CEO of Mainland Miner He Song were selected as executive directors.

Bohu Finance: You have done financial work in DuPont China, Federal Express China, etc., and have rich experience in finance. What is the difference between responsible for the financial and responsible company's IPO? What challenges will you meet?

Hu Gang: I am honored to serve the leading companies in industries such as DuPont and Federal Express. The biggest harvest is the correct value -oriented and strategic planning and business measurement throughout the model. This benefits for life. Of course, they are also listed companies, and China also needs to do a lot of compliance work, especially audit and financial reporting. This is the same as the current listing rules.

Objectively speaking, the company's overall capital market and financial internal management are very different. The former needs to have a strong coordination and control of collaborative institutions such as brokers, lawyers, and auditors. Take the company as a product, do a good job of promoting investment society and compete with all listed companies. These felt very strong when I entered overseas and domestic capital markets in 2007. However, the latter is also very important. How to assist the management after obtaining capital to achieve the goal is also the foundation for the company to go on the capital market for a long time.

Bohu Finance: On June 24th, fast dogs took a taxi to go public, becoming the "first stock in the same city". In fact, there are many choices for listing, such as cargo, it first applied for listing in the United States, and then turned to Hong Kong. Why did the fast dog take Hong Kong in the end?

Hu Gang: Our company's brand in Hong Kong is called GOGOX. It is one of the two major entrepreneurial companies in Hong Kong. It is very well -known. Among the Hong Kong friends I know, I almost used our GOGOX, and the reputation is very good. Therefore, compared with the United States, we have a visible and touching thing in Hong Kong. It is important to be a capital market as a capital market. It is a great advantage.

In addition, our compliance and outstanding advantages are prominent, which is why we choose Hong Kong. There are many reasons for the successful listing, but the company's value -oriented strategy has always been, and the good reputation of customers and drivers is the key factor.

Bohu Finance: I saw a statistics from Deloitte, saying that before June 22, all 24 new shares were listed in Hong Kong Fair, with a financing of about 17.8 billion Hong Kong dollars. Compared with the same period of 2021, the number of new shares fell 48%, and the total financing volume shrinks by 92%. The view on the market believes that this year is not a good time for listing. Why does Kuchou take a taxi to go public? Hu Gang: Yes. In fact, when I came in April last year, the market was okay, but in the future, the market began to worse and worse. No one was expected in advance.

After the launch of the listing, there are indeed many companies with Withdraw (withdrawal listing) and Suspence (suspended listing), but the best case is to finish it. Because the lawyers' fees and intermediary audit fees, including investment banks, are actually very high. If you keep dragging, the burden on the enterprise is still very heavy.

In addition, if the listing is not done, there will be various voices in the market, and it will also be a huge consumption of confidence in all stakeholders. Of course, when the capital market is weak, the challenge is greater, but it is an excellent time to transcending opponents and showing compliance. In addition, companies focus on micro operations, and the market is not good. We get the bit of the point we need. This market capacity is still available in Hong Kong stock markets in 2008.

B -side business and its drivers

Bohu Finance: We often see that the promotional words on fast dog taxis are "pulling goods, moving, and transportation". In the hearts of the public, fast dog taxi is a company that is moving and transported, but fast dog taxis mainly takes taxis. The income is from large, medium -sized enterprises from B -end. Can the difference between the company's B -end and C -end can be explained?

Hu Gang: The C -end of the freight industry is very low -frequency. Most of us are still B -end. B -end is divided into two pieces, one is called instant car ("platform service"), and the other is called a planned car ("enterprise service").

The planned car is generally a large -scale business user. Its characteristics are generally called "three fixed". Fixed time, fixed route, and fixed models are generally signed in advance to the opening contract and then the monthly end. There are a lot of demand, but its entry threshold is relatively high.

We know that in Mainland China, such as IKEA and Home, they have a very strong demand for this logistics. They said that if any company can do all their delivery and installation, they are willing to find this way like this. supplier's. But in mainland China, no company can meet this requirement.

But outside the mainland, we like the Hong Kong Post Office and IKEA home, which are our customers, and can do it from a technical perspective.

In addition, the car is used in real time, although it is also a B -end, but we often call "Little B". For example, a typical customer portrait, an intermediate wholesaler, after the business is big, he bought two cars and then with a driver to ensure the delivery of the peak, which is more reliable and stable. But the disadvantage is that the utilization rate is very low, and sometimes it may be sent once every few days.

Then our "ride -hailing" not only provides reliability, but also improves the utilization rate of the vehicle. In this way, it can balance the cost and effect. In this case, can he count a account, buy a car and hire a driver, or use an online car?

(Screenshot of the prospectus)

Bohu Finance: I see that Taobao China and Cainiao under Alibaba are important shareholders of fast dog taxis. Have other cooperation except financial exchanges? In what direction will the two sides develop in the future?

Hu Gang: Yes, we have business exchanges in Cainiao's logistics. I think that after the fast dog taxi is listed, we also have a lot of opportunities to cooperate with Ali and cooperate with partners.

Bohu Finance: This time, the fast dog taxi was listed, and three drivers came to the scene to knock on the bell. The company has mentioned the transformation of part -time drivers to "high -quality drivers". What does this "high -quality driver" mean? How does this company plan?

Hu Gang: It is difficult to maintain customer stickiness for a long time in the freight field. Customer stickiness comes more from long -term high -quality and reliable services. The capacity of transportation is to create a reliable service and lock our market later. This is our long -term concept.

This is the concept from the beginning of the company. If you refer to the public information of the Internet, especially in the industry competition, you will have a deep understanding.

Bohu Finance: What is the current proportion of these three types of drivers? How about transformation?

Hu Gang: Transformation and proportion involving specific numbers, I can only say that we are walking according to the plan.

They are all losses in the same city. Where are the opportunities?

Bohu Finance: This time the fast dog taxi is listed, including Chery and Guangfa these cornerstone investors, we can see that the institution is still more promising, but from the two weeks since the fast dog taxi listing, the performance is not ideal. You are not ideal. You are not ideal. What do you think?

Hu Gang: Objectively speaking, the entire general trend is not strong this year. Too many companies broke after listing. I want to say that the secondary market is often a buyer and seller to look at the mentality of all aspects.

From our perspective, industry investors have proved the product quality of our company and their status in the industry. Those secondary markets, I think it takes a little time. Later the capital market will gradually understand the company's value, and the stock price will tend to be rational.

Bohu Finance: But there are many articles on the Internet that the fast dog taxi itself does not get rid of losses, that is, if this is a factor that affects the stock price, where is the future loss point? Hu Gang: This question is good. Let's talk about the loss of fast dog taxi. It is not just a fast dog taxi. It is a loss of the entire industry. We have not seen other online truck platform profitability. This is the current situation of the industry.

For future profit points, I am based on these points.

First, why lose money. Originally, the loss was because it was necessary to open the market with subsidies, but finally evolved to squeeze competitors with subsidies.

An example I often give up is that when I went to the market to raise the Internet on behalf of a medical company four years ago, I asked me how much money me was merged. I said how much money I used in the next three or five years. Essence He said, why don't you fade ten times and twenty times? I said what I want so much money. If I put it on the account, it becomes a bank deposit, and the interest is very low. He said that our logic is that as long as I put all the money in the market in the market, I will merge all the money in this industry, and then let the second place have no money to merge, kill the other party directly, and after controlling the market, I get a super pricing power. Essence There will be huge profits in the future.

Although I have been in the capital market for more than ten years, at the time I heard it for a long time, and it was quite impactful to me.

We look back at the market now, and many platform companies create a high capital valuation according to this logic. However, it was later discovered that after the industry's unicorn, the original financial investment assumption and logic were different from the imagination. Although he has gained a super market position, when he wanted to pull this price up, he found that the user did not recognize it. If he found that the taxi was expensive, he might rather drive himself and even take a bus. Therefore, there must be a super pricing power, especially in industries with strong alternatives, such as logistics fields.

Second, once a monopoly is formed, it will face the control of the country. It is very interesting that the entire Internet industry. At present, investors are not worried about the low commission rate, but they are worried that the commission rate is too high. Regardless of the workers, some platforms just charge too high commission rates with some downstream merchants, and they directly rebound. Therefore, the market must have its boundary.

In this case, we can ask a question: Which investment institution is willing to use real gold and silver to smash this company to use subsidies to control the market? I know many TMT investment institutions are shrinking, and even many funds cut off the TMT department. If there is no capital to make this subsidy behind, then at this time, it will usher in the profit period of this industry.

Another thing to say is that we did not participate in the subsidy war at that time, but we put capital in the deeper planning car market for the development of the moat overseas. When the subsidy war was particularly powerful, we also achieved a single month's profit. So after this subsidy tide, we may be more prominent in profit.

Bohu Finance: The company mentioned that it will continue to lose money in the next three years. Is there any expectations for the company's profit? From a financial perspective, what are the key points?

Hu Gang: The expectations of profitability are also combined with the previous one. Not only from the perspective of finance, but also the entire industry, but also to jump out of physical operations. From the perspective of capital supply, it will be clearer. The single -month profit at the most intense stage in the past proves our efficiency and cost control capabilities.

Bohu Finance: CFO as a fast dog, will you pay attention to those things?

Hu Gang: It will pay more attention to the company's continuous performance and the capital market interaction: the essence of our company's business, including our true value, and let more investors understand. Fast dog taxi is not a company that gets so -called growth by subsidies. Make the capital market clearer the industry, grasp the company, and the company will use capital to complete the goal more efficiently; and then effectively combine the function of the excellent resource allocation of the capital market with the company's excellent industry reputation to create workers, customers, companies, companies, companies, companies, companies, companies , Organic win -win situation for shareholders, suppliers, and employees.

Now the torrent of this industry is still going forward. We do n’t need to worry about conclusions. More often, what we need is to provide various materials to investment society, and the supply of this excellent enterprise and capital market continues to continue to carry out on both sides. get through.

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