Rescue the western terminal: 200 million arrears, only 50 employees are left, seek mergers and acquisitions

Source | Tech Planet

Wen | Xi Rui

Before communicating with the TECH planet, Zeng Bibo, the founder of the wharf, had just opened an hour and a half. At that time, it was almost eleven in the middle of the night.

After 12 years of entrepreneurship, busy at night is the norm for Zeng Bibo. However, the hard work and persistence of ordinary people failed to ease the dilemma of the wharf, as if a large ship sailed in the wrong direction, it will never reach the end.

In the past 12 years, the company has experienced the peak of domestic cross -border e -commerce, and the company has grown rapidly, and the number of employees has doubled a year. But in the past two years, the company has gradually disappeared into the public vision.

If it wasn't for the founder's open letter and the seller of voice, no one would notice that the ship was about to be stranded.

Cross -border e -commerce companies with a stable and profitable cross -border e -commerce company fell from the peak. The Ocean Pier no longer had a stable office venue. There were 200 million yuan seller owed to pay off. Not enough turn.

The wharf was born in 2009, and then Chinese Internet companies have entered a decade of high -speed expansion. It was the golden age of entrepreneurs. The hot money was hot and consumed vigorously. Born in the wharf that was born before 2010, it has not experienced the baptism of the economic cycle. This company and his helm are unclear. When the market is down, what preparations need to be made.

In the past week, the TECH Planet interviewed Zeng Bibo, the founder of the western terminal, and also contacted a number of sellers and company employees to try to answer how the Ocean Pier walked into the dark moment.

Zeng Bibo admitted to the TECH planet that the reason for this situation today is not the continuous losses in the past development, but the impetuous mentality in the capital operation and the wrong judgment of the capital market. He felt that he should go to Hong Kong or the United States in China, instead of seeking listing in China, this strategy affects the turnover of funds.

I owe 200 million payments, the lease of the headquarters, and only 50 employees left, and the company is still profitable every month

A company's office venue and geographical location are one of the feet of the company's development status.

The headquarters of Yangt -Pier is located on the 12th floor of No. 93 Jiangchang Road, Jing'an District, Shanghai. This is the most expensive office building in Shanghai Beigen -New Innovation Park. Few people know that at the peak, the wharf will be rented at 13 floors, but it will be retired soon.

Picture Note: The front desk of the Ocean Wharf, TECH Planet Shooting.

"Previously, this building was in and out of the forest -wharf brand. Their company was the most people in this building." The security guards in the Shibei High -New Park told the TECH planet.

But now, it is no longer a wharf.

The TECH Planet visited on the spot on September 15 that the door of the Ocean Pier was closed, and only two notices were posted. One from the property, which says "due to the long -term arrears of rent, property, and water and electricity bills of the pier, it has been filed a lawsuit, so the place is stopped." In terms of expenses, our company launched the office address migration plan. During the transition, the wharf will adopt remote home office. "

Picture Note: The gate of the Wharf Pier headquarters, Tech Star shot.

Zeng Bibo confirmed the existence of the dispute to the TECH planet, and he acknowledged that the company owed 6 months of rent.

"I think Shibei High -tech should give the foreign terminal lease -free policy because the epidemic in the first half of the year. During the epidemic period, no office was not worked. No one was in the company. The entire building could not be rented. Bibo explained.

The crisis was further exposed to the public, which originated from the open letter released by the Ocean Pier in the public account. The public letter of 5000 words explained in detail how the wharf was in crisis step by step, and hoping that sellers could trust the platform and continue to operate.

In fact, the seller on the western pier platform has long realized the problem.

The phenomenon of container in payment has appeared since the middle of last year. The seller Wang Xing is one of them. Since the middle of last year, the wharf has accumulated 160,000 goods owed to Wang Xing. So far, the money has not been received.

Last year, Yang Pier explained to Wang Xing that because of the epidemic, coupled with the company's preparations for listing, there was adjustment of equity structure, so the capital turnover was difficult. The trust accumulated in the previous cooperation allowed Wang Xing to choose to understand and wait.

But until the end of last year, Wang Xing discovered that he was not an example. Trust was disintegrated a little at this moment.

What followed was the increasingly perfunctory response of customer service. The connected operators resigned one after another, and Wang Xing could no longer get more news from the wharf. In the end, he chose to chase from Germany to Shanghai, hoping to get 160,000 goods.

There are about 1,000 sellers like Wang Xing. This means that an average owe seller owed 200,000 per person. Zeng Bibo revealed to the TECH Planet that as of May this year, the total of 200 million yuan had been in arrears, and more than 30 million yuan of seller shop margin.

Since the beginning of this year, sellers who have lost patience have begun to appear at the headquarters of the Ocean Pier from time to time, and they are becoming more and more frequent. Regarding the arrears of the seller, Zeng Bibo was very clear, "There are no more than 100 in the arrears of 500,000, and there are two sellers in Europe.

Not only the seller, some ocean -pier users also told the TECH Planet that the balance in the Ocean Pier APP has not received the account for more than half a month. There are hundreds of yuan, some tens of thousands.

It was the largest ocean -pier settled in the enterprise, and now it has become the company with the most "headache" for security guards in the park. "Three days and two ends have to go to the 12th floor to maintain order." The security guard complained to the TECH planet. "Every time the police mediate." The size of the employee is also reduced. In September 2020, the 10th anniversary of the founding of the Wharf was established, and the company dropped from 700 to 300 during the peak. Earlier this year, this number hovered to 100, and now there are only about 50 employees.

Not just the number of employees. Affected by the epidemic, from April this year, the wharf has implemented a halved policy. Even though it has been resumed for three months, this policy is still implemented.

The founder Zeng Bibo did not avoid this problem. However, he said that the grass -roots employees who did not discount the grass -roots employees with a monthly income of less than 10,000 yuan. The management was mainly 50 % off, and the director level was discounted.

As the once -popular cross -border e -commerce platform, Ocean Wharf ushered in the dark moment, but Zeng Bibo did not think that the wharf was falling. "50 people are enough to maintain the company's operation." Zeng Bibo told Tech Planet. "We are still operating normally now, and it is profitable every month."

There were seven or eight thousand sellers, and now there are more than 500 sellers who continue to sell goods. Open the Ocean Wharf APP, there are still buyers selling luxury bags in the live broadcast section.

For two consecutive years of profit of 50 million, after the epidemic, financing hundreds of millions, expanding

The wharf is one of the few Internet companies that have eaten epidemic dividends.

In 2019, the wharf has achieved annual profit for the first time. Zeng Bibo said that Yangtfer should be the first domestic cross -border e -commerce platform in China.

When it comes to the two years of 2019 to 2020, Zeng Bibo is still very excited. "At the beginning of 2020, the import was very cool, because the people could not leave the country and could only consume from the platform. The traffic in 2020 was particularly large."

In just 2 years, the transaction volume of Yangtfer Wharf was close to 7 billion and a profit of nearly 50 million. Essence

Prior to this, Yangtfer lost nearly 600 million years in four years.

"Do you say that 6 years have burned 800 million, do you have a lot of money? For e -commerce in China, there is not much at all." Zeng Bibo admitted, "Yang Wharf has burned the platform to profits for so many years. In this industry, we Do it well. "

Zeng Bibo recalled that from 2015 to 2017, it was the most intense 3 years in the industry. When competing with Tmall, JD.com, Koala Sea, and Xiaohongshu, the wharf burned a lot of money. "Competition with Koala is cruel, and they are sold for money and money."

The mixed use of sellers starts from the industry melee.

Zeng Bibo admitted that from 2015 to 2018, the platform lost a lot of money, and it did use the funds of the platform seller. But he did not think that it laid foreshadowing today.

"The platform model has a period of input, which is changing. In the input period, the entire process of brand, traffic, system, infrastructure, and supply chain needs to be invested. After precipitation, it enters the harvest period in 2019." Zeng Bibo explained to the TECH planet explained "The business model can make money back and return the payment of the seller. Most e -commerce companies are losing money all year round. Finally, make money to settle debts and solve historical issues."

In 2016, the Wharf started commercialization by charging commissions from sellers. The proportion of commission charges has also increased from 3%to 8%-10%. This is also the main source of revenue at the current terminal.

In Zeng Bibo's view, as long as the operation is stable, the pier can also become an e -commerce platform that continues to make money by collecting commissions.

"In 2018, the platform system has been developed and perfect, and there is no need to invest in R & D costs in the future. Haitao live broadcast launched in 2019 brings natural traffic and does not need to buy traffic; the company's manpower cost of one year is 50 or 60 million." Bibo calculated the company's cost, "I lie in there to make money, and the platform has entered the harvest period."

In 2020, in less than a year and a half, Yang Wharf received three financing from the capital market, each with a amount of over 100 million yuan. Prior to this, the company had not financed for almost 3 years.

The continuous profit -making oceanine began to actively lay out. In the plan of the 2020s of the Wharf Terminal, the goal of the new retail project is to open 1,000 offline stores in 100 cities within 3 years. In March 2021, Yang Wharf started the official direct business of luxury products, and became a "supplier" from a third -party platform.

The business expanded, and Zeng Bibo wanted to make more money. However, this idea has not become a reality.

Why did the 12 -year "Haitao veteran" go to the edge of the cliff?

Looking back at the past 12 years of entrepreneurship, Zeng Bibo believes that the decision to make the last regret was to choose to go public in the country last year.

"It is indeed my strategic mistake." Zeng Bibo admitted, "We should seek to continue the strategy on the United States or Hong Kong, China."

It has achieved a profit of 50 million for two consecutive years and hundreds of millions of financing. The import dividend brought by the epidemic made Zeng Bibo feel that he became a real "dock brother". He seemed to see a glorious scene that led the team ashore.

"In 2020, we are so smooth that we have a lot of cash in our hands, and it is a bit impetuous." Zeng Bibo told the TECH planet. "Payon is not as solid as us, such high efficiency, and the business model sweeps the world. We retail trade more. Both Weibo and Chongqing City Government came to me. Coupled with the listing of Siku in the U.S. stocks, the market value performance is not good. "In September 2020, when facing the media's view of listing, Zeng Bibo was still restraining his own views on his own viewing. Looking forward, "the capital market is icing on the cake, the water is successful, and it is not anxious. Investors are urgent, and there is an inherent law on the market."

However, in less than half a year, the Wharf started the listing plan to prepare to impact the GEM. Although Zeng Bibo had long foreseen the potential cost in the listing process, he decided to fight hard.

Zeng Bibo wanted to go public overseas from the beginning, but missed the golden age of cross -border e -commerce, and he could only choose to return to China to go public. This has caused it to take a large price to demolish the structure, that is, demolish the VIE architecture.

Starting from the decision to demolish the structure of the red, the Wharf has taken a series of actions. The most important thing is that Yangtfacked funds to the third -party platform. "At that time, we will put a lot of funds in the payment settlement system of third -party custody to support the normal settlement of overseas sellers, so the funds are consumed relatively hard." Zeng Bibo told Tech planet.

On the other hand, a major shareholder decided to withdraw last year and became the heavy head for the consumption of funds from the wharf. "Because this shareholder is unwilling to hold a shareholding in China or is unwilling to list in China, we have retired by 100 million."

Zeng Bibo recalled that it took about 150 million yuan to demolish the reddish chief structure, coupled with withdrawal of shares, repayment of bank loans, etc. In order to list, the wharf was nearly 300 million. But he believes that as long as he can be successfully listed, all this is within his tolerance.

Until the epidemic in 2022, Zeng Bibo's plan was completely disrupted.

"Our judgment of the market in 2020 is still very optimistic. Starting from the second half of 2021, the situation of this market is completely wrong." Zeng Bibo analyzed. "In 2021, the entire Douyin ecology rose, domestic brands began, and users gradually became users. Do not buy international brands. In a year, imports are no longer popular, and exports are very hot. In addition, the sea epidemic is completely exceeded our expectations. "

The epidemic in 2022 has impact from the supply chain, logistics to consumer demand.

At the supply chain, the international direct mail that has been adopted by the wharf has always built overseas warehouses overseas. During the epidemic, the number of flights for direct mail orders dropped sharply. Zeng Bibo recalled that there were more than 40 flights in the previous week to send orders to the country. Now there are only 2 to 3 flights a week, and there is no goods every week to send back to China.

The western terminal has been clearing up at the airport, but imported materials should cooperate with epidemic prevention. The performance speed of the entire order is particularly poor, and a large number of consumers have canceled orders. On the user side, nearly 30%-40%of the Ocean Wharfs came from Shanghai, but in the first half of this year, Shanghai users were basically no longer Haitao.

"Looking at it now, the steps of last year were too big. We were originally a good momentum in 2020. In 2021, we can harvest the industry and become the most important strategic partner of Douyin. "Douyin go", Zeng Bibo reflected.

"Logically speaking, the judgment of choosing listing at that time was based, but now it is still not cautious, and the judgment of market risks is still naive." Zeng Bibo admitted.

Listing has become an impossible goal. The ocean pier that has not been "ashore" has not ushered in the cheers when the bell is knocked, but the seller who loses patience.

Seeking mergers and acquisitions, where does the wharf "go as shore"?

On August 31, Zeng Bibo held a seller meeting. The current status of the ocean terminal was fully entrusted to the wharf for 90 minutes, and he proposed to solve the problem of historical payment through the way of "debt -to -equity swaps".

Half a month later, there were not many sellers looking for "debt -to -equity swaps" at the wharf. "Most of them are watching, and the seller is also watching where our next actions are and the progress of financing." Zeng Bibo told Tech Planet.

In fact, sellers who have no hope of Western Pier do not recognize this plan. "We just want to get back their own money." The seller told Tech the planet. "It has become a shareholder, then other sellers are looking for me to pay."

Although Zeng Bibo blame himself to believe in capital too much, at present, only capital can save foreign wharfs.

M & A may now be the most practical solution for Zeng Bibo. "Incorporate our assets, brands, business, and resources into a larger platform system, and then clear the debt, I think this may be more realistic." Zeng Bibo told the TECH planet. The operating seller gets orderly funds to settle in order to obtain more space for capital operation and solve historical problems. "

Whether it is a seller's meeting or facing the media, Zeng Bibo revealed that four or five institutions are currently connected, including Internet e -commerce giants, state -owned enterprises and traditional international trading companies.

In fact, since 2015, the wharf has wanted to return to the giant name. JD, Ali, and Pinduoduo are all the objects of lobbying, but the giants have not interested in the wharf.

In Zeng Bibo's view, overseas buyers and sellers are the best weights for the Ocean Pier now. The one -year -old payment is arrears, and the trust of the seller has almost exhausted.

"If we are willing to communicate positively from the beginning of the wharf, I will continue to sell goods on the wharf afterwards, because the platform is really good, otherwise it will not do so many years," Wang Xing admitted to the Tech Planet. But even if you can get the payment now, Wang Xing may not consider cooperating with the wharf in the future.

The seller on the wharf is not only operated on one platform. For them, losing the wharf is part of the income. For foreign pier, sellers are the most valuable resources of the platform. In the future, it is unknown how many sellers can condense.

"As long as I give me half a year to a year, I can pay back all the money." Zeng Bibo is still confident in the western terminal. "Now our business is recovering and is generating profits. We are interested. After all, Ocean Pier has accumulated brand systems, supply chain resources, and more than 30 million users. "

Zeng Bibo estimated that last year, the valuation of the Yangt -Pier of the Yangtze Railway exceeded 4 billion, and its personal plus the team accounted for 20%and 30%of the shares.

In Zeng Bibo's eyes, 200 million yuan of payment is not a large number that cannot be solved, and the current crisis is not unsolved. As a 12 -year Haitao "veteran", the wharf has only encountered difficulties for the time being. The dock will not fall. "

(Remarks: Wang Xing in the text is the name of the name.)

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