Ruixing breaks, the unicorn burned by huge capital can not escape the "loss" magic spell?

On May 23, the fourth trading day of its landing in U.S. stocks, Ruisheng coffee fell below its offering price of $17. As of May 24, the closing price of American shares, although Rising Coffee shares rose 7.05%, but still below the issue price.




Ruixing, which is listed at the speed of light, is always facing the trial of the capital market.




On May 22, at the theme Salon of "New Species of Commerce: the Second Half of Subversion of Common Sense" held by CITIC. com, Liu Shaoqiang, Executive Director of Dayu Capital, Shen Yijun, Director of Huaying Capital Investment and Zhang Yeqiu, Vice President of Zhonghai Investment, discussed and judged the logic of investment, the way of development, the future trend and the subversion of the traditional mode of business.




Ruixing, which broke out on the 4th day of listing, where will it go in the future? What do investors think of Ruixing's controversial taste, high valuation and huge losses? Under the background of consumption upgrading, the cost "downgrade" led by "new species" such as Ruixing reflects what kind of project screening logic investors have? What is the expectation of the management behind the unicorn, which is matured by huge amount of capital?




In 2019, commercial "new species" gradually emerged in all walks of life. What kind of changes and subversions will sweep through? All this is worth looking forward to.




"Unpleasant" Lucky




"It's not good to drink. It doesn't taste like coffee at all." The questioning of poor taste accompanied Rachel all the way to Nasdaq.




Liu Shaoqiang, executive director of Ruisheng Coffee's largest and earliest institutional investor, Daiyu Capital, responded positively that this is a normal thing because the Chinese taste of coffee has been defined by Starbucks in the past two decades.




"In fact, Rachel has upgraded coffee beans once." Liu Shaoqiang said, "The coffee beans used by Ruisheng are the same as Starbucks, and they are also mixed beans. Rachel baked the coffee beans deeper to make them more fragrant. When we take into account the mixing ratio of coffee beans, the quality of Ruisheng's coffee beans is definitely not inferior to that of Starbucks.




However, the most popular taste is not the primary condition for the current coffee brand to stand out. Brand premium ability has become the core of investors'attention in the field of large consumption.




"Starbucks is a retail service brand, brand premium itself is not only good to drink, it has a complete process of service experience. It's like Starbucks earns money for the third space experience. Shen Yijun, director of Huaying Capital Investment, pointed out.




"In the coffee market, in fact, only one head brand has made a lot of money, that is Starbucks. Neither two nor three or four of them make money. Why is this market structure? We trace back to history and find that first, because coffee itself is an imported product, its American counterparts have given it a lot of time to develop first; second, the latter all follow the same business model, but the mental resources and location resources are occupied by the forerunners. This is a market structure in the past. He said.


0.webp (2).jpg


However, is it possible to break this market structure? How to break it?




"From the past business exploration and market structure research, we can see that the past cost structure has been unable to go. We don't know if we can succeed in the future. But at present, only by using this method to break the business strategy of the past, can it be possible to run smoothly.




At the same time, "Ruixin seized the blank market position of `20 yuan coffee', so it can enjoy the dividend period of the market. The functionality and addiction of coffee also means that coffee is a rigid demand to some extent, which is the dividend of coffee. Zhang Yeqiu, Vice President of Zhonghai Investment, mentioned it.




"The PK of Ruixing and Starbucks is more like the"dimensionality reduction attack"of Internet thinking on traditional thinking. In an interview with China Investment Network, investors in a retail sector said so.




According to Reuters analysis in March 2019, in the US capital market, although Richter's size is much worse than that of Starbucks, both Starbucks and Richter are good targets for investment.




"This provides a certain imagination space for the valuation of Richter and the profit of investors. But after all, there are two different models, and Starbucks'current maturity does not support price reduction. Investors in the retail sector said, "As a company with huge sums in hand, Richard is challenging Starbucks in the U.S. capital market. We don't know what the outcome will be."


发表评论