Zhejiang F4: Psychedelic GardenHongding venture capital people are not hoodwinked Liu grassroots 'LP' only the pretext. Since the second half of 2008, Nike Air Jordan 7 several Internet companies from time to time in the name of Liu population. Total combined, Chang Xiang, Tian Chang et al., Liu people describe them since there were not forthcoming, hot. Total combined net Intohotel net the past two years the company Zhejiang new rising star, the founder of the same team: Guo Yu, Lin Dong, Zhou Xiao, Xu Hanjie. They also have a nickname 'Zhejiang F4'. July 9, 2008, Hangzhou City Government has specially created a catty heavy gold medal, said: '! Total combined net Cheong NIKE KD 6 NSW Cheung network whoever IPO, put this gold medal to whom' in Zhejiang commercial district, which is considered to be following the Ali Baba, Netsun most promising Internet companies in Zhejiang. Total combined, Chang Liu Xiang, people have anything to do with the money on it? As mentioned above, Guo Yu flatly denied. In mid-June 2009, 'Entrepreneur' interview, Guo Yu, Lin Dong, Zhou, and a dozen co-co, Intohotel former employee, Zhejiang local entrepreneurs, investors, academics, trying to find the answers. We see the 'Liu' case the other side of the coin: Liu people may simply use common together, Intohotel fame to raise funds, but the two great fame star company, its business model is not perfect in reality be verified, they received funding Softbank, CDH, KPCB and other famous venture capital institutions, but in fact, a total of close, Intohotel crisis situation is? now. Insiders said that since its inception, F4 behavior also sell shares to domestic Zhejiang. 'They are higher than Liu Ming people. They also are a way to sell the shares held on behalf of, but they have their own project, the business model can invent dazzling, hype, the big scene, attracting big investors. This successful . 'F4 who combined network consists of a total of Guo Yu, Lin Dong, Zhou Xiao, Xu Hanjie co-founded in 2006, it is a non-competitive alliance as the core concept of advertising platform company. Four are directors, including the chairman Guo Yu, Zhou as CEO. Intohotel network was established in 2007, the original idea came from Zhou, mainly financed created by Lin, is a business-oriented, the government's travel management services company (Articles 2008 three had 'Intohotel network to high fly? 'reported the company). Quite closely between the F4 members. Lam Dong, Guo Yu, Xu Hanjie three of Hangzhou Normal University alumni. Lin and Guo are to Melbourne La Trobe University in Australia have studied, Zhou Yu Guo Peng years? Friends. Before starting Cooperation 2006, F4 have entrepreneurial successes. Lin created to beef jerky as the main products of Hangzhou Green Shing Food Co., Ltd. in 1996. According to its self-proclaimed, 2008 Green Shing income has more than 1 billion yuan. Guo Yu 1999 Investment chess casual website winger in Hangzhou, 2004 grand winger was acquisitions. Guo subsequently founded Tianchang network, development of 3D online games, 'Great Tang Fengyun.' By the end of 2005, Guo Yu, Lin had a 'beef jerky + online' marketing activities, access to the media a good thing. Xuhan Jie Yuan founded in 2002, Thailand had a pawnshop and mobile games company DREAM entertainment. In 2005, Yuantai pawn was acquired by the Red Eagle Group. 2006 DREAM Entertainment was acquired by UK mobile value-added services MonsterMob. Xu is currently in Zhejiang Zheshang Venture Partners Venture Capital Incorporated. Nike Hyperdunk 2013 Finally, a member of F4 of Zhou in 2004 he founded the China tie network. In F4 combination, Lam Dong and Guo Yu is the business model of the creative staff, Xu Hanjie capital operation master, Zhou advantage of creativity and execution. This is a completely different combination Cheap Nike Free Outlet of traditional Zhejiang body. They grow up with the new Internet economy and health, good Nike LeBron ST II at creating new models? Style. Total combined network in May 2007, Softbank, CDH and JAFCO Asia jointly accumulated $ 30 million of investment twice in February 2008. Intohotel network is obtained in May 2008 KPCB, and Qing dynasties $ 30 million investment. In addition to well-known venture capital, the local government to actively support both companies. In June 2008, the Hangzhou government Intohotel net gain Nike Barkley Posite Max of 6 million yuan venture capital guidance funds. The birth of a black hole total combined innovative network Nike Air Jordan 6 Women from the 'beef jerky + online' cooperation by the end of 2005, Guo Yu, Lin accordingly proposed R \u0026 amp; V concept that Reality and Virtuality (virtual reality). Its main contents are the resource market is divided into two kinds of real and virtual, as long as integration is good, you can create new value. Total combined network has three main businesses, namely fashion circles new media advertising platform, media advertising and advertising credit replacement. Press the total combined network CEO Xiao argument were combined network 'in pursuit of a economic imagination.' He will total combined net is defined as 'Super Focus Media Nike Air Max Alibaba mode' that a media resource trading platform. 'Fashion circles new media advertising platform,' not a place to place media machine elevators, offices and apartments, but the coffee shop, bar, bath, bar and other consumer entertainment. The typical approach is to charge one million per year combined total network to the merchant, the merchant's shop put a media machine, the upper part of the LCD screen, the lower is the exhibition stands, the LCD screen can be played no competitive relationship within one kilometer of the surrounding businesses The other 10 businesses advertising, display rack you can place promotional flyer coupon card. Similarly, the business of advertising and promotional material will also appear on other business media machine. In addition to the exchange of advertising, the rest will be a total combined net advertising rates. This looks beautiful model has a birth defect. 'The elevator is a closed space, there is no interference information, so advertising works well. Entertainment information is very rich, the audience rarely focus on advertising, the effect is very obvious. Advertisers do not recognize a total combined net advertising platform, 10,000 per year cost element rarely close up, 'a total combined net employee Zhang Yan said,' Even if there are businesses willing to pay for, but also there are many discount coupons, vouchers such non-cash promotional coupon card, not much value . 'July 2008, Guo Yu said foreign network has a total of more than 15,000 outlets together, but this number is not small water. According to Zhang Yan said that Shanghai is the focus of a total combined network expansion. In early 2008 during the peak period, there are hundreds of sales, plans to lay 3,000 outlets, but soon stopped expanding, mainly 'a total combined net capital can not keep up,' and there are a lot of management problems, lost a lot of the media machine 'Shanghai throw light on the loss of hundreds of thousands of machines.' In fact, starting in July 2008, Zhou amended the previous statement, total combined net 'is not divided, but the advertising industry's Ali Baba.' June 15, 2009, Guo Yu for 'Entrepreneur' said, 'advertising credit is not our main business of the original, and now we want to do this big business, might do very big.' The so-called advertising credit, the pattern looks Also wonderful. For example, an advertising company needs to acquire the right to operate a newspaper of the car layout, but needs 10 million yuan cost, and advertising company only 400 million yuan. Netcom had a total combined assessment that can provide $ 6 million credit guarantee, the bank can lend, the media resources are used as collateral. Operating income, advertising companies and co proportional sharing together the two parties. If the advertising company mismanagement, Nike Zoom Soldier VIII total combined net can recover this media resources, equivalent to the cost at 600 million in exchange for 10 million yuan of resources, self-employed, or can be resold. July 2007, Guo Yu has announced that 'waiting in line ad advertising credit companies have more than 120.' If this mode is feasible, why two years later, it has not become the main co-together network? Industry? July 2008, said Guo Yu had outside were combined net quarterly revenue has exceeded 30 million yuan, but in June 2009 Guo on the 'entrepreneurs,' said the full-year 2008 revenue of 55 million yuan, profits 8,000,000 yuan. Even in the second half of 2008 the economic environment deteriorates, income fell, but a quarter of revenue between 30 million yuan annual income of 55 million yuan and can not help but drop too much. The CEO Zhou on the 'entrepreneurs,' said the full-year 2008 total combined net revenue of more than 1 million, profit of 40 million yuan. This argument Guo Yu stray farther. 'Total combined network is the product of obsessive business model innovation.' A long-term concern of scholars said Zhejiang ecology. June 16, 2009, 'Entrepreneur' reporter New Basketball Shoes Womens Nike LeBron X went to the headquarters in Hangzhou, close network co-located on the edge of the Grand Canal, 'a total co-Villa', found deserted doors, cartons, boxes randomly placed next to the front desk. One employee told us that a total combined network is moving, here and now, more than 20 existing employees, more than 100 last year? People. 'Perfect' mode before the total co-founder of the network, Lin Dong has been doing traditional industries. Total combined network was established, the forest east only as a director, is not involved in management, but another idea he was impressed Xiao: to provide travel management services. In early 2007, Lin Dong create Intohotel network, a joint venture by including Hangzhou Regal Hotels chairman Shao Xiaofeng, jointly invested 10 million yuan. Intohotel network business model is: employee business travel tickets, hotel reservations referred Intohotel care, employees can simply notify Intohotel network travel time and accommodation requirements, all the Intohotel network arrangement, employees do not need to pay in advance , signing can be. Cheong Cheung by the enterprise network on a monthly basis, net income from Intohotel Rate and sale of the hotel for the price difference between the commission and services business. The key to this business model is that cash flow and clearing the way. Initially Intohotel network design model is that corporate customers to build a collection account at the Bank, through bank credit, open account to Nike SB Dunk Low Intohotel network. As long as their employees use Intohotel service, Chang Xiang network which can be deducted directly from the corresponding costs, by the end of the two parties reconciled settlement. Intohotel the hotel there is a settlement of accounts, in the process, Intohotel fees paid by enterprises can have dozens of days. 'This is a perfect model, but lost in the clever, all the links are beneficial for Intohotel, as long as one part of problem, it will collapse.' A former executive Intohotel network Song Ho said. Clearly, businesses can not open their accounts to Intohotel, hotel for such small companies are more willing to take the form of cash junction. It has been suggested Lam Dong will be paid by way of adjustment Intohotel network to advance the hotel for business, at the end again with bills, invoices and business settlement. Lin Dong adopted this proposal. He believed that when Intohotel bigger, after credit enhancement, companies will accept the way of an advance fee, and the hotel would agree to an account of Intohotel. 'If it is underwritten, this model with the toes think that this is not acceptable.' Song Ho said. Loaning is a double-edged sword, enterprises are not required to pay, no account of the hotel, is indeed very attractive, but for Intohotel network itself, this is a dangerous practice. If these funds are not timely recovery of advances, accounts receivable may become bad loans. In fact, in July 2007, the beginning of the implementation of this measure, a sharp increase in the number of accounts receivable should Intohotel network. Who has been working in Intohotel network Yue Tao senior staff revealed that in August 2007 the receivables more than 100 million, for the time Intohotel network, this is a very serious problem. By the end of 2007, its receivables up to 500 million, capital Nike Barkley Posite Max chain on the brink of rupture. March 2008, Intohotel network cooperation with ICBC Zhejiang Province, launched a joint credit card, that is, from businesses or individuals to advance travel expenses by credit, then the bank settlement, not underwritten by the Intohotel. As a result, the service Ctrip Intohotel provided is not much difference, but Intohotel contracted hotels both in the number of customer service professionals are far less extent Ctrip. If you are using Intohotel service, invoices must Intohotel companies every month and Intohotel reconciliation, very troublesome, and often not on the situation, many companies do not wish, after using a smooth use Xiang served. According to Yue Tao and another near the middle left Intohotel Li Qing confirm that there Intohotel orders per day, but a few dozen, the total amount of only tens of thousands only, 'It is said Lin Dong and 邵晓东 they each took out $ 1.3 million, plus upfront investment also left some money, struggling to support. 'Yue Tao said. Dig a hole to the capital of Lam Dong and Guo Yu card has 10 or more titles, in addition to the enterprise's founder, chairman, there are numerous social functions. Lam Dong is a member of the CPPCC Zhejiang province and Hangzhou, the city People's Congress, vice chairman of the Hangzhou Youth, Zhejiang Youth Entrepreneur Association executive director. Guo Yu is a member of the CPPCC Hangzhou, Zhejiang Youth Federation, Hangzhou Youth Committee, Hangzhou Youth Entrepreneur Association vice? Long. F4 except by the media, government support, capital also play an important role to help push. For a total combined net Cheong Cheung network are quite understand Tao Yue said, 'the economic situation is very good in 2006, made a total combined net R \u0026 amp; V mode after a lot of investors take the initiative to seek them out in February 2007, the investment agreement. basically finalized, claims to have $ 10 million. In fact, the first of only $ 1.5 million, but the total combined net out a big ceremony. Intohotel network also. in June 2008, KPCB and Zero2IPO $ 30 million, the first phase of only $ 5 million, in fact, the latter part of the funds is not in place. 'November 2007, a salesman Intohotel networks to market their services to PwC, a PricewaterhouseCoopers high In the process of understanding Intohotel pipe network has been in contact with the forest in the East, by the Air Jordan Outlet people, Lin Dong understanding of the 'Forbes' reporter. January 7, 2008, 'Forbes' Asian version to the reported length 3 Intohotel network, the title is listed in the cover of the magazine. Since then, Lin Dong in many domestic media pen became 'Ma after the second topped the' Forbes 'cover Zhejiang entrepreneurs,' Chang Xiang has become lead to a 'travel revolution,' the innovative company. In fact, the situation was far from Chang Xiang so good reports. December 2007, Intohotel laid off hundreds of employees, emotional or even dismissed employees in the company to pull the banner splashed gasoline. Lin was not easy to get things calm down. But almost no cash on Intohotel account has been unable to pay wages, Lin and several other executives to advance their own money just barely. According to Yue Tao said that in June 2008 before, Lin once personally guarantee the loan from the bank twice before making Intohotel 8 million yuan to maintain operations. Insiders, Intohotel network has been able to obtain investment internationally renowned institutions, mainly in the following reasons: 1. In early 2008, Wahaha, Fosun, Geely, ICBC, the farmer Springs, Holley, Alibaba, and many Zhejiang famous enterprises become Intohotel network customers. Although most customers later and no long-term use of its services, but users and transaction volume at this stage that there rise, and investors to do due diligence, to obtain a more favorable anti? Feedback. 2.2008 March Intohotel network with ICBC launched a joint credit card, theoretically, it can gradually to avoid risks underwritten from the mechanism - but according to Li Qing is estimated that the number of co-branded cards issued this but two or three one thousand. 3. Intohotel network made a deal on the financial statements, reducing the amount of past losses, increasing receivables and forecast based on business growth, by the end of 2008, the company will be profitable. It is the good news for KPCB and Qing dynasties decided to invest Intohotel in June 2008, but this time, Intohotel receivables have been increased to 16 million yuan. Since then decreased, but also for a long time hovering around 10 million yuan. According to Yue Tao said, now Intohotel net accounts receivable are still more than 700 million. It is reported that since November 2008, Lin began to fade out the daily management Intohotel network, because investors dissatisfied with its performance. Currently, Chang Xiang Shao Xiaofeng net another investor of the Company CEO. Equity behalf of the holders of the puzzle 'Entrepreneur': You will not have to worry that one day Intohotel not the Lam Dong:?? Do not say Intohotel, Green Shing die, I will immediately turn it off. Even GM could go bankrupt, so why should I care about my company? Our life is now also possible, consumption is very provincial. Almost a day to eat a meal, and I really like to open a small displacement of the car. Large displacement of the car to open up my heart is very uncomfortable. 'Entrepreneur': What kind of car you drive Lam Dong:? What kind of car I have. 'Entrepreneur': You have a lot of cars Lin Dong:? Can you get out of there newspaper. Now open are large displacement ...... but the next step is to open a small displacement of the BMW 2.5. Left, Lin drove with a reporter on the way for some, it was a Porsche Cayenne (Cayenne) SUV, the smallest displacement is 3.6 liters. Guo Yu, Lin had to 'Entrepreneur', said they had never had to hold local Zhejiang way to sell the shares on behalf of Nike Zoom Hyperflight PRM the company. Is this really true? '(Selling shares) This is a temptation, a lot of people might want to buy a total combined stake in the network, after closing, a total market, I give him the money, but for me it was a lot of trouble After the listing, I would like to cash in the capital markets, while I was chairman of the company, I have a lot of capital market access restrictions. I can not cash, disputes will be generated. In addition, if the total combined network can successfully market it, I can not to those who honor their commitments to buy shares how to do? We CDH, Softbank signed a very strict legal documents, my own behavior to bear legal responsibility seriously. A total together 'in response to' Entrepreneur 'for the sale of net equity The question, Guo Yu said. 'When Intohotel newly established, Lin had to sell his shares 1,5 points sold 3 million. Intohotel registered capital of only 10 million, that is 20 times the shares sell premium high.' Song Ho said, 'and he sold more than this one.' A well-known local entrepreneurs in Zhejiang, 'Entrepreneur' said that he had bought Intohotel network shares, about 300 million to buy less than 1% of the shares, a premium of more than 30 times. 'I voted because I think he is capable of doing things and a lot of people think.' The entrepreneur said. 'Entrepreneur' Trade and Industry Bureau to see shareholder Intohotel network configuration, in addition to the major shareholder of Lam Dong, Shao Xiaofeng, etc., as well as six shares at 5% or less of the small shareholders, none of the well-known enterprises? Home. 'At first, Lam Dong to Intohotel model is very confident, but the money is tight, he sold it shares some of the money can solve the problem. He thought he was selling a good vision to others.' Song Ho said. ' But then, Intohotel pattern clearly a problem, he's still inflate the bubble, to sell their shares. 'Insiders estimate, by selling shares, Lin put in Intohotel network has recovered. A circle in Zhejiang high prestige of economists on the 'entrepreneurs,' said the network will also have to sell a total combined stake of behavior. 'They also had to my office colleagues hinted that I can on behalf of the holders to buy their shares, but I did not buy, I do not optimistic about the total combined network.' This behavior is often taken private sale of shares held on behalf of a way that shareholders will not change, the two sides signed a receipt to prove it. This means that as long as someone is willing to buy, the seller can sell unlimited number of times, but once companies have problems, the interests of those who buy shares can not be protected by law. In fact, such behavior in Zhejiang Internet companies is not accidental. Investors Liu had witnessed a stake sale in Hong network information: 5 million for 0.1% of the shares. These companies often listed as bait to attract investors to buy its shares. 'Entrepreneur' asked Lin Liu and see how the venture capital industry in Zhejiang. Lin's answer is interesting, 'Whether it is success or failure, entrepreneurs, investors made great social and economic contribution. Especially the failure of people, not just the loss of wealth, his dignity, affection, friendship, will I went with. ' (Respondents should request, Song Hao, Zhang Yan, Yue Tao, Li Qing, Liu pseudonym)