Surprisingly, on April 2nd after April Fool's Day, Ruixing was exposed to financial fraud. It is pointed out in its announcement that there were forged transactions from the second quarter to the fourth quarter of 20 19, involving a total sales amount of about 2.2 billion yuan. In an instant, Ruixing's share price collapsed, and it was blown six times that day, plunging 75.57% from $26.20 to $6.40.

Luckin Coffee is an online celebrity company founded by the head Lu, which is inextricably linked with the "Shenzhou Department". On April 3, CAR Inc suffered a series of explosions in the Hong Kong stock market, and suspended trading after plunging 54.4%; On the other hand, UCAR fell by 2 1.75% that day, and its market value evaporated by about 7.5 billion yuan.

It is a terrible thing to link the "Shenzhou Department" with Luckin Coffee's 2.2 billion yuan financial fraud. A series of negative effects brought by Luckin Coffee's data fraud may be more serious than we thought.

"Little Blue Cup Mode" for Capital Players

According to public information, Lu, the head of the Shenzhou Department, owns a number of online celebrity companies: Lu Jin Coffee, Automobile Co., Ltd. and Baowo Automobile. Lu is undoubtedly responsible for Ruixing's accident. In the early days, this capital player expanded by burning a lot of money, issued coupons crazily, subsidized users to increase trading volume, made Ruixing's plate bigger and bigger, and then went public in the United States.

Ruixing enables China people to drink cheap coffee, which is deeply loved by the capital market abroad. This directly reflects its nature of cutting leeks for domestic public welfare, which is one of the reasons why Ruixing can rise rapidly in China and capture a large number of fans. This development model is undoubtedly the best.

Identifying the market, setting up a company quickly, raising a lot of money, burning money to expand the market, IPO, is simply the best capital operation manual summarized by Lu himself. From CAR Inc to UCAR in China, and then to Luckin Coffee, the initial success can be replicated, and some people even think optimistically that Luckin Coffee will surpass Starbucks in China.

According to relevant data, Luckin Coffee has 465,438+064 stores. It took two years to list on Nasdaq, and the stores expanded in a viral way. Ruixing has opened up a new model.

Enter the car, can you copy it successfully?

A merger more than a year ago linked the fate of Baowo Automobile with Lu. According to the industrial layout before China, automobile companies and UCAR focused on tourism, finance, e-commerce, car rental and other businesses. After the acquisition of Baowo Automobile, the Shenzhou Department will completely cover the upstream and downstream of the automobile industry chain.

Obviously, Baowo will be Lu's next target. He also made great changes to the traditional automobile retail model, and set the goal of "thousand cities and thousands of stores" for Baowo Automobile. He claimed that he would lower the threshold through industrial chain transformation and platform empowerment, and even implement zero franchise fee for some outlets, quickly sink channels, reshape channels, reconstruct automobile consumption, and redefine new automobile retail.

Even, CAR Inc and UCAR jointly launched services such as zero down payment, 90-day unreasonable return, and jointly launched a new round of marketing activities with Luckin Coffee, including winning the right to use Baowo BX5 by drinking coffee. Moreover, there is no service fee and authorization fee, and the purchase tax is also exempted. It is really a real discount.

Although Baowo Automobile has started various actions and achieved good exposure and topicality, its market performance has not been substantially improved. Stimulated by "thousands of cities and thousands of stores" and huge discounts, Baowo Automobile reached the peak of 765,438+053 vehicles in May 2065,438+09, and its sales volume continued to decline since then.

Obviously, the opportunistic capital game is not suitable for down-to-earth manufacturing.

Baowo's life is full of troubles.

Thanks to the rapid development and delicious support, Ruixingde can be called "Starbucks for ordinary people". Luckin Coffee took less than 65,438+08 months from trial operation to successful IPO. On the other hand, Baowo Auto can't even save the "new retail" model. In fact, the problem has little to do with the sales channels, but the key lies in whether the products are fragrant or not.

At the beginning, Baowo Automobile made a strong debut under the slogan of "German brand", but the price of BXi7 actually exceeded 300,000 yuan. Who will give up BBA and switch to Baowo? What's more, it has no brand base and mass base.

Like many car companies, the fundamental problem of Baowo is actually the product. The departure of Lu and the takeover of Lu disrupted the planning of new product research and development and listing, lacked an independent research and development system, and had no technical precipitation in electric vehicle platform, driverless technology and car networking. It can be said that Baowo has no reserve in the "new four modernizations" technology of automobile development in the future.

As a shareholder, China is now at stake. The Baowo factory in Miyun District, Beijing stopped production for more than two months and has not been able to resume production so far. However, the market share of Baowo Automobile is obviously low. In February this year, its sales volume was only 65,438+043 vehicles, the shareholder Shenzhou Department Building will collapse, and the internal orders of Baowo Automobile will also decrease.

At this stage, the Shenzhou Department has no more funds to extend the life of Baowo, and Baowo Automobile, which lacks hematopoietic function and hard power, will face the most difficult moment, and the hope of production is getting more and more slim. What is even more regrettable is that the financial data of Ruixun is fraudulent, just like "a mouse excrement has broken a pot of porridge". In the future, more dynamic China enterprises will face greater difficulties in seeking overseas listing.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.