Zhejiang Panshi's IPO in the United States: Cash loan contributes more than half of profits to Lanzhou routine loan principal
According to the media "Exploring the Chief's Reading Money", Zhejiang Hangzhou Unicorn Company and "Global New Economy Platform" Zhejiang Panshi Information Technology Co., Ltd. plans to land in US stocks at the end of 2019. Panshi Technology estimates that the net profit for 2019-2021 will be 100 million yuan, 450 million yuan and 780 million yuan, with an internal valuation of 7 billion yuan and an estimated market value of 70 billion after listing. However, it is understood that the main source of profit for Zhejiang Panshi is not Internet advertising, but cash loans. In 2019, only overseas cash loan business is expected to contribute 50 million yuan in net profit to Panshi. There are also records showing that before 2018, Panshi Technology had engaged in 714 cash loan business in China.
Net profit of 100 million, market value of 70 billion after listing?
"Inspector Reading Money" recently obtained a roadshow material showing that the Internet unicorn company in Zhejiang Hangzhou area-Zhejiang Panshi Information Technology Co., Ltd.-has submitted an F-1 prospectus to the United States in August 2019, and plans to Available in November 2019.
The materials show that this listing is part of the RockySaaS section of Panshi Group, which mainly provides SaaS platforms for e-commerce, credit, social, HR, office, finance, marketing, CRM, catering and other industries.
At present, Panshi's RockySaaS has more than 100 major game and e-commerce customers, with an APRU of about 20 million yuan. In addition, the company has more than 20,000 small and medium-sized enterprise customers, and APRU is about 60,000 yuan.
According to Pan Shi's forecast, from 2019 to 2021, RockySaaS sales revenue will be about 2.49 billion yuan, 7 billion yuan and 10 billion yuan , with net profit of 100 million yuan, 450 million yuan and 790 million yuan , respectively .
The materials show that Panshi's estimated sales income in 2020 is 7 billion yuan, and calculated at 10 times PS, the company's IPO valuation is close to 10 billion US dollars (about 70 billion yuan).
According to the materials, Panshi plans to issue a convertible bond with a value of RMB 7 billion and a convertible bond worth USD 200 million at an annualized interest rate of 8%. Investors can convert bonds into shares on a pro-rata basis.
Have been on the New Third Board and delisted after two years
Pan Shi's pre-IPO financing valuation has shrunk significantly.
In October 2018, Panshi announced the completion of a round D financing of RMB 2.25 billion, with a valuation of RMB 10.25 billion. Investors include Asiana Financial Group, Cyber ??Group Investment Group, and CCB Trust. In July 2019, Panshi won the 400 million yuan industrial fund of the Huzhou Industrial Cooperation Fund.
Prior to this, Panshi has received multiple rounds of financing.
In 2010, Panshi won a Pre-A round of financing from Zheshang Venture Capital, the amount of which is unknown; in October 2010, Panshi completed a round of US $ 20 million in financing, and the investor was Shanghai Yongxuan Venture Capital; in May 2015, Panshi completed B round of financing, amounting to US $ 200 million. Investors include Yongxuan Venture Capital, Jiuding Investment , Fangsheng Fund, etc .; In December 2016, Panshi completed a 760 million RMB round of C financing. The investor is unknown. In June 2017, Panshi raised RMB 534 million through a private placement. Investors include Yingke Capital, Cyber ??Investment, and others.
In November 2015, Panshi shares (code 834009.OC) were listed on the New Third Board. However, in September 2017, less than two years after listing, Panshi hastily announced the suspension of listing.
Panshi's 2017 semi-annual report shows that the company achieved operating income of 200 million yuan in the first half of 2017, an increase of 181% over the same period in 2016; net profit of 59.77 million yuan, an increase of 320% over the same period in 2016; net cash flow from operating activities It is 1.81 million yuan.
Public information shows that Panshi was founded in 2004. It was the earliest Chinese website alliance targeting Internet advertising services for small and medium-sized enterprises, and was ranked as the "Big Three Online Alliances" with Ali Mom and Baidu Alliance.
The founder of Pan Shi is Tian Ning who is also a slightly legendary figure. He was born in 1977, graduated from the College of Animal Science of Zhejiang University in 2000, and then rented a booth to sell computers on the third floor of Hangzhou Ego Digital Plaza . The name of this booth was "Pan Shi" .
According to media reports, Tian Ning is very business-minded. He developed a group of student salesmen at the university. For each computer he sold, he gave a commission of seven or eight hundred yuan. Through this model, Tian Ning quickly captured the first bucket of gold. Later, Tian Ning entered the advertising promotion business of Chinese websites. Starting from Baidu keyword search promotion, he gradually developed and became one of the giants of the Chinese Internet Alliance.
In Panshi's management team, the co-founder and group president Chen Xiaomin is mainly responsible for the daily operation and management of Panshi's various business units; Zhang Haijiang is the president of the government and marketing department, and is currently responsible for the external public relations of Panshi government and marketing department.
Hou Chuanshi is a co-founder, president and CEO of the Global Mobile Business Unit. He entered the Internet industry in 2000 and was the first batch of personal webmasters in China. In 2003, he founded one of the largest website advertising alliances in China-Yi. Sky Alliance, as general manager, is currently responsible for the daily operation and management of Panshi Global Mobile Business Unit.
714 failure in domestic layout, foreign cash loan profits exceed 50 million
It was learned from people familiar with the matter that although Panshi's main business is Internet advertising, in fact it has been working on cash loans in private. Prior to the discovery of the gold loan ban by the regulatory authorities at the end of 2017, Panshi had deployed 714 cash loans. After 2018, Panshi's cash loan business began to shift overseas, and has established extensive locations in Southeast Asia and Africa.
According to people familiar with the matter, in 2019, the net profit of Panshi's overseas cash loan business is conservatively estimated at more than 50 million to 60 million.
The author finds that Panshi's cash loan business is unusually low-key, and it enters and evacuates quietly, without any delay.
Behind the scenes trading company for Cyber?
The payee of Qian Qian was the account of Panshi Company, but the main body of the company was a bit complicated.
The company's investigation showed that Hangzhou Houyang Investment Management Co., Ltd. was established in 2015 with a registered capital of 10 million yuan and paid-up capital of 1 million yuan. Fang Gang, a 90% -owned shareholder, is a managing partner of CyberLink Investment .
As mentioned above, in June 2017, Cyberbolt participated in the private placement of Panshi. The start time of Panshi's domestic cash loan business also happened in the second half of 2017. With so many coincidences, one cannot help wondering, what role does Cyberbolt play in Panshi cash loan business? Fund Provider or Lending Channel Party? Or is it both?
The secret of Panshi's cash loan business is much more than that.
The company's investigation showed that the official website address of Qianqian could not be opened, and its operating entity, Hangzhou Xinfeng Network Technology Co., Ltd., was shown as cancelled, and the cancellation date was November 13, 2018.
Hangzhou Xinfeng Network Technology Co., Ltd. was established on April 24, 2017, with a registered capital of 5 million yuan, the legal representative is Hou Chuanshi, and the sole shareholder is Zhejiang Panshi Information Technology Co., Ltd.
The company has continuously recruited cash loan staff from May to December 2018, involving a total of 208 positions including risk control, product managers, big data engineers, Vietnamese and Indonesian letter review supervisors and translators. Judging from the recruitment information, Xinfeng Network should be the operating entity of Panshi's overseas cash loan business.
Hou Chuanshi, the legal representative, is the president and CEO of Panshi ’s Global Mobile Business Unit. He also manages the cash loan business.
The company's investigation revealed that there were 5 affiliated companies under Hou Chuanshi's name, of which 3 had been cancelled. Among these three companies, Xinfeng Network and Tianjin Guotong Panshi Information Technology Co., Ltd. are the subsidiaries of Panshi. Only Hangzhou Aidehai Network Technology Co., Ltd. has nothing to do with Panshi.
According to industry and commerce information, Hangzhou Aidehai Network Technology Co., Ltd. was established on November 2, 2010. Its legal representative is Hou Chuanshi, and its sole shareholder is Zhou Hang, a natural person. The company's equity analysis shows that Hou Chuanshi is the executive director of the company and Wang Shuzhen is the general manager of the company. In January 2013, Hangzhou Aidehai Network Technology Co., Ltd. was cancelled.
According to the information disclosed by Zhejiang Panshi, Hou Chuanshi served as the deputy general manager of Panshi Co., Ltd. from January 2010 to June 2015, and as the deputy general manager of Panshi Company from June 2015. In other words, when Hou Chuanshi and Wang Shuzheng registered Aidehai Network Company, he was already an executive of Panshi.
Who is Wang Shuzhen? Readers with good memory should have an impression. Earlier, Hujin Business Review wrote an in-depth article. The mastermind of the routine loan seized by the Lanzhou police in March this year was Wang Shuzhen from Hangzhou. : The mysterious gold master contributed 200 million to help him build the 714 anti-aircraft kingdom).
Public records show that Wang Shuzheng and Hou Chuanshi have a lot of overlap in their careers.
The intersection of the two began in Hangzhou Yitian Network. Wang Shuzhen, who had just graduated at the time, left Ali and joined Yitian Network, whose founder was Hou Chuanshi. Later, Wang Shuzhen served as the media director of Zhejiang Panshi Information Technology Co., Ltd., and Hou Chuanshi became a partner of Zhejiang Panshi. However, Wang Shuzheng's work experience in Panshi on the Internet is almost blank. The author only found Wang Shuzheng's personal profile page. It should be noted that this page has been deleted, but it can still be viewed in the Baidu snapshot.
According to the information disclosed by the Lanzhou Police, in 2017, Wang Shuzheng started a partnership with people to do online loan business. In December 2017, the regulator imposed restrictions on the cash loan business, and his company's business was forced to stop.
Coincidentally, at the same time, Panshi's domestic cash loan business has just started and has disappeared since February 2018.
However, Wang Shuzhen did not give up. In May and June 2018, with the strong support of the master behind him, Wang Shuzhen formed a team to start the 714 anti-aircraft network.
According to a Lanzhou police report, Wang Shuzheng's initial funding was as high as 200 million yuan. Wang Shuzhen has laid out countless vest companies and many APP products, including Lightning Wolf, Solar Cat, Net Cow, Happy Rabbit, Carrot, Pineapple Quick Rent, Red Tomato, Lightning Tiger, Tu Kaixin, Happy Dragon, Business Card Daquan, Young Eagle, White Pigeons, new white pigeons, happy tigers, flash cats, cats for rent, machine cats, etc. These apps are also called "animals" by industry insiders.
In the eight months from May 2018 to March 2019, starting from 200 million principals, Wang Shuzhen lent nearly 6 billion to 475,000 people, recovered 9.1 billion, and made a profit of 3.1 billion. The principal that has not been recovered is 1.47 billion, overdue interest is 8.4 billion, and the cumulative scale is 18.9 billion.
And who is Wang Shuzheng's funding from? Who is the partner behind the scenes? It became a mystery.
There is evidence that Pan Shi also tried to start another shell company to engage in cash lending.
In September 2018, Hangzhou Haichen Network Technology Co., Ltd., which was suspected of being a Panshi affiliate, applied for the filing of two websites named "Sanjinxia". As mentioned above, at the end of 2017, Pan Shi had registered the financial property management trademark of Sanjinxia.
The registration time of Haichen Network is November 15, 2017, the legal representative and sole shareholder is Wang Xia, the registered capital is 10 million yuan, and the paid-up capital is 0.
From August 2018 to February 11, 2019, Haichen Network posted 47 cash loan positions on the recruitment website, including risk control director, product director, collection, JAVA engineer, channel manager, etc.
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