Takeaway

Takeaway

Interview_This reporter's Jiao Lisha 翟文婷文_本刊翟翟文婷编辑_米娜

The "Red Knight" of 40,000 Baidu takeaways has been hungry for countless times every day. The "Blue Knight" has finally become a family.

On the afternoon of August 24, after the hungry, it was officially announced that Baidu’s take-out became its wholly-owned subsidiary. The case of this take-over for several months was finally settled. It is said that in the morning, hungry, CEO Zhang Xuhao met with Baidu takeaway executives in Beijing for an hour and a half.

Subsequently, the official announcement of the hungry: Baidu take-out will be developed with independent brands and operating systems, the staff structure including management remains unchanged. If you are hungry, you will invest in resources such as traffic, funds, and distribution manpower for Baidu Takeaway to maintain the brand advantage of its quality take-out.

The real key role of this deal is actually Ali. Ali provided financing support for the transaction, and also made a commitment to Baidu, who became a hungry shareholder through a share swap, and will give the new platform support in the fields of traffic import, smart technology and financial insurance. Some analysts said that after the hungry acquisition of Baidu take-out is completed, Ali will further promote the hungry, Baidu take-out and word of mouth integration. Apparently, Ali was prepared to do well with the US group, specifically the preparations for Tencent’s confrontation in the local life field behind the US group.

It is worth noting that the specific prices and shares of the transaction were not disclosed.

Some media said that in this acquisition, they were hungry and paid 200 million US dollars in cash and issued 300 million US dollars to Baidu. Hungry, buy Baidu packaged traffic resources, including mobile phone Baidu, Baidu map and Baidu glutinous rice, the age is 5 years, Baidu search period is two years, the price is 300 million US dollars, the total purchase price is 800 million US dollars. The acquisition, hungry, is worth $6 billion, while the Baidu take-out valuation is $500 million. The valuation ratio of buyers and sellers is 12:1. The transaction does not involve Baidu.

Hungry, early investor and Jinshajiang Venture Partners Zhu Xiaohu said in an interview with China Entrepreneur that the two teams led the transaction and that the judgment continued for a long time.

Earlier, "Chinese Entrepreneur" interviewed Baidu’s former executive Zhang Ning (a pseudonym). In his view, the transaction price of 800 million US dollars seems to be not low, and it is hard to say that it is good for hungry. It is bad. Zhu Xiaohu responded by air. "This price is not low."

For the future potential of the two platforms, Zhang Xuhao and Ali are full of expectations. In his internal open letter, he said, "Whether you pursue high-end take-out or pursue multiple choices, you can get all-round, high-quality satisfaction in the blue-red combination."

But everything is just the beginning. Can the 1+1>2 potential energy be hungry? The Baidu take-out is still unclear. The two companies must first overcome the fusion problem.

It is said that if you are hungry, you can only use the Baidu takeaway brand for 18 months. After that, the Baidu takeaway brand needs to be converted into hungry. How to make consumers understand and accept brand conversion as soon as possible is a big challenge. In addition, the user rights (including members) previously given by the two parties, the terms of signing the merchants, the price of the fees, the subsidies, etc. are also different. How to integrate them, these are the pits to be stepped on.

Why do you need Baidu takeaway?

“They have accumulated high-quality user and merchant resources in the high-end take-away market, and the artificial intelligence technology of instant distribution has always been at the forefront of our industry.” Zhang Xuhao commented on Baidu takeaway.

Earlier, some analysts believe that the reason why you are hungry is interested in Baidu takeaway, for two reasons: First, the automatic dispatch system. You know, if you are hungry, you have not been on-line automatic delivery system, or based on manual intervention. Second, the low-end group positioning, the customer price is also low, hungry, 觊觎 Baidu take-out of high-end restaurant resources and white-collar market.

In this regard, Zhang Ning said that he could not understand. "If this is the case, it can only be said that it is hungry. The understanding of this group of people to sell the industry is not deep."

In his view, it is not because of technical reasons that there is no online automatic delivery system, which necessarily involves internal interest distribution or mechanism. As for the high-end restaurant resources, it is not a fundamental problem in theory. It is not possible to dig a few powerful people from Baidu take-out.

On the contrary, after the acquisition of Baidu's take-out, the two companies with high business overlap will inevitably face the system's docking and opening. After the merger of the US Mission and the public comment, the integration and adjustment of the same business was the focus of a period of time, and inevitably repeated personnel spillovers occurred.

The biggest anecdote to Baidu’s takeover was SF. However, after two years of contact between the two sides, they ended up in vain. According to an insider who is close to both sides, Baidu’s take-away value to SF is more obvious than that of hungry.

At the end of last year, SF airborne two assistant CEOs, one was McKinsey consultant Huang Wei, who was originally responsible for the Debon logistics project, and the other was Xu Qian, who joined SF from Deutsche Bank. They both led the acquisition of Baidu. Negotiation matters.

SF has always been looking forward to the transformation of new business, not only actively extending at the level of logistics services, but also trying to penetrate the self-operated e-commerce business through SF Express and SF Express. It is said that the new business is led by Wang Wei personally. However, SF did not really occupy its effective position outside the original business express mail business.

To a certain extent, Baidu takeaway can be said to be a chance for SF. Baidu take-out automatic delivery system and three-year product accumulation can make SF quickly complete the card position action, because for SF, who has no take-out experience, it is necessary to complete system development and restaurant signing from 0 to 1 at least 6 It will take 8 months. For the Internet, it is very likely that this period of time will miss the industry outbreak.

The negotiations between the two sides were close to success, and the final problem is said to be on the two issues of price and glutinous rice. In addition to asking for $2 billion, Baidu insisted on the sale of glutinous rice and glutinous rice. After being rejected by SF, I was hungry and faced the problem of handling the assets of glutinous rice.

Rumors and Baidu takeaway talks about the acquisition of the new US CEO Wang Xing. However, considering the merger of the US group comments, the review was once a hungry strategic investor, the relationship behind it seems somewhat complicated.

In 2015, Zhang Xuhao learned that the US delegation had sent a call to Zhang Tao after the merger news. At that time, he had already perceived that the merger was a crisis for hungry. At the beginning of 2016, in an interview with China Entrepreneur, he said, "The new company after the merger of the US Mission and the review will soon be able to make a lot of money. If you are hungry, how can you not lose money? For me. It is indeed a very difficult thing."

Zhang Xuhao and Wang Xing had several contacts. At the earliest, I hope that the US group will be hungry for the take-away business, but in the end it will end because of the difference in philosophy. After that, the merged US group commented on Ali and turned to Tencent. If they were hungry, they accepted the strategic investment of Ali Group and Ant Financial Service. The two sides have almost no possibility of integration.

In the Baidu take-out sale, it was rumored that the US group commentary had also had contact with Baidu takeaway. But the US delegation's vice president and general manager of the takeaway and distribution division, Wang Yuzhong, said in an interview with the media that they think Baidu Group is more like dealing with assets than seeking strategic cooperation. "We are not so interested in this approach."

Lost by Baidu Takeaway

In June of this year, Zhang Xuhao said in a public occasion that Baidu takeaway said: "Baidu take-out has made us realize the importance of quality. When we were still doing low-end market and doing volume, Baidu take-out from the quality of this entry point Come in and give us new ideas. It is for this reason that we have future restaurants, new retail, and there are 'vegetables' in the upper reaches, and more supply chains have been established."

Baidu take-out has cut into the white-collar high-end market, coupled with the support of the group's funds and flow, once formed a three-point situation with the US group and hungry. Even in the third quarter of 2015, the number of orders for Baidu takeaways in Beijing was 10 times that of the US group.

Wang Huiwen, the president of the US group, said in an interview with the media that they used Baidu takeaway as the biggest competitor of the US group. The most brilliant time, Baidu take-out in the white-collar market share can reach 33%, once led the entire take-away market with a slight advantage.

However, according to Bida Consulting's 2017 Q1 take-out market report, the market share of hungry is 36.5%, the US group's take-out is 33%, and Baidu take-out has slipped to 17.3%.

TrustData reported in a report released in May 2017 that the monthly coverage of the US group's takeaway, hungry, and Baidu takeaways were 1.23%, 0.97%, and 0.20%, respectively. The official data of the US Mission is that Baidu take-out has dropped from 17% to 18% last year to 4% to 5% now.

"It is a pity". This is Zhang Ning's greatest feeling about Baidu's takeaway status.

The take-away business started from Baidu map, was first responsible for Wang Haozhong, and through the crowds of people in several major business districts in Beijing, it was almost one inch and one inch to win the white-collar high-end market. The take-out was once a business that Li Yanhong personally valued. It is said that Wang Zhenzhong invited Gong Zhenbing (now Baidu takeaway CEO) to join, precisely because Gong can win more resources within Baidu.

At that time, Wang Xizhong’s idea was to take out full-time logistics and occupy the high-end market of white-collar workers. From the data feedback point of view, this pursuit of quality is very accurate. When the core team of Baidu take-out is less than 10 people, it will increase by 50,000 times a week with new orders, and the order volume in three months can be tripled.

There is also a tacit understanding between the executives, even if the front desk has risen fiercely, the back-end logistics can keep up.

Baidu take-out in the heyday had been with the US group for take-out, hungry, and the world was evenly matched. Baidu’s internal take-away and iQiyi are also called the two most attractive incubation projects.

But in 2016, the question surrounding Baidu’s takeaway has not stopped. In May last year, Gong Zhenbing admitted in an interview with Tencent Technology that he often faced the test of life and death. It is also said that Baidu's take-out has gone through many years in the past ten years.

The situation of the three-legged situation did not last long, and the order volume of Baidu take-out began to enter the downtrend channel, and it did not return to its peak.

The most intuitive performance is poor financing. The leading investor in Baidu’s first round of financing is Shuimu Capital, an early investment fund established in May 2015, which also invested in Mu Jinnong and Sense Technology, but did not disclose the investment Baidu takeaway. . At the same time, there are several other funds involved in the A round of investment, Baidu is in an absolute holding position.

In 2016, Baidu’s takeaway had announced that it had completed hundreds of millions of dollars in Series B financing. In addition, it did not disclose more information on financing. Since then, no new capital has entered.

With Lu Qi’s taking office, the local life business was completely marginalized, making an AI company a “political right” in Baidu. At this time, Li Yanhong claimed to invest 20 billion yuan in local living services for two years.

People close to Baidu takeaway believe that personnel disputes are an important reason for their difficulties. "The interior is full of various metaphors such as Wu Zetian, Kangxi, Qianlong, and Heyi."

As a result, core job executives have left. After Wang Yuzhong left, he joined the US group to take charge of the take-out business. Wang Yaohong and Song Liming, who were responsible for logistics, also joined the company. On the evening of May 4th, 2016, Chen Jinhui, the former vice president responsible for channel agency, also announced his departure.

In addition, the strategic deviation caused by insufficient focus also makes Baidu take-out miss opportunities. Many new sub-projects such as fresh and nightingales have diversified products and technicians. In the summer of 2016, at the crucial moment of the take-away industry, Baidu’s take-out did not hold on.

Then, the competition in the field of take-out is basically between Ali and Tencent.

At this point, Ali's current primary action must be to integrate the three cards in his hand: word of mouth, hungry and Baidu takeaway. According to official data, Hungry is currently covering 2,000 cities across the country, with 1.3 million restaurants and 260 million users. The registered delivery staff of its Hummingbird Instant Distribution Platform has reached 3 million. Baidu takeaway covers more than 300 cities, and the number of users exceeds 100 million.

Wang Yizhong also believes that the possibility of integration of the three exists. "The US group take-out and group purchase have synergistic advantages. Ali may have to be hungry and put together word of mouth. Otherwise, if you are hungry, you can't compete with the US group."

Among them, the word-of-mouth take-out business has been handed over to the hungry operation, and the mobile phone Taobao’s “Taobao takeaway” entrance is directly hungry. Whether it is according to TrustData or Bida Consulting data, hungry and Baidu take-out market share will exceed Baidu take-out.

More people are concerned about who will really lead the development of hungry. In June of this year, when I was hungry, I got a strategic investment of A$1 billion from Alibaba. According to media reports, the ongoing G1 round of financing, the investor is still related to Ali.

According to some media sources, Zhang Xuhao is hungry and has a share of less than 5%, which may affect the company's independence. However, Zhu Xiaohu denied this number to "Chinese Entrepreneur". He said that the actual share is not less than 10%.

Moreover, he also said that Zhang Xuhao will not give up being hungry, nor will he be an investor as rumored to the outside world. "He is only 32 years old and still young."

Yan Wenting

Enter [Sina Finance and Economics Unit] Discussion