Back against the “Maotai” tree, it’s not easy to enjoy the cool

On August 4, Jiuxian Network Technology Co., Ltd. (hereinafter referred to as Jiuxian network) submitted an updated prospectus to the Shanghai Stock Exchange to be listed on the gem. It is about four months away from the initial prospectus on April 8, and the sponsor is Huatai Securities.

As early as 2015, was listed on the new third board, and then took the initiative to delist in 2017 to seek to switch to a shares, and finally launched an IPO application ahead of its old rival 1919.

However, this listing, is different from listing on the new third board with e-commerce companies as the main body, but takes Jiuxian Network Technology Co., Ltd. as the main body, and e-commerce company has become the largest shareholder of the listed main body.

Before the IPO, Hao Hongfeng held about 29.73% of the equity of through Jiuxian e-commerce and Tianjin Hongjing. He is the largest shareholder and actual controller of the company. His sister’s spouse Zhang Jidong holds about 0.18% of the equity. They are regarded as acting in concert. In addition, many institutions under Sequoia appear in the shareholding list. Sequoia holds a total of 7.27% and woyan holds a total of 12.57%.

Source: the Prospectus has experienced industry clearing, and liquor e-commerce has entered the oligarchic market

According to the prospectus, the predecessor of is zhongniang company, which was incorporated by Jiuxian e-commerce in 2014. The founder is Hao Hongfeng, while Jiuxian e-commerce was established in 2009.

Earlier than, it was also established to buy wine in June 2008, but it entered the e-commerce later.

With the increasing impact of liquor e-commerce on traditional offline channels, the advantages of online and offline integration make liquor e-commerce usher in a golden age.

Since then, yijiupi, yijigou and other latecomers have also been established.

Due to its first mover advantage, is quite favored in financing. From 2011 to the end of 2017, successively raised more than 1.8 billion yuan from more than 10 investment institutions such as Sequoia Capital through 8 rounds of financing.

However, one of the results of the end of capital is that start-ups need to strengthen fighting and win the most voice in the industry in the shortest time. This battle was intensified in 2014. On the day of “double 11” in 2014, liquor e-commerce represented by,, and staged a price battle. Finally, defended its position in the Jianghu.

But the result of burning money is, of course, a loss. From 2013 to the first half of 2016, Jiuxian’s losses were 309 million yuan, 280 million yuan and 251 million yuan respectively.

With the arrival of the capital winter in 2016, the financing difficulty of alcohol e-commerce increased, the collective Carnival soon ended, and many entrepreneurs left one after another under financial pressure.

After the industry reshuffle, the leader obtained better development space. Since then, has achieved profits from 2018 to 2020, and its net profit has increased from more than 30 million in 2018 to nearly 200 million in 2020.

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