Fast Dog Taxi sprint Hong Kong stock market, get together Internet freight fast dog can have a little chance of winning?

Since this year, majorinternetfreight transportmarketAfter Fuyou truck, manbang and huolala, there is another onecompanyYescapital marketofnews, this is the fast Dog Taxi originally named 58 express. Recently, fast Dog Taxi announced its sprintHong Kong stockslist, as soon as the news came out, it attracted the attention of the whole market. Everyone is asking how much advantage can fast Dog Taxi Rush to the market at this time in today's crowded Internet freight market?

IKwai FuTaxi sprint Hong Kong stock market?

According to surgingJournalismRecently,58 same cityIts intra city freight platform fast Dog Taxi submitted to Hong Kong stocksProspectus, fast dog taxi was established in 2014 and renamed fast Dog Taxi in 2018. At present, fast dog takes a taxi in five cities in AsiacountryMore than 340 countries and regionscitydevelopoperateIt includes mainland China, China Hongkong, Singapore, Korea and India.

According to the prospectus, fast dog taxi will get 27.1 million yuan in 2020ordertransactionThe total amount reached 2.7 billion yuan, covering 3.2 million people. At present, fast dog taxi is the second Datong City in ChinalogisticsPlatform, with registrationuser24.8 million drivers, 4.5 million.

From 2018 to 2020, the revenue of fast dog taxi was 453 million yuan, 549 million yuan and 530 million yuan respectively. In 2020, the revenue of fast Dog Taxi decreased due to the impact of the epidemic,Net lossThe net losses were 1.07 billion yuan, 184 million yuan and 658 million yuan respectivelyYear on yearNarrowed, but affected by the epidemiclossLarge fluctuations,Gross margin23%, 31.6% and 34.6% respectively.

However, while the gross profit margin of fast Dog Taxi rises steadily, it can not cover up the fact that fast dog lost 2 billion yuan in three years. The reason for fast dog's loss of 2 billion yuan is that fast dog taxiMarketingcostQigao, from 2018 to 2020, the marketing expenses of fast Dog Taxi were 524 million yuan, 296 million yuan and 195 million yuan respectively. However, the sharp increase in marketing expenses did not bring businessdataThe rise of fast Dog TaxiProspectusShow, 2018 your platformActive userThe number of orders decreased from 869000 to 645000 in 2020, and the number of orders also increased first and then decreased, from 31330000 in 2018 to 25.86 million in 2020.

Fast dog taxi is subordinate to Jiajia group, formerly known as 58 express. It was established in 2014 and renamed fast Dog Taxi in August 2018. According to the prospectus,companyFive in AsiacountryMore than 340 in and regionscityopenpromote businessThe company owns GOx and "fast Dog Taxi"brand。 GOx is the largest city in Hong Kong, China in 2020logisticsPlatform, and has expanded its footprint to overseas including Singapore, South Korea and IndiamarketAnother brand, fast dog taxi, is the second Datong city logistics platform in mainland China.

According to DoNewsStatisticsOn May 13, Fuyou truck was officially delivered toSecurities and Exchange CommissionSEC)SubmittedIPOapply; On June 22, manbang group (Yunman and truck Gang)parent company)InNASDAQRing the belllist, first daymarket valueMore than 23 billiondollar; On June 23, it was reported that huolala submitted an IPO application to the United States in a confidential mannernewsBut the news was later denied by huolala; On June 30,SF Holdingsthose under one's commandShunfengSame city directionHong Kong Stock ExchangeSubmitted IPO application; On July 13, fast dog took a taxi and announced that it had been completedBank of CommunicationsInternational and CyberportinvestmentVenture fundNearly 100 million US dollars jointly led and investedstrategyfinancing; On 14 July, according toBloombergIt is reported that huolala is considering listing itplanFrom the United States to Hong Kong. Now, fast dog taxi has also announced that it will sprint to the market. We can't help asking what advantage can fast Dog Taxi have in such a market?

2、 Get togetherinternetWhat are the odds of a freight dog?

actually, as we said earlier, the current listing is a little unexpected for fast dog taxi. After all, fast dog taxi has just completed high financing in July. Theoretically, fast dog is not poor at this time. In this case, it has to rush to the market. What do we think of fast dog taxi?

First, the development of the local freight marketpotentialIt's really huge. Compared with the familiarOnline car HailingFor the market, intra city freightmarketIt is a relatively unfamiliar market. In fact, we think carefully about the problems in our daily lifeTransportation demand, or humantransportThis is the familiar online car Hailing market, ormatterThis is the express delivery of freight in different placeslogisticsAnd the freight market in the same city, which has been accompanied by you all these yearsEconomicsincomeWith the improvement of the level, the market of intra city freight transportation began to show a trend of vigorous developmenttrendAccording to the China intra city freight transport plan 2020-2026industryPanoramic survey and investment prospectforecastreport》YesdataIt shows that China's intra city freight market is expected to exceed the 160 billion yuan mark by 2025,the volume of freight transportIt will reach 12.83 billion tons. In addition, China's intra city freight market ranks among the top tenenterpriseMarket shareOnly 3.5%. Faster marketDevelopment speed, and lowerMarket concentrationTherefore, the local freight market has a good market development potential. In the process of market development, fast dog taxi, as a well-known development enterprise in the market, has gradually entered a critical period of seizing the market. Under such circumstances,listGet morecapitalAnd marketbrand effectIt's very important. It's estimated that fast dog taxi has just completed the high pricefinancingThen the key reason for choosing to go public is.

Second, take a taxiactuallyIt has always been in a top-down marketDevelopment bitCome on. For the currentinternetFor the freight market, it's basically a name in the marketcompanyThat is to say, in addition to the protagonist of this article, fast dog taxi, there are also goods Lala andsound of dripping waterFreight, in which didi freight was established soon, its own business has not yet formed a sufficient market share, so in this case, basically the whole city freightmarketThe market is the double men's meeting of the goods and the fast dog. As of March 2021, the business scope of the cargo business has covered 363 Chinese, 580000 active drivers per monthActive userUp to 7.6 million, it can be said that huolala is a well deserved leader in the local freight market, followed by fast dog taxi. Carefully analyze the business development of the two giantslogic, we can find that huolala is fully flowering and sinking in a daysecond-tier citiesWhile expanding, it continues toSinking MarketExpand and become a freight company with the development of the whole market. The fast Dog Taxi relies on itselfshareholder58 same cityAliWhile supporting the advantages of, it has continued to develop both at home and abroad, expanding in Hong Kong and overseas markets, so it has formed its own internal and external complementary advantages. It can be said that the advantage of goods Lala is domesticOmni channel, the advantage of fast dog is the linkage at home and abroad, and both have their own advantagesDifferentiated competitive advantageHowever, compared with the strong cargo Lala, fast dog taxi is always in the second position of the millennium. For fast dog, it is difficult to compete for the first position upward, but the second position is not otherindustryParticipants can compete, so this top-down niche is the norm of fast dogs.

Third, fast dog taxiriskWhat should I think? That's the market advantage and advantage of fast dog taxiBusiness modelAfter that, we must alsoknowPotential risks of fast Dog Taxi:

One is continuouslossIt's really a fast dog problem. For fast dog taxi, loss is always a lingering problem. We have been saying that for aInternet companyLoss is not a big problem, but iflong-termIf the loss goes on, the dog itselfcapital marketAppeal is bound to be damaged, so the loss of fast dog taxi is very important to uslistNot a problem, but we can't underestimate the performance of the capital market in the future.

Second, fast dog taxi is fiercemarket competition Is eroding its advantages. Current entire freightmarketThe concentration of is very low, which will inevitably lead to many participants in the market. At present, there are a large number of freightenterpriseAll of them are getting together for listing. At that time, billions or even tens of billions of enterprises will appear, which will form an increasingly fierce competitioncompeteSituation, how can fast dog take a taxi in the fierce competitionmarket environmentIt is indeed a problem that must be solved.

Three isInternet of thingsIntelligent logisticsHow to construct the development of. For the current entireinternetFor the freight market, the Internet of things intelligent logistics will be the inevitable developmenttrend, we see that a large number of enterprises have invested in this field on a large scale. Compared with other market participants, the investment of fast Dog Taxi in this field is relatively low, and even has a certain investmentproportionDownward trend, so how to buildtechnologyAdvantages have also become a difficult problem for fast dogs. picture

Therefore, the current fast dog taxi is on the marketshouldIt's not difficult. What's difficult is how to form your own in the marketDifferentiated competitive advantageEspecially the current fierceCrimson SeaCompetition, what are the odds of a fast dog taking a taxi? May alsoneedSee if the fast dog can give a satisfactory answer to the market.

Statement: This article only represents the author's point of view, not the position of MBA think tank.
Jiang Han Daniel

WeChat official account: Jiang Han's field observation (ID:jianghanview); Financial columnist, master of Renmin University of China. Engaged in Internet Finance and real estate economic research.