Forefront | Hujiang’s “crisis” has not dispersed, but also exposed the trigger of the gambling agreement, the founder out

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The butterfly effect caused by the listing of Hujiang Hong Kong stock market is happening.Recently, according to the media’s “Finance and Finance Graffiti” news, Hu Jiang Education Technology Co., Ltd. (hereinafter referred to as: Hu Jiang) founder and CEO Fu Cairui stepped down as legal representative and chairman, replaced by Song Xiangwei.In addition, the news also said that a number of gambling agreements signed by Hujiang in the previous rounds of D and E financing will also be triggered.36 氪 Querying Tianyan’s information revealed that Hujiang has recently made a number of business changes, including adjustments to its legal representative and chairman.The hidden dangers of the “triggering of the gambling agreement” mentioned in the report have brought many crises to Hujiang.Although Hujiang has said to 36 不 that there is no gambling agreement, Wanxin Media, which is in a dispute with Hujiang, has already issued a statement to prove the truth of the rumors.Wanxin Media has issued an announcement saying that in October 2015, it signed an Investment Cooperation Agreement with Hujiang to subscribe for 266,700 shares at a price of 100 million yuan, accounting for 1.43% of the total shares of Hujiang after the issuance.Wanxin Media also stated in the announcement that, in addition to force majeure (including but not limited to national policies and queuing factors for listing), such as Hujiang’s failure to complete the listing and issuance by the end of 2018 (main board, SME board, GEM, emerging strategy)Version), Hujiang needs to repurchase the shares held by investors at the repurchase price, which is the sum of the investment amount plus 10% compound interest per year.The dream of Hujiang listing in Hong Kong was finally broken on May 7 this year. At that time, Hujiang responded to 36 氪 that the listing plan of Hong Kong stocks was indeed adjusted.This adjustment is the company’s active adjustment after various factors such as the comprehensive market environment and future development. The company will choose to land in the capital market at the right time at the right time.This means that the previous gambling agreement signed by Hujiang with multiple stakeholders will also take effect.According to the listing prospectus previously submitted by Hujiang, Hujiang’s losses in 2015, 2016, and 2017 were 280 million yuan, 422 million yuan, and 537 million yuan, respectively. In order to enhance the imagination of valuation, it mainly focuses on service business.CCtalk is still not profitable.The trials facing Shanghai’s own business have also increased the uncertainty of listing.However, Hujiang announced some good news last week.It stated in the public account “Hujiang Gramophone” that Hujiang has achieved 5 consecutive months of profitability and walked out of the quagmire of losses.Industry insiders analyzed that Hujiang achieved profitability in June and its user base continued to grow, largely thanks to cost control after personnel optimization.In March of this year, Hujiang adjusted itself. It is reported that Hujiang lay off 95% of its staff, involving Hujiang’s senior management, marketing department, and supervision department, and all teachers were laid off.36 氪 At that time, he asked Hujiang to prove this, and the other party stated that the listing is still in progress and there is no gambling agreement.The rumors of “95% layoffs” are seriously misrepresented. Recently, optimization and consolidation of loss-making business lines have been carried out to further increase revenues and reduce expenditures, and improve the ability to resist risks and connect with capital markets.However, 36% from insiders of Hujiang understand that Hujiang did carry out layoffs, with about 1,000 employees, involving all posts.According to previous reports from Wall Street, the total number of employees of Hujiang Education about 2400 years ago.Although Hujiang failed to list Hong Kong stocks on schedule this year, today’s optimization and adjustment can lay a good foundation for subsequent listings.The addition of capital has led to the chaos of online education, and players from all walks of life desperately throw money to seek performance growth, ignoring the hidden dangers of losses.But after the capital has cooled down, online education still has to return to rational growth.Related reading focus analysis | layoff adjustments before listing, Hujiang is at the forefront of cost | Shanghai Jiangjiang Education, the first share of online education in Hong Kong, with a single profit model, is listed on the frontline in OctoberHong Kong stocks