市场领军者的潜在利益有助于解释它们为何如此乐意花钱:根据汇丰(HSBC)的数据,中国O2O市场有10万亿元人民币规模,而目前渗透率只有4%,这个市场在2017年上半年同比增长了80%。汇丰估计,这个行业的“利润蛋糕”在5年内将达260亿元人民币。
“O2O right now is a big party for consumers,” said Meng Xing, CEO of Helijia, a health and beauty app, in an interview last month. “We have no plans to make profit in the near future, because the VCs are still offering money.”
健康美容应用河狸家(Helijia)首席执行官孟醒上个月在一次采访中表示:“眼下O2O对消费者而言就像一场盛宴。我们没有在近期实现盈利的计划,因为风投还在提供资金。”
Over the past year, his company has “burnt several hundred million renminbi,” he said, though he has cut back on subsidies after his main competitor went out of business. “That’s just how the Chinese internet is, it’s too popular. There are so many VC and [private equity] companies that are willing to fund these wars.”
孟醒表示,过去一年他的公司“烧掉了几个亿的人民币”,不过在最大的竞争对手倒闭后,他已经降低了补贴。“这就是中国互联网的情况,太火了。有很多风投和(私募)公司愿意为这些战争提供资金。”
Start-ups are busy raising funds from investors at ever more dizzying valuations, only to plough them back into subsidies. Recent funding rounds have valued Didi Kuaidi at $20bn, up from $15bn last July. Uber China was valued at $7bn in a January funding round, while the merger of Meituan and Dianping, the two largest food delivery and group discount sites, was valued at $15bn-$17bn in November.
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