Luckin Coffee has set the shortest listing record-only one year from May 7th, 20 19, when the bell of Nasdaq rang to the announcement of suspension.

The most obvious contrast is market value. June 26th is the last trading day of Ruixing. After six fuses were triggered, the market value figure was fixed at $349 million, which was 167 times lower than the peak value of $58.3 billion.

Luckin Coffee has taught the whole capital market a lesson from a listed company with unlimited scenery to a lonely delisting.

The impetuous business ecology has created a lucky son.

The first is an overconfident entrepreneurial team.

The main founding teams of Luckin Coffee, such as Lu, Qian, etc., are all from CAR Inc, and there were no words related to coffee in the past.

However, full of energy, they firmly believe that it is not difficult to cross the border. With commercial talent, they can make this game a success.

The second is to keep burning money.

In 20 18, Ruixing was born and opened more than 2,000 stores. By June 5438+ 10 in 2020, Luckin Coffee has spread all over 44 cities in China, with more than 4,500 stores. Counting, more than 100 stores are opened every month.

You know, Starbucks has been in China for more than 20 years, and there are only over 3,600 stores. Ruixing's amazing speed, even the industry boss is ashamed.

Ruixing's massive subsidies are still a legend. The first cup for new users is free, and old users can get coupons every day. On average, they can enjoy 10 yuan a cup of hot coffee.

Besides, it's crazy screen bombing.

By signing two famous stars, Tang Wei and Zhang zhen, Luckin Coffee smashed the advertisements of elevators and cinemas around the Spring Festival, which filled the public's eyes with that blue color.

There is also excessive expansion speed.

2065438+July 2008, completed a series of financing of 200 million US dollars, with a valuation of 1 100 million US dollars;

2065438+February 2008, 65438+2008, we completed a series B financing of 200 million US dollars with a valuation of 2.2 billion US dollars;

In April, 20 19, the B+ financing of10.50 billion USD was completed with a valuation of 2.9 billion USD;

On may 20 19 17, IPO went public. ...

Ruixing didn't give the capital market a break at all, and it was vigorous and killed the quartet. There is no word "intensive cultivation" in its dictionary. Everyone is immersed in the dream of interests, with his head held high and his eyes full of ecstasy.

As for the taste of Luckin coffee? Has it brought value to society? Not everyone's biggest concern.

When a company only burns money to tell stories, pays attention to the change of business model, worships the power of capital excessively, and ignores the essence of product and technological innovation, it must be flashy.

There is too much evidence in this regard.

Remember the explosion of unmanned retail?

Since 20 17, unmanned retail companies have spread all over the country. Unmanned convenience stores are all over the community, and unmanned shelves appear in every corner of the office building. In the past two years, the total investment in the whole market has reached 46 billion yuan.

However, it turns out that these convenience stores and shelves not only occupy public resources, but also cause an amazing waste rate. Its only function is to test human nature-no one can guarantee not to take an extra bag of potato chips without supervision.

Soon, this business model that ignores common sense proved to be undesirable. The layoffs of head players and the closure of business have all become abandoned children of capital.

It took less than two years from bursting red to quenching.

Do entrepreneurs and capital really realize how unstable this model is? They just want to do large-scale, fried hot air vents, and the fishermen benefit.

Remember the all-time e-cigarette?

At the best of times, countless entrepreneurs flocked.

During the three months from 2065438 to 2009, there were as many as 248 new enterprises in the domestic e-cigarette industry. Last year, the publicly disclosed financing amount of e-cigarette track reached 15 1 1000 billion yuan.

Luo Yonghao once entered the market with Xiaoye's e-cigarette in a high profile, and obtained 30 million yuan in financing.

However, e-cigarettes are not so much a new consumer product as a new opportunity to get rich.

The entry threshold for e-cigarettes is very low. Most entrepreneurs only need to spend hundreds of thousands of yuan to find a foundry in Shenzhen to produce e-cigarettes and then sell them by OEM.

When a set of products is sold in 300 yuan, the price is around 150. As for cigarette oil and cigarette bombs, if they are sold at 100 yuan, the price will be around 40 yuan. Gross profit is between 50% and 70%.

You don't have to master any core technology, but you still earn a lot of money. This is the abacus played by e-cigarette players.

However, their big dream of the Spring and Autumn Period was soon shattered.

On June 5438+065438+ 10 last year, the State Administration of Market Supervision and the State Tobacco Monopoly Bureau official website jointly issued the Notice on Further Protecting Minors from E-cigarettes, requiring enterprises or individuals that produce and sell e-cigarettes not to sell e-cigarettes online.

Suddenly everyone was silent. Entrepreneurs escape and retreat. In the first half of this year, as many as 197 e-cigarette enterprises were liquidated, cancelled and cancelled.

The bubble phantom of e-cigarettes has finally dissipated. In this process, we can't see any down-to-earth and passionate feelings, but only the false prosperity of parcel delivery.

When did China's capital market change?

Most people no longer believe in getting rich through hard work, but want to take a shortcut to the top of the world.

Throughout their actions and language, we can find two similarities:

First, I like to associate my business with cutting-edge scientific and technological concepts, such as artificial intelligence, big data and Internet of Things. Even if they can't do anything, they will try their best to package their business with concepts and scare laymen with all kinds of data and patents.

Second, I like to tell feelings and stories. Although the intention is to make money, of course they won't say it. Instead, it will describe one vivid and detailed story after another, such as the counterattack after bankruptcy, meeting Bole in the coffee shop ... inspirational is an unchangeable password. When it comes to prospects, it will also involve social prospects, people's future and mainstream values. Benefiting the people is their unchanging initial intention.

This method is full of tricks, and leeks are cut one after another.

But the tide will eventually recede, and it will be clear who is swimming naked. Any operation that does not conform to business common sense will eventually be seen through.

In fact, a good enterprise has three characteristics:

First, the product is strongly needed by many people, which is difficult to replace, and the price can be raised and there are economic concessions;

Second, the growth space is large, and it is easy to replicate and expand, so that the marginal cost does not increase or decrease;

Third, it is difficult for others to copy and imitate.

Any business model that does not meet the above characteristics may need careful consideration. In the big waves of commercial rivers and lakes, it is most important to return to the initial heart of business.

If we don't remember the lessons of Ruixing, Ruixing who withdrew from the market is definitely not the last one to leave.

Author: Kokodaka