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Ali, Ao Fei, Tencent, who will be the "white warrior" to save the A station?

via:博客园     time:2018/2/5 17:06:22     readed:712


Wen / Gao Qingxiu, Chen Shilei, Zhang Yanru

Source: Entertainment Capital (ID:yulezibenlun)

It is also today, China's two yuan community ancestor A station is due to capital problems, the server is suspended. A state on the official micro-blog: I still want to live for 500 more years.


Between the first and the first, the situation in China's two second - and second - order community is not only sob.

10:30 this morning at the A station not landing after many years old N A powder have also lamented, almost tearful.


Recent, A station financing is not smooth, the capital chain and other news, from time to time in the media. A number of people close to the A station expressed the theory of entertainment Das Kapital, and the tense situation in the A station is basically true.

On the night of January 31st, most people were admiring the blue moon and the blood moon, which had only been seen once in 150 years, and, at the same time, a

People who are familiar with A station know that the crux of the company is not only the business mode but also the complicated game among shareholders.

Compared with the stable collocation of B station founder Xu Yi and Chen Rui, chairman of the A station, with the transformation of shareholder power behind the A station, almost all the changes have taken place, even replacing 3 CEO a year.

The cost of internal consumption is not only for the A station to miss the chance of overtaking in the bend, but also to kill the trust of the core fans for the A war. Once again the outage, so many UP went to the friends of the camp.

Now, the A station really comes to the critical moment of life and death. One senior level revealed that the A station would not die, and the whole capital Bureau would have the most exciting climax at the end of the week.

Who's gonna save station A?

There was no budget arrears two months ago.


This morning, after the A station was unable to land, entertainment Das Das Das Kapital visited A's office in Wangjing, Beijing, for the first time.

There are still employees working normally. A passing editor is walking in a hurry. TA tells Xiao Yu that some of the company is at work, but a part of them are no longer at work. There is no uniform notification within the company for the inability to access the site.


Those who are willing to stay at station A choose to work with the company. In a core up fan base, the staff of station A are still trying to placate the crowd.


Other people who are reluctant to go to work are expected to enter the next career stage. This includes some former employees who are in arrears of wages at A stations.

In fact, A started a new round of financing a few months ago, but the money was slow. Some investors revealed that two months ago, business and copyright procurement had no money, and now even even the wages of employees are not falling.

In many social media such as Sina micro-blog, know you and so on, A station employees have said that the salary in October has been dragged for over 1 months, and the salary in December has not yet been released.


A number of A stations, on the job and departing employees, said that the funds of the A station have indeed encountered problems, and the situation of arrears of wages is basically true.

Liu Yanyan


At present, the A station financing matters is CEO Liu Yanyan, which is called the third generation content soul of the A station, and is also a CEO in the longer term of the A station.

As early as 2015 , when he was still a chief editor , he used to raise the DAU of station A by five times in one year . But in a personal change in May 2016 , the original team was

It is worth noting that, in the complex relationship between the A stations, there are two major forces that can not be ignored. One is the Ali department based on Youku, and the other is the Austrian system based on Cai Dongqing's personal investment. And Liu Yanyan chose to stand on the side of the ORF.

Then, Liu Yanyan took the A station CEO. It was said that it was also supported by the big shareholders (Cai Dongqing). Later, Li Bin, vice president of entertainment and Chief Strategic Officer, took over the chairman of the A station.

In a variety of public places, Liu Yanyan spoke on behalf of the A station, but in fact, his equity is less than 2%. This leads to the fact that Liu Yanyan's discourse power is not high. Even if you have the heart to reorganize the A station, it is the arm of the thigh.

Despite several financing, the large shareholders of the A station are still Cai Dongqing. In the Chinese online stock A station, it has clearly disclosed the ownership structure of the A station, with Cai Dongqing holding 54.77%.

However, Liu Yanyan's individual actions during his term of office have also led to fans' dissatisfaction.

For example, in 2015, he designed a cartoon image based on his own prototype.


But when he was in office, he did two major events for the A station.

One is to make efforts for the commercialization of the A station.In June 2017, Acfun and A shares listed on the famous digital marketing company, Leo Digital Group signed a strategic agreement, and held the first ever advertising promotion, officially opened the commercial road.

Liu Yanyan said that his personal positioning of the A station was not to mark bilibili, but to do it.

The second thing is to sort out the ownership structure of the A station.

Before the A station, there were a number of individual shareholders, such as Yang Xinmiao, but in the Chinese online stock market, we can see that the ownership structure of the A station has been very clear.


The industry insiders close to the A station said Liu Yanyan tried his best. What he wants to do is not take the A station from 0 to 1, but from 10000 to 0.

According to the news of the entertainment capital, the A station has a total of about 300 million yuan, far from the media.

In the capital gap between the Ali and the ORF system, it is difficult to survive


In the latest round of financing, Yunfeng Fund has been in close contact with Station A, and plans to invest to realize Alibaba's control of Station A, said Mr Youku Tudou. Yunfeng funds will be valued at around 1 billion yuan to restructure Station A, which will account for more than 20 shares. In the end, Alibaba will take control of Station A.

Then the 36 krypton reported that the station is expected to A round of financing from the Yunfeng fund collar vote, Cerberus and another real estate fund with investment. The latest news is that the Ali Department funds will hold a total of 71% of the A station.

Ali to A holding station, the current major shareholder of Cai Dongqing, is a ridge around the past.

Although, for a long time, the A station and the ORF entertainment have not produced too much business synergy. Even orfly entertainment official has never acknowledged that there is a relationship between the company and A station. In their official caliber, it is the personal investment of the chairman and has nothing to do with the listed company.

But from the earliest Cai Dongqing hold more than 90% of the A station, the A station has been classified as the Austrian system. Cai Dongqing's attitude is very important now that Ali has sought to hold a holding.

And the relationship between the A station and the Ali department seems to be a love and hate intertwine.

On the one hand, Liu Yanyan's support from big shareholder Cai Dongqing was on the back of his post. On the other hand, when Youku became a A station, the role was changed from a prosecutor to a shareholder.

When Youku sued station A, the compensation plan proposed was to compensate one hundred and fifty billion three million 18% shares, but it didn't materialize. It turned out to be either compensation.

Since then, there is also news that Youku led A station 50 million dollars. But the industry analysis said that the money is very wet. A station also said that the total amount of financing is about 300 million. The Softbank money should be the largest financing A station got.

Now, the Austrian department does not agree with Ali to 1 billion valuations holding A station, Ali's money can not come in. Other investors have revealed to entertainment Das Kapital that Yunfeng fund has decided not to vote for the A station.

So the A station was dragged.

Who will save the A station?


Some people say that the A station in the 10 years do only two things: hatch Betta created B station. The two companies are all preparing for IPO today, but it's a step ahead.

Although the A station is not in a good position now, it is believed that the A station will not die, and the most is the reorganization. So, who will save the A station?

At the moment, it should not be Aofei, because according to the latest forecast of listed companies' earnings forecast for 2017: full-year net profit fell by 90% from a year earlier.

Due to the first three quarters of 2017, the net profit of ORF was 315 million. The prediction of tonight's performance means that in the fourth quarter of 2017, ORF entertainment has already suffered losses, and the quarterly loss is 115 million to 265 million.


In the case of such receivables, the continued investment of the A station by ORF may bring a greater burden to itself.

Finally, the rescue of the A station, perhaps Ali.

Tencent has already invested in bilibili, and has already exceeded one stage of Station A to be listed in the United States, and Station B has made its own profit through operations such as game and intermodal transport, according to the investment personages mentioned above. Ali holding Station A has made a profit. Will have the opportunity to compete with Tencent in the area of quadratic element.

After all, this track is only A station and B station two platform company, as long as the money to buy a new fan, and active users will increase. And Ali, not short of money.


A video user who has been at Station A for eight years believes that if Ali were able to take the offer, it would be possible to carry out something similar to bilibili's.

Maybe, uh, from station A today.

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