Ju mei privatization a critical period: two CFO to leave high-poly-us-IT information
Ju mei privatization controversy hasn′t stopped, significant adjustments in the management of the company. Ju mei today announced co-CFO Gao Meng, Zheng Yunsheng and separation. Some analysts pointed out that, Ju mei 2015 annual report of may during childbirth.
February 2016, Ju mei Vice President Dai Yusen announced received from CEO announcements over, product, and Sequoia buyers submit each United States depository shares (ADS) apply privatization price of US $ 7.
The price than poly-us proposed privatization on February 16 before closing $ 5.83, compared to premium of about 20%. However, getting beauty best privatization has been a voice of opposition.
Ju mei encountered resistance there are a few reasons:
1, Ju mei privatization is well below their initial offering price. 2, Ju mei excellent goods listed in nearly 2 years, most of the time shares at $ 7 or more. In accordance with the practice of privatizations, higher average premium 3 month 15% to 30%, poly-America′s best 3-month closing price is $ 7.85. 3, Ju mei announcements over privatization the cost is not high.
Investors will get beauty products company apart, said poly-us "No." Chen Europe, investors will also "I speak for themselves" advertising into new Europe "I speak for the shameless."
Although many small investors on the price expressed great dissatisfaction, collection and organization activist, on both sides (the United States and the Cayman Islands) sued Ju mei, however, Ju mei not only did not respond, also accelerated its privatization process.
Poly America has set up a Special Committee to assess the proposed privatization, and appointment of Zhao Jutao to gather the beauty of the new directors, is responsible for evaluating Ju mei with the Shao Xiaoheng privatization matters.
Among them, Zhao Jutao have worked in ninetowns Internet, Secretary of the CSC, papaya, served as CFO, Secretary of the Board, such as jobs, serving independent directors of art long, long a member of the Special Committee on privatization, for art.
Privatization process unit, after the privatization of companies receive a non-binding offer, need to form a Special Committee and hired an independent consultant to evaluate buyout offer by the Special Committee.
Poly high beauty and the lack of a clear growth path
Tencent technology get a sell rating report, Blue Lotus research analysts, poly high beauty and the lack of a clear growth path, its business transformation to be verified in terms of both sales growth and margins
Among them, the cross-border e-commerce can bring to Ju mei short-term earnings growth, longer term, owing to the United States in the field of cross-border e-commerce is no advantage, cross-border e-commerce is not a poly-us resort.
Industry, policy changes such as hanging head sword. Cross-border e-commerce policy will be guided by the tax, and now cosmetics and mother of cross-border e-commerce taxes essentially few strong policy changes expected.
From a company perspective, Ju mei face 1) weaker bargaining power with international brand; 2) homogenization of competition, in particular price war; 3) category cross-sell ability, range expansion is limited.
Maternal and child services for poly-us is not a good choice. This is because 1) drainage of milk powder, diapers, gross margin is low; 2) maternal and child 25% a year or so subscribers, requires sustained input 3) high permeability, Beijing East, cat B2C market share 70%. Entering the time, newcomers to not get the bonuses on the rise of the market.
Wen Tianli think Blue Lotus founder, Ju mei superior core problem is sourcing, distribution and category, without differentiation. Lost fake sources trying to cross-border e-commerce efforts to establish sources of differentiation is futile.
聚美优品私有化关键时期：两位CFO竟同时离职 - 聚美优品 - IT资讯
聚美优品私有化风波还没停息，公司管理层又发生重大调整。聚美优品今日发布公告，联席CFO高孟、郑云生同时离职。有分析指出，聚美优品2015年的年报都可能难产。
2016年2月，聚美优品宣布收到来自CEO陈欧、产品副总裁戴雨森，及红杉资本组成的收购方递交的每美国存托股（ADS）7美元的价格私有化申请。
该价格比聚美优品提出私有化前2月16日收盘价5.83美元相比，要溢价约20%。不过，聚美优品这一私有化计划却遭到一片反对之声。
聚美优品遭遇抵制主要有几层原因：
1，聚美优品的私有化价格远低于发行价。2，聚美优品上市接近2年的时间里，多数时间股价都在7美元以上。按照中概股私有化的惯例，3个月平均溢价要高出15%到30%，而聚美优品3个月收盘的均价是7.85美元。3，陈欧私有化聚美优品的成本并不高。
有投资人将聚美优品的公司名称拆开，称聚美“无品”。还有投资人将陈欧“我为自己代言”的广告改成陈欧“我为无耻代言”。
尽管不少中小投资者对该价格表达了极大不满，并集合起来组织维权，欲在两地(美国和开曼群岛)起诉聚美优品，不过，聚美优品不仅没回应，还加快了其私有化进程。
聚美优品已成立特别委员会专门评估此前的私有化提议，并任命赵巨涛担任聚美的新董事，与邵孝恒一起负责评估聚美优品私有化事宜。
其中，赵巨涛曾先后任职九城网络、乡村基、木瓜秘书，担任CFO、董秘等职位，目前任职艺龙独立董事，为艺龙私有化特别委员会一员。
从中概股私有化流程来看，在中概股公司收到非约束性私有化收购要约后，需要组建特别委员会并聘请独立的特别委员会顾问来评估私有化要约。
聚美优品缺乏明确增长路径
据腾讯科技获得的一份卖出评级的报告，蓝莲花研究机构分析师认为，聚美优品缺乏明确增长路径，其业务转型需在销售增长和利润率两方面得到验证
其中，跨境电商只能给聚美优品带来短期收入增长，长期来看，由于聚美在跨境电商领域并无优势，跨境电商并非聚美的救命稻草。
行业方面，政策变革如悬头之剑。跨境电商政策将以收税为导向，而现在以化妆品和母婴为主的跨境电商实质上上缴税收寥寥，政策变革预期强。
从公司层面看，聚美面临1）与国际品牌议价能力弱；2）同质化竞争，尤其是价格战；3）品类交叉销售能力不足，品类扩张有限。
母婴业务对聚美不是个好的选择。这是因为1）作为引流的奶粉、纸尿裤毛利率低；2）母婴电商每年25%左右的用户流失，需要持续投入；3）电商渗透率高，京东、天猫占有B2C市场份额70%。从进入时间上，新进者无法得到市场兴起的红利。
蓝莲花创始人温天立认为，聚美优品核心问题是货源，配送和品类无一有差异化。丧失假货源后试图通过跨境电商建立货源差异化的努力是徒劳的。