08 Jingdong how much risk? Liu that hair was worried about white-Liu Jingdong-IT information
"I spent 20 years from Suqian to Beijing and spent 20 years time from Beijing to New York. "This is Jing dong listed on the celebration, from Liu's feelings.
Now, after the successful gossip bits, as Liu and Jing dong often focus of people's attention. Open the history of that part of the East, having risen from, step by step, and now entrepreneur compared to no less a bank.
Capital venture capital financing of distress from the winter, every entrepreneur has felt investor rejected. Same thing in the early days of the East who are much more serious, the most difficult time, Liu had heard 40 investment body said NO.
The two decisions
Beijing Subway Line 4, get off at the station of Zhongguancun, without going out of the subway station, along with small ads in his hand, warm asks: "shopping is maintenance? To give you an acquaintance. "Time to go back, in this group of people may have seen Liu Jingdong boss figure.
After graduating from the Chinese University, I still haven't, Liu because startups fail within the school owes a huge debt. To this end, he counters at Zhong Guan Cun station, selling dish, called shop, and shop around a bit different is that he insists on selling electronic products. Finally reputation spread, business was gotten, unfortunately the hit 2003 SARS.
If you look at e-commerce development in the country, you will find that SARS is in the area of e-commerce is historic. When the shadow of SARS hanging over the nation's time, Alibaba's Taobao employees at their isolated home on line.
At a distance of more than 1200 kilometers of Beijing, Hangzhou, it also opens the way for Liu to the new world--Internet service provider. A year later, he decided to close all stores will operate all move to line below the line.
In 2007, the East got the first tranche of funding, is today the capital of the investor. Qian gang, Liu announced two decisions: Jing dong from the sale of 3C products to the category expansion, into a one-stop consumer platform, and decided to build one of the logistics distribution system.
Investors heard from Liu both decisions, almost all of them to laugh or cry. Since neither category expansion or warehouse and distribution logistics, is the pattern in their eyes burn. Category of products will increase the cost of logistics and operations, let alone warehouse and distribution logistics. Transatlantic precedent--United States fresh e-commerce Webvan is building their own warehouses burn down the entire $ 1.2 billion, frightened United States fresh whole stagnated for 20 years.
First category expansion decision, against all the investors, nearly half of Beijing East management is also questioned, the reason is very simple, even Amazon able to sell large appliances over the Internet, let alone domestic. Second position when decisions made by the distribution and logistics investor tactfully let Liu first budget. Then his budget: $ 1 billion is needed.
Xu Xin, President of capital today are calculated: warehouse and distribution of investment one of the logistics, a city a day to send 2000 single to break even. To reach the 2000 single performance, but it takes a very long time, there may be 9 months, or it could be two years.
Xu Xin
And $ 1 billion for two years, these two figures came out, investors estimate the pitch wants to run. Only Liu firmly: "profits can't get the money bag, larger territories need to explore, the harvest was paid out as a seed funding or resources. ”
He Jingdong overwhelming amount of shares, in the case of the vast majority of people are against, with raise $ 10 million just pushing these two measures: to build Guangzhou Branch, purchasing warehouse, expand channels, product range gradually increased from 3000 to 18000.
Catch a year, foreshadowing for the future hasn't been finished, finished the first round with Jingdong, second round of funding is imperative. But, the financial crisis also came.
One night white
Most memories of 2008, in addition to the financial crisis and the Olympic Games, also has is that heavy snow earlier this year. Is this snow, crushed Shanghai warehouse East of Beijing.
Liu Xu Xin took the much-needed financing, introduced him to them, just an objective economic environment is so bad. Wall Street can't spread fear through the venture capital community. Several East talked about good investors, heard about United States after the bankruptcy of Lehman Brothers, blink of an eye will be able to avoid far.
Jingdong valuations plunged down, talking to investors about financing, price reduced from $ 200 million to $ 150 million, $ 120 million and $ 100 million, $ 80 million and $ 65 million, $ 45 million ... ... Finally down to $ 30 million. Call Liu Xu Xin, said although the price is not good, but Jingdong have this money. Liu refused.
This time can be said to be his most tough time of it: they refused to pay, and logistics but also in losses, funding was not forthcoming, Jingdong to live lunar new year are very tough. There are times, Jingdong Wang Xiaosong, Vice, armed with a payment slip Chen Shengqiang (now East Financial Group CEO), because the vendor said Jingdong does not pay not to goods. Chen Shengqiang is also very helpless: "tomorrow to give their workers wages, after the money is paid, wages were not coming out. ”
We have been compelled, Liu to the capital today for a bridge loan, annual interest is 20%. Time is money, Liu Qiang East started to go out to see institutional investors, sometimes two or three a day, sometimes five or six a day, visited more than more than 40, still no one saw in East Beijing. Each investor has to ask him: Jingdong how to make money? What's your advantage models compared to Taobao? Costs compared to Gome and suning, are the advantages? Coupled with gross profit margins are too low, and operational efficiency is poor criticism.
Jingdong capital today to do it four or five times the bridge loan is the repayment at the end of day. Liu faced staff, are always excited to say: "money will come soon! "But you see the place, for fear that employees know the truth, he lost confidence in a man holed up in a coffee shop drinking extract.
"From 98 venture till now, Jingdong have two hundred or three hundred brothers, a lot has been with me for almost ten years, others dug away. Ten years later, they may have nothing, not even my house, no. And when he went out looking for a job, people would say he was from the collapse of Jingdong Mall, looking for a job is very difficult. Turnover in a successful business looking for a new job is easy, but as employees of a failed or failing companies, finding a job is difficult, because it is satisfying. My pain is really indescribable, bones are full of fear, and that the brothers ' guilt, shame. ”
It was in this period, 34, Liu, gave birth to a pinch of white hair above his forehead.
Deadline change
At the time, flourishing Foxconn announced it was entering 3C in a high profile business, Kyoto financing, attitude is very arrogant, very harsh conditions: holding at very low prices, asked Liu must promise, or hit with a $ 500 million dead East of Beijing. Liu refused, and a strong back: "we are not afraid of wearing shoes in bare feet, and my cooperation is your last chance to enter the retail industry in the life. ”
Watching from drawing near to repay capital bridge loan today, Jing dong failed to find investors. That year, when the capital holds its annual meeting today, in addition to inviting LP to, also do not forget to call on Liu. Introduce yourself and Beijing when Liu at the annual meeting of the stage when luck finally coming on him--a prominent Hong Kong banker noticed him.
This one is Xu Xin a former boss, founder of Peregrine Investments of Hong Kong, the super-rich Leung. He was Xu Xin found the "great lady" and was specially arranged in the adjacent position with Liu on the same table.
"And Beijing East compete with dangdang and excellence, but Liu has begun to emphasize the need to build their own logistics, reduce the cost of this part. I have made reference to United States retail, retail level, China also believes that too many lead to costs, execution of Liu is very strong, and I agree with his philosophy. ”
Identity is one thing, the investment is another matter. Leung's apprentice – male cattle capital of Li Xufu, Jingdong to do due diligence. Li Xufu investment banking was born, worked closely with suning, can be said to be witnessing how suning is subversion of the traditional retail and rising. Met with Liu, he realizes that another possibility of subversion.
Jingdong finally finished the second round of the US $ 21 million of financing, in which male lead investor $ 12 million cattle capital, capital investment and US $ 8 million today, Leung made a personal investment of $ 1 million. This money, so methodically by Liu Jing dong logistics platform, service, technology and so on.
Jingdong "self-destruction" is "burning money" come effect: from 2008 to 2012, East Beijing annual turnover was 1.32 billion yuan, 4 billion yuan, 10.2 billion yuan, 21 billion yuan and 60 billion yuan. Than the species, much more authentic than Taobao, Liu had insisted on two decisions, Jing dong out of Hades. Impressive scorecard also attracted investments: Tiger, high water jar capital, Sequoia Capital, Tencent and DST ... ...
Full category and logistics from 2007 determined by 2008 painful financing so far, Jingdong headlines annually amount of loss is still in 2016, the only one of the world's top 500 list of the Chinese Internet company, not the BAT, but was denied by countless people East of Beijing.
When hard times coincide with temptation, which is now in the winter of entrepreneurs is a major test: can you choose better adhere to?
08年的京东有多险？刘强东那撮头发被愁白 - 刘强东,京东 - IT资讯
“我花了20年时间从宿迁到北京，又花了20年时间从北京到纽约。”这是京东上市的庆功会上，来自刘强东的感慨。
现如今，功成名就后的八卦边角料，成了刘强东和京东时常让人关注的焦点。而翻开那段京东的创业史，出身草莽，一步一个脚印，和现在的创业者比起来，没有少走一个坎。
资本寒冬下的创业融资困境，每个创业者都曾感受过投资人的拒绝。同样的事情在早年的京东身上则更为严重，最困难的时候，刘强东曾听40家投资机构说过NO。
两个决定
在北京坐地铁四号线，到中关村站下车，都不用出地铁站，沿路就有人手里拿着小广告，热情询问：“买东西还是维修啊？给你个熟人价。”把时间倒回去，在这群人中，可能也出现过京东老板刘强东的身影。
从中国人民大学毕业后，还没正式工作，刘强东就因为校内创业失败欠了一屁股的债。为此，他在中关村站过柜台，卖过碟，打过地铺，和周围店家有一点不一样的是：他坚持只卖电子正品。好不容易名声散开，生意有点起色，不巧撞上了2003年的非典。
如果研究一下国内的电商发展，你会发现非典其实在电商领域是有历史意义的。当非典的阴影笼罩全国的时候，阿里巴巴的员工们在各自隔离的家里完成了淘宝网的上线。
在距离杭州1200多公里的北京，这件事也打开了刘强东新世界的大门——互联网电商。一年后，他决定关闭所有店面，将线下经营全部搬到线上。
2007年，京东拿到第一笔融资，投资方是今日资本。钱刚到手，刘强东宣布了两个决定：将京东从售卖3C产品向全品类扩张，转为一站式消费平台，并决定自建仓配一体的物流体系。
投资人们从刘强东口中听到这两个决定时，几乎个个哭笑不得。因为不论是全品类扩张还是自建仓配物流，在他们眼中都是花样烧钱。全品类产品会加大物流和运营成本，仓配物流更不用说。大洋彼岸的前车之鉴——美国生鲜电商Webvan就是因为自建仓库烧掉整整12亿美元，吓得美国的生鲜电商整整停滞了20年。
第一个扩张品类的决定，所有投资人全部反对，京东管理层内部也有将近一半质疑，原因很简单，连亚马逊都没能在网上把大型家电卖掉，何况是国内。第二个自建仓配和物流的决定提出时，投资人委婉地让刘强东先做个预算。然后他的预算是：需要10亿美元。
今日资本的总裁徐新也算了算：投资仓配一体的物流，一个城市一天要送2000单才能盈亏平衡。要达到2000单的业绩，却需要很长时间，有可能是9个月，也有可能是两年。
徐新
10亿美元和两年，这两个数字一出来，在场的投资人估计都想跑了。只有刘强东异常坚定：“利润不能拿钱袋子装起来，有更大的疆土需要开拓，收获的资金或者资源应该像种子一样撒出去。”
他手握京东压倒性数量的股份，在绝大多数人反对的情况下，用刚融到的1000万美元力推这两项措施：筹建广州分公司、购买库房、扩充渠道，产品种类渐渐从3000种增加到18000种。
风风火火一年，为未来做的铺垫还没完成，京东就把第一轮融资用完了，第二轮融资势在必行。只是，金融危机也来了。
一夜白头
大多数人记忆中的2008年，除了金融危机和奥运会，还有就是年初的那场大雪。正是这场雪，把京东上海的仓库也压坏了。
徐新拉着急需融资的刘强东，到处给他介绍投资人，只是客观经济环境实在是太糟糕。华尔街不行了，恐惧在整个创投界蔓延。几个与京东谈得好好的投资人，在听说美国雷曼兄弟破产后，转眼间都避得远远的。
京东的估值跳水式下降，和投资人谈融资，价格从2亿美元降到1.5亿美元、1.2亿美元、1亿美元、8000万美元、6500万美元、4500万美元……最后降到3000万美元。徐新打电话给刘强东，说价格虽然不好，但京东得要这笔钱。刘强东直接拒绝了。
这段时间可以说是他最煎熬的日子：投资人都不肯出钱，物流还在亏损，资金也没有到位，京东要活过春节都很艰难。有次，京东的副总裁王笑松拿着付款单找陈生强（现京东金融集团CEO），因为供应商说京东再不付款就不给货。陈生强也很无奈：“明天要给员工发工资了，这钱付出去之后，工资就发不出来了。”
不得已之下，刘强东向今日资本申请过桥贷款，每年的利息是20%。时间就是金钱，刘强东开始拼命见投资机构，有时一天见两三家，有时一天五六家，拜访了四十多家，还是没人看上京东。每个投资人都问他：京东怎么赚钱？你的模式跟淘宝相比有什么优势？成本跟国美、苏宁相比，优势又在哪里？还夹杂着毛利率过低，运营效率太差等批判。
今日资本给京东做了四五次的过桥贷款，年底就是还款日。刘强东在面对员工时，总是热血沸腾地说：“钱马上要来了！”但在大家看不到的地方，他因为害怕员工知道真相之后失去信心，一个人躲在咖啡店里喝闷酒解压。
“从98年创业开始到现在，京东已经有二三百名兄弟了，很多跟了我快十年，别人挖都不走。十年后，他们离开时却可能一无所有，连房子都没有，车也没有。而且当他再出去找工作，别人会说他是来自倒闭的京东商城，找工作都很难。一个成功企业的员工离职找新工作很容易，但作为一个失败或者倒闭的企业的员工，找工作是很难的，因为是败兵。我的痛苦真的是难以言喻，骨子充满了恐惧感，还有那种对兄弟们的愧疚、羞愧。”
正是在这段时间里，34岁的刘强东，额头上方生了一撮白发。
最后期限里的转机
彼时，如日中天的富士康高调宣布要进入3C电商，也跟京东谈融资，态度很傲慢，条件很苛刻：想以极低的价格控股，要求刘强东必须答应，不然就用5亿美金砸死京东。刘强东又拒绝了，并强势反击：“我们光脚不怕穿鞋的，和我合作是你们一生中进入零售业的最后一次机会。”
眼看着距离偿还今日资本过桥贷款的日子越来越近，京东还是没有找到投资人。那一年，今日资本在召开年会的时候，除了邀请LP参加，也不忘叫上刘强东。当刘强东在年会的台上介绍自己和京东时，好运终于光临到他头上——一位来自香港的知名银行家留意到他。
这个人是徐新曾经的上司，百富勤投资的创始人兼香港超级富豪梁伯韬。他是徐新找来的“大咖”，并被特意安排在与刘强东同一桌的相邻位置。
“当时与京东同台竞争的还有当当和卓越，但刘强东已经开始强调要建立自己的物流，降低这部分成本。我参考过美国零售业，也认为中国零售层次太多导致费用过高，刘强东的执行力也很强，我认同他的理念。”
认同是一回事，投资又是另一回事。梁伯韬拉上徒弟——雄牛资本的李绪富，打算一起先对京东做个尽职调查。李绪富投行出生，与苏宁紧密合作过，可以说是亲眼见证苏宁是如何颠覆传统零售业并崛起的。与刘强东的结识，让他意识到另一种颠覆的可能性。
京东终于完成第二轮2100万美元的融资，其中雄牛资本领投1200万美元，今日资本跟投800万美元，梁伯韬以个人名义投了100万美元。这笔钱，照样被刘强东有条不紊地用在京东的物流平台、服务技术等方面。
京东“自毁般”的“烧钱”终于迎来效果：2008年到2012年，京东的年销售额分别为13.2亿元、40亿元、102亿元、210亿元、600亿元。比当当的种类全，比淘宝的正品多，正是刘强东当初一意孤行的两个决定，令京东杀出一条血路。漂亮的成绩单也引来投资：老虎基金、高瓴资本、红杉资本、DST、腾讯……
从2007年下定决心做全品类和物流，到2008年痛苦融资，迄今为止，京东的亏损数额依旧年年登上媒体头条，但2016年世界500强中唯一入榜的中国互联网公司，不是BAT，而是被无数人否定过的京东。
当困境与诱惑同时出现，这对于如今寒冬中的创业者都是一次重大考验：你能否选择更好的坚持？