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2021-06-11
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The community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares
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15:10","market":"us","language":"zh","title":"The community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1106550977","media":"深网腾讯新闻","summary":"经历诸多波折之后，创立于2012年的滴滴终于在北京时间今日凌晨向SEC递交了IPO招股书，正式开启上市征程。\n\n橙心优选3月底分拆 最新估值18亿美元\n2020年6月15日，滴滴的新业务“橙心优选”正","content":"<p>After many twists and turns, Didi, founded in 2012, finally submitted its IPO prospectus to the SEC in the early morning of Beijing time, officially starting its listing journey.</p><p><img src=\"https://static.tigerbbs.com/48c546a9378645306b0668a3ffbbab36\" tg-width=\"770\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p><b>Orange Heart Preferred spun off at the end of March with a latest valuation of US $1.8 billion</b></p><p>On June 15, 2020, Didi's new business \"Orange Heart Selection\" was officially launched and joined the community group buying war. Didi stated that there is \"no upper limit on investment\" in this business.</p><p>According to the prospectus, Orange Heart Preferred will be spun off at the end of March 2021. After the A1 and A2 financing of Orange Heart Preferred is completed, Didi no longer holds most of the outstanding shares of Orange Heart Preferred, so Didi has accordingly excluded Orange Heart Preferred from its operating results after March 30, 2021.</p><p>In March of this year, Orange Heart Preferred conducted a total of US $1.1 billion in A1 and A2 rounds of financing, as well as convertible bonds. Among them, the A1 round received capital injection from SoftBank, with a total amount of US $900 million, and the A2 round received capital injection from management, with a total amount of about US $200 million. Orange Heart Preferred also issued convertible bonds due in 2028 to Didi, with a total amount of US $3 billion. Didi has the right to convert the bonds into shares. In April and May, some investors purchased additional Orange Heart Preferred A1 preferred shares, worth US $100 million.</p><p>So far, the latest valuation of Orange Heart Preferred is US $1.8 billion. Didi currently holds a 32.8% stake in Orange Heart Preferred.</p><p>In addition, the prospectus discloses that Orange Heart Preferred has an expected listing commitment, that is, if Orange Heart Preferred does not complete the IPO 5 years after the end of Series A financing, then these Series A investors' shareholding in Orange Heart Preferred can be converted into Didi's shareholding.</p><p><b>Losses have narrowed in the past three years, with a profit of 5.5 billion yuan in the first quarter</b></p><p>It is worth noting that Didi's profit in the first quarter of 2021 was achieved on the basis of the spin-off of its community group buying business Orange Heart Selection.</p><p>Internet travel services have been accompanied by subsidies since they were first launched. As Didi rapidly expanded its scale, subsidies also caused the company to suffer huge losses. But this has become an insurmountable barrier for many Internet unicorn companies in their growth process.</p><p><img src=\"https://static.tigerbbs.com/2a94bee1eef117aa33fb7d0e93127a36\" tg-width=\"1080\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>The prospectus shows that the company's revenue in 2018, 2019 and 2020 will be 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan (approximately US $21.6 billion) respectively; In the three months ended March 31, 2021, the company's revenue was 42.2 billion yuan (approximately US $6.4 billion).</p><p>Didi's net losses in 2018, 2019 and 2020 were 15 billion yuan, 9.7 billion yuan and 10.6 billion yuan (approximately US $1.6 billion) respectively; In the three months ended March 31, 2021, the company's net profit was 5.5 billion yuan (approximately US $800 million).</p><p><b>Costs and marketing expenses both rose, with year-on-year increases of 117% and 189% in Q1</b></p><p>While revenue is growing, Didi's revenue cost and marketing expenses are also increasing significantly accordingly.</p><p>Didi's cost of revenue in the first quarter of 2021 was 37.6 billion yuan, a year-on-year increase of 117% compared with 17.4 billion yuan in the same period in 2020; The cost was RMB 127.8 billion in 2018, RMB 139.7 billion in 2019 and RMB 125.8 billion in 2020.</p><p>According to the prospectus, the substantial increase in the cost of revenue in the first quarter of 2021 is due to the increase of 16.4 billion yuan in driver income, Didi's incentives for the resumption of normal operations of the driving business, and the new initiatives launched by Didi in 2020. Increased revenue costs related to the resumption of other revenue-generating transactions (including depreciation of bicycles and electric bicycles) and increased costs of other revenue items caused by the resumption of other revenue-generating transactions.</p><p>In addition, sales and marketing expenses in the first quarter of 2021 were 5.1 billion yuan, an increase of 189% compared with 1.8 billion yuan in the first quarter of 2020; It was 7.6 billion yuan in 2018, 7.5 billion yuan in 2019, and 11.1 billion yuan in 2020.</p><p>According to the prospectus, the reason for the substantial increase in sales and marketing expenses in the first quarter of 2021 is that Didi's incentives for consumers increased by 1.9 billion yuan, and with the expansion of new initiatives and marketing efforts for driving services, Didi's advertising and promotional expenses increased by 1.3 billion yuan.</p><p>In terms of research and development expenses, it increased from RMB 1.5 billion in the three months ended March 31, 2020 to RMB 1.9 billion (US $300 million) in the three months ended March 31, 2021. According to the prospectus, the main reason is the increase of 400 million yuan in personnel-related compensation expenses (including joint-stock compensation), which reflects the company's continued commitment to technology investment due to the increase in the number of R&D personnel.</p><p><b>Autonomous driving valued at $3.4 billion</b></p><p>Among the \"four core strategic sections\" defined by Didi as building the future of travel, autonomous driving occupies an important position, and others include shared travel platforms, car service networks, and electric vehicles.</p><p>Didi Autopilot began building a team in 2016. In August 2019, Didi upgraded its original autonomous driving department to an independent company, highlighting the importance of autonomous driving to Didi.</p><p>According to the prospectus, after completing the US $525 million Series A financing jointly invested by Didi and SoftBank Vision, Didi Autonomous Driving Company's valuation reached US $3.4 billion, of which Didi holds 70.4% of the shares and has an absolute controlling stake.</p><p>As of the first quarter of 2021, Didi's self-driving team has more than 500 people and a fleet of more than 100 self-driving cars. At present, the main test and trial operation focus of Didi's autonomous driving is in Jiading, Shanghai.</p><p>In addition, there was news recently that Didi Autonomous Driving is about to complete a new round of financing, with a financing amount exceeding US $300 million, of which<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Investment of $200 million (<a href=\"https://laohu8.com/S/02238\">GAC Group</a>Direct investment of US $100 million, and funds under GAC Capital invested US $100 million).</p><p>Didi autonomous driving has many applications. In May this year, Didi Autopilot and GAC Aian New Energy Vehicle reached a strategic cooperation. The two parties combined Didi's autonomous driving software and hardware technology research and development advantages with GAC Aian's autonomous driving vehicle platform and vehicle design and manufacturing capabilities to develop a A fully driverless new energy vehicle that can be put into large-scale application, and mass production is promoted at full speed.</p><p>In addition to GAC, Didi's autonomous driving cooperation list also includes BAIC. The two parties announced their cooperation a year ago, saying that they will jointly develop high-level self-driving customized models specifically for Robotaxi operations.</p><p><b>Epidemic and antitrust risks</b></p><p>Last year, the epidemic had a relatively large impact on Internet companies involved in life services such as food, clothing, housing and transportation, such as Meituan and Ctrip. Didi's prospectus also discloses this part of the content accordingly.</p><p>According to the prospectus, since the second quarter of 2020, Didi's business has resumed growth, although some cities have re-imposed restrictions in the third and fourth quarters. For the six months ended December 31, 2020, the GTV of Didi's China business was 121.6 billion yuan, an increase of 80.3% compared with the six months ended June 30, 2020, and a six-month increase of 12.2%.</p><p>As can be seen from Didi's business composition, the proportion of international business is not small. Starting from the second quarter of 2020, Didi has been significantly affected in the international market. The prospectus mentioned that in the second quarter of 2020, international business GTV ((Gross Transaction Value) fell by 22.1% year-on-year.</p><p>Starting from the third quarter of 2020, Didi's international business began to recover. For the six months ended December 31, 2020, Didi's international business GTV was RMB 14.7 billion, an increase of 34.4% compared with the six months ended June 30, 2020, and a year-on-year increase of 5.4% compared with the six months ended December 31, 2019. In the risk warning, the prospectus indicates that Didi's business and operations may continue to be adversely affected by the epidemic in the future.</p><p>In April this year, the State Administration for Market Regulation imposed anti-monopoly-related administrative penalties on a number of Internet companies, and Didi was among them. Didi made relevant disclosures on anti-monopoly risks in the prospectus.</p><p>Didi stated that claims or regulatory actions against the company related to antitrust or other aspects of Didi's business may result in the company being fined, restricted or modified business practices, damaged reputation, and materially adversely affected the company's financial condition, operating results and prospects.</p><p>Didi also stated that in order to comply with existing and new antitrust or other laws and regulations and new antitrust laws and regulations that may be promulgated in the future, the company may need to invest a lot of resources and energy, including restructuring affected businesses, changing business practices and adjusting investment activities, which may have a material adverse impact on the company's business, growth prospects and reputation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1045161675\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/79fb4e017d55411483d940659131729e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">深网腾讯新闻 </p>\n<p class=\"h-time smaller\">2021-06-11 15:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After many twists and turns, Didi, founded in 2012, finally submitted its IPO prospectus to the SEC in the early morning of Beijing time, officially starting its listing journey.</p><p><img src=\"https://static.tigerbbs.com/48c546a9378645306b0668a3ffbbab36\" tg-width=\"770\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p><b>Orange Heart Preferred spun off at the end of March with a latest valuation of US $1.8 billion</b></p><p>On June 15, 2020, Didi's new business \"Orange Heart Selection\" was officially launched and joined the community group buying war. Didi stated that there is \"no upper limit on investment\" in this business.</p><p>According to the prospectus, Orange Heart Preferred will be spun off at the end of March 2021. After the A1 and A2 financing of Orange Heart Preferred is completed, Didi no longer holds most of the outstanding shares of Orange Heart Preferred, so Didi has accordingly excluded Orange Heart Preferred from its operating results after March 30, 2021.</p><p>In March of this year, Orange Heart Preferred conducted a total of US $1.1 billion in A1 and A2 rounds of financing, as well as convertible bonds. Among them, the A1 round received capital injection from SoftBank, with a total amount of US $900 million, and the A2 round received capital injection from management, with a total amount of about US $200 million. Orange Heart Preferred also issued convertible bonds due in 2028 to Didi, with a total amount of US $3 billion. Didi has the right to convert the bonds into shares. In April and May, some investors purchased additional Orange Heart Preferred A1 preferred shares, worth US $100 million.</p><p>So far, the latest valuation of Orange Heart Preferred is US $1.8 billion. Didi currently holds a 32.8% stake in Orange Heart Preferred.</p><p>In addition, the prospectus discloses that Orange Heart Preferred has an expected listing commitment, that is, if Orange Heart Preferred does not complete the IPO 5 years after the end of Series A financing, then these Series A investors' shareholding in Orange Heart Preferred can be converted into Didi's shareholding.</p><p><b>Losses have narrowed in the past three years, with a profit of 5.5 billion yuan in the first quarter</b></p><p>It is worth noting that Didi's profit in the first quarter of 2021 was achieved on the basis of the spin-off of its community group buying business Orange Heart Selection.</p><p>Internet travel services have been accompanied by subsidies since they were first launched. As Didi rapidly expanded its scale, subsidies also caused the company to suffer huge losses. But this has become an insurmountable barrier for many Internet unicorn companies in their growth process.</p><p><img src=\"https://static.tigerbbs.com/2a94bee1eef117aa33fb7d0e93127a36\" tg-width=\"1080\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>The prospectus shows that the company's revenue in 2018, 2019 and 2020 will be 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan (approximately US $21.6 billion) respectively; In the three months ended March 31, 2021, the company's revenue was 42.2 billion yuan (approximately US $6.4 billion).</p><p>Didi's net losses in 2018, 2019 and 2020 were 15 billion yuan, 9.7 billion yuan and 10.6 billion yuan (approximately US $1.6 billion) respectively; In the three months ended March 31, 2021, the company's net profit was 5.5 billion yuan (approximately US $800 million).</p><p><b>Costs and marketing expenses both rose, with year-on-year increases of 117% and 189% in Q1</b></p><p>While revenue is growing, Didi's revenue cost and marketing expenses are also increasing significantly accordingly.</p><p>Didi's cost of revenue in the first quarter of 2021 was 37.6 billion yuan, a year-on-year increase of 117% compared with 17.4 billion yuan in the same period in 2020; The cost was RMB 127.8 billion in 2018, RMB 139.7 billion in 2019 and RMB 125.8 billion in 2020.</p><p>According to the prospectus, the substantial increase in the cost of revenue in the first quarter of 2021 is due to the increase of 16.4 billion yuan in driver income, Didi's incentives for the resumption of normal operations of the driving business, and the new initiatives launched by Didi in 2020. Increased revenue costs related to the resumption of other revenue-generating transactions (including depreciation of bicycles and electric bicycles) and increased costs of other revenue items caused by the resumption of other revenue-generating transactions.</p><p>In addition, sales and marketing expenses in the first quarter of 2021 were 5.1 billion yuan, an increase of 189% compared with 1.8 billion yuan in the first quarter of 2020; It was 7.6 billion yuan in 2018, 7.5 billion yuan in 2019, and 11.1 billion yuan in 2020.</p><p>According to the prospectus, the reason for the substantial increase in sales and marketing expenses in the first quarter of 2021 is that Didi's incentives for consumers increased by 1.9 billion yuan, and with the expansion of new initiatives and marketing efforts for driving services, Didi's advertising and promotional expenses increased by 1.3 billion yuan.</p><p>In terms of research and development expenses, it increased from RMB 1.5 billion in the three months ended March 31, 2020 to RMB 1.9 billion (US $300 million) in the three months ended March 31, 2021. According to the prospectus, the main reason is the increase of 400 million yuan in personnel-related compensation expenses (including joint-stock compensation), which reflects the company's continued commitment to technology investment due to the increase in the number of R&D personnel.</p><p><b>Autonomous driving valued at $3.4 billion</b></p><p>Among the \"four core strategic sections\" defined by Didi as building the future of travel, autonomous driving occupies an important position, and others include shared travel platforms, car service networks, and electric vehicles.</p><p>Didi Autopilot began building a team in 2016. In August 2019, Didi upgraded its original autonomous driving department to an independent company, highlighting the importance of autonomous driving to Didi.</p><p>According to the prospectus, after completing the US $525 million Series A financing jointly invested by Didi and SoftBank Vision, Didi Autonomous Driving Company's valuation reached US $3.4 billion, of which Didi holds 70.4% of the shares and has an absolute controlling stake.</p><p>As of the first quarter of 2021, Didi's self-driving team has more than 500 people and a fleet of more than 100 self-driving cars. At present, the main test and trial operation focus of Didi's autonomous driving is in Jiading, Shanghai.</p><p>In addition, there was news recently that Didi Autonomous Driving is about to complete a new round of financing, with a financing amount exceeding US $300 million, of which<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Investment of $200 million (<a href=\"https://laohu8.com/S/02238\">GAC Group</a>Direct investment of US $100 million, and funds under GAC Capital invested US $100 million).</p><p>Didi autonomous driving has many applications. In May this year, Didi Autopilot and GAC Aian New Energy Vehicle reached a strategic cooperation. The two parties combined Didi's autonomous driving software and hardware technology research and development advantages with GAC Aian's autonomous driving vehicle platform and vehicle design and manufacturing capabilities to develop a A fully driverless new energy vehicle that can be put into large-scale application, and mass production is promoted at full speed.</p><p>In addition to GAC, Didi's autonomous driving cooperation list also includes BAIC. The two parties announced their cooperation a year ago, saying that they will jointly develop high-level self-driving customized models specifically for Robotaxi operations.</p><p><b>Epidemic and antitrust risks</b></p><p>Last year, the epidemic had a relatively large impact on Internet companies involved in life services such as food, clothing, housing and transportation, such as Meituan and Ctrip. Didi's prospectus also discloses this part of the content accordingly.</p><p>According to the prospectus, since the second quarter of 2020, Didi's business has resumed growth, although some cities have re-imposed restrictions in the third and fourth quarters. For the six months ended December 31, 2020, the GTV of Didi's China business was 121.6 billion yuan, an increase of 80.3% compared with the six months ended June 30, 2020, and a six-month increase of 12.2%.</p><p>As can be seen from Didi's business composition, the proportion of international business is not small. Starting from the second quarter of 2020, Didi has been significantly affected in the international market. The prospectus mentioned that in the second quarter of 2020, international business GTV ((Gross Transaction Value) fell by 22.1% year-on-year.</p><p>Starting from the third quarter of 2020, Didi's international business began to recover. For the six months ended December 31, 2020, Didi's international business GTV was RMB 14.7 billion, an increase of 34.4% compared with the six months ended June 30, 2020, and a year-on-year increase of 5.4% compared with the six months ended December 31, 2019. In the risk warning, the prospectus indicates that Didi's business and operations may continue to be adversely affected by the epidemic in the future.</p><p>In April this year, the State Administration for Market Regulation imposed anti-monopoly-related administrative penalties on a number of Internet companies, and Didi was among them. Didi made relevant disclosures on anti-monopoly risks in the prospectus.</p><p>Didi stated that claims or regulatory actions against the company related to antitrust or other aspects of Didi's business may result in the company being fined, restricted or modified business practices, damaged reputation, and materially adversely affected the company's financial condition, operating results and prospects.</p><p>Didi also stated that in order to comply with existing and new antitrust or other laws and regulations and new antitrust laws and regulations that may be promulgated in the future, the company may need to invest a lot of resources and energy, including restructuring affected businesses, changing business practices and adjusting investment activities, which may have a material adverse impact on the company's business, growth prospects and reputation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/480c3abe98efa85d7f418228226d0f87","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106550977","content_text":"经历诸多波折之后，创立于2012年的滴滴终于在北京时间今日凌晨向SEC递交了IPO招股书，正式开启上市征程。\n\n橙心优选3月底分拆 最新估值18亿美元\n2020年6月15日，滴滴的新业务“橙心优选”正式上线，加入社区团购大战，滴滴表示在这项业务上“投入不设上限”。\n招股书显示，橙心优选在2021年3月底被分拆。在橙心优选的A1和A2融资结束后，滴滴不再持有橙心优选的大多数流通股，因此滴滴已经相应地将橙心优选从2021年3月30日之后的经营业绩中剔除。\n今年3月，橙心优选进行了共计11亿美元的A1和A2轮融资，以及可换股债券。其中，A1轮获得软银注资，合计金额9亿美元，A2轮由管理层注资，合计约2亿美元。橙心优选还向滴滴发行了到2028年到期的可换股债券，金额合计30亿美元。滴滴有权将债券转换为股票。4月和5月，有投资者追加购买了橙心优选A1轮优先股，价值1亿美元。\n至此，橙心优选最新估值为18亿美元。滴滴目前持有橙心优选32.8%股权。\n另外，招股书披露橙心优选已有预期的上市承诺，即如果橙心优选在A轮融资结束的5年后没有完成IPO，那么这些A轮投资者对橙心优选的持股可转换为对滴滴的持股。\n近三年亏损收窄，一季度盈利55亿元\n值得注意的是，滴滴2021年一季度的盈利是在分拆其社区团购业务橙心优选的基础之上实现的。\n互联网出行服务从刚上线开始，就与补贴相伴而行。补贴为滴滴迅速扩大规模之际，也让公司产生巨额亏损。但这已成为许多互联网独角兽公司在成长过程中无法逾越的藩篱。\n\n招股书显示，公司在2018年、2019年和2020年的营收分别为1353亿元人民币、1548亿元人民币和1417亿元人民币（约合216亿美元）；在截至2021年3月31日的三个月，公司营收为422亿元人民币（约合64亿美元）。\n滴滴在2018年、2019年和2020年的净亏损分别为150亿元人民币、97亿元人民币和106亿元人民币（约合16亿美元）；在截至2021年3月31日的三个月，公司的净利润为55亿元人民币（约合8亿美元）。\n成本和营销费用双升，Q1同比增幅117%和189%\n收入增长的同时，滴滴的收入成本和营销费用等也在相应大幅提高。\n滴滴2021年第一季度的收入成本为376亿元人民币，相较2020年同期的174亿元人民币同比增长117%；2018年成本为1278亿元人民币，2019年为1397亿元人民币，2020年为1258亿元人民币。\n招股书表明，2021年第一季度收入成本大幅增加，是由于司机收入增加了164亿元人民币，滴滴在代驾业务恢复正常运营上的激励，以及与滴滴在2020年推出的新举措相关的收入成本增加，恢复其他创收交易（包括自行车和电动自行车折旧）导致的其他收入项目成本增加。\n另外，2021年第一季度销售和营销费用为51亿元人民币，相较2020年第一季度的18亿元增长了189%；2018年为76亿元人民币，2019年为75亿，2020年为111亿。\n招股书中显示，2021年第一季度销售和营销费用大幅增长的原因是，滴滴针对消费者的激励措施增加了19亿元人民币，以及随着扩大新举措和代驾服务的营销力度，滴滴的广告和促销费用增加了13亿元人民币。\n研发费用方面，由截至2020年3月31日的三个月的15亿元人民币增长到截至2021年3月31日的三个月的19亿元人民币（3亿美元）。招股书称，主要原因是与人员相关的薪酬费用（包括股份制薪酬）增加了4亿元人民币，由于研发人员人数的增加，反映了公司对技术投资的持续承诺。\n自动驾驶估值达34亿美元\n被滴滴定义为构建出行未来的“四个核心战略版块”中，自动驾驶占有重要一席，其他还包括共享出行平台、车服网络、电动车。\n滴滴自动驾驶于2016年开始组建团队。2019年8月，滴滴将原来的自动驾驶部门升级为独立公司，凸显自动驾驶之于滴滴的重要意义。\n招股书披露，滴滴自动驾驶公司在完成由滴滴和软银愿景联合投资的5.25亿美元A轮融资后，估值达到34亿美元，其中滴滴占股70.4%，拥有绝对控股权。\n截至2021年第一季度，滴滴自动驾驶团队人数超500人，拥有超过100辆自动驾驶汽车的车队。目前滴滴自动驾驶的主要测试和试运营重心，落地在上海嘉定。\n另外近日还有消息称，滴滴自动驾驶即将完成新一轮融资，融资额超3亿美元，其中广汽集团投资2亿美元（广汽集团直接投资1亿美元，广汽资本旗下基金投资1亿美元）。\n滴滴自动驾驶已有多项应用。今年5月，滴滴自动驾驶与广汽埃安新能源汽车达成战略合作，双方结合滴滴自动驾驶软、硬件技术研发优势与广汽埃安的自动驾驶整车平台及整车设计制造能力，开发一款可投入规模化应用的全无人驾驶新能源车型，并全速推进量产。\n除了广汽外，滴滴自动驾驶的合作名单中还有北汽。双方在一年前宣布合作，称将共同研发高级别自动驾驶定制车型，专门用于Robotaxi运营。\n疫情与反垄断风险\n去年疫情对涉及到吃穿住行等生活服务类互联网公司都产生比较大的影响，比如美团、携程等。滴滴招股书中也对这部分内容作出相应披露。\n招股书显示，自2020年第二季度以来，滴滴的业务恢复增长，尽管在第三、第四季度部分城市重新采取了限制措施。截至2020年12月31日的六个月，滴滴中国业务的GTV为1216亿元人民币，相较截至2020年6月30日的六个月增长80.3%，相较2019年12月31日的六个月增长12.2%。\n从滴滴的业务构成可以看到，国际业务占比也不小。2020年第二季度开始，滴滴在国际市场受到重大影响。招股书提到，2020年第二季度国际业务GTV（(Gross Transaction Value)同比下降22.1%。\n从2020年第三季度开始，滴滴国际业务开始复苏。截至2020年12月31日的六个月，滴滴国际业务GTV为147亿元人民币，相较2020年6月30日的六个月增长34.4%，与截至2019年12月31日的六个月相比同比增长5.4%。在风险提示中，招股书表明未来滴滴的业务和运营可能会继续受到疫情的不利影响。\n今年4月，市场监管总局对多家互联网公司进行了反垄断相关的行政处罚，滴滴也位列其中。滴滴在招股书中对反垄断风险进行了相关披露。\n滴滴表示，与反垄断或滴滴业务的其他方面有关的，针对公司的索赔或监管行动可能会导致公司受到罚款、限制或修改业务惯例、损害声誉，并对公司的财务状况、经营业绩和前景产生重大不利影响。\n滴滴还表示，为了遵守现有和新的反垄断或其他法律法规以及未来可能颁布的新的反垄断法律法规，公司可能需要投入大量资源和精力，包括重组受影响的业务、改变业务做法和调整投资活动，可能对公司的业务、增长前景和声誉产生重大不利影响。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":181283235,"gmtCreate":1623396366027,"gmtModify":1704202474908,"author":{"id":"3583591142382890","authorId":"3583591142382890","name":"Leong11","avatar":"https://static.tigerbbs.com/86aaf63c6f1ea2ca2e259800c40ba99b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583591142382890","authorIdStr":"3583591142382890"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/181283235","repostId":"1106550977","repostType":4,"repost":{"id":"1106550977","kind":"news","weMediaInfo":{"introduction":"《深网》是一档原创深度报道栏目，挖掘TMT领域热门公司、事件和人物中的隐秘故事，探究背后的深层逻辑。","home_visible":1,"media_name":"深网腾讯新闻","id":"1045161675","head_image":"https://static.tigerbbs.com/79fb4e017d55411483d940659131729e"},"pubTimestamp":1623395417,"share":"https://ttm.financial/m/news/1106550977?lang=en_US&edition=fundamental","pubTime":"2021-06-11 15:10","market":"us","language":"zh","title":"The community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1106550977","media":"深网腾讯新闻","summary":"经历诸多波折之后，创立于2012年的滴滴终于在北京时间今日凌晨向SEC递交了IPO招股书，正式开启上市征程。\n\n橙心优选3月底分拆 最新估值18亿美元\n2020年6月15日，滴滴的新业务“橙心优选”正","content":"<p>After many twists and turns, Didi, founded in 2012, finally submitted its IPO prospectus to the SEC in the early morning of Beijing time, officially starting its listing journey.</p><p><img src=\"https://static.tigerbbs.com/48c546a9378645306b0668a3ffbbab36\" tg-width=\"770\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p><b>Orange Heart Preferred spun off at the end of March with a latest valuation of US $1.8 billion</b></p><p>On June 15, 2020, Didi's new business \"Orange Heart Selection\" was officially launched and joined the community group buying war. Didi stated that there is \"no upper limit on investment\" in this business.</p><p>According to the prospectus, Orange Heart Preferred will be spun off at the end of March 2021. After the A1 and A2 financing of Orange Heart Preferred is completed, Didi no longer holds most of the outstanding shares of Orange Heart Preferred, so Didi has accordingly excluded Orange Heart Preferred from its operating results after March 30, 2021.</p><p>In March of this year, Orange Heart Preferred conducted a total of US $1.1 billion in A1 and A2 rounds of financing, as well as convertible bonds. Among them, the A1 round received capital injection from SoftBank, with a total amount of US $900 million, and the A2 round received capital injection from management, with a total amount of about US $200 million. Orange Heart Preferred also issued convertible bonds due in 2028 to Didi, with a total amount of US $3 billion. Didi has the right to convert the bonds into shares. In April and May, some investors purchased additional Orange Heart Preferred A1 preferred shares, worth US $100 million.</p><p>So far, the latest valuation of Orange Heart Preferred is US $1.8 billion. Didi currently holds a 32.8% stake in Orange Heart Preferred.</p><p>In addition, the prospectus discloses that Orange Heart Preferred has an expected listing commitment, that is, if Orange Heart Preferred does not complete the IPO 5 years after the end of Series A financing, then these Series A investors' shareholding in Orange Heart Preferred can be converted into Didi's shareholding.</p><p><b>Losses have narrowed in the past three years, with a profit of 5.5 billion yuan in the first quarter</b></p><p>It is worth noting that Didi's profit in the first quarter of 2021 was achieved on the basis of the spin-off of its community group buying business Orange Heart Selection.</p><p>Internet travel services have been accompanied by subsidies since they were first launched. As Didi rapidly expanded its scale, subsidies also caused the company to suffer huge losses. But this has become an insurmountable barrier for many Internet unicorn companies in their growth process.</p><p><img src=\"https://static.tigerbbs.com/2a94bee1eef117aa33fb7d0e93127a36\" tg-width=\"1080\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>The prospectus shows that the company's revenue in 2018, 2019 and 2020 will be 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan (approximately US $21.6 billion) respectively; In the three months ended March 31, 2021, the company's revenue was 42.2 billion yuan (approximately US $6.4 billion).</p><p>Didi's net losses in 2018, 2019 and 2020 were 15 billion yuan, 9.7 billion yuan and 10.6 billion yuan (approximately US $1.6 billion) respectively; In the three months ended March 31, 2021, the company's net profit was 5.5 billion yuan (approximately US $800 million).</p><p><b>Costs and marketing expenses both rose, with year-on-year increases of 117% and 189% in Q1</b></p><p>While revenue is growing, Didi's revenue cost and marketing expenses are also increasing significantly accordingly.</p><p>Didi's cost of revenue in the first quarter of 2021 was 37.6 billion yuan, a year-on-year increase of 117% compared with 17.4 billion yuan in the same period in 2020; The cost was RMB 127.8 billion in 2018, RMB 139.7 billion in 2019 and RMB 125.8 billion in 2020.</p><p>According to the prospectus, the substantial increase in the cost of revenue in the first quarter of 2021 is due to the increase of 16.4 billion yuan in driver income, Didi's incentives for the resumption of normal operations of the driving business, and the new initiatives launched by Didi in 2020. Increased revenue costs related to the resumption of other revenue-generating transactions (including depreciation of bicycles and electric bicycles) and increased costs of other revenue items caused by the resumption of other revenue-generating transactions.</p><p>In addition, sales and marketing expenses in the first quarter of 2021 were 5.1 billion yuan, an increase of 189% compared with 1.8 billion yuan in the first quarter of 2020; It was 7.6 billion yuan in 2018, 7.5 billion yuan in 2019, and 11.1 billion yuan in 2020.</p><p>According to the prospectus, the reason for the substantial increase in sales and marketing expenses in the first quarter of 2021 is that Didi's incentives for consumers increased by 1.9 billion yuan, and with the expansion of new initiatives and marketing efforts for driving services, Didi's advertising and promotional expenses increased by 1.3 billion yuan.</p><p>In terms of research and development expenses, it increased from RMB 1.5 billion in the three months ended March 31, 2020 to RMB 1.9 billion (US $300 million) in the three months ended March 31, 2021. According to the prospectus, the main reason is the increase of 400 million yuan in personnel-related compensation expenses (including joint-stock compensation), which reflects the company's continued commitment to technology investment due to the increase in the number of R&D personnel.</p><p><b>Autonomous driving valued at $3.4 billion</b></p><p>Among the \"four core strategic sections\" defined by Didi as building the future of travel, autonomous driving occupies an important position, and others include shared travel platforms, car service networks, and electric vehicles.</p><p>Didi Autopilot began building a team in 2016. In August 2019, Didi upgraded its original autonomous driving department to an independent company, highlighting the importance of autonomous driving to Didi.</p><p>According to the prospectus, after completing the US $525 million Series A financing jointly invested by Didi and SoftBank Vision, Didi Autonomous Driving Company's valuation reached US $3.4 billion, of which Didi holds 70.4% of the shares and has an absolute controlling stake.</p><p>As of the first quarter of 2021, Didi's self-driving team has more than 500 people and a fleet of more than 100 self-driving cars. At present, the main test and trial operation focus of Didi's autonomous driving is in Jiading, Shanghai.</p><p>In addition, there was news recently that Didi Autonomous Driving is about to complete a new round of financing, with a financing amount exceeding US $300 million, of which<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Investment of $200 million (<a href=\"https://laohu8.com/S/02238\">GAC Group</a>Direct investment of US $100 million, and funds under GAC Capital invested US $100 million).</p><p>Didi autonomous driving has many applications. In May this year, Didi Autopilot and GAC Aian New Energy Vehicle reached a strategic cooperation. The two parties combined Didi's autonomous driving software and hardware technology research and development advantages with GAC Aian's autonomous driving vehicle platform and vehicle design and manufacturing capabilities to develop a A fully driverless new energy vehicle that can be put into large-scale application, and mass production is promoted at full speed.</p><p>In addition to GAC, Didi's autonomous driving cooperation list also includes BAIC. The two parties announced their cooperation a year ago, saying that they will jointly develop high-level self-driving customized models specifically for Robotaxi operations.</p><p><b>Epidemic and antitrust risks</b></p><p>Last year, the epidemic had a relatively large impact on Internet companies involved in life services such as food, clothing, housing and transportation, such as Meituan and Ctrip. Didi's prospectus also discloses this part of the content accordingly.</p><p>According to the prospectus, since the second quarter of 2020, Didi's business has resumed growth, although some cities have re-imposed restrictions in the third and fourth quarters. For the six months ended December 31, 2020, the GTV of Didi's China business was 121.6 billion yuan, an increase of 80.3% compared with the six months ended June 30, 2020, and a six-month increase of 12.2%.</p><p>As can be seen from Didi's business composition, the proportion of international business is not small. Starting from the second quarter of 2020, Didi has been significantly affected in the international market. The prospectus mentioned that in the second quarter of 2020, international business GTV ((Gross Transaction Value) fell by 22.1% year-on-year.</p><p>Starting from the third quarter of 2020, Didi's international business began to recover. For the six months ended December 31, 2020, Didi's international business GTV was RMB 14.7 billion, an increase of 34.4% compared with the six months ended June 30, 2020, and a year-on-year increase of 5.4% compared with the six months ended December 31, 2019. In the risk warning, the prospectus indicates that Didi's business and operations may continue to be adversely affected by the epidemic in the future.</p><p>In April this year, the State Administration for Market Regulation imposed anti-monopoly-related administrative penalties on a number of Internet companies, and Didi was among them. Didi made relevant disclosures on anti-monopoly risks in the prospectus.</p><p>Didi stated that claims or regulatory actions against the company related to antitrust or other aspects of Didi's business may result in the company being fined, restricted or modified business practices, damaged reputation, and materially adversely affected the company's financial condition, operating results and prospects.</p><p>Didi also stated that in order to comply with existing and new antitrust or other laws and regulations and new antitrust laws and regulations that may be promulgated in the future, the company may need to invest a lot of resources and energy, including restructuring affected businesses, changing business practices and adjusting investment activities, which may have a material adverse impact on the company's business, growth prospects and reputation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe community group buying business Orange Heart Preferred has been spun off, and Didi holds 32.8% of the shares\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1045161675\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/79fb4e017d55411483d940659131729e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">深网腾讯新闻 </p>\n<p class=\"h-time smaller\">2021-06-11 15:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>After many twists and turns, Didi, founded in 2012, finally submitted its IPO prospectus to the SEC in the early morning of Beijing time, officially starting its listing journey.</p><p><img src=\"https://static.tigerbbs.com/48c546a9378645306b0668a3ffbbab36\" tg-width=\"770\" tg-height=\"458\" referrerpolicy=\"no-referrer\"></p><p><b>Orange Heart Preferred spun off at the end of March with a latest valuation of US $1.8 billion</b></p><p>On June 15, 2020, Didi's new business \"Orange Heart Selection\" was officially launched and joined the community group buying war. Didi stated that there is \"no upper limit on investment\" in this business.</p><p>According to the prospectus, Orange Heart Preferred will be spun off at the end of March 2021. After the A1 and A2 financing of Orange Heart Preferred is completed, Didi no longer holds most of the outstanding shares of Orange Heart Preferred, so Didi has accordingly excluded Orange Heart Preferred from its operating results after March 30, 2021.</p><p>In March of this year, Orange Heart Preferred conducted a total of US $1.1 billion in A1 and A2 rounds of financing, as well as convertible bonds. Among them, the A1 round received capital injection from SoftBank, with a total amount of US $900 million, and the A2 round received capital injection from management, with a total amount of about US $200 million. Orange Heart Preferred also issued convertible bonds due in 2028 to Didi, with a total amount of US $3 billion. Didi has the right to convert the bonds into shares. In April and May, some investors purchased additional Orange Heart Preferred A1 preferred shares, worth US $100 million.</p><p>So far, the latest valuation of Orange Heart Preferred is US $1.8 billion. Didi currently holds a 32.8% stake in Orange Heart Preferred.</p><p>In addition, the prospectus discloses that Orange Heart Preferred has an expected listing commitment, that is, if Orange Heart Preferred does not complete the IPO 5 years after the end of Series A financing, then these Series A investors' shareholding in Orange Heart Preferred can be converted into Didi's shareholding.</p><p><b>Losses have narrowed in the past three years, with a profit of 5.5 billion yuan in the first quarter</b></p><p>It is worth noting that Didi's profit in the first quarter of 2021 was achieved on the basis of the spin-off of its community group buying business Orange Heart Selection.</p><p>Internet travel services have been accompanied by subsidies since they were first launched. As Didi rapidly expanded its scale, subsidies also caused the company to suffer huge losses. But this has become an insurmountable barrier for many Internet unicorn companies in their growth process.</p><p><img src=\"https://static.tigerbbs.com/2a94bee1eef117aa33fb7d0e93127a36\" tg-width=\"1080\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>The prospectus shows that the company's revenue in 2018, 2019 and 2020 will be 135.3 billion yuan, 154.8 billion yuan and 141.7 billion yuan (approximately US $21.6 billion) respectively; In the three months ended March 31, 2021, the company's revenue was 42.2 billion yuan (approximately US $6.4 billion).</p><p>Didi's net losses in 2018, 2019 and 2020 were 15 billion yuan, 9.7 billion yuan and 10.6 billion yuan (approximately US $1.6 billion) respectively; In the three months ended March 31, 2021, the company's net profit was 5.5 billion yuan (approximately US $800 million).</p><p><b>Costs and marketing expenses both rose, with year-on-year increases of 117% and 189% in Q1</b></p><p>While revenue is growing, Didi's revenue cost and marketing expenses are also increasing significantly accordingly.</p><p>Didi's cost of revenue in the first quarter of 2021 was 37.6 billion yuan, a year-on-year increase of 117% compared with 17.4 billion yuan in the same period in 2020; The cost was RMB 127.8 billion in 2018, RMB 139.7 billion in 2019 and RMB 125.8 billion in 2020.</p><p>According to the prospectus, the substantial increase in the cost of revenue in the first quarter of 2021 is due to the increase of 16.4 billion yuan in driver income, Didi's incentives for the resumption of normal operations of the driving business, and the new initiatives launched by Didi in 2020. Increased revenue costs related to the resumption of other revenue-generating transactions (including depreciation of bicycles and electric bicycles) and increased costs of other revenue items caused by the resumption of other revenue-generating transactions.</p><p>In addition, sales and marketing expenses in the first quarter of 2021 were 5.1 billion yuan, an increase of 189% compared with 1.8 billion yuan in the first quarter of 2020; It was 7.6 billion yuan in 2018, 7.5 billion yuan in 2019, and 11.1 billion yuan in 2020.</p><p>According to the prospectus, the reason for the substantial increase in sales and marketing expenses in the first quarter of 2021 is that Didi's incentives for consumers increased by 1.9 billion yuan, and with the expansion of new initiatives and marketing efforts for driving services, Didi's advertising and promotional expenses increased by 1.3 billion yuan.</p><p>In terms of research and development expenses, it increased from RMB 1.5 billion in the three months ended March 31, 2020 to RMB 1.9 billion (US $300 million) in the three months ended March 31, 2021. According to the prospectus, the main reason is the increase of 400 million yuan in personnel-related compensation expenses (including joint-stock compensation), which reflects the company's continued commitment to technology investment due to the increase in the number of R&D personnel.</p><p><b>Autonomous driving valued at $3.4 billion</b></p><p>Among the \"four core strategic sections\" defined by Didi as building the future of travel, autonomous driving occupies an important position, and others include shared travel platforms, car service networks, and electric vehicles.</p><p>Didi Autopilot began building a team in 2016. In August 2019, Didi upgraded its original autonomous driving department to an independent company, highlighting the importance of autonomous driving to Didi.</p><p>According to the prospectus, after completing the US $525 million Series A financing jointly invested by Didi and SoftBank Vision, Didi Autonomous Driving Company's valuation reached US $3.4 billion, of which Didi holds 70.4% of the shares and has an absolute controlling stake.</p><p>As of the first quarter of 2021, Didi's self-driving team has more than 500 people and a fleet of more than 100 self-driving cars. At present, the main test and trial operation focus of Didi's autonomous driving is in Jiading, Shanghai.</p><p>In addition, there was news recently that Didi Autonomous Driving is about to complete a new round of financing, with a financing amount exceeding US $300 million, of which<a href=\"https://laohu8.com/S/601238\">GAC Group</a>Investment of $200 million (<a href=\"https://laohu8.com/S/02238\">GAC Group</a>Direct investment of US $100 million, and funds under GAC Capital invested US $100 million).</p><p>Didi autonomous driving has many applications. In May this year, Didi Autopilot and GAC Aian New Energy Vehicle reached a strategic cooperation. The two parties combined Didi's autonomous driving software and hardware technology research and development advantages with GAC Aian's autonomous driving vehicle platform and vehicle design and manufacturing capabilities to develop a A fully driverless new energy vehicle that can be put into large-scale application, and mass production is promoted at full speed.</p><p>In addition to GAC, Didi's autonomous driving cooperation list also includes BAIC. The two parties announced their cooperation a year ago, saying that they will jointly develop high-level self-driving customized models specifically for Robotaxi operations.</p><p><b>Epidemic and antitrust risks</b></p><p>Last year, the epidemic had a relatively large impact on Internet companies involved in life services such as food, clothing, housing and transportation, such as Meituan and Ctrip. Didi's prospectus also discloses this part of the content accordingly.</p><p>According to the prospectus, since the second quarter of 2020, Didi's business has resumed growth, although some cities have re-imposed restrictions in the third and fourth quarters. For the six months ended December 31, 2020, the GTV of Didi's China business was 121.6 billion yuan, an increase of 80.3% compared with the six months ended June 30, 2020, and a six-month increase of 12.2%.</p><p>As can be seen from Didi's business composition, the proportion of international business is not small. Starting from the second quarter of 2020, Didi has been significantly affected in the international market. The prospectus mentioned that in the second quarter of 2020, international business GTV ((Gross Transaction Value) fell by 22.1% year-on-year.</p><p>Starting from the third quarter of 2020, Didi's international business began to recover. For the six months ended December 31, 2020, Didi's international business GTV was RMB 14.7 billion, an increase of 34.4% compared with the six months ended June 30, 2020, and a year-on-year increase of 5.4% compared with the six months ended December 31, 2019. In the risk warning, the prospectus indicates that Didi's business and operations may continue to be adversely affected by the epidemic in the future.</p><p>In April this year, the State Administration for Market Regulation imposed anti-monopoly-related administrative penalties on a number of Internet companies, and Didi was among them. Didi made relevant disclosures on anti-monopoly risks in the prospectus.</p><p>Didi stated that claims or regulatory actions against the company related to antitrust or other aspects of Didi's business may result in the company being fined, restricted or modified business practices, damaged reputation, and materially adversely affected the company's financial condition, operating results and prospects.</p><p>Didi also stated that in order to comply with existing and new antitrust or other laws and regulations and new antitrust laws and regulations that may be promulgated in the future, the company may need to invest a lot of resources and energy, including restructuring affected businesses, changing business practices and adjusting investment activities, which may have a material adverse impact on the company's business, growth prospects and reputation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/480c3abe98efa85d7f418228226d0f87","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106550977","content_text":"经历诸多波折之后，创立于2012年的滴滴终于在北京时间今日凌晨向SEC递交了IPO招股书，正式开启上市征程。\n\n橙心优选3月底分拆 最新估值18亿美元\n2020年6月15日，滴滴的新业务“橙心优选”正式上线，加入社区团购大战，滴滴表示在这项业务上“投入不设上限”。\n招股书显示，橙心优选在2021年3月底被分拆。在橙心优选的A1和A2融资结束后，滴滴不再持有橙心优选的大多数流通股，因此滴滴已经相应地将橙心优选从2021年3月30日之后的经营业绩中剔除。\n今年3月，橙心优选进行了共计11亿美元的A1和A2轮融资，以及可换股债券。其中，A1轮获得软银注资，合计金额9亿美元，A2轮由管理层注资，合计约2亿美元。橙心优选还向滴滴发行了到2028年到期的可换股债券，金额合计30亿美元。滴滴有权将债券转换为股票。4月和5月，有投资者追加购买了橙心优选A1轮优先股，价值1亿美元。\n至此，橙心优选最新估值为18亿美元。滴滴目前持有橙心优选32.8%股权。\n另外，招股书披露橙心优选已有预期的上市承诺，即如果橙心优选在A轮融资结束的5年后没有完成IPO，那么这些A轮投资者对橙心优选的持股可转换为对滴滴的持股。\n近三年亏损收窄，一季度盈利55亿元\n值得注意的是，滴滴2021年一季度的盈利是在分拆其社区团购业务橙心优选的基础之上实现的。\n互联网出行服务从刚上线开始，就与补贴相伴而行。补贴为滴滴迅速扩大规模之际，也让公司产生巨额亏损。但这已成为许多互联网独角兽公司在成长过程中无法逾越的藩篱。\n\n招股书显示，公司在2018年、2019年和2020年的营收分别为1353亿元人民币、1548亿元人民币和1417亿元人民币（约合216亿美元）；在截至2021年3月31日的三个月，公司营收为422亿元人民币（约合64亿美元）。\n滴滴在2018年、2019年和2020年的净亏损分别为150亿元人民币、97亿元人民币和106亿元人民币（约合16亿美元）；在截至2021年3月31日的三个月，公司的净利润为55亿元人民币（约合8亿美元）。\n成本和营销费用双升，Q1同比增幅117%和189%\n收入增长的同时，滴滴的收入成本和营销费用等也在相应大幅提高。\n滴滴2021年第一季度的收入成本为376亿元人民币，相较2020年同期的174亿元人民币同比增长117%；2018年成本为1278亿元人民币，2019年为1397亿元人民币，2020年为1258亿元人民币。\n招股书表明，2021年第一季度收入成本大幅增加，是由于司机收入增加了164亿元人民币，滴滴在代驾业务恢复正常运营上的激励，以及与滴滴在2020年推出的新举措相关的收入成本增加，恢复其他创收交易（包括自行车和电动自行车折旧）导致的其他收入项目成本增加。\n另外，2021年第一季度销售和营销费用为51亿元人民币，相较2020年第一季度的18亿元增长了189%；2018年为76亿元人民币，2019年为75亿，2020年为111亿。\n招股书中显示，2021年第一季度销售和营销费用大幅增长的原因是，滴滴针对消费者的激励措施增加了19亿元人民币，以及随着扩大新举措和代驾服务的营销力度，滴滴的广告和促销费用增加了13亿元人民币。\n研发费用方面，由截至2020年3月31日的三个月的15亿元人民币增长到截至2021年3月31日的三个月的19亿元人民币（3亿美元）。招股书称，主要原因是与人员相关的薪酬费用（包括股份制薪酬）增加了4亿元人民币，由于研发人员人数的增加，反映了公司对技术投资的持续承诺。\n自动驾驶估值达34亿美元\n被滴滴定义为构建出行未来的“四个核心战略版块”中，自动驾驶占有重要一席，其他还包括共享出行平台、车服网络、电动车。\n滴滴自动驾驶于2016年开始组建团队。2019年8月，滴滴将原来的自动驾驶部门升级为独立公司，凸显自动驾驶之于滴滴的重要意义。\n招股书披露，滴滴自动驾驶公司在完成由滴滴和软银愿景联合投资的5.25亿美元A轮融资后，估值达到34亿美元，其中滴滴占股70.4%，拥有绝对控股权。\n截至2021年第一季度，滴滴自动驾驶团队人数超500人，拥有超过100辆自动驾驶汽车的车队。目前滴滴自动驾驶的主要测试和试运营重心，落地在上海嘉定。\n另外近日还有消息称，滴滴自动驾驶即将完成新一轮融资，融资额超3亿美元，其中广汽集团投资2亿美元（广汽集团直接投资1亿美元，广汽资本旗下基金投资1亿美元）。\n滴滴自动驾驶已有多项应用。今年5月，滴滴自动驾驶与广汽埃安新能源汽车达成战略合作，双方结合滴滴自动驾驶软、硬件技术研发优势与广汽埃安的自动驾驶整车平台及整车设计制造能力，开发一款可投入规模化应用的全无人驾驶新能源车型，并全速推进量产。\n除了广汽外，滴滴自动驾驶的合作名单中还有北汽。双方在一年前宣布合作，称将共同研发高级别自动驾驶定制车型，专门用于Robotaxi运营。\n疫情与反垄断风险\n去年疫情对涉及到吃穿住行等生活服务类互联网公司都产生比较大的影响，比如美团、携程等。滴滴招股书中也对这部分内容作出相应披露。\n招股书显示，自2020年第二季度以来，滴滴的业务恢复增长，尽管在第三、第四季度部分城市重新采取了限制措施。截至2020年12月31日的六个月，滴滴中国业务的GTV为1216亿元人民币，相较截至2020年6月30日的六个月增长80.3%，相较2019年12月31日的六个月增长12.2%。\n从滴滴的业务构成可以看到，国际业务占比也不小。2020年第二季度开始，滴滴在国际市场受到重大影响。招股书提到，2020年第二季度国际业务GTV（(Gross Transaction Value)同比下降22.1%。\n从2020年第三季度开始，滴滴国际业务开始复苏。截至2020年12月31日的六个月，滴滴国际业务GTV为147亿元人民币，相较2020年6月30日的六个月增长34.4%，与截至2019年12月31日的六个月相比同比增长5.4%。在风险提示中，招股书表明未来滴滴的业务和运营可能会继续受到疫情的不利影响。\n今年4月，市场监管总局对多家互联网公司进行了反垄断相关的行政处罚，滴滴也位列其中。滴滴在招股书中对反垄断风险进行了相关披露。\n滴滴表示，与反垄断或滴滴业务的其他方面有关的，针对公司的索赔或监管行动可能会导致公司受到罚款、限制或修改业务惯例、损害声誉，并对公司的财务状况、经营业绩和前景产生重大不利影响。\n滴滴还表示，为了遵守现有和新的反垄断或其他法律法规以及未来可能颁布的新的反垄断法律法规，公司可能需要投入大量资源和精力，包括重组受影响的业务、改变业务做法和调整投资活动，可能对公司的业务、增长前景和声誉产生重大不利影响。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
