Text | Hua Shang Tao Strategy Zhao Yu
More than 1 billion debts, a falling structure, a sharp drop of 98% of the stock price, this time, Qingke public rental housing is finally cool!
In October 2019, Qingke Apartment officially filed an IPO document with the U.S. Securities and Exchange Commission with a financing plan of more than $100 million. On November 6 of the same year, Qingke was listed on the NASDAQ and announced its listing.
At that time, the popular Young Ke expanded from a 2.06% increase to 11.76% at the opening.
However, this once-beautiful "long-term rental first share" must not have expected that it took less than 3 years from the top of the mountain to the bottom of the valley.
Recently, the Shanghai Third Intermediate Court ruled that Qingke Public Leasing Operation Co., Ltd. has officially entered the bankruptcy liquidation process, Qingke's total assets are only 750 million yuan, but the total liabilities exceed 1 billion yuan, and it has not been delisted, it is already insolvent and bankrupt!
From the peak to the forced bankruptcy liquidation, what has Qingke experienced?
Qingke, founded in Shanghai in 2012, focuses on the business of long-term rental apartments, the target customers are white-collar workers in first- and second-tier cities, Qingke first leases the rent of the business, then re-decorates and configures, and finally rents to white-collar tenants in the form of "single shared apartment". It is equivalent to a second landlord or an intermediary platform for renting a house.
Since its inception, Qingke has obtained a total of 4 rounds of financing, in 2018, in the long-term leasing industry prospects are a good period, Qingke also obtained tens of millions of dollars of C round financing, with a total scale of more than 100 million US dollars of funds, Qingke pressured other long-term rental companies, the first listing, becoming the first long-term rental stock.
Official endorsement, capital investment, broad market, it stands to reason that the business of Young Customers is not bad.
But what is surprising is that instead of making money, Qingke began to lose money year after year. In the two years of listing, the cumulative loss amount is even close to 4 billion.
How is this done?
First of all, Qingke is not because the rental price is low and can not earn the difference, a set of 7500 yuan of house through the Qingke "exquisite" decoration, can be raised to the price of eleven thousand, and then by constantly cutting off the room, according to a single room rental. The act of making huge profits can't even be seen by the landlord, bluntly saying that "this is sucking the blood of the tenants."
However, even so, Qingke still does not make money. If you want to get a good listing, you must continue to throw money, not only young customers, but also companies in the industry that can obtain large amounts of financing are constantly "burning money" to grab housing.
What if making money can't keep up with the speed of burning money? There are more ways to go.
Enterprises collect tenants' money on an annual basis but pay money to the landlord on a quarterly basis, tenants have no money to fool tenants into using rent loans, and the proceeds of rent are then used to issue financial products such as ABS, which is simply eating meat without spitting bones, and profits are squeezed to the last drop.
It can be seen that the hasty listing of Qingke is also to quickly "replenish blood" in the secondary market, to resist formaldehyde rooms, vacancy rates, and capital chain breaks, which may be "thunderstorm" problems at any time.
However, it is clear that Qingke miscalculated, less than 2 months after Qingke was listed, the management began to plan to "run", and soon after the stock market also began to plummet, since august last year, the stock price has fallen below $1.
In the long-term rental industry, there are not a few situations like Qingke.
According to data from Tianyancha, since 2012, more than 40,000 enterprises engaged in the rental apartment business have had their business licenses revoked or voluntarily cancelled, and more than 30% of the enterprises in the industry have disappeared.
Is there really no way for long-term rental apartments to live?
In fact, returning to the industry itself is not a problem of long-term rental apartments themselves, but the real problem is the enterprises that are eager to make quick money.
In 2020, CCB took over 5,000 Apartments of Qingke in Hangzhou, and at the same time, in Shanghai, Nanjing, Suzhou and other places, many state-owned enterprises have also operated rental business, and the results are also very impressive, and the booking rate of houses has reached 100%.
The ease of long-term rental apartment enterprises has changed from providing a rental website that is "a good house loved by young people" more than a decade ago to an aggregate ecology that provides "a full-scene solution for the city's beautiful living life", with an industry giant with tens of billions of revenue and 20,000 employees. At present, it manages more than 1 million listings in more than 10 cities across the country and serves more than 5 million tenants.
In the future, China's rental population will continue to rise, in the face of this huge market, only strict control and strong operation can allow consumers to get a full range of protection.
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