The IPO of the eastern suburbs of door-to-door massage: merchants operate without a license, it is difficult to refund, and there are serious complaints about inducing consumption
"You can enjoy five-star door-to-door massage service without leaving home", "Sweep away the tiredness and sleep comfortably", "24-hour on-call massage"...... , a simple advertising slogan with a female technician in a black uniform with a graceful posture, and such advertisements often appear in the community elevator, men's toilet and other places.
Recently, Tang Fan, the founder of Dongjiao Daojia, who has more than 10 million registered users and more than 30,000 contracted merchant technicians, announced that the company has completed part of the IPO planning and implementation and compliance preparations, and plans to list in Hong Kong in the future.
Can "door-to-door massage" also be listed? For the eastern suburbs to go to the home to IPO, both consumers and investors are skeptical. So how is the eastern suburbs at home?
The percentage of the commission is up to 50% 30,000 technicians support an IPO
According to public information, Dongjiao Daojia Service was established in 2018 and mainly provides customers with 24-hour door-to-door massage services. The service model is "O2O", that is, the eastern suburbs provide a platform for technicians and customers, and then draw commissions.
In order to encourage the technicians to take more orders, Dongjiao Daojia has set up different commission ratios, less than 6,500 yuan, the technician is divided into 50%, more than 6,500 yuan, the technician is divided into 55%, more than 9,500 yuan, the technician is divided into 60%, and more than 14,500 yuan, the technician is divided into 80%. That is to say, as a platform party, the eastern suburbs to the home commission should be at least 20% and up to 50%.
Open the Dongjiao Daojia page, you can see massage packages at various prices, the cheapest one-time home massage price is 198 yuan, the rest is around 300 yuan, the most expensive is French massage, the price is 498 yuan.
According to the average price of 300 yuan for a single order, the technician needs to complete 33 orders a month to reach 1w GMV, and 40% of the income must belong to Dongjiao Daojia.
According to media reports, in 2023, the GMV of the transaction amount of Dongjiao Daojia has exceeded 2 billion yuan, and each technician has contributed an average of 6.6w in revenue.
With the "help" of 30,000 technicians, Tang Fan, the founder of Dongjiao Daojia, announced that the company has completed part of the IPO planning and implementation and compliance preparations, and plans to go public in Hong Kong in the future.
In addition, the "IPO Observation Post" of Phoenix.com Finance learned that Dongjiao Daojia will start in January 2023 ~ complete equity reform and tax planning by the end of 2023, set up the office of the secretary of the board of directors, and has signed contracts with leading third-party intermediaries such as King & Wood Mallesons, PricewaterhouseCoopers and Sullivan, and plans to sign CICC as the lead underwriter, planning to knock on the door of IPO by 2027.
There are serious problems such as edge rubbing, inducing consumption, and difficulty in refunding
Through the O2O model, although the eastern suburbs have achieved rapid growth, many potential problems are also worrying.
During the 315 period this year, the eastern suburbs of Daojia were exposed by the media that the technician was rubbing the edge and involved in pornography, and the technician told the customer that he could do other projects by adding a clock.
At that time, Dongjiao Daojia responded that the company was a formal platform, and the technicians were all trained in a unified manner, and the technicians were not allowed to do anything that violated the platform regulations, and if the technicians violated the platform rules, they would be dealt with seriously.
Although Dongjiao Daojia said that he was very green, there were many related complaints. For example, on the APP display page, the pictures of each technician are very beautiful, comparable to stars. Many consumers said on a complaint platform that they just looked at the technician very beautiful, so they chose the technician for massage. "But the technician who came to the massage was completely different from the person in the picture. ”
In addition, there are consumer complaints that the technician was wearing white silk high heels and left the venue early after inducing the bell to be added.
In order to comply with the regulations, in the recruitment of technicians, Dongjiao Daojia has also been "drawing a clear line" with the technicians, and the Dongjiao Daojia has no labor relationship with the technicians, and the technicians need to apply for a self-employed business license and sign a "cooperation agreement" with the company. In this way, no matter whether the technician is involved in pornography or has an accident, the responsibility is borne by the merchant personally, and the company does not need to be responsible.
And because it is a cooperative relationship, the eastern suburbs do not have to pay social security to the technicians.
The name of the contracted technician is confused, and most businesses provide door-to-door service in different places
In terms of operation, the "IPO Observation Post" of Phoenix.com Finance found that there was confusion in the names of contracted technicians in Dongjiao Daojia, and a large number of merchants did not provide business licenses or even business licenses were inconsistent with the registered places of merchants.
After opening the Dongjiao Daojia APP, on the physiotherapist page, each technician has a corresponding store name.
Interestingly, however, the names of these contracted technicians are confusing with the names on their certificates of practice. The "IPO Observation Post" of Phoenix.com Finance randomly selected the top five technicians in Shanghai, Guangzhou, Chongqing, and Chengdu and found that among the 20 merchants signed by the corresponding merchants, only 12 merchants provided business licenses, and among them, there were 3 contracted merchants whose names and attributions were inconsistent with the corresponding business licenses.
What's more interesting is that it is understood that under normal circumstances, merchants are near the store for door-to-door service, and Phoenix.com Finance "IPO Observation Post" found that in the randomly selected areas, there are thousands of miles of cross-regional door-to-door massage, such as Chongqing business technicians can make an appointment in Shanghai and Shenzhen, Haikou technicians can make an appointment in Chengdu and Wuhan, etc.
Among the many doubts, whether Dongjiao Daojia can finally succeed in IPO, Phoenix Finance "IPO Observation Post" will continue to pay attention.
Resources:
"Chongqing Again! 25,000 Technicians Support an IPO" Financial Associated Press
"Female Technicians of Door-to-door Massage are about to IPO" Salt Finance