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LingKS

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- LingKSLingKS
  ·2021-08-10
  I $AMD(AMD)$
  The tide recedes: Can seashells, which have plummeted, still survive?
  贝壳正站在悬崖边，股价一度跌破发行价。中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值
  The tide recedes: Can seashells, which have plummeted, still survive?
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- LingKSLingKS
  ·2021-07-25
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  ·2021-07-25
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  ·2021-07-24
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  ·2021-07-24
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<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>","listText":"I <a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>","text":"I $AMD(AMD)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/892099502","repostId":"2158047258","repostType":4,"repost":{"id":"2158047258","kind":"highlight","pubTimestamp":1628609622,"share":"https://ttm.financial/m/news/2158047258?lang=en_US&edition=fundamental","pubTime":"2021-08-10 23:33","market":"us","language":"zh","title":"The tide recedes: Can seashells, which have plummeted, still survive?","url":"https://stock-news.laohu8.com/highlight/detail?id=2158047258","media":"虎嗅","summary":"贝壳正站在悬崖边，股价一度跌破发行价。\n中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值","content":"<p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Standing on the edge of a cliff, the stock price once fell below the issue price.</p><p>Chinese concept stocks plummeted, affecting Beike. At the close of trading on August 5, Eastern Time, Beike fell below its IPO price to $19.81 per share, with a market capitalization of $23.6 billion (approximately RMB 152.539 billion). Compared with when it first went public last August, its market capitalization has shrunk by more than half.</p><p>It's not without reason that seashells were affected this time. There have been constant questions about the monopoly of this \"behemoth\" real estate agency.</p><p>The crackdown arrived soon. On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, issued a notice on continuing to rectify and standardize the real estate market order.</p><p>The situation has suddenly changed, and the thriving intermediary agencies are facing a strong crackdown. Zuo Hui, the founder of Beike, has passed away. Can Beike, led by his successor, overcome its uncertainty?</p><p><img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse at a seashell contracted service center in Yubei District, Chongqing.</p><p>Shell Story</p><p>Beike, the largest real estate transaction platform in China, has received mixed reviews within the industry.</p><p>In 2001, Zuo Hui founded Lianjia, honestly engaged in the real estate transaction brokerage business, and occasionally embraced the internet to avoid being photographed on the beach.</p><p>Looking back at the company's development history, under Zuo Hui's leadership, Lianjia, with a sweeping momentum, successively merged a total of 11 real estate brokerage companies in first- and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen, and Hangzhou in different ways, including Yicheng, Deyou, Yijia, Zoomlion, Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haowangjiao, and Yuansheng Real Estate.</p><p><img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">Beike's Development History (Illustrated by Sister Morse)</p><p>That wasn't enough. Zuo Hui, spearheaded by Peng Yongdong (now Chairman and CEO of Beike Zhaofang), expanded his territory on the internet. In April 2018, amidst widespread skepticism, Beike Zhaofang was launched, positioned as an open industry platform. In fact, Peng Yongdong also had doubts. After all, he already had Lianjia.com. Would it be a waste of manpower and resources to continue working on Beike, which was shelved in 2014?</p><p>The fundamental difference is that Lianjia's main focus is on traditional intermediaries, which are difficult to tell stories in the capital market, while Beike's story, which focuses on internet technology platforms, is more enticing. Beike is actually a means to alleviate Lianjia's IPO predicament.</p><p>Beike's development platform is reflected in its rapid expansion and cooperation with offline stores and intermediaries through the ACN network (note: broker collaboration network).</p><p>Real estate agencies that join the Beike platform can access more properties and potential customers through shared resources, thereby promoting commercial housing transactions. After the transaction is completed, according to the current ACN network rules, the Beike platform and the brand owner will deduct a certain percentage of the store's transaction performance commission, and the remaining portion will be shared by the stores, transaction brokers, property entry personnel, maintainers, recommenders, financial advisors and other parties.</p><p>In a single transaction, there may be more than 10 people involved, which is where Beike stands out.</p><p>On its expansion path, Beike has increased its leverage in the second-hand housing sector, acquiring franchise partnerships by offering discounts, and using a decline in commission rates to increase its overall market share. Its overall GTV increased from RMB 0.7 trillion in 2017 to RMB 1.9 trillion in 2020, its commission rate decreased from 2.5% to 1.6%, and its overall market share increased from 12.3% to 26.2%.</p><p>Through this model, each participant receives a share of the transaction revenue, which fattens the shell's size.</p><p>According to Beike's prospectus, Beike became China's second-largest commercial platform in 2019, second only to Taobao, and higher than...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>Ctrip, etc.</p><p>As a leading real estate brokerage company, Beike had 47,000 offline stores, 493,100 real estate agents, and 9.11 million online VR properties as of the time of its 2020 annual report.</p><p>Among them, Beike has two larger entities: Lianjia, which accounts for 80% of the direct line, and 21st Century Real Estate and other cooperative franchise brands, which account for 20%.</p><p>In the intermediary industry, which lacks technical content, scale alone is not enough. Therefore, in order to compete with competitors, Beike implemented standardization of three major elements: housing data, services, and brokers, to strengthen its competitive advantage, which is also an important foundation for its unique position in the industry.</p><p>Especially in terms of housing data, Beike relies on Lianjia's efforts since 2009 to collect housing information and build a \"real estate dictionary\" to verify genuine properties. As of the end of the first quarter of 2020, the \"Real Estate Dictionary\" had information on 226 million real housing units. With a huge market size and the support of genuine housing listings, this is a competitive barrier that is difficult for external competitors to match.</p><p>Beike's ACN broker partnership network model and the \"Real Estate Dictionary,\" a big database of real estate information it has created, have piqued the interests of overseas investors.</p><p>On August 13, 2020, Beike successfully completed its IPO, raising over $2 billion, with a daily increase of over 80% and a market capitalization of over 290 billion yuan. At that time, Beike's market capitalization was equivalent to 1.5.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Two Sunacs.</p><p>Driven by massive transaction data from its existing housing business (second-hand housing brokerage and rental brokerage businesses) and new housing business, Beike's total transaction volume in 2020 reached 3.5 trillion yuan, with revenue of 70.5 billion yuan and net profit of 2.78 billion yuan.</p><p>\"Monopoly\" question</p><p>Beike, which is too big to fail, is usually questioned about the disorderly expansion and monopoly of capital. Today, Beike, which has become the target of public criticism, also faces this problem.</p><p>Since becoming a platform, Beike has leaped to a higher level, upgrading its profit model from doing it yourself to having other companies work for it. It's understandable that the real estate agents who join the platform are being charged commissions. If any platform adopts strong controls to exploit people for a long time, it will inevitably cause a backlash.</p><p>To what extent should strict control be implemented? Once you join, you cannot join other platforms. Moreover, under the revenue-sharing model, the intermediaries who join are required to hand over core secrets such as personnel and financial rights to Beike.</p><p>Based on a set of assessment standards, intermediaries are divided into four levels: A, B, C, and D. Each level has different permissions. Level C and Level D stores have relatively fewer customer and property viewing permissions, and agents are also divided into different levels, resulting in different exposure rates.</p><p>Beike's strong control has caused widespread resentment among intermediaries in the industry (both those who have not yet joined Beike and those who have already joined Beike), leading to numerous boycotts.</p><p>Two points have been consistently criticized:</p><p><ul><li>As Beike's self-operated project, Lianjia is considered to have received more resource allocation and platform exposure, which has been criticized as \"both setting rules and playing the game, acting as both a referee and an athlete\".</p><p></li></ul><ul><li>Beike holds an absolute leading position in the industry, which can easily lead to partner agencies being sidelined by brands, losing their teams, handing over trade secrets such as properties and customers, and having to leave their commission rates at Beike's mercy.</p><p></li></ul>Actually, the developers weren't too happy either.</p><p>In the new housing sector, Beike's Class A and Class B cooperation implements an exclusive distribution model of \"I don't have him, and he doesn't have me\", which means that if a real estate company chooses Beike, it cannot choose other channel partners. Only in Class C cooperation can real estate companies cooperate with other channel partners at the same time.</p><p>How high is the status of seashells? \"Being a real estate executive these days is really simple. You either have to come up with a tried-and-true trump card to lower prices, or you have to persuade the boss to go to Beike,\" an industry insider lamented.</p><p>Beike has gained control of the discourse and the pricing power for profit sharing. Beike's commission rate for new homes increased from 2.54% in 2017 to 2.74% in 2020. With high commissions, Beike's total transaction volume for new homes increased from 252.6 billion yuan to 1.4 trillion yuan. At its peak, Beike's commissions were equivalent to those of real estate companies in the universe.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333.HK) had a net profit margin of 6% in 2020.</p><p>Beike has taken the top spot in real estate profit sharing, even surpassing the usually dominant developers. Some people quit, and Evergrande took the lead in using RV Treasure to compete, while other real estate companies also began to build their own marketing channels.</p><p>Beike's enviable dividends and crushing competition have made other internet peers quite uncomfortable.</p><p>On April 10th this year,<a href=\"https://laohu8.com/S/WUBA\">58.com</a>CEO Yao Jinbo angrily posted this.<a href=\"https://laohu8.com/S/WB\">Weibo</a>\"In the real estate transaction sector, there is a more blatant choice of two options packaged as voluntary. We strongly urge the state to impose an anti-monopoly fine of 4 billion yuan on Beike Zhaofang.\"</p><p>Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, an \"anti-shell alliance\" has emerged in which real estate agencies are boycotting Beike. Yao Jinbo was one of the first to \"reverse the shell company\". In June 2018, 58.com jointly<a href=\"https://laohu8.com/S/000560\">I love my home</a>Real estate agencies such as Centaline Property and 21st Century Real Estate have established the \"Anti-Shell Alliance\".</p><p>As Beike expands, it has unlimited possibilities in data applications, but these unlimited possibilities hide the danger of encountering antitrust regulations.</p><p>Once Beike becomes a \"channel terminator,\" all customer sources must be obtained through Beike. Through this, Beike gained a more accurate understanding of transaction situations in the real estate market.</p><p>Compared to the lagging online contract signing data and the fact that new home prices and transaction volumes are easily affected by supply and location, the second-hand housing market is a more free market, and its transaction situation often better reflects the actual temperature of the urban real estate market.</p><p>Therefore, the database built by Beike has great potential for future application scenarios, including but not limited to government policy-making, real estate market investment, and investment institution investment.</p><p>The tide has gone out.</p><p>Beike, which has been criticized for alleged monopoly, may feel innocent.</p><p>Beike has developed rapidly in recent years and has become an undisputed industry leader.</p><p>Zuo Hui, who once suffered greatly from black market intermediaries, said before his death, \"I am a long-termist who does not care about short-term interests and is more willing to do the difficult but right thing.\" It was under the guidance of this idealistic sentiment that Beike indeed carved out a bloody path.</p><p>In recent years, relevant departments have proposed \"strengthening anti-monopoly measures and preventing the disorderly expansion of capital\" three times in a row. This has made many industry giants suspected of monopolies tremble.</p><p>In the second-hand housing market, Beike's predecessor, Lianjia, had a precedent of being investigated and punished for suspected monopoly.</p><p>Beike's predecessor, Lianjia, invented the \"exclusive housing listing entrustment\" transaction model and paid the price for it. In 2016, Lianjia was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.</p><p>Anti-monopoly actions in the real estate transaction sector are intensifying. Previously, at an administrative guidance meeting for internet platform companies convened by relevant departments, among the 34 internet companies present, in addition to...<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Waiting for giants, there's also Beike looking for housing.</p><p>Since July, efforts to rectify irregularities in real estate transactions have been continuously intensified. Everyone is waiting and watching. Who will be the one who stands out and gets beaten up?</p><p>Against the backdrop of \"the higher the housing price, the higher the transaction volume of the house, and the more commission the real estate agent will receive,\" the existing business practices and marketing methods of real estate agents have become one of the important fuels for rising housing prices. It's nothing new for some real estate agencies to get involved in fueling the surge in speculation.</p><p>In the recently reported \"Shenzhen Real Estate Management\" incident, 44 real estate agents who facilitated illegal real estate speculation were blacklisted.</p><p>Since 2021, Beike Zhaofang has successively raised its brokerage fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, and Chongqing, from 2% to 3%, with buyers bearing 2% and sellers bearing 1% (previously 0%). The wool comes from the sheep, which naturally affects the price of second-hand homes.</p><p>While commission increases can boost intermediary profits, they can also have other negative impacts. In December 2014, the Tianjin Municipal Price Authority imposed a total fine of 5.31 million yuan on I Love My Home, Lianjia Real Estate, and Centaline Property for colluding to raise brokerage fees simultaneously.</p><p>With increasing regulatory pressure, it is becoming increasingly difficult to operate in the second-hand housing market.</p><p>According to the latest statistics from institutions, the transaction volume of second-hand homes in 10 major cities across the country declined by 30% in July, a far greater decline than that of new homes.</p><p>Beike was launched in April 2018; Beike went public on NASDAQ on August 13, 2020; Beike ranked 164th on the Fortune China 500 list released in July 2021.</p><p>Undoubtedly, the seashells of the past caught up with good times, and the seashells of the future need to get used to the ebb and flow of the tides. Xu Jiaying once sang in the song \"Shell\": \"I am a shell, unable to move forward or backward between the sea and the sand. The heart of the sand cannot be guessed, but the sea still waits without complaint or regret.\"</p>","source":"highlight_huxiu","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 tide recedes: Can seashells, which have plummeted, still survive?</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 tide recedes: Can seashells, which have plummeted, still survive?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2021-08-10 23:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Standing on the edge of a cliff, the stock price once fell below the issue price.</p><p>Chinese concept stocks plummeted, affecting Beike. At the close of trading on August 5, Eastern Time, Beike fell below its IPO price to $19.81 per share, with a market capitalization of $23.6 billion (approximately RMB 152.539 billion). Compared with when it first went public last August, its market capitalization has shrunk by more than half.</p><p>It's not without reason that seashells were affected this time. There have been constant questions about the monopoly of this \"behemoth\" real estate agency.</p><p>The crackdown arrived soon. On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, issued a notice on continuing to rectify and standardize the real estate market order.</p><p>The situation has suddenly changed, and the thriving intermediary agencies are facing a strong crackdown. Zuo Hui, the founder of Beike, has passed away. Can Beike, led by his successor, overcome its uncertainty?</p><p><img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse at a seashell contracted service center in Yubei District, Chongqing.</p><p>Shell Story</p><p>Beike, the largest real estate transaction platform in China, has received mixed reviews within the industry.</p><p>In 2001, Zuo Hui founded Lianjia, honestly engaged in the real estate transaction brokerage business, and occasionally embraced the internet to avoid being photographed on the beach.</p><p>Looking back at the company's development history, under Zuo Hui's leadership, Lianjia, with a sweeping momentum, successively merged a total of 11 real estate brokerage companies in first- and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen, and Hangzhou in different ways, including Yicheng, Deyou, Yijia, Zoomlion, Beijing Gaoce, Shengshi Butler, Daxingye, Furui Real Estate, Mantanghong, Haowangjiao, and Yuansheng Real Estate.</p><p><img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">Beike's Development History (Illustrated by Sister Morse)</p><p>That wasn't enough. Zuo Hui, spearheaded by Peng Yongdong (now Chairman and CEO of Beike Zhaofang), expanded his territory on the internet. In April 2018, amidst widespread skepticism, Beike Zhaofang was launched, positioned as an open industry platform. In fact, Peng Yongdong also had doubts. After all, he already had Lianjia.com. Would it be a waste of manpower and resources to continue working on Beike, which was shelved in 2014?</p><p>The fundamental difference is that Lianjia's main focus is on traditional intermediaries, which are difficult to tell stories in the capital market, while Beike's story, which focuses on internet technology platforms, is more enticing. Beike is actually a means to alleviate Lianjia's IPO predicament.</p><p>Beike's development platform is reflected in its rapid expansion and cooperation with offline stores and intermediaries through the ACN network (note: broker collaboration network).</p><p>Real estate agencies that join the Beike platform can access more properties and potential customers through shared resources, thereby promoting commercial housing transactions. After the transaction is completed, according to the current ACN network rules, the Beike platform and the brand owner will deduct a certain percentage of the store's transaction performance commission, and the remaining portion will be shared by the stores, transaction brokers, property entry personnel, maintainers, recommenders, financial advisors and other parties.</p><p>In a single transaction, there may be more than 10 people involved, which is where Beike stands out.</p><p>On its expansion path, Beike has increased its leverage in the second-hand housing sector, acquiring franchise partnerships by offering discounts, and using a decline in commission rates to increase its overall market share. Its overall GTV increased from RMB 0.7 trillion in 2017 to RMB 1.9 trillion in 2020, its commission rate decreased from 2.5% to 1.6%, and its overall market share increased from 12.3% to 26.2%.</p><p>Through this model, each participant receives a share of the transaction revenue, which fattens the shell's size.</p><p>According to Beike's prospectus, Beike became China's second-largest commercial platform in 2019, second only to Taobao, and higher than...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>Ctrip, etc.</p><p>As a leading real estate brokerage company, Beike had 47,000 offline stores, 493,100 real estate agents, and 9.11 million online VR properties as of the time of its 2020 annual report.</p><p>Among them, Beike has two larger entities: Lianjia, which accounts for 80% of the direct line, and 21st Century Real Estate and other cooperative franchise brands, which account for 20%.</p><p>In the intermediary industry, which lacks technical content, scale alone is not enough. Therefore, in order to compete with competitors, Beike implemented standardization of three major elements: housing data, services, and brokers, to strengthen its competitive advantage, which is also an important foundation for its unique position in the industry.</p><p>Especially in terms of housing data, Beike relies on Lianjia's efforts since 2009 to collect housing information and build a \"real estate dictionary\" to verify genuine properties. As of the end of the first quarter of 2020, the \"Real Estate Dictionary\" had information on 226 million real housing units. With a huge market size and the support of genuine housing listings, this is a competitive barrier that is difficult for external competitors to match.</p><p>Beike's ACN broker partnership network model and the \"Real Estate Dictionary,\" a big database of real estate information it has created, have piqued the interests of overseas investors.</p><p>On August 13, 2020, Beike successfully completed its IPO, raising over $2 billion, with a daily increase of over 80% and a market capitalization of over 290 billion yuan. At that time, Beike's market capitalization was equivalent to 1.5.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>Two Sunacs.</p><p>Driven by massive transaction data from its existing housing business (second-hand housing brokerage and rental brokerage businesses) and new housing business, Beike's total transaction volume in 2020 reached 3.5 trillion yuan, with revenue of 70.5 billion yuan and net profit of 2.78 billion yuan.</p><p>\"Monopoly\" question</p><p>Beike, which is too big to fail, is usually questioned about the disorderly expansion and monopoly of capital. Today, Beike, which has become the target of public criticism, also faces this problem.</p><p>Since becoming a platform, Beike has leaped to a higher level, upgrading its profit model from doing it yourself to having other companies work for it. It's understandable that the real estate agents who join the platform are being charged commissions. If any platform adopts strong controls to exploit people for a long time, it will inevitably cause a backlash.</p><p>To what extent should strict control be implemented? Once you join, you cannot join other platforms. Moreover, under the revenue-sharing model, the intermediaries who join are required to hand over core secrets such as personnel and financial rights to Beike.</p><p>Based on a set of assessment standards, intermediaries are divided into four levels: A, B, C, and D. Each level has different permissions. Level C and Level D stores have relatively fewer customer and property viewing permissions, and agents are also divided into different levels, resulting in different exposure rates.</p><p>Beike's strong control has caused widespread resentment among intermediaries in the industry (both those who have not yet joined Beike and those who have already joined Beike), leading to numerous boycotts.</p><p>Two points have been consistently criticized:</p><p><ul><li>As Beike's self-operated project, Lianjia is considered to have received more resource allocation and platform exposure, which has been criticized as \"both setting rules and playing the game, acting as both a referee and an athlete\".</p><p></li></ul><ul><li>Beike holds an absolute leading position in the industry, which can easily lead to partner agencies being sidelined by brands, losing their teams, handing over trade secrets such as properties and customers, and having to leave their commission rates at Beike's mercy.</p><p></li></ul>Actually, the developers weren't too happy either.</p><p>In the new housing sector, Beike's Class A and Class B cooperation implements an exclusive distribution model of \"I don't have him, and he doesn't have me\", which means that if a real estate company chooses Beike, it cannot choose other channel partners. Only in Class C cooperation can real estate companies cooperate with other channel partners at the same time.</p><p>How high is the status of seashells? \"Being a real estate executive these days is really simple. You either have to come up with a tried-and-true trump card to lower prices, or you have to persuade the boss to go to Beike,\" an industry insider lamented.</p><p>Beike has gained control of the discourse and the pricing power for profit sharing. Beike's commission rate for new homes increased from 2.54% in 2017 to 2.74% in 2020. With high commissions, Beike's total transaction volume for new homes increased from 252.6 billion yuan to 1.4 trillion yuan. At its peak, Beike's commissions were equivalent to those of real estate companies in the universe.<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333.HK) had a net profit margin of 6% in 2020.</p><p>Beike has taken the top spot in real estate profit sharing, even surpassing the usually dominant developers. Some people quit, and Evergrande took the lead in using RV Treasure to compete, while other real estate companies also began to build their own marketing channels.</p><p>Beike's enviable dividends and crushing competition have made other internet peers quite uncomfortable.</p><p>On April 10th this year,<a href=\"https://laohu8.com/S/WUBA\">58.com</a>CEO Yao Jinbo angrily posted this.<a href=\"https://laohu8.com/S/WB\">Weibo</a>\"In the real estate transaction sector, there is a more blatant choice of two options packaged as voluntary. We strongly urge the state to impose an anti-monopoly fine of 4 billion yuan on Beike Zhaofang.\"</p><p>Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, an \"anti-shell alliance\" has emerged in which real estate agencies are boycotting Beike. Yao Jinbo was one of the first to \"reverse the shell company\". In June 2018, 58.com jointly<a href=\"https://laohu8.com/S/000560\">I love my home</a>Real estate agencies such as Centaline Property and 21st Century Real Estate have established the \"Anti-Shell Alliance\".</p><p>As Beike expands, it has unlimited possibilities in data applications, but these unlimited possibilities hide the danger of encountering antitrust regulations.</p><p>Once Beike becomes a \"channel terminator,\" all customer sources must be obtained through Beike. Through this, Beike gained a more accurate understanding of transaction situations in the real estate market.</p><p>Compared to the lagging online contract signing data and the fact that new home prices and transaction volumes are easily affected by supply and location, the second-hand housing market is a more free market, and its transaction situation often better reflects the actual temperature of the urban real estate market.</p><p>Therefore, the database built by Beike has great potential for future application scenarios, including but not limited to government policy-making, real estate market investment, and investment institution investment.</p><p>The tide has gone out.</p><p>Beike, which has been criticized for alleged monopoly, may feel innocent.</p><p>Beike has developed rapidly in recent years and has become an undisputed industry leader.</p><p>Zuo Hui, who once suffered greatly from black market intermediaries, said before his death, \"I am a long-termist who does not care about short-term interests and is more willing to do the difficult but right thing.\" It was under the guidance of this idealistic sentiment that Beike indeed carved out a bloody path.</p><p>In recent years, relevant departments have proposed \"strengthening anti-monopoly measures and preventing the disorderly expansion of capital\" three times in a row. This has made many industry giants suspected of monopolies tremble.</p><p>In the second-hand housing market, Beike's predecessor, Lianjia, had a precedent of being investigated and punished for suspected monopoly.</p><p>Beike's predecessor, Lianjia, invented the \"exclusive housing listing entrustment\" transaction model and paid the price for it. In 2016, Lianjia was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.</p><p>Anti-monopoly actions in the real estate transaction sector are intensifying. Previously, at an administrative guidance meeting for internet platform companies convened by relevant departments, among the 34 internet companies present, in addition to...<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Waiting for giants, there's also Beike looking for housing.</p><p>Since July, efforts to rectify irregularities in real estate transactions have been continuously intensified. Everyone is waiting and watching. Who will be the one who stands out and gets beaten up?</p><p>Against the backdrop of \"the higher the housing price, the higher the transaction volume of the house, and the more commission the real estate agent will receive,\" the existing business practices and marketing methods of real estate agents have become one of the important fuels for rising housing prices. It's nothing new for some real estate agencies to get involved in fueling the surge in speculation.</p><p>In the recently reported \"Shenzhen Real Estate Management\" incident, 44 real estate agents who facilitated illegal real estate speculation were blacklisted.</p><p>Since 2021, Beike Zhaofang has successively raised its brokerage fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, and Chongqing, from 2% to 3%, with buyers bearing 2% and sellers bearing 1% (previously 0%). The wool comes from the sheep, which naturally affects the price of second-hand homes.</p><p>While commission increases can boost intermediary profits, they can also have other negative impacts. In December 2014, the Tianjin Municipal Price Authority imposed a total fine of 5.31 million yuan on I Love My Home, Lianjia Real Estate, and Centaline Property for colluding to raise brokerage fees simultaneously.</p><p>With increasing regulatory pressure, it is becoming increasingly difficult to operate in the second-hand housing market.</p><p>According to the latest statistics from institutions, the transaction volume of second-hand homes in 10 major cities across the country declined by 30% in July, a far greater decline than that of new homes.</p><p>Beike was launched in April 2018; Beike went public on NASDAQ on August 13, 2020; Beike ranked 164th on the Fortune China 500 list released in July 2021.</p><p>Undoubtedly, the seashells of the past caught up with good times, and the seashells of the future need to get used to the ebb and flow of the tides. Xu Jiaying once sang in the song \"Shell\": \"I am a shell, unable to move forward or backward between the sea and the sand. The heart of the sand cannot be guessed, but the sea still waits without complaint or regret.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/447430.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b","relate_stocks":{"BEKE":"贝壳"},"source_url":"https://www.huxiu.com/article/447430.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158047258","content_text":"贝壳正站在悬崖边，股价一度跌破发行价。\n中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值缩水了一半以上。\n贝壳这次被波及并非没有道理。一直以来，质疑这个地产中介“巨无霸”垄断的声音不断。\n整治很快降临。7月23日，住房城乡建设部、国家发展改革委、公安部等八部门发布了关于持续整治规范房地产市场秩序的通知。\n形势陡然生变，高歌凯进的中介机构面临强力整治。贝壳创始人左晖已逝，接任者带领的贝壳能走出彷徨吗？\n重庆渝北某贝壳签约服务中心 Morse姐摄\n贝壳故事\n贝壳这个国内最大的房地产交易平台，业内对于其评价褒贬不一。\n2001年，左晖创立了链家，老老实实地做着撮合房产交易的中介生意，还不时拥抱互联网防止被拍在沙滩上。\n回顾这家公司的发展历程，在左晖的带领下，链家以扫荡式的气势，先后在成都、上海、北京、深圳、杭州等一二线发达城市以不同方式合并了伊诚、德佑、易家、中联、北京高策、盛世管家、大兴业、孚瑞不动产、满堂红、好旺角、元盛房产等共计11家房地产中介企业。\n贝壳发展历程 Morse姐制图\n这还不够，左晖以彭永东（现贝壳找房董事长、CEO）为先锋，在互联网开疆拓土。2018年4月，在一片质疑声中，贝壳找房上线，它被定位为开放的行业平台。其实，彭永东心里也有疑问，毕竟已经有了链家网，再做2014年就搁置的贝壳会不会“劳民伤财”？\n其实这中间本质的区别是，链家主打的传统中介在资本市场不好讲故事，而主打互联网科技平台的贝壳的故事更诱人，贝壳实为纾解链家上市困境的手段。\n贝壳的开发平台体现在，通过ACN网络（注：经纪人协作网络）快速拓展、合作线下门店与中介。\n入驻贝壳平台的中介品牌，可通过共享的资源获得更多的房源及潜在客户，促进商品房成交。成交后，按照目前ACN网络规则，贝壳平台与品牌方按照一定比例扣收门店成交的业绩分佣，剩余部分由门店、成交经纪人、房源录入者、维护人、推荐人、金融顾问等各方角色共同分享。\n一次交易中，参与的人可能达到10人以上，这便是贝壳点睛之处。\n扩张路上，贝壳在二手房领域加大筹码，通过让利获得合作品牌加盟，用提佣率的下滑换取整体市场占有率提升。其整体GTV从2017年0.7万亿元增长至2020年1.9万亿元，提佣率从2.5%下降至1.6%，整体市占率从12.3%提升至26.2%。\n通过这个模式，每个参与者分到交易分成，并催肥了贝壳的体量。\n贝壳招股书显示，贝壳2019年就已成为中国第二大商业平台，仅次于淘宝，而高于拼多多、京东、携程等。\n作为房地产中介龙头，截至2020年报披露时，贝壳线下门店4.7万家，中介49.31万人，线上VR房源911万套。\n这当中，贝壳有两个规模较大的主体，一个是占比80%的嫡系的链家，另一个是占比20%的21世纪不动产等合作加盟品牌。\n在没有技术含量的中介行业，光有规模是不够的。于是，为对抗竞争者，贝壳实施房屋数据、服务和经纪人三大元素标准化，加固护城河，这也是其在业界独树一帜的重要基础。\n尤其是在房屋数据方面，贝壳依托链家自2009年就实施的搜集房屋信息、构筑“楼盘字典”，开启真房源验证。截至2020年第一季度末，“楼盘字典”拥有2.26亿套真实房屋信息。坐拥巨大市场规模下，加持真房源，这是外界同行难以匹敌的竞争壁垒。\n贝壳的ACN经纪人合作网络模式以及打造的房屋信息大数据库“楼盘字典”等概念，戳中了海外投资者的兴趣点。\n2020年8月13日，贝壳成功IPO，募资超过20亿美元，当日涨幅超过80%，市值达到 2900多亿元人民币。彼时，贝壳的市值相当于1.5个碧桂园、2个融创。\n存量房业务（二手房中介和租赁中介业务）和新房业务庞大交易数据的影响下，贝壳2020年总交易额3.5万亿元，收入705亿元，净利润27.8亿元。\n“垄断”质疑\n大而不倒，通常是人们对资本无序扩张且垄断一切的质疑，今天成为“众矢之的”的贝壳同样面临这个问题。\n贝壳成为平台后就跃升到更高的台阶，它的盈利模式从之前的自己动手升级为让其他公司为它打工。入驻的中介被抽取佣金这倒无可厚非。任何平台如果长期采取强管控来压榨，必然会引起反弹。\n强管控到什么程度？入驻之后就不能再加入其它平台，而且在收入分成模式下，入驻的中介需要把人事、 财权等核心机密上交贝壳。\n基于一套考核标准，中介被分为 A、B、C、D四个等级。每个等级拥有不同的权限，C等级和D等级的门店在客源和房源查看权限等方面相对较少，经纪人也会分为不同等级，曝光率也会有所差异。\n贝壳这种强管控，使行业内中介（既包括未入驻贝壳，也包括已经入驻贝壳的）怨声载道，出现了很多抵制行为。\n其中有两点一直被诟病：\n\n链家作为贝壳的自营项目，被认为得到了更多的资源倾斜和平台曝光，这被批评为“既制定规则又下场比赛，既当裁判又当运动员”；\n\n\n贝壳处于行业绝对领先地位，容易导致合作中介被架空品牌、失去团队，交出房源和客户等商业机密，分佣抽成也只能听任贝壳摆布。\n\n其实，开发商也不太开心。\n在新房领域，贝壳A级、B级合作实行“有我没他，有他没我”排他性式分销，也就是房企选了贝壳就不能选择其他渠道商；只有在C级合作中，房企才能同时与其他渠道商合作。\n贝壳的地位有多高？“现在做房地产高管真的很简单，要么拿出百试不爽的杀手锏降价；要么说服老板上贝壳。”一个业内人士苦恼道。\n贝壳掌控了话语权，利润分成的定价权也握在了手里。贝壳新房提佣率从2017年的2.54%提升至2020年的2.74%。高佣金下，贝壳新房业务总交易额从2526亿元增长至1.4万亿元。高的时候，贝壳佣金等同于宇宙房企中国恒大（03333.HK）2020年6%的净利率。\n贝壳站在了房地产利润分成的顶端，甚至把一向强势的开发商压过一头。一些人不干了，恒大率先祭出房车宝抗衡，其他房企也开始自建营销渠道。\n贝壳让人嫉妒的红利，以及碾压式竞争方式，让其他互联网同行颇感不适。\n今年4月10日，58同城CEO姚劲波愤愤地发了这么个微博：“房产交易领域有更明目张胆地二选一包装成自愿，强烈呼吁国家反垄断罚款贝壳找房40亿元。”\n自2019年以来，金华、绍兴、南昌等多地出现了房产中介抵制贝壳的“反壳联盟”。更早“反壳”的还是姚劲波。2018年6月，58同城联合我爱我家、中原地产、21世纪不动产等房屋中介成立了“反贝壳联盟”。\n随着贝壳规模的扩大，贝壳在数据应用方面拥有无限可能，这种无限可能暗藏着踩上反垄断的危险。\n贝壳一旦成为 “渠道终结者”，所有客源都得通过贝壳获得。借此，贝壳掌握了房地产市场更加真实的成交情况。\n相比网签数据较滞后，且新房价格及成交量容易受供给量、所处区位等影响，二手房市场反而作为一个更加自由的市场，其成交情况往往更能反映城市房地产市场的实际温度。\n因此，贝壳构建的数据库未来的应用场景想象空间很大，包括但不限于政府政策制定依据、房企市场投资依据和投资机构投资依据等。\n大退潮了\n被诟病涉嫌垄断的贝壳，或许会觉得无辜。\n贝壳这些年发展迅猛，已经成为当之无愧的行业龙头。\n曾经饱受黑中介之苦的左晖生前说，“自己是一个长期主义者，不关心短期的利益，更加愿意去做那种难而正确的事情。”正是这种理想主义情节指引下，贝壳确实杀出了一条血路。\n近年来，相关部门已连续三次提出“强化反垄断和防止资本无序扩张”。这让不少涉嫌垄断的行业巨头瑟瑟发抖，\n二手房市场上，贝壳的前身链家曾有涉嫌垄断被查处先例。\n贝壳前身链家发明了“独家房源委托”交易模式，并因此付出过代价。2016年，链家在北京、上海等一线城市被以涉嫌垄断查处。\n房产交易领域的反垄断行动正在加大力度。此前，由有关部门牵头召开的互联网平台企业行政指导会，与会的34家互联网企业中除了腾讯、百度等巨头，还有贝壳找房。\n7月以来，整治房地产交易乱象的力度持续加大。大家都在拭目以待。谁会成为出头鸟被敲打？\n在“房价越高，房屋的成交额越高，中介的提佣就越多”背景下，房产中介现有的经营行为、营销手段，已经成为房价上涨重要的助燃剂之一。一些中介机构参与到推动炒房热情高涨方面早就不是新鲜事了。\n近日通报的“深房理”事件中，44名中介为违规炒房提供便利被纳入“黑名单”。\n2021年以来，贝壳找房陆续在国内部分重点城市，包括上海、深圳、广州、成都、郑州、重庆等地上调中介费，从过去的2%涨至了3%，其中买家承担2%，卖家承担1%（过去是0%）。羊毛出在羊身上，二手房房价自然受到影响。\n提佣对于中介来说，虽然能够提升中介利润，但是也会有其他负面影响。2014年12月，天津市价格主管部门就我爱我家、链家地产和中原地产同时上调中介费的价格串谋行为合计处罚531万元。\n监管压力加大下，二手房市场业务也越来越难做。\n机构统计的最新数据显示，7月份全国10个主要城市二手房成交量下滑了30%，降幅远远高于新房。\n2018年4月贝壳上线；2020年8月13日贝壳在纳斯达克上市；2021年7月出炉的《财富》中国500强排行榜，贝壳排名第164位。\n无疑，过去的贝壳赶上了好时候，未来的贝壳要好好习惯潮涨潮落。徐佳莹曾经在歌曲《贝壳》长这么唱道：“我是一片贝壳，在海与沙之间进退不得，沙的心无法猜测，海依然无怨无悔地等着。”","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":3804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177629977,"gmtCreate":1627212735899,"gmtModify":1703485614285,"author":{"id":"4089857555721630","authorId":"4089857555721630","name":"LingKS","avatar":"https://static.tigerbbs.com/46313d9cbd1139279abb014445d3fc21","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089857555721630","idStr":"4089857555721630"},"themes":[],"title":"","htmlText":"[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] 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