Just listed on Nasdaq in a high-profile way, the monster will be beaten as soon as it charges.

* * * The leading share price of the charging treasure industry rose by 18% on the first trading day, but immediately fell below the issue price after two competitors announced the merger plan.

Key points:

Augarde

Last year, the Energy Monster (Nasdaq: EM) emerged from the disorderly growth of China's charging treasure industry and became a new leader. Last week, it listed in new york under the name of its foreign holding company, SmartShare Global Ltd, ranking first among its peers. However, for this four-year industry leader headquartered in Shanghai, the happy days did not last long.

1 In April, Monster Charge received unhappy gifts from Jiedian and Soso on the same day that its first day of listing on Nasdaq rose by as much as 18%, and the two companies announced the merger plan. The combined company will have 360 million users, two-thirds more than monster charging. Soudian said that it raised 800 million yuan (US$ 654.38+US$ 200 million) through two rounds of new financing, which provided funds for the expansion of emerging industry leaders after the merger, which is tantamount to sprinkling a handful of salt on the wound of the charging monster.

This signal is a direct blow to investors. At the close of the second trading day, Monster Charge's share price was 5% lower than the previous market price.

For this latest enclosure movement in this huge market, it is far from enough to describe it as a "fiercely competitive market". This market is driven by hundreds of millions of smartphone users in China who need electricity. In the short-term development of the charging treasure industry, the position of the leader has changed hands several times.

* * * Enjoying the charging treasure solves one of the most common troubles of smartphone users: the problem of charging when going out. This kind of equipment has become a common item in most big cities in China, and it provides charging service through counters in public places such as convenience stores, restaurants, conference centers, entertainment places, bars, hotels and transportation hubs.

Investors and operators are excited about the huge potential of the market, and the income usually comes from the accumulation of several yuan at a time. Before the listing of Monster Charging, I commissioned iResearch to make a market prospect report. This report shows that the market value was about 9 billion yuan last year, but it is expected to soar to 654.38+0063 billion yuan in 2028-a compound annual growth rate of 36.2%.

The vigorous development of high-power applications such as short videos, games and e-commerce, as well as the use of high-power 5G smart phones, have promoted the demand for charging.

Facts have proved that the rental service of charging treasure is more profitable than the commodity market for manufacturing and selling charging equipment, which is increasingly monopolized by leading electrical appliance manufacturers such as Samsung, Xiaomi, Huawei, Sony, Foxconn's Belgin and Microsoft.

Consumers can scan the QR code to unlock a charging treasure from the charging station, and only need to pay 1 yuan every 30 minutes, and then return it to any service kiosk. If they don't return the charging treasure, they will charge a deposit of about 100 yuan from their account.

More and more concentrated

According to the report of iResearch, at present, the smart phone charging treasure market in China is dominated by four companies, accounting for 83. 1% of the total revenue. Monster charging ranked first with a share of 34.4%, significantly higher than the share of only 9% in 20 18, when its two biggest competitors accounted for about one-third of the market share respectively.

Monster Charging said that the number of registered users was 219.4 million by the end of last year, higher than that of 1.49 1 100 million at the end of 20 19. After the monster is charged, it is a small power. It is planned to search for the combination of power and AnkerBox. The fourth largest is Meituan, accounting for about 15%. Meituan knows how cruel the competition in the charging treasure rental market is. It tested the water at 20 17, then quit and re-entered at 20 19.

The birth of monster charging began in the last industry crash on 20 17, when some former industry giants had to end up in liquidation. Market leaders at that time, including Bao Xiao, Hippo and PP Charge, then left.

Monster has won six rounds of financing in just a few years, and stood at the peak of the industry with great momentum. It raised more private capital than the big players behind it combined. The total amount of funds raised reached 365 million US dollars, and donations came from technology and financial giants including Alibaba, Gaoyou Capital, Shunwei Capital, Softbank Asia and Xiaomi.

In the IPO prospectus submitted at the end of March, Monster Charging said that its annual revenue increased by 38.9% to 2,865,438+billion yuan in 2020, although its business was closed due to the COVID-19 epidemic in the first half of the year, and the public was under pressure to avoid using electronic products. Nevertheless, we managed to achieve a meager profit of 75.4 million yuan last year, which was 55% lower than the level before the epidemic in 20 19.

Smart Share Global, the parent company of Monster Charging, has a complex foreign equity structure, so new investors must know about it before they start buying its shares.

Two-thirds of Smart Share Global's voting shares are in the hands of three executives. Cai Guangyuan, the 38-year-old chairman and CEO, holds 33.9% of the voting shares. Prior to this, he was the head of Uber's Shanghai business. Previously, he worked as a brand manager at Unilever. Xu Peifeng, the 33-year-old chief operating officer and co-founder, holds another 23.6%. Previously, he was the regional manager of Meituan's group buying business.

Voting rights are concentrated in the hands of a few founders, which is not uncommon in China's start-ups, and this has not made investors hesitate. However, for a young company that has not provided forward-looking financial guidance, it is not easy to find a reference company in the stock market. Last summer, Xiaodian submitted an IPO application to Shenzhen Stock Exchange, but no further action was taken.