Recently, Diguantong, a well-known unicorn enterprise, was announced to be an internal online "leader plan" to encourage employees to start their own businesses. Employees contributed 1 million yuan and the company allocated 9 million yuan to jointly establish SPV. Employees are partners of SPV, A team was formed to help SPV continue to tap high-quality assets and list them on Diguantong Australia Stock Exchange, so as to create investment opportunities and returns. and Employees who do not register will be transferred or dismissed, The news caused a lot of discussion.
Then, in response to the public opinion, DDT officially released the "Leader Plan" and explained its logic: select a group of key personnel and divide them into several teams, which are funded by the company, and the team will follow a part of the investment, forming a group of professional investment institutions with different focuses and exploring investment strategies in different fields. Diguantong admitted that this would bring about the adjustment of the company's organizational structure, so it had to cancel or adjust some posts.
On May 20, it was reported that DDT had sent a letter of layoff to all employees, involving more than 100 employees in offices in different regions, accounting for about 1/4, including job transfer and layoff. When talking about the reasons, the management said that they did not manage the speed of self owned funds and recruited too many people in advance.
Company response: key employees are "leaders"
Resigned employees can get N+3 compensation
According to Dahe Network, in the middle of May this year, drip irrigation sent a letter to all employees, announcing the company's latest strategic plan, namely "Leader Program" and "ETF plan" 。 It is reported that the overall structure of the company will be completed by the end of May. The strategic plan is to focus on market construction and trading platform development, including promoting more market investors to participate, the central trading system ETF, as well as information disclosure, valuation, risk control and post investment asset management, with a view to attracting and enabling more participants to participate in the drip irrigation ecosystem centered on the ASX.
With the launch of the company's "two-stage rocket" strategy, the organizational structure of the company's relevant departments also needs to be adjusted accordingly. This adjustment includes job change and staff reduction, involving more than 100 employees in offices in different regions. The company provides employees with N+3 severance compensation.
The picture shows the letter from drip irrigation to employees
According to the Securities Times, the content of the "Leader Plan" has caused great controversy. It is reported that the employees of Diguantong can invest 1 million yuan by themselves and 9 million yuan by Diguantong to set up a SPV. SPV will hire the employee in reverse, form a team and help SPV to continuously tap high-quality assets to be listed on Diguantong Australia Exchange, so as to create investment opportunities and returns.
Later, DDT responded that a selected group of key players would be divided into several teams, funded by the company, and the team would follow a part of the investment, which could form a group of professional investment institutions with different focuses and explore investment strategies in different fields separately. Diguantong admitted that this would bring about the adjustment of the company's organizational structure, so it had to cancel or adjust some posts. The letter said, "The 'Leader' plan is a key first step, the rocket head of the second stage rocket, and the key task of leading and breakthrough. We expect that every "leader" will lead a flock of sheep in the future. ”
According to 21 Finance and Economics, in addition, Diguantong also issued a notice on the suspension and recovery of bonuses, If the invested project has the situation that the store should not be opened, closed or owed, the bonus shall be stopped or the compensation shall be recovered according to the detailed rules.
The financial reporter inquired about this matter from Drip Irrigation System, but no positive response was received. Diguantong said that the "leader" plan is an important part of the "two-stage rocket" phase of Diguantong, and also a pilot plan. It aims to encourage the internal investment managers who have the best understanding of revenue sharing in the past two years, continue to give play to the experience and ability of practice for the market and ecology, and create an exchange ecosystem with diversified participation. The "Leader" plan will be announced internally in the near future according to the original project schedule, and details cannot be provided for the time being.
"The previous understanding was not profound, and the cost should be strictly controlled"
According to the official website of Diguantong, Diguantong currently has a professional team of hundreds of people, distributed in the mainland, Hong Kong and Macao, and has rich industry experience in the fields of finance, technology and retail consumption.
Diguantong currently has a professional team of hundreds of people, distributed in the mainland, Hong Kong and Macao. The screenshot is from the official website of Diguantong
According to the Securities Times, Li Xiaojia, the founder of Diguantong, introduced that at the beginning of its establishment, Diguantong directly invested its own capital to build a model. The original intention was to connect international large capital and Chinese small enterprises, not just to do capital business, but to establish a new market (exchange). The current digital revolution has made this idea possible.
Now, the management says frankly, Due to the rapid growth of the company's scale, the management did not have a deep understanding at that time. Although they had noticed it, they did not control it enough. As a licensed exchange, it must always reserve sufficient long-term strategic reserve capital to leave more time and space for market development.
Therefore, the relevant manpower and resources allocated in advance for direct investment in the early stage are not suitable for the new stage and new tasks. "Keeping enough strategic capital also means that we must strictly control operating costs at all times. This is the fundamental reason why we have to make downsizing adjustments." Insiders of Diguantong said.
According to the interface news, Zhang Gaobo, the founder of Diguantong Group, said in December last year that if we go out of the first stage, we will naturally enter the second stage of development. "In the second stage, the different roles played by Diguantong should be socialized." Zhang Gaobo explained that the investor strategies and sources in the second stage should be very diversified.
"Drip irrigation to Macao Stock Exchange is to be a place where everyone can earn money." Zhang Gaobo said: "Each partner can drive a large area, all of which are small drip irrigation, and they can develop their own ecology. Now we are at the threshold of the second stage." Zhang Gaobo said.
Main daily revenue sharing mode
"It is an upgraded P2P"
According to public data, Diguantong Group is an exchange group that uses financial technology to connect global capital and small and micro enterprises. It was jointly founded by Li Xiaojia, former CEO of Hong Kong Stock Exchange, and Zhang Gaobo, founder of Dongying Finance in 2021, The daily revenue sharing model is its main service. Through this model, stores in catering, retail, service, and cultural and sports industries can be listed on the MCEX to raise long-term funds.
Daily income sharing is the main service of DDT, and the picture shows the logo of DDT
According to the previous report of www.everyjing.com, Song Xiangqian, the founding partner and chairman of Jiahua Capital, questioned the "non equity, non debt" model claimed by Diguantong, Essentially, it is a loan, and the interest income should not be less than 20%, which is infinitely close to the standard of usury. It is an upgraded P2P. In addition, Song Qianqian denounced the essence of "regulatory arbitrage" for the cross-border structure designed by Diguantong, which is to find outlets in the mainland to lend money, Hong Kong and overseas financing, and Macao exchanges to do asset securitization.
In the face of such fierce doubts from Song Qianqian, Diguantong responded that equity investment has never been the only way of investment in history. In the income sharing investment mode of Diguantong, if the invested store fails to operate, it has no obligation to repay the investment, so it is not a debt.
Hou Wang, a lawyer from Qinglv Law Firm, said that according to the investment model of Diguantong, the return on investment is uncertain, which may be higher than 20% or lower than 20%. "I personally believe that if investors do not require financing institutions or third parties to provide credit enhancement measures such as differential payment and guarantee for earnings, it cannot be deemed illegal just because the yield of individual projects is higher than 4 times LPR."
As for topics such as "the cheese that moved VC/PE, from DPI to exit to equity investment pain", Song Qianqian responded that "Drip irrigation can't steal my business." “ I invest in big consumer brands, most of which are directly operated. Drip irrigation has no ability to compete; From the perspective of business, perhaps I should thank Diguantong. It will stimulate more people to join, and the channel of consumer brands I invest will be stronger. But as I said before, this is not a good business. "
"Diguantong invests in offline physical stores, and the payback period is about five years. From the perspective of equity investment, this is a very poor asset." Li Li, an investor who has been deeply involved in the consumption field for many years, said that, "At first glance, the return rate is very attractive, but the risk is very high. Now it is not easy for offline physical stores to survive for three years. Shopping malls are almost eliminated in a half year cycle, and catering is a severely affected area."
Li Li said, "Its financial model is quite radical. It chooses the business that cooperates with it, Either they are too optimistic about the development expectations, or they may not plan to repay the money on the first day they get it, Such assets are not within the scope of our investment, and there is no such thing as cheese. "
edit | Wang Yuelong and Du Hengfeng
Proofread| Lu Xiangyong
The daily economic news is integrated from www.ever.com, Securities Times, Dahe. com, 21 Finance, interface news, and public information
