高谈

Talk high

　　[ 截至本周，名媛坊的资金募集已经初步敲定，目前公布的投资人约有94人，其中最小的投资人投资额度在5万元，最大的投资人投资额在35万元 ]

[by this week,Note kitchen fundraising has made preliminary,At present the investors by about 94 people,The minimum amount of investment of the investors in 50000 yuan,The biggest investors in the investment of 350000 yuan,

　　1月下旬，一则IPO重新开闸的传闻差点把大盘拽下来。去年下半年以来，IPO节奏渐缓，但P2P网贷平台正“杀”出一条新的融资渠道。

In late January,An IPO to breaking that came close to drag down the market.Since the latter half of last year,IPO rhythm gradually slow,But P2P network credit platform is"kill"Out a new financing channels.

　　近日，由P2P网贷平台红岭创投作为媒介，一家名为名媛坊的淘宝网店向近百位投资者招股融资1500万元。

recently,The P2P network credit platform red hill venture as a medium,A note of taobao shop called lane to nearly a investors offering financing 15 million yuan.

　　“互联网天然具有集聚海量信息和促进交易的功能，它本身就是一个庞大的交易所。”一位业内人士认为互联网招股融资的兴起甚至会给传统的招股平台形成巨大影响。

"The Internet has natural gathering huge amounts of information and promote the function of the transaction,It is in itself a huge exchange."A personage inside course of study thinks the Internet offering the rise of financing even to the traditional stock offering platform formation huge influence.

　　不过，这种创新行为也存在着几重风险，譬如算不算公开募资、公司信息披露如何监管、投资人如何对公司进行管理等问题。

but,This innovation behavior, there are also a few heavy risk,Such as calculating do not calculate public offering information/How to regulate information disclosure/Investors how to company management problem.

　　一个淘宝店的网络众筹 A taobao shop network the raise

　　名媛坊2008年起在淘宝销售女装，2012年末公司总资产达3712万元，计划于今年3月变更登记为股份有限公司。

Beauties from 2008 lane in taobao's sales,By the end of 2012 the company's total assets of 37.12 million yuan,Plan in March this year for the registration of change of a joint stock limited company.

　　本次增资中，大股东徐飞飞和其妻子夏晶晶持有股份各占40%，由徐飞飞拿出15%股权进行转让，增资1500万，此后这笔钱再投入公司运营。其他人购入股份由公司大股东代持。

The capital increase in,Big shareholders xu fly and his wife XiaJingJing shares each accounted for 40%,By xu fly out to transfer 15% stake,Capital increase of 15 million,Since then the money again into the company operation.Others buy shares of the company and the big shareholders.

　　“他们在群里发招股意向，我当天就报名了，但是能买多少股份还要看运气了。”上海的投资人Mike告诉记者。

"They are group hair offering intention,I signed up the same day,But can buy how many shares will see luck."Shanghai investors Mike told reporters.

　　短短一周时间内报名入股的人数超过百人，意向入股资金两倍于增资计划。

Just one week in the more than one hundred people,Intention to invest money two times the capital increase plan.

　　这些投资人以个人投资者为主，大多数人之前从未对服装行业有过了解，仅仅是在互联网上了解到这家初创企业有融资需求。

These investors mainly by individual investors,Most people never before to the clothing industry had to understand,Just on the Internet to know the start-ups have financing needs.

　　其实，美国著名的众筹网站kickstarter早就在做这种生意：需要资金的企业在网络发出意愿，有资金的人通过网络找到他们并调查投资。

In fact,The famous American raise website kickstarter already doing this business:Need money enterprise in the network to send,Has the capital of the people through the network to find them and survey investment.

　　这种模式的兴起打破了传统的融资模式，让融资的来源不再局限于风投机构。

The rise of this kind of mode to break the traditional financing model,Let the source of financing is no longer confined to the wind for institutions.

　　“一般通过网络募资的企业规模都非常小。就算是一般VC的首轮募资一般也在500万元左右，这次1500万元能够通过网络募集，的确让人非常震惊。”上海一位VC业内人士告诉记者。

"General through the network need to recapitalise enterprise scale is very small.It is usually the first round of the need to recapitalise VC general also is in 5 million yuan or so,The 15 million yuan can through the network to raise,Really let a person very shocked."Shanghai a VC insiders told reporters.

　　一家小型电商企业能够以如此高速募集资金，一些风投界资深人士表示非常惊讶。

A small electrical business enterprises to raise funds in such a high speed,Some wind for boundary senior say very surprised.

　　“投资机构去看一个项目都要做严格的尽职调查，要半年到一年的时间跟踪公司，有的公司甚至是一开始不敢投，跟踪了两三年之后才敢投资。”启明创投的主管合伙人甘剑平告诉第一财经日报《财商》记者，“互联网虽然汇聚大量信息，但是仅仅凭借互联网上的项目推介就入股的例子还不多见。”

"Investment institutions to see a project to make strict due diligence,To half a year to a year of time tracking company,Some companies even the beginning can't throw,Tracking two or three years later to investment."Open minded vc competent partner GanJianPing told the first financial daily[Money business]reporter,"The Internet while gathering a lot of information,But only with the Internet project promotion will invest examples are rare."

　　这次1500万元的网络招股融资计划的背后是红岭创投。

The 15 million yuan network offering financing plan is behind the red hill venture.

　　实际上，红岭创投也曾通过自身平台募股，并完成了增资扩股的工商登记，其股东足足有158人，大多数是占股比例极低的小投资人；为名媛坊募股，是红岭首次将该模式复制到自己投资的企业中。

In fact,Red hill vc have through their own platform offerings,And completed the increase endowment spread of industry and commerce registration,Its shareholders for 158 people,Most of a scale is very low small investors;Note for lane placement,Is the red hill will be for the first time the model copy to their investment in the enterprise.

　　P2P网贷转型：红岭创投的尝试 P2P network credit transformation:Red hill vc attempt

　　冬季的深圳依旧阳光明媚，正午过后面积不算小的蛇口影剧院已经坐满了人，包括名媛坊的员工、个人投资者，以及红岭创投的代表。

The winter of shenzhen is still bright and sunny,After noon area is not small shekou cinema has been full of people,Including the debutante kitchen staff/Individual investors,And red hill vc representative.

　　在舞台上，红岭创投相关负责人王忠平与徐飞飞握手庆祝名媛坊在过去一年取得的销售成绩。两家企业的关系非同一般。

On the stage,Red hill throws the relevant person in charge of WangZhongPing and xu fly handshake celebrate debutante lane in the past year achieved sales results.The relationship between the two companies marketing.

　　截至本周，名媛坊的资金募集已经初步敲定，目前公布的投资人约有94人，其中最小的投资人投资额度在5万元，最大的投资人投资额在35万元。

By this week,Note kitchen fundraising has made preliminary,At present the investors by about 94 people,The minimum amount of investment of the investors in 50000 yuan,The biggest investors in the investment of 350000 yuan.

　　“在中国做早期投资非常难，原因就是企业诈骗非常多。让人难以置信这些投资人是怎么审核调查一家网络上的企业。”甘剑平告诉记者。

"In China it is very difficult to make an early investment,Reason is that enterprise fraud very much.Incredible these investors is how to review a survey on the network enterprise."GanJianPing told reporters.

　　红岭创投创始人周世平告诉记者：“每年在红岭借款的企业有上千家，这些企业的资金流水和财务情况红岭非常熟悉，相当于建立了一个可查的企业数据库，在这里面选择股权投资的对象相对安全。”

Red hill, the founder of the venture ZhouShiPing told reporters:"Every year in the red hill borrowing enterprise with thousands of home,The enterprise capital flow and financial situation red hill is very familiar with,Equivalent to set up a can check enterprise database,In the choice of equity investment in the object relative safety."

　　名媛坊是红岭创投最重要的借款客户之一，名媛坊2012年在红岭创投上的借款峰值大约为1700万元。其中一些借款期限较长，至今仍然有投资人通过红岭溢价转让名媛坊债权。

Note fang is red hill venture is the most important one of the loan customers,Note lane 2012 in red hill vc the loan on the peak value is about 17 million yuan.Some of the loan term is longer,Still have investors through the red hill premium transfer debutante fang creditor's rights.

　　早在2010年，名媛坊只是一家注册资本50万元人民币的名不见经传的淘宝店铺。以名媛坊当时的规模，几乎在银行借不到钱。

As early as in 2010,Note fang just a registered capital of 500000 yuan ($) the little-known taobao shop.Note in the scale of the lane at that time,Almost no money in the bank for.

　　“一个服装电商企业遇到的问题通常不是卖不出去，而是没有钱铺货。每到旺季的时候要购买原料，组织工厂生产，需要周转大量资金。”红岭创投副总经理陆世明告诉记者。

"A clothing electric business enterprise problem is not usually don't sell,But no money shop goods.When every season to buy raw materials,Organization factory production,Need to turn a lot of money."Red hill vc deputy general manager LiuShiMing told reporters.

　　从2010年四季度起，名媛坊创始人开始在红岭借款，更快的资金周转迅速将名媛坊催肥。据名媛坊公布的财务数据，在2012年，名媛坊已经在淘宝、京东等电商平台拥有13家店铺，全年营业收入数百倍于三年前。

In the fourth quarter from 2010 on,Of note, the founder of the lane began in red hill borrowing,Faster turnover of funds quickly will note fang feed out.According to the debutante fang published financial data,In 2012,Note fang has been in taobao/Jingdong and electric business platform has 13 shops,The business ShouRuShu one hundred times in three years ago.

　　和传统的众筹网站不同的是，这些投资人中不少人在之前的两年里充当金主通过红岭创投借钱给名媛坊，原先通过互联网的债权投资将被转化为股权投资。

And the traditional the raise website is different,The investment of many people in the two years before the Lord as gold by red hill venture to lend debutante lane,The original through the Internet debt investments will be converted into equity investment.

　　“目前国内对中小企业的数据收集是一个空白，这也导致国内做早期风险投资的失败率极高，谁能够收集这一块的数据资源，就能够把这一块确定性提高。红岭创投这条路相当于从网贷中获取企业数据，再从入股这些企业中赚钱。”一位业内人士告诉记者。

"At present domestic to small and medium-sized enterprise's data collection is a blank,It also lead to domestic do early risk investment failure rate is extremely high,Who can collect this a piece of data resources,Will be able to put it a deterministic improve.Red hill vc the road from the net credit is equivalent to obtain the enterprise data,And from these enterprises in making money."A personage inside course of study tells a reporter.

　　名媛坊已经在红岭上借款超过2年，每次还款及时，利息也相对比较高，一般红岭创投平台上的企业借款利率在年化10%以下，而名媛坊的借款利率可达年化18%左右。

Note fang has been in the red borrowing more than 2 years,Every time reimbursement in time,Interest rates are relatively high,General red hill vc platform enterprise loan interest rates in the annualised below 10%,And beauties kitchen borrowing rate can reach 18% in turn.

　　而此次网络招股融资之所以火爆，一个重要原因在于融资方案很诱人。

The network offering financing is hot,An important reason is that the financing plan is very attractive.

　　诱人的方案：估值1亿元+许诺溢价回购 Inviting scheme:Valuations 100 million + promise premium repurchase

　　据名媛坊提供的一份“深圳永信瑞和会计师事务所”出具的利润表， 2012年公司盈利超过800万元。

According to provide a debutante lane"Shenzhen venerable red and public accounting firms"Income statement issued by the, In 2012 the company profit more than 8 million yuan.

　　公司预估2013年销售2亿元，2014年销售额达4亿元，目前其净利润率为10%左右。

The company estimated 2013 annual sales of 200 million yuan,2014 annual turnover of 400 million yuan,At present the net profit rate is 10%.

　　若以1亿元估值计算，2012年市盈率为11.5倍，这个并不低。因而有投资人在网络上和名媛坊老板讨价还价。

If $100 million valuation calculation,2012 p/e ratio is 11.5 times,This is not low.Thus investors on the network and beauties fang boss bargaining.

　　A：“按照去年的营业收入看是不是有点儿太贵了？”

a:"According to last year's operating income to see if it is a bit too expensive?"

　　B：“徐总，给我们便宜点儿吧，这样2013年的股价才有更多增长的空间嘛。”

B:"xu,Give us cheap down,So 2013 shares have more room for growth,."

　　C：“可是如果2013年的目标能够如约完成的话，这个估值是低的。我看未来名媛坊的股价还要涨。”

C:"But if the 2013 targets can be done for,The valuation is low.I see the debutante fang's share price will rise."

　　“如果按照2012年的净利润逾800万元来计算，估值1亿简直是个天文数字。不过，如果2013年名媛坊如约完成销售目标，完成2亿元营收，净利润率保持不变，那么净利润大约为2000万，估值1亿又显得比较便宜。”Mike告诉记者。

"If according to 2012 net profit more than 8 million yuan to calculate,Valuations 100 million's a astronomical figures.but,If 2013 beauties lane for complete sales target,Finished 200 million yuan revenue,Net profit margins remain unchanged,So net profit of about 20 million,Valuations and appear cheaper."Mike told reporters.

　　由于早期企业波动极大，对于早期企业的估值一向是难点。

Because the early enterprise wave greatly,For early enterprise valuation has always been difficult.

　　“对于这类前两年增长迅猛的企业估值确实很难，而且每家机构的估值方式可能千差万别。一般用今年预计的利润来估值，再加上一定的对赌条款比如股份回购等是比较常用的办法。”上述VC业内人士告诉记者。

"To this kind of before two years of rapid growth of enterprise valuation it is difficult,And every institution valuation mode may differ in thousands ways.General use this year's profits to valuation,Plus certain spread-betting terms such as share repurchase, etc is a commonly used method."The VC insiders told reporters.

　　在早期风险投资中，估值还只是一部分。“这样的企业风险很高，尤其是女装，收入波动很大，没有对赌协议一般投资人不会投资。”上述VC业内人士告诉记者。

In the early days of the risk investment,Valuations are only part of it."This enterprise high risk,Especially the women's,Income volatility big,No spread-betting agreement general investors will not investment."The VC insiders told reporters.

　　根据名媛坊的招股书，在两年之后大股东会进行一次股权回购，也就是说，如果投资人到那时需要变现，或者对公司前景不看好可以将股权卖给大股东。并且名媛坊还约定了回购价格——每年溢价25%回购。如果一个投资人投资100万元的名媛坊股权，在两年之后大股东愿意以150万元回购。

According to the prospectus of note lane,In the two years later the big shareholder meeting on a stock repurchase,that,If investors then need cash,Or to the company's future has not can be sold to large shareholders equity.And note fang also appointed the repurchase price - each year a 25% premium repurchase.If a investors invest 1 million yuan note fang equity,After two years in big shareholders are willing to buy 1.5 million yuan.

　　三重风险 Triple the risk

　　诱人的回报之后，风险是难免的。 Attractive returns later,Risk is inevitable.

　　公司和第三方的道德风险、股权转让本身的法律风险和公司经营风险是名媛坊招股中的三重风险。

The company and the third party's moral hazard/Equity transfer itself legal risk and business risk is the risk of note fang offering triple.

　　“专业投资人在早期投资中尚有许多陷阱，个人投资者就更加难以做到专业的尽职调查。”上述VC业内人士告诉记者。

"Professional investors in the early investment there are many pitfalls,Individual investors are more difficult to do professional due diligence."The VC insiders told reporters.

　　名媛坊招股，投资人对名媛坊的信息获取高度依赖红岭，而红岭本身作为第三方在没有信息披露规则的情况下本身存在道德风险。两年多以来，名媛坊几乎可以算作红岭创投的心血之作，并且红岭本身持有名媛坊20%的股份，要客观推介名媛坊是一件太难的事。

Debutante fang offering,Investors to debutante kitchen access to information is highly dependent on the red hill,The red hill itself as a third party without information disclosure rules itself under the condition of the moral hazard.More than two years since,Note fang can almost as red hill vc blood work,And red hill itself holds 20% of the shares of note lane,Objective to promote debutante fang is a hard thing.

　　“我们不断提醒投资人一定要自己独立分析。即便是这样，如果大家都赚钱，则一切都好。但是企业出现问题，对于红岭创投也是考验。”周世平告诉记者。

"We constantly remind investors must have their own independent analysis.Even if is such,If everyone make money,Is all right.But enterprise problems,For red hill vc is also tested."ZhouShiPing told reporters.

　　此外，由于是网上募集资金，投资人非常分散，很难起到有效的监督。

In addition,Because the net is to raise funds,Investors are very scattered,It is difficult to have effective supervision.

　　而在法律上完全通过互联网募资还处于灰色地带，其面临的法律风险显而易见。

And in the law completely through the Internet need to recapitalise is still in a gray area,It is the legal risks faced.

　　“目前针对股份有限公司的硬性标准只有一条，就是不能对200个人以上的股东募集资金。”上海汉路律师事务所主任律师曾智红告诉记者，“另一个判断标准是是否向不特定公众募集资金。”

"At present for a joint stock limited company, the rigid standard have only one,Is not more than 200 individual shareholders to raise funds."Shanghai han road law firm lawyers CengZhiGong director told reporters,"Another judgment standard is not certain whether the public to raise funds."

　　在王忠平看来，投资者都是红岭平台上找的，属于定向募资。

In WangZhongPing seems,Investors are looking for red hill platform,Belong to the directional whip round.

　　“当然如果通过公开媒体发布信息肯定是被禁止的。但是通过网络社区发布信息募集资金是否违法还存在争议。”曾智红告诉记者。

"Of course if through the public media release information must be prohibited.But through the network community release information to raise funds will be illegal is still controversial."CengZhiGong told reporters.

　　在名媛坊招股中，投资者购买的股权由徐飞飞代持。

Note in the lane in the prospectus,Investors buy owned by xu fly generation hold.

　　“主要是考虑到之后如果投资人要转让股权，工商注册资料变更起来非常麻烦，所以名媛坊选择了在前两年先由大股东代持的方案。”徐飞飞告诉记者。

"The main consideration to later if investors to transfer its equity,Registration material change up very trouble,So the debutante fang chose in the last two years by the first big shareholders and the solutions."Xu fly told reporters.

　　不过，由股份代持引发的纠纷近年来层出不穷，尤其是在去年《公司法》司法解释（三）出台后又加大了股份代持的风险。

but,The stock and the cause of disputes in recent years emerge in endlessly,Especially in the last year[company]Judicial interpretation(three)Come and increased the risk of holding shares generation.

　　“此前一些外资为了设立企业方便，官员以及一些不符合条件的股东为了绕过监管选择代持，为了限制这种情况，目前的代持协议非常复杂。”曾智红告诉记者，“一旦出现纠纷，代持是一种法律风险非常大的协议形式，最后所有权可能不被承认。如果一定要选择代持形式，出资者需要保留出资记录等较有效证据，另外要有明确的代持协议。”

"After some foreign capital in order to set up enterprise convenient,Officials and some do not meet the conditions of the shareholders in order to bypass the choice and supervision,In order to limit this kind of situation,The current generation of the agreement is very complicated."CengZhiGong told reporters,"When occurrence dispute,A generation is a kind of legal risk very large agreement form,The last ownership may not be admitted.If must choose generation of the form,Investor need to keep a record of investment, such as valid evidence,In addition to have clear generation of the agreement."

　　此外还有经营上的风险，如果名媛坊一旦亏损，这些投资者都能承受风险吗？

In addition to the risk of management,If the debutante lane once loss,These investors are able to withstand risk?

　　“最怕的就是引进了不合格投资人和信息披露中有瑕疵。” 陆世明告诉记者，“这类公司的财务报告肯定没有上市公司做得好，万一公司经营出问题，财务问题的瑕疵可能会引起纠纷。”getty图

"Most afraid of be introduced not qualified investors and information disclosure is defective." LiuShiMing told reporters,"This kind of company financial report of listed companies are not doing well,One thousand companies operating out of the question,The financial problem of defects may cause the dispute."Getty diagram