Behind the storm of ofo deposit: the worst shareholders drip $370 million or drift away

 Behind the storm of ofo deposit: the worst shareholders drip $370 million or drift away

Beijing News recently, the deposit of ofo Xiaohuang car caused concern. On December 19, Beijing News reporters learned that ofos real financing amount was 1.45 billion US dollars, of which US$370 million was invested by droplets; US$340 million was invested by Ali, with an additional US$80 million in creditors rights and US$140 million in ant golden clothing. In this regard, drip said no comment, Ali and Ant Golden Clothes did not respond, ofo has not yet responded.

Recently, the deposit of ofo Xiaohuang car has aroused concern. Ofo Xiaohuang car announced late on the 17th that online and offline users will be processed according to the order of application. Although more than 2000 users ranked on the 19th said that deposit arrived, the number of deposit refund applications has exceeded 10 million.

On the evening of the 19th, Dai Wei, founder of ofo Xiaohuang car, issued an internal letter saying, The company has been under tremendous cash flow pressure all year round. Return users deposit, pay the suppliers arrears, maintain the companys operation, and break a dollar into three dollars.

In addition to users, shareholders who provide financial support for ofo may be more anxious - if ofo really goes dead, shareholdersprevious huge investment will empty the bamboo basket and suffer huge economic losses.

According to the public data, ofo, founded in 2015, has had nearly ten rounds of financing, including well-known enterprises and investment institutions such as Alibaba, Ant Golden Clothes, Droplet, CITIC, DST, Hongyi, Coatue and Xiaomi Shunwei.

Previous ofo announced a total of $2 billion in financing, but according to the recent exposure of the halo bicycle acquisition ofo program, the total investment of ofo shareholders is $1.38 billion. According to people familiar with the situation, ofos real financing is $1.45 billion.

People familiar with the situation said that the difference in total financing was mainly due to the E2-1 round of financing announced by ofo in March this year. At that time, ofo announced that Alibaba, Hanfeng Group, Tianjin joint venture capital, Ant Golden Clothes and Junli Capital had invested in Alibaba with a total amount of 866 million US dollars. In fact, only Alibaba had capital to enter. According to Caixin, ofo received no more than $300 million in investment and loans from Alibaba and Ant Golden Clothes.

According to industry and commerce information and people familiar with the situation, Di Di is currently the largest institutional shareholder of ofo, followed by Alibaba. Among them, a total of $370 million was invested in drip, $340 million in Ali and $80 million in creditorsrights, and $140 million in Ant Golden Clothing. In addition, the shareholders who invested more than US$100 million include CITIC, DST and Hongyi. The list of shareholders who invested more than US$10 million includes Coatue, Xinhua Union, Jingwei and Xiaomi Shunwei.

If ofo really enters the bankruptcy reorganization procedure, according to the principle that creditors rights precede equity, creditors rights will be paid first. This also means that as the largest pure equity investment institution, Droplet will become the biggest loser.

On December 19, a reporter from the Beijing News confirmed to some of the above organizations that he would not comment on the issue. Ali and Ant Golden Clothes did not respond to this. Another person familiar with the matter told Beijing News that Ant Golden Clothes is currently the largest creditor of ofo, which has provided many support for the development of ofo, including financing, borrowing, looking for a takeover party, and helping it develop independently. Up to submission, ofo Xiaohuang car did not reply.

Source: Yang Yi_NBJ10647, Responsible Editor of Beijing Newspaper