58 city listing 5th anniversary Yao Jinbo issued internal letter: share price has risen 3.8 times

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 58 city listing 5th anniversary Yao Jinbo issued internal letter: share price has risen 3.8 times


Yao Jinbo pointed out that since the 58-city listing in 2013, he has completed the acquisition of Huojie and Anjuku, becoming a leading Internet platform for recruitment, real estate, second-hand trading and local businesses, and has split a series of unicorns, such as 58-to-home, used melon seeds, fast dog taxi, swivel, 58-finance and so on. Enterprises are in the leading position in the market segmentation. Shares in the same city rose 3.8 times their offering price, one of the best performing companies in the same period.

Faced with the enormous challenges facing global and Chinese economic development this year, Yao pointed out that whether economic growth slows or cyclical downturns, this will make the whole industry, including competitors, difficult. He set the strategic focus of the 58 cities in 2019 as deep into the industry, in-depth customer service, real estate, recruitment, automotive, service industry, a profound understanding of the provider of solutions.

Yao Jinbo expects the 58 groups internal components, each business sector, can be better open cooperation, mutual support, full linkage. Through the dedication and concerted efforts of each staff of 58 Group to win the future, let hundreds of millions of users, millions of customers feel the real value of 58 Tongcheng. (Peng Lihui)

The following is the full text of the open letter:

Today is the 5th anniversary of our listing, and also the 13th anniversary of the founding of 58 cities. Thank you for your efforts. Since listing, we have completed the acquisition of Catch-up Network and Habitat, and become a leading Internet platform for recruitment, real estate, second-hand trading, and local merchants. More than 20,000 employees have formed Chinas largest local online and offline service system to help nearly 3 million SMEs make better use of the Internet and grow better. We have also split up 58-to-home, used melon-seed cars, fast-dog taxis, turn around, 58 finance and a series of unicorns, and these companies are in the forefront of the market segmentation. I just looked at it. Our share price is 3.8 times higher than the offering price. It should be one of the best performing companies in the same period. I would like to thank you for your efforts and for all the students.

However, this year, the global and Chinese economic development are facing enormous challenges, which will have a certain impact on real estate, employment, consumption, manufacturing, services, investment confidence, all platforms will be affected, no one can be alone. It reminds me of 2008, a decade ago, when we had the toughest time financing, when I met dozens of investors, but nobody wanted to believe us. We managed to pull through the winter without pay for six months, and we became the only three in the market. One of the classified information websites.

So in the next few years, no matter how the market environment develops and changes, we need to always make adequate reserves, ready for winter, because many enterprises and projects tend to fall short of winter preparation, and blind optimism about the future. If each of us is well prepared for each line of business, then every day we can reap unexpected surprises because we are well prepared and hard enough. An enterprise that has not experienced cyclical fluctuations is not a great enterprise; a manager who has not experienced cyclical fluctuations is not a complete manager.

At the same time, we should also realize that not only ourselves and the company itself want to better survive and develop, but behind us, there are 3 million customers who will also be impacted, and most of them are small and medium-sized enterprises. Most of them have not yet done enough resource reserves and have not experienced economic weeks. Period fluctuation. In this context, how we use the Internet, big data AI, and our product innovation to empower and nurture industries, customers, will become unprecedented importance. The so-called skin will not exist, Mao will attach, so that all customers can better feel the effect, feel the efficiency improvement brought by technology, and the relative competitive advantage, so that they can not only live, but also develop against the trend, which is our mission, but also tens of thousands of us should do every day. . Whether it is for real estate brokers, small and medium-sized recruitment companies, used car dealers or local businesses, whether our services can better play the role and advantages, whether it is more cost-effective, and whether the customer contact with us can be warmer, at this stage will become unprecedented importance.

Going deep into the industry and serving customers in depth will be the important strategic focus of our 2019. We want to be a deep understanding of the real estate, recruitment, automotive, service industries, and solutions providers. We want to help our customers better face the challenges of the Internet and artificial intelligence and other technologies, we need to sort out the common needs of the industry, with very low cost to provide excellent products, service as many customers as possible, help as many customers as possible survival, development and growth.

At the same time, were serving hundreds of millions of users, from finding jobs, renting houses, to finding services, and building a first impression of a city through our platform, which is a very heavy commitment. Whether we can continue to exceed the needs of user experience at the level of information quality governance, recommendation algorithms, and product and service innovation will be more practical and patient in the economic downturn. I see that we have introduced video features, VR, guaranteed payments, insurance, field validation, full online connectivity and other functions and services, and I also see that we are now not only providing information, but also providing the content needed for decision-making, but also because 58 towns exist, so that our services from hundreds of Cities cover tens of thousands of townships, which are the best embodiment of our user first value. We must always keep in mind the mission of making life simple and beautiful and the vision of becoming a trusted platform for life services. Every time we make a decision, every time we launch a product or service, we ask ourselves: Are we closer to that goal?

In the face of challenges and the coming cold winter, we hope that the various components within the group, the business sector, can be better open cooperation, mutual support, full linkage. Everyone has to think seriously about how we rotate between our business segments - which ones can be aggressive and take on faster growth responsibilities when a line of business is counter-cyclical or weak? Because when the economy is at a low ebb, its also a better time for long-term work like building organizational capacity and optimizing platform ecology to grind down. We need to endure loneliness, misunderstanding and neglect. We need to be committed to our mission and vision, and continue to work towards our goals. Regardless of the ups and downs of the external environment, as long as we strive to do: today is better than yesterday, more users than yesterday, we help customers than yesterday, the good results will naturally come.

Whether economic growth slows or cyclical downturns, this will make the whole industry, including competitors, difficult. Slowing economic growth is a self-healing mechanism in the economic ecology, and it is a filter to speed up the elimination of discomfort and weakness in the market, while those enterprises that have withstood the test become better enterprises, whose products, services and efficiency will be better. I firmly believe that in a few years, we will be the leaders in every field.

Over the five years, weve really seen faster-growing companies, companies that make better use of the characteristics of the times, teams and companies that are more in the spotlight. We are now at the turning point and the choice point from being a successful business to being a great business, and the outcome will depend on everyone here. And this economic cycle will be our best time to prove ourselves, we must uphold good faith, sufficient confidence, continuous iteration of products, continuous optimization of services, everything back to the user. I hope that every employee of the company will do his or her utmost to win the future, to do something that we can touch ourselves, to let hundreds of millions of users and millions of customers feel the real value of 58. We want to make life easier for all because 58 exists. Good. Lets work together. October 31, 2018 Yao Jinbo this article source: NetEase science and technology report editor: Qiao Jun Jing _NBJ11279

Over the five years, weve really seen faster-growing companies, companies that make better use of the characteristics of the times, teams and companies that are more in the spotlight. We are now at the turning point and the choice point from being a successful business to being a great business, and the outcome will depend on everyone here. And this economic cycle will be our best time to prove ourselves, we must uphold good faith, sufficient confidence, continuous iteration of products, continuous optimization of services, everything back to the user. I hope that every employee of the company will do his or her utmost to win the future, to do something that we can touch ourselves, to let hundreds of millions of users and millions of customers feel the real value of 58. We want to make life easier for all because 58 exists. Good.

Lets work together.

October 31, 2018 Yao Jinbo