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2021-08-10

Great Ebb Tide: Can plummeting shells still go ashore?

贝壳正站在悬崖边，股价一度跌破发行价。中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值

Great Ebb Tide: Can plummeting shells still go ashore?

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·2021-08-10
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":892099502,"tweetId":"892099502","gmtCreate":1628608654306,"gmtModify":1676529797046,"author":{"id":4089857555721630,"idStr":"4089857555721630","authorId":4089857555721630,"authorIdStr":"4089857555721630","name":"LingKS","avatar":"https://static.tigerbbs.com/46313d9cbd1139279abb014445d3fc21","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>I <a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a></body></html>","htmlText":"<html><head></head><body>I <a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a></body></html>","text":"I $AMD(AMD)$","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/892099502","repostId":2158047258,"repostType":4,"repost":{"id":"2158047258","kind":"highlight","pubTimestamp":1628609622,"share":"https://ttm.financial/m/news/2158047258?lang=en_US&edition=fundamental","pubTime":"2021-08-10 23:33","market":"us","language":"zh","title":"Great Ebb Tide: Can plummeting shells still go ashore?","url":"https://stock-news.laohu8.com/highlight/detail?id=2158047258","media":"虎嗅","summary":"贝壳正站在悬崖边，股价一度跌破发行价。\n中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值","content":"<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Standing on the edge of a cliff, the stock price once fell below the issue price.Chinese concept stocks plummeted, spreading to shells. At the close of trading on August 5, Eastern Time, Keike fell below the issue price to US $19.81 per share, with a market value of US $23.6 billion (approximately RMB 152.539 billion). Compared with its listing in August last year, the market value has shrunk by more than half.It is not unreasonable that the shell was affected this time. All along, there have been constant voices questioning the monopoly of this real estate agent \"Big Mac\".Remediation came soon. On July 23, eight departments including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security issued a notice on continuously rectifying and standardizing the order of the real estate market.The situation has suddenly changed, and Gao Ge Kaijin's intermediary agencies are facing strong rectification. Zuo Hui, the founder of Keike, has passed away. Can Keike led by its successor get out of its hesitation?<img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse of a shell contract service center in Yubei, ChongqingShell StoryKeike, the largest real estate trading platform in China, has received mixed reviews in the industry.In 2001, Zuo Hui founded Chain Home, honestly engaged in the intermediary business of matching real estate transactions, and embraced the Internet from time to time to prevent being photographed on the beach.Looking back at the development history of this company, under the leadership of Zuo Hui, Chain Home has successively merged Yicheng, Deyou, Yijia, Zhonglian, Beijing Gaoce, Shengshi Guanjia, Daxingye, Furui Real Estate, Mantanghong, Haomongkok and Yuansheng Real Estate in different ways in first-and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen and Hangzhou.<img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">The development history of shells, drawing by Sister MorseThis is not enough. Zuo Hui takes Peng Yongdong (now the chairman and CEO of Keike Housing Search) as the pioneer to expand his territory on the Internet. In April 2018, amid a lot of doubts, Keike House Search went online, and it was positioned as an open industry platform. In fact, Peng Yongdong also has questions in his heart. After all, he already has Lianjia.com. Will it \"waste people and money\" to make shells that were shelved in 2014?In fact, the essential difference between them is that the traditional intermediary that Chain Home focuses on is not good at telling stories in the capital market, while the story of Keike, which focuses on the Internet technology platform, is more attractive. Keike is actually a means to alleviate the dilemma of Chain Home's listing.The development platform of Keike is reflected in the rapid expansion and cooperation of offline stores and intermediaries through ACN network (note: broker collaboration network).The intermediary brands settled in the shell platform can obtain more houses and potential customers through shared resources, and promote the transaction of commercial housing. After the transaction, according to the current ACN network rules, the shell platform and the brand side will deduct the performance commission of the store's transaction according to a certain percentage, and the rest will be shared by the store, transaction broker, listing entry, maintainer, recommender, financial consultant, etc. All roles share together.In a transaction, more than 10 people may participate, which is the finishing touch of the shell.On the road of expansion, Keike has increased its bargaining chips in the field of second-hand housing, obtained cooperative brand franchises through profit sharing, and exchanged the decline in commission rate for an increase in the overall market share. Its overall GTV has increased from 0.7 trillion yuan in 2017 to 1.9 trillion yuan in 2020, the commission rate has dropped from 2.5% to 1.6%, and its overall market share has increased from 12.3% to 26.2%.Through this model, each participant gets a transaction share, which fattens the size of the shell.According to the prospectus of Keike, Keike has become China's second largest commercial platform in 2019, second only to Taobao, and higher than<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Ctrip, etc.As the leading real estate agency, as of the disclosure of the 2020 annual report, Keike has 47,000 offline stores, 493,100 intermediaries, and 9.11 million online VR houses.Among them, Keike has two large-scale entities, one is the direct lineage, which accounts for 80%, and the other is the cooperative franchise brand such as 21st Century Real Estate, which accounts for 20%.In the intermediary industry without technical content, scale alone is not enough. Therefore, in order to compete with competitors, Keike standardized the three major elements of housing data, services and brokers, and strengthened the moat, which is also an important foundation for its uniqueness in the industry.Especially in terms of housing data, Keike relies on the collection of housing information and the construction of a \"real estate dictionary\" implemented by Chain Home since 2009 to start the verification of real housing listings. As of the end of the first quarter of 2020, \"Real Estate Dictionary\" had information on 226 million real houses. Sitting on a huge market size and blessing real houses, this is a competitive barrier that outside peers cannot match.Keike's ACN broker cooperation network model and the concept of \"real estate dictionary\", a large database of housing information, have poked the interest of overseas investors.On August 13, 2020, Keike successfully IPO, raising more than US $2 billion, an increase of more than 80% that day, and its market value reached more than 290 billion yuan. At that time, the market value of Keike was equivalent to 1.5<a href=\"https://laohu8.com/S/02007\">Country Garden</a>, 2 Sunac.Under the influence of huge transaction data of existing housing business (second-hand housing intermediary and leasing intermediary business) and new housing business, Keike's total transaction volume in 2020 will be 3.5 trillion yuan, its revenue will be 70.5 billion yuan, and its net profit will be 2.78 billion yuan.\"Monopoly\" questioningToo big to fail is usually people's doubts about the disorderly expansion of capital and the monopoly of everything. Today, the shell, which has become the \"target of public criticism\", also faces this problem.After Beike became a platform, it jumped to a higher level, and its profit model was upgraded from doing it yourself to letting other companies work for it. It's understandable that the settled intermediary is drawn a commission. If any platform adopts strong control for a long time to squeeze it, it will inevitably cause a rebound.To what extent is the control strong? After settling in, you can no longer join other platforms, and under the revenue sharing model, the settled intermediaries need to hand over core secrets such as personnel and financial rights to Keike.Based on a set of assessment criteria, intermediaries are divided into four grades: A, B, C and D. Each level has different permissions. C-level and D-level stores have relatively few customer sources and listing viewing permissions. Brokers will also be divided into different levels, and the exposure rate will also be different.This strong control of Keike has caused intermediaries in the industry (including those who have not settled in Keike and those who have already settled in Keike) to complain, and there have been many boycotts.Two of them have been criticized:<ul><li>As a self-operated project of Keike, Lianjia is considered to have received more resource tilt and platform exposure, which has been criticized as \"both making rules and playing the game, and being both a referee and an athlete\";</li></ul><ul><li>Keike is in an absolute leading position in the industry, which can easily lead to the overhead brand of cooperative intermediaries, the loss of teams, the handover of commercial secrets such as houses and customers, and the commission can only be at the mercy of Keike.</li></ul>In fact, developers are not very happy either.In the field of new houses, Keike's A-level and B-level cooperation implements the exclusive distribution of \"I have no him, he has no me\", that is, real estate companies cannot choose other channel providers if they choose Keike; Only in C-level cooperation can real estate companies cooperate with other channel providers at the same time.How high is the status of shells? \"It's really simple to be a real estate executive now, either come up with a tried-and-tried killer to cut prices; or persuade the boss to go to the shell.\" An industry insider said distressed.Keike controls the right to speak, and the pricing power of profit sharing is also in its hands. The commission rate of Keike new houses increased from 2.54% in 2017 to 2.74% in 2020. Under the high commission, the total transaction volume of Keike's new house business increased from 252.6 billion yuan to 1.4 trillion yuan. When it is high, the shell commission is equivalent to the universe real estate company<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333. HK) net profit margin of 6% in 2020.Keike stood at the top of real estate profit sharing, and even overwhelmed the always strong developers. Some people quit, Evergrande took the lead in offering RV treasure to compete, and other real estate companies also began to build their own marketing channels.Keike's envious dividends and crushing competition methods make other Internet peers feel quite uncomfortable.On April 10 this year,<a href=\"https://laohu8.com/S/WUBA\">58.com</a>CEO Yao Jinbo angrily sent this message<a href=\"https://laohu8.com/S/WB\">Weibo</a>: \"In the field of real estate transactions, there are more blatant choices packaged as voluntary, strongly calling on the national anti-monopoly fine Keike 4 billion yuan for looking for a house.\"Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, there have been \"anti-shell alliances\" in which real estate agents boycott shells. It was Yao Jinbo who \"reversed the shell\" earlier. In June 2018, 58 City United<a href=\"https://laohu8.com/S/000560\">I love my family</a>, Centaline Real Estate, 21st Century Real Estate and other housing agents established the \"Anti-Shell Alliance\".With the expansion of the scale of Keike, Keike has unlimited possibilities in data applications, and this unlimited possibility hides the danger of stepping on antitrust.Once the shell becomes the \"channel terminator\", all customers have to be obtained through the shell. In this way, Keike has grasped the more realistic transaction situation of the real estate market.Compared with the lagging data of online signing, and the price and transaction volume of new houses are easily affected by supply and location, the second-hand housing market is a freer market, and its transaction situation can often better reflect the actual temperature of the urban real estate market.Therefore, the future application scenarios of the database built by Keike have a lot of room for imagination, including but not limited to the basis of government policy formulation, the basis of real estate market investment and the basis of investment institutions.The tide has ebbedKeike, which has been criticized for monopoly, may feel innocent.Keike has developed rapidly in recent years and has become a well-deserved industry leader.Zuo Hui, who once suffered from black intermediaries, said before his death, \"I am a long-termist, I don't care about short-term interests, and I am more willing to do that kind of difficult and correct thing.\" It is this idealistic plot under the guidance that Keike did fight his way out.In recent years, relevant departments have proposed \"strengthening anti-monopoly and preventing disorderly expansion of capital\" three times in a row. This made many industry giants suspected of monopoly tremble.In the second-hand housing market, Lianjia, the predecessor of Keike, had a precedent of being investigated and punished for suspected monopoly.Chain Home, the predecessor of Keike, invented the \"exclusive housing entrustment\" transaction model and paid a price for it. In 2016, Chain Home was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.Antitrust actions in the field of real estate transactions are intensifying. Previously, the Internet platform enterprise administrative guidance meeting led by relevant departments, among the 34 Internet enterprises attending the meeting, except<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Waiting for giants, there are also shells looking for houses.Since July, efforts to rectify the chaos of real estate transactions have continued to increase. Everyone is waiting to see. Who will be the first bird to be beaten?Under the background of \"the higher the house price, the higher the turnover of the house, and the more the commission of the intermediary\", the existing business behavior and marketing methods of real estate agents have become one of the important combustion accelerants for the rise of house prices. It is nothing new for some intermediaries to participate in promoting the enthusiasm for real estate speculation.In the recently reported \"Shenzhen Housing Management\" incident, 44 intermediaries were included in the \"blacklist\" for providing convenience for illegal real estate speculation.Since 2021, Keike House Search has successively raised agency fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, Chongqing and other places, from 2% in the past to 3%, of which buyers bear 2%, and sellers bear 1% (0% in the past). The wool comes from the sheep, and the price of second-hand houses is naturally affected.For the intermediary, although the commission can increase the profit of the intermediary, it will also have other negative effects. In December 2014, the competent price department of Tianjin fined a total of 5.31 million yuan for the price conspiracy of I Love My Home, Chain Home Real Estate and Zhongyuan Real Estate to raise the agency fee at the same time.Under the increasing regulatory pressure, the second-hand housing market business is becoming more and more difficult to do.According to the latest data from the agency, the transaction volume of second-hand houses in 10 major cities across the country fell by 30% in July, which was much higher than that of new houses.In April 2018, the shell went online; On August 13, 2020, Keike was listed on Nasdaq; In the Fortune China 500 list released in July 2021, Keike ranked 164th.Undoubtedly, the shells of the past have caught up with the good times, and the shells of the future should get used to the ebb and flow of the tide. Hsu Jiaying once sang this in the song \"Shell\": \"I am a shell, and I can't advance or retreat between the sea and the sand. The sand's heart can't guess, and the sea is still waiting with no regrets.\"","source":"highlight_huxiu","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Great Ebb Tide: Can plummeting shells still go ashore?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGreat Ebb Tide: Can plummeting shells still go ashore?\n</h2>\n<h4 class=\"meta\">\n\n虎嗅2021-08-10 23:33\n\n</h4>\n</header>\n<article>\n<a href=\"https://laohu8.com/S/BEKE\">Shells</a>Standing on the edge of a cliff, the stock price once fell below the issue price.Chinese concept stocks plummeted, spreading to shells. At the close of trading on August 5, Eastern Time, Keike fell below the issue price to US $19.81 per share, with a market value of US $23.6 billion (approximately RMB 152.539 billion). Compared with its listing in August last year, the market value has shrunk by more than half.It is not unreasonable that the shell was affected this time. All along, there have been constant voices questioning the monopoly of this real estate agent \"Big Mac\".Remediation came soon. On July 23, eight departments including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security issued a notice on continuously rectifying and standardizing the order of the real estate market.The situation has suddenly changed, and Gao Ge Kaijin's intermediary agencies are facing strong rectification. Zuo Hui, the founder of Keike, has passed away. Can Keike led by its successor get out of its hesitation?<img src=\"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b\" tg-width=\"1000\" tg-height=\"750\" referrerpolicy=\"no-referrer\">Photo by Sister Morse of a shell contract service center in Yubei, ChongqingShell StoryKeike, the largest real estate trading platform in China, has received mixed reviews in the industry.In 2001, Zuo Hui founded Chain Home, honestly engaged in the intermediary business of matching real estate transactions, and embraced the Internet from time to time to prevent being photographed on the beach.Looking back at the development history of this company, under the leadership of Zuo Hui, Chain Home has successively merged Yicheng, Deyou, Yijia, Zhonglian, Beijing Gaoce, Shengshi Guanjia, Daxingye, Furui Real Estate, Mantanghong, Haomongkok and Yuansheng Real Estate in different ways in first-and second-tier developed cities such as Chengdu, Shanghai, Beijing, Shenzhen and Hangzhou.<img src=\"https://static.tigerbbs.com/5247820fa7ed73839a30febdeafe6100\" tg-width=\"1000\" tg-height=\"578\" referrerpolicy=\"no-referrer\">The development history of shells, drawing by Sister MorseThis is not enough. Zuo Hui takes Peng Yongdong (now the chairman and CEO of Keike Housing Search) as the pioneer to expand his territory on the Internet. In April 2018, amid a lot of doubts, Keike House Search went online, and it was positioned as an open industry platform. In fact, Peng Yongdong also has questions in his heart. After all, he already has Lianjia.com. Will it \"waste people and money\" to make shells that were shelved in 2014?In fact, the essential difference between them is that the traditional intermediary that Chain Home focuses on is not good at telling stories in the capital market, while the story of Keike, which focuses on the Internet technology platform, is more attractive. Keike is actually a means to alleviate the dilemma of Chain Home's listing.The development platform of Keike is reflected in the rapid expansion and cooperation of offline stores and intermediaries through ACN network (note: broker collaboration network).The intermediary brands settled in the shell platform can obtain more houses and potential customers through shared resources, and promote the transaction of commercial housing. After the transaction, according to the current ACN network rules, the shell platform and the brand side will deduct the performance commission of the store's transaction according to a certain percentage, and the rest will be shared by the store, transaction broker, listing entry, maintainer, recommender, financial consultant, etc. All roles share together.In a transaction, more than 10 people may participate, which is the finishing touch of the shell.On the road of expansion, Keike has increased its bargaining chips in the field of second-hand housing, obtained cooperative brand franchises through profit sharing, and exchanged the decline in commission rate for an increase in the overall market share. Its overall GTV has increased from 0.7 trillion yuan in 2017 to 1.9 trillion yuan in 2020, the commission rate has dropped from 2.5% to 1.6%, and its overall market share has increased from 12.3% to 26.2%.Through this model, each participant gets a transaction share, which fattens the size of the shell.According to the prospectus of Keike, Keike has become China's second largest commercial platform in 2019, second only to Taobao, and higher than<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Ctrip, etc.As the leading real estate agency, as of the disclosure of the 2020 annual report, Keike has 47,000 offline stores, 493,100 intermediaries, and 9.11 million online VR houses.Among them, Keike has two large-scale entities, one is the direct lineage, which accounts for 80%, and the other is the cooperative franchise brand such as 21st Century Real Estate, which accounts for 20%.In the intermediary industry without technical content, scale alone is not enough. Therefore, in order to compete with competitors, Keike standardized the three major elements of housing data, services and brokers, and strengthened the moat, which is also an important foundation for its uniqueness in the industry.Especially in terms of housing data, Keike relies on the collection of housing information and the construction of a \"real estate dictionary\" implemented by Chain Home since 2009 to start the verification of real housing listings. As of the end of the first quarter of 2020, \"Real Estate Dictionary\" had information on 226 million real houses. Sitting on a huge market size and blessing real houses, this is a competitive barrier that outside peers cannot match.Keike's ACN broker cooperation network model and the concept of \"real estate dictionary\", a large database of housing information, have poked the interest of overseas investors.On August 13, 2020, Keike successfully IPO, raising more than US $2 billion, an increase of more than 80% that day, and its market value reached more than 290 billion yuan. At that time, the market value of Keike was equivalent to 1.5<a href=\"https://laohu8.com/S/02007\">Country Garden</a>, 2 Sunac.Under the influence of huge transaction data of existing housing business (second-hand housing intermediary and leasing intermediary business) and new housing business, Keike's total transaction volume in 2020 will be 3.5 trillion yuan, its revenue will be 70.5 billion yuan, and its net profit will be 2.78 billion yuan.\"Monopoly\" questioningToo big to fail is usually people's doubts about the disorderly expansion of capital and the monopoly of everything. Today, the shell, which has become the \"target of public criticism\", also faces this problem.After Beike became a platform, it jumped to a higher level, and its profit model was upgraded from doing it yourself to letting other companies work for it. It's understandable that the settled intermediary is drawn a commission. If any platform adopts strong control for a long time to squeeze it, it will inevitably cause a rebound.To what extent is the control strong? After settling in, you can no longer join other platforms, and under the revenue sharing model, the settled intermediaries need to hand over core secrets such as personnel and financial rights to Keike.Based on a set of assessment criteria, intermediaries are divided into four grades: A, B, C and D. Each level has different permissions. C-level and D-level stores have relatively few customer sources and listing viewing permissions. Brokers will also be divided into different levels, and the exposure rate will also be different.This strong control of Keike has caused intermediaries in the industry (including those who have not settled in Keike and those who have already settled in Keike) to complain, and there have been many boycotts.Two of them have been criticized:<ul><li>As a self-operated project of Keike, Lianjia is considered to have received more resource tilt and platform exposure, which has been criticized as \"both making rules and playing the game, and being both a referee and an athlete\";</li></ul><ul><li>Keike is in an absolute leading position in the industry, which can easily lead to the overhead brand of cooperative intermediaries, the loss of teams, the handover of commercial secrets such as houses and customers, and the commission can only be at the mercy of Keike.</li></ul>In fact, developers are not very happy either.In the field of new houses, Keike's A-level and B-level cooperation implements the exclusive distribution of \"I have no him, he has no me\", that is, real estate companies cannot choose other channel providers if they choose Keike; Only in C-level cooperation can real estate companies cooperate with other channel providers at the same time.How high is the status of shells? \"It's really simple to be a real estate executive now, either come up with a tried-and-tried killer to cut prices; or persuade the boss to go to the shell.\" An industry insider said distressed.Keike controls the right to speak, and the pricing power of profit sharing is also in its hands. The commission rate of Keike new houses increased from 2.54% in 2017 to 2.74% in 2020. Under the high commission, the total transaction volume of Keike's new house business increased from 252.6 billion yuan to 1.4 trillion yuan. When it is high, the shell commission is equivalent to the universe real estate company<a href=\"https://laohu8.com/S/03333\">China Evergrande</a>(03333. HK) net profit margin of 6% in 2020.Keike stood at the top of real estate profit sharing, and even overwhelmed the always strong developers. Some people quit, Evergrande took the lead in offering RV treasure to compete, and other real estate companies also began to build their own marketing channels.Keike's envious dividends and crushing competition methods make other Internet peers feel quite uncomfortable.On April 10 this year,<a href=\"https://laohu8.com/S/WUBA\">58.com</a>CEO Yao Jinbo angrily sent this message<a href=\"https://laohu8.com/S/WB\">Weibo</a>: \"In the field of real estate transactions, there are more blatant choices packaged as voluntary, strongly calling on the national anti-monopoly fine Keike 4 billion yuan for looking for a house.\"Since 2019, Jinhua, Shaoxing,<a href=\"https://laohu8.com/S/N4E.SI\">Nanchang</a>In many places, there have been \"anti-shell alliances\" in which real estate agents boycott shells. It was Yao Jinbo who \"reversed the shell\" earlier. In June 2018, 58 City United<a href=\"https://laohu8.com/S/000560\">I love my family</a>, Centaline Real Estate, 21st Century Real Estate and other housing agents established the \"Anti-Shell Alliance\".With the expansion of the scale of Keike, Keike has unlimited possibilities in data applications, and this unlimited possibility hides the danger of stepping on antitrust.Once the shell becomes the \"channel terminator\", all customers have to be obtained through the shell. In this way, Keike has grasped the more realistic transaction situation of the real estate market.Compared with the lagging data of online signing, and the price and transaction volume of new houses are easily affected by supply and location, the second-hand housing market is a freer market, and its transaction situation can often better reflect the actual temperature of the urban real estate market.Therefore, the future application scenarios of the database built by Keike have a lot of room for imagination, including but not limited to the basis of government policy formulation, the basis of real estate market investment and the basis of investment institutions.The tide has ebbedKeike, which has been criticized for monopoly, may feel innocent.Keike has developed rapidly in recent years and has become a well-deserved industry leader.Zuo Hui, who once suffered from black intermediaries, said before his death, \"I am a long-termist, I don't care about short-term interests, and I am more willing to do that kind of difficult and correct thing.\" It is this idealistic plot under the guidance that Keike did fight his way out.In recent years, relevant departments have proposed \"strengthening anti-monopoly and preventing disorderly expansion of capital\" three times in a row. This made many industry giants suspected of monopoly tremble.In the second-hand housing market, Lianjia, the predecessor of Keike, had a precedent of being investigated and punished for suspected monopoly.Chain Home, the predecessor of Keike, invented the \"exclusive housing entrustment\" transaction model and paid a price for it. In 2016, Chain Home was investigated and punished for suspected monopoly in first-tier cities such as Beijing and Shanghai.Antitrust actions in the field of real estate transactions are intensifying. Previously, the Internet platform enterprise administrative guidance meeting led by relevant departments, among the 34 Internet enterprises attending the meeting, except<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Waiting for giants, there are also shells looking for houses.Since July, efforts to rectify the chaos of real estate transactions have continued to increase. Everyone is waiting to see. Who will be the first bird to be beaten?Under the background of \"the higher the house price, the higher the turnover of the house, and the more the commission of the intermediary\", the existing business behavior and marketing methods of real estate agents have become one of the important combustion accelerants for the rise of house prices. It is nothing new for some intermediaries to participate in promoting the enthusiasm for real estate speculation.In the recently reported \"Shenzhen Housing Management\" incident, 44 intermediaries were included in the \"blacklist\" for providing convenience for illegal real estate speculation.Since 2021, Keike House Search has successively raised agency fees in some key cities in China, including Shanghai, Shenzhen, Guangzhou, Chengdu, Zhengzhou, Chongqing and other places, from 2% in the past to 3%, of which buyers bear 2%, and sellers bear 1% (0% in the past). The wool comes from the sheep, and the price of second-hand houses is naturally affected.For the intermediary, although the commission can increase the profit of the intermediary, it will also have other negative effects. In December 2014, the competent price department of Tianjin fined a total of 5.31 million yuan for the price conspiracy of I Love My Home, Chain Home Real Estate and Zhongyuan Real Estate to raise the agency fee at the same time.Under the increasing regulatory pressure, the second-hand housing market business is becoming more and more difficult to do.According to the latest data from the agency, the transaction volume of second-hand houses in 10 major cities across the country fell by 30% in July, which was much higher than that of new houses.In April 2018, the shell went online; On August 13, 2020, Keike was listed on Nasdaq; In the Fortune China 500 list released in July 2021, Keike ranked 164th.Undoubtedly, the shells of the past have caught up with the good times, and the shells of the future should get used to the ebb and flow of the tide. Hsu Jiaying once sang this in the song \"Shell\": \"I am a shell, and I can't advance or retreat between the sea and the sand. The sand's heart can't guess, and the sea is still waiting with no regrets.\"\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://www.huxiu.com/article/447430.html\">虎嗅</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ee4a6f1c40c1e7f49292c6ff0039d5b","relate_stocks":{"BEKE":"贝壳"},"source_url":"https://www.huxiu.com/article/447430.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158047258","content_text":"贝壳正站在悬崖边，股价一度跌破发行价。\n中概股暴跌，波及到贝壳。美国东部时间8月5日收盘，贝壳跌破发行价至19.81美元每股、市值236亿美元（人民币约1525.39亿元），与去年8月刚上市相比，市值缩水了一半以上。\n贝壳这次被波及并非没有道理。一直以来，质疑这个地产中介“巨无霸”垄断的声音不断。\n整治很快降临。7月23日，住房城乡建设部、国家发展改革委、公安部等八部门发布了关于持续整治规范房地产市场秩序的通知。\n形势陡然生变，高歌凯进的中介机构面临强力整治。贝壳创始人左晖已逝，接任者带领的贝壳能走出彷徨吗？\n重庆渝北某贝壳签约服务中心 Morse姐摄\n贝壳故事\n贝壳这个国内最大的房地产交易平台，业内对于其评价褒贬不一。\n2001年，左晖创立了链家，老老实实地做着撮合房产交易的中介生意，还不时拥抱互联网防止被拍在沙滩上。\n回顾这家公司的发展历程，在左晖的带领下，链家以扫荡式的气势，先后在成都、上海、北京、深圳、杭州等一二线发达城市以不同方式合并了伊诚、德佑、易家、中联、北京高策、盛世管家、大兴业、孚瑞不动产、满堂红、好旺角、元盛房产等共计11家房地产中介企业。\n贝壳发展历程 Morse姐制图\n这还不够，左晖以彭永东（现贝壳找房董事长、CEO）为先锋，在互联网开疆拓土。2018年4月，在一片质疑声中，贝壳找房上线，它被定位为开放的行业平台。其实，彭永东心里也有疑问，毕竟已经有了链家网，再做2014年就搁置的贝壳会不会“劳民伤财”？\n其实这中间本质的区别是，链家主打的传统中介在资本市场不好讲故事，而主打互联网科技平台的贝壳的故事更诱人，贝壳实为纾解链家上市困境的手段。\n贝壳的开发平台体现在，通过ACN网络（注：经纪人协作网络）快速拓展、合作线下门店与中介。\n入驻贝壳平台的中介品牌，可通过共享的资源获得更多的房源及潜在客户，促进商品房成交。成交后，按照目前ACN网络规则，贝壳平台与品牌方按照一定比例扣收门店成交的业绩分佣，剩余部分由门店、成交经纪人、房源录入者、维护人、推荐人、金融顾问等各方角色共同分享。\n一次交易中，参与的人可能达到10人以上，这便是贝壳点睛之处。\n扩张路上，贝壳在二手房领域加大筹码，通过让利获得合作品牌加盟，用提佣率的下滑换取整体市场占有率提升。其整体GTV从2017年0.7万亿元增长至2020年1.9万亿元，提佣率从2.5%下降至1.6%，整体市占率从12.3%提升至26.2%。\n通过这个模式，每个参与者分到交易分成，并催肥了贝壳的体量。\n贝壳招股书显示，贝壳2019年就已成为中国第二大商业平台，仅次于淘宝，而高于拼多多、京东、携程等。\n作为房地产中介龙头，截至2020年报披露时，贝壳线下门店4.7万家，中介49.31万人，线上VR房源911万套。\n这当中，贝壳有两个规模较大的主体，一个是占比80%的嫡系的链家，另一个是占比20%的21世纪不动产等合作加盟品牌。\n在没有技术含量的中介行业，光有规模是不够的。于是，为对抗竞争者，贝壳实施房屋数据、服务和经纪人三大元素标准化，加固护城河，这也是其在业界独树一帜的重要基础。\n尤其是在房屋数据方面，贝壳依托链家自2009年就实施的搜集房屋信息、构筑“楼盘字典”，开启真房源验证。截至2020年第一季度末，“楼盘字典”拥有2.26亿套真实房屋信息。坐拥巨大市场规模下，加持真房源，这是外界同行难以匹敌的竞争壁垒。\n贝壳的ACN经纪人合作网络模式以及打造的房屋信息大数据库“楼盘字典”等概念，戳中了海外投资者的兴趣点。\n2020年8月13日，贝壳成功IPO，募资超过20亿美元，当日涨幅超过80%，市值达到 2900多亿元人民币。彼时，贝壳的市值相当于1.5个碧桂园、2个融创。\n存量房业务（二手房中介和租赁中介业务）和新房业务庞大交易数据的影响下，贝壳2020年总交易额3.5万亿元，收入705亿元，净利润27.8亿元。\n“垄断”质疑\n大而不倒，通常是人们对资本无序扩张且垄断一切的质疑，今天成为“众矢之的”的贝壳同样面临这个问题。\n贝壳成为平台后就跃升到更高的台阶，它的盈利模式从之前的自己动手升级为让其他公司为它打工。入驻的中介被抽取佣金这倒无可厚非。任何平台如果长期采取强管控来压榨，必然会引起反弹。\n强管控到什么程度？入驻之后就不能再加入其它平台，而且在收入分成模式下，入驻的中介需要把人事、 财权等核心机密上交贝壳。\n基于一套考核标准，中介被分为 A、B、C、D四个等级。每个等级拥有不同的权限，C等级和D等级的门店在客源和房源查看权限等方面相对较少，经纪人也会分为不同等级，曝光率也会有所差异。\n贝壳这种强管控，使行业内中介（既包括未入驻贝壳，也包括已经入驻贝壳的）怨声载道，出现了很多抵制行为。\n其中有两点一直被诟病：\n\n链家作为贝壳的自营项目，被认为得到了更多的资源倾斜和平台曝光，这被批评为“既制定规则又下场比赛，既当裁判又当运动员”；\n\n\n贝壳处于行业绝对领先地位，容易导致合作中介被架空品牌、失去团队，交出房源和客户等商业机密，分佣抽成也只能听任贝壳摆布。\n\n其实，开发商也不太开心。\n在新房领域，贝壳A级、B级合作实行“有我没他，有他没我”排他性式分销，也就是房企选了贝壳就不能选择其他渠道商；只有在C级合作中，房企才能同时与其他渠道商合作。\n贝壳的地位有多高？“现在做房地产高管真的很简单，要么拿出百试不爽的杀手锏降价；要么说服老板上贝壳。”一个业内人士苦恼道。\n贝壳掌控了话语权，利润分成的定价权也握在了手里。贝壳新房提佣率从2017年的2.54%提升至2020年的2.74%。高佣金下，贝壳新房业务总交易额从2526亿元增长至1.4万亿元。高的时候，贝壳佣金等同于宇宙房企中国恒大（03333.HK）2020年6%的净利率。\n贝壳站在了房地产利润分成的顶端，甚至把一向强势的开发商压过一头。一些人不干了，恒大率先祭出房车宝抗衡，其他房企也开始自建营销渠道。\n贝壳让人嫉妒的红利，以及碾压式竞争方式，让其他互联网同行颇感不适。\n今年4月10日，58同城CEO姚劲波愤愤地发了这么个微博：“房产交易领域有更明目张胆地二选一包装成自愿，强烈呼吁国家反垄断罚款贝壳找房40亿元。”\n自2019年以来，金华、绍兴、南昌等多地出现了房产中介抵制贝壳的“反壳联盟”。更早“反壳”的还是姚劲波。2018年6月，58同城联合我爱我家、中原地产、21世纪不动产等房屋中介成立了“反贝壳联盟”。\n随着贝壳规模的扩大，贝壳在数据应用方面拥有无限可能，这种无限可能暗藏着踩上反垄断的危险。\n贝壳一旦成为 “渠道终结者”，所有客源都得通过贝壳获得。借此，贝壳掌握了房地产市场更加真实的成交情况。\n相比网签数据较滞后，且新房价格及成交量容易受供给量、所处区位等影响，二手房市场反而作为一个更加自由的市场，其成交情况往往更能反映城市房地产市场的实际温度。\n因此，贝壳构建的数据库未来的应用场景想象空间很大，包括但不限于政府政策制定依据、房企市场投资依据和投资机构投资依据等。\n大退潮了\n被诟病涉嫌垄断的贝壳，或许会觉得无辜。\n贝壳这些年发展迅猛，已经成为当之无愧的行业龙头。\n曾经饱受黑中介之苦的左晖生前说，“自己是一个长期主义者，不关心短期的利益，更加愿意去做那种难而正确的事情。”正是这种理想主义情节指引下，贝壳确实杀出了一条血路。\n近年来，相关部门已连续三次提出“强化反垄断和防止资本无序扩张”。这让不少涉嫌垄断的行业巨头瑟瑟发抖，\n二手房市场上，贝壳的前身链家曾有涉嫌垄断被查处先例。\n贝壳前身链家发明了“独家房源委托”交易模式，并因此付出过代价。2016年，链家在北京、上海等一线城市被以涉嫌垄断查处。\n房产交易领域的反垄断行动正在加大力度。此前，由有关部门牵头召开的互联网平台企业行政指导会，与会的34家互联网企业中除了腾讯、百度等巨头，还有贝壳找房。\n7月以来，整治房地产交易乱象的力度持续加大。大家都在拭目以待。谁会成为出头鸟被敲打？\n在“房价越高，房屋的成交额越高，中介的提佣就越多”背景下，房产中介现有的经营行为、营销手段，已经成为房价上涨重要的助燃剂之一。一些中介机构参与到推动炒房热情高涨方面早就不是新鲜事了。\n近日通报的“深房理”事件中，44名中介为违规炒房提供便利被纳入“黑名单”。\n2021年以来，贝壳找房陆续在国内部分重点城市，包括上海、深圳、广州、成都、郑州、重庆等地上调中介费，从过去的2%涨至了3%，其中买家承担2%，卖家承担1%（过去是0%）。羊毛出在羊身上，二手房房价自然受到影响。\n提佣对于中介来说，虽然能够提升中介利润，但是也会有其他负面影响。2014年12月，天津市价格主管部门就我爱我家、链家地产和中原地产同时上调中介费的价格串谋行为合计处罚531万元。\n监管压力加大下，二手房市场业务也越来越难做。\n机构统计的最新数据显示，7月份全国10个主要城市二手房成交量下滑了30%，降幅远远高于新房。\n2018年4月贝壳上线；2020年8月13日贝壳在纳斯达克上市；2021年7月出炉的《财富》中国500强排行榜，贝壳排名第164位。\n无疑，过去的贝壳赶上了好时候，未来的贝壳要好好习惯潮涨潮落。徐佳莹曾经在歌曲《贝壳》长这么唱道：“我是一片贝壳，在海与沙之间进退不得，沙的心无法猜测，海依然无怨无悔地等着。”","news_type":1,"symbols_score_info":{"BEKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1831,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["AMD"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5485649,"commentId":"5485649","gmtCreate":1628608960100,"gmtModify":1663232187647,"authorId":3582531877047380,"author":{"id":3582531877047380,"idStr":"3582531877047380","authorId":3582531877047380,"name":"CodyTang","avatar":"https://static.tigerbbs.com/dd76a195d33f5dc7317cca7f1fb80e0c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":892099502,"objectIdStr":"892099502","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"[呆住]","text":"[呆住]","html":"[呆住]","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}