On the 10th, Alibaba was fined 18.228 billion things brushed the screen all day.
However, after the matter came out, Yao Jinbo, CEO of 58 Tongcheng, also came to join the fun and strongly appealed for a fine of 4 billion (4% standard) for shelling!
Yao Jinbo called for a fine of 4 billion for anti-monopoly
Yao Jinbo called for a fine of 4 billion for anti-monopoly, and attached a screenshot of Shell’s “two choices”.
On April 10, Yao Jinbo, CEO of 58.com, said in a microblog post that there is a more blatant second choice in the field of real estate transactions packaged as voluntary, and strongly appealed to the Chinese government’s anti-monopoly to fine Shell 4 billion (4% standard). He also suggested that the fine should be credited to the national provident fund account to reduce the interest rate of provident fund loans to ease the burden of the people to buy houses.
Yao Jinbo revealed that 58 Anjuke will fully enter the new home transaction field this year as a challenger, hoping that healthy competition will make the industry fairer and the people’s home buying simpler.
In addition, Yao Jinbo also showed the suspected contract signed between Shell Housing and the channel business.
The contract shows that Shell House offers a variety of cooperation models, but the conditions are different, and the commission sharing ratio and commission advance ratio are different.
For example, if a channel merchant “voluntarily” chooses to provide channel sales services for new housing projects only for Shell and not to provide channel sales services for new housing projects directly or indirectly for any third party other than Shell in any way, and the number of brokers is greater than or equal to 5, then the commission sharing ratio of its common field projects reaches 85% and the commission sharing ratio of exclusive projects reaches 80%. The commission sharing ratio for exclusive projects reaches 80%, and the commission advance ratio is 100%, otherwise it will be reduced by 5%-10% accordingly.
Shell response: operating in accordance with the law
According to a report by Punch News on April 10, Shell responded that since its establishment, Shell has insisted on operating in accordance with the law, improving the compliance system and driving the benign development of the industry with technology.
On August 13 last year, Shell was officially listed on the New York Stock Exchange with the stock code “BEKE”, becoming the first stock of China’s housing service platform.
This year, BEKE released its first annual report after the listing. According to the financial report, BEKE’s annual revenue in 2020 was 70.5 billion yuan, up 53.2% year-on-year. Annual net profit reached 2.778 billion yuan, the first full-year profit under US GAAP, and adjusted net profit reached 5.720 billion yuan, an increase of 245.4% year-on-year.
As of now, Shell shares are trading at $55.95, which has doubled from the issue price, with a market capitalization of over $66.2 billion.
Why tear into Shell at this time?
Just two days before Yao Jinbo’s article denouncing Shell, his company Anjuke had just finished filing for its Hong Kong IPO. As a service provider in the field of housing services, Shell is regarded as the biggest competitor of Anjuke.
On April 8, Anjuke formally submitted its prospectus to the Hong Kong Stock Exchange, and the previous rumors finally landed, which is also Yao Jinbo’s second attempt to test the capital market after the privatization of 58 Tongcheng. This time, Yao Jinbo will be 58 Tongcheng’s real estate business are basically loaded into Anjuke, intended to be listed independently in Hong Kong, this action is also interpreted as a frontal battle shell.
From the prospectus, although shell and Anjuke are in the same real estate brokerage track in the eyes of users, shell tends to open up the whole chain of real estate transactions and make profits by charging commissions, but Anjuke is actually doing traffic business, gaining revenue by selling platform exposure to real estate agents or brokers.
Anjuke’s prospectus shows that from 2018 to 2020, Anjuke’s revenue will be 6.216 billion yuan, 7.579 billion yuan and 8.052 billion yuan, and net profit will be 1.907 billion yuan, 2.306 billion yuan and 1.955 billion yuan, respectively. This means that while Anjuke’s revenue hit a record high in 2020, net profit declined by 15.2%.
Anjuke’s official website shows that it was founded in 2007 in Shanghai, and the company’s business covers new homes, second-hand homes, rentals, commercial properties, overseas properties and renovations. It was acquired by domestic information service website 58 Tongcheng for US$267 million in March 2015 and is now positioned as an open platform for property information and transaction services.
Anjuke’s controlling shareholder is 58 Tongcheng, which was previously listed on the New York Stock Exchange, holding 45.3% of the company’s equity, which was subsequently privatized and delisted. Currently, 58 Tongcheng is effectively controlled by Yao Jinbo, who holds 54% of 58 Tongcheng through Quantum Bloom. Yao Jinbo is the de facto controller of Anjuke and serves as executive director, chairman of the board and chief executive officer. Tencent is also a 14.1% shareholder of Anjuke.
According to the prospectus, Anjuke will serve more than 650 brokerage brands and 95 top 100 developers in 2020. Anjuke’s main revenue comes from online marketing services provided to real estate brokerage brands, brokers and developers, as well as commissions from new home sales transactions.
Shell Housing and Anjuke have sued each other for copyright infringement
Anjuke claimed 90 million yuan and Shell claimed 100 million yuan
In April 2019, Anjuke launched a lawsuit application, pointing out that Shell House Finder operator Tianjin Hut Information Technology Co. and Shell House Finder (Beijing) Technology Co., Ltd. had engaged in unfair competition by stealing pictures of Anjuke’s website listings and surrounding facilities, causing damage to Anjuke’s commercial interests. At present, the Beijing Intellectual Property Court has formally accepted the case of Anjuke v. Shell House Hunters for unfair competition.
It is reported that, in response to the infringement behavior of shellfind.com, Anjuke, a brand of 58 Tongcheng, requested the court to order: “shellfind.com immediately stop the infringement behavior, i.e. stop picking up and using Anjuke’s pictures on shellfind.com’s PC and mobile terminal (including APP and WAP terminal), compensate for the economic loss of RMB 90 million, and publish the pictures of Anjuke on shellfind.com (ke.com) and its WAP station and APP home page prominently. and its WAP station and APP home page for 30 consecutive days to clarify the facts and eliminate the negative impact.”
According to Anjuke, the shell house-hunting website dynamically adjusted and deleted the ownership information of the plaintiff’s copyrighted pictures from time to time, and the number of pickpocketed pictures was about 60,000.
On the other hand, in the face of 58 Anjuke’s lawsuit, Shell responded immediately after a few hours – formally filed a lawsuit to the Beijing High People’s Court for infringement of copyright and unfair competition dispute, demanding 58 Anjuke to compensate 100 million yuan.
Shell house-hunting said that since 2016, Anjuke had stolen a large number of its published property real survey stills, house plans and property VR pictures from Chain Home, Shell house-hunting website and APP, and technically modified the property VR pictures it had invested a lot of resources in researching, developing, shooting and producing, and directly stole them for its ownership. According to incomplete statistics, the number of VR listings stolen by Anjuke from Shell Housing exceeds 50,000 sets; the total number of stolen VR listings, actual survey drawings and house plans exceeds 2,600,000.
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