Original Mengqing Jinjiao Finance

Original starting | Jinjiao Finance (ID: F-Jinjiao)
Author | Meng Qing
"Baoyou, this is not popular!"
Once the wenwan live broadcast was the top stream, and Jianbao was suspected of running away every day.
Recently, a number of merchants reported real names of arrears in payment for goods and deposits of Tiantian Jianbao, ranging from 8.9 million yuan to millions of yuan, involving hundreds of merchants in total.
In the video, a supplier said that he went to Beijing in December last year to ask for a statement. At that time, Jianbao gave him a reply every day, waiting until the company’s financing and restructuring were successful.
However, the supplier didn’t wait for the ending he wanted. Since May this year, Tiantian Jianbao APP has been completely paralyzed, and all the order records on the platform have disappeared. He has never contacted anyone on the platform again.
How can anyone respond to these "bitter" suppliers?
As early as last year, every day Jianbao began to default on employees’ wages on a large scale, and it was really impossible to pay wages until the end of the year. Every day Jianbao began to lay off employees.
"More than 310 people were laid off for the first time, and the layoff ratio was as high as 99%." Mr. Liu, a person familiar with the matter, said that at present, Tiantian Jianbao only keeps a very small number of employees responsible for the account operation in Tik Tok and Aauto Quicker.
No matter the laid-off employees or businesses, no one can contact Wang Yi, the founder of Tiantian Jianbao.
How did online celebrity, once the top player in the literary and electronic business circles, become a chicken feather today?

Once online celebrity.
Maybe you don’t know what Jianbao does every day, but you may have seen such a "classic bridge" in Tik Tok and bilibili:
"Oh, shit, Baoyou, this is not popular." With the words of teacher Zixuan, the audience is looking forward to the live performance of Jianbao, which can be called crosstalk.
For example, a piece of jade carved with two fish has the meaning of "superfluous" in teacher Zi Xuan’s mouth; Yi Long a phoenix, plus the pattern of Tai Chi gossip, was also read by him the meaning of yin and yang.
Another treasure hunter, Niu Morality, was "sentenced" to a fire in the live broadcast room.
In his live broadcast room, there are often unearthed funerary objects of unknown origin, or cultural relics prohibited from trading by the state.
In the most out-of-the-box period, a netizen took out a bronze sword from the Shang and Zhou Dynasties, and Mr. Niu directly sentenced him to death, because if it was really higher than the sword of Gou Jian, the king of Yue.
They are not as serious as treasure hunters in traditional treasure TV programs. Instead, they have completed the appraisal of cultural relics by virtue of their poisonous eyes and malicious mouths.
In short, the process of treasure identification is full of drama, and it is easy for people to go to the top in the crosstalk-like explanation of treasure identification teacher.
In the past two or three years, many young people have been brushing these fun and lively treasure videos, and they have begun to understand that jadeite has a distinction between water and color, and gradually entered the "world" of wenwan; And wenwan also took this opportunity to break the circle and broaden users from the previous middle-aged people to the younger generation such as the post-90 s and post-95 s.

Mob research institute "2021 wenwan e-commerce industry insight report"
Relevant data show that by the end of December 2020, the number of active users of China Wenwan e-commerce exceeded 10 million, and by January 2021, the number of active users reached 10.87 million, among which the number of young users (aged 34 and below) accounted for 49.6%, nearly half.
Yang Jun, co-founder and COO of Tiantian Jianbao, once said that in the field of antiques, the biggest demand of users is to identify the authenticity and estimate the price. However, in the traditional Jianbao model, it is difficult for users to find a reliable appraisal agency.
After all, auction companies that have received millions of orders have no time to identify them for you; An informal company is just a random appraisal, saying that your thing is priceless, and then staged a series of tricks to cheat you of high appraisal fees and filing fees.
The way of online treasure detection initiated by Tiantian Jianbao, through live broadcast of Lianmai free treasure detection, can connect ordinary users with treasure-level treasure detectors, make the process of treasure detection open and transparent, and solve the problem of treasure detection for ordinary users.
And this naturally becomes the traffic password of Jianbao every day.
At first, the daily live broadcast of Jianbao was conducted on the APP. Later, the operation team reprocessed the essence, edited it into a small video with a duration of about 1 minute and distributed it to platforms such as bilibili and Tik Tok.
As of October 2021, the number of fans of Tiantian Jianbao in the whole network has exceeded 50 million-all the traffic brought by these videos has been diverted to Tiantian Jianbao APP.
In a short time, every day Jianbao harvested a lot of traffic and became the head player in the field of wenwan e-commerce.

Mob research institute "2021 wenwan e-commerce industry insight report"
According to the report issued by Mob Research Institute, as of January, 2021, the number of active users of Tiantian Jianbao APP has reached more than 2.3 million, ranking in TO3 of China Wenwan e-commerce platform, behind the success of toys and the micro-pat hall.
For a time, investment institutions also flocked.
By March, 2020, in nearly one year’s time, Tiantian Jianbao has financed four rounds of capital, and the capital institutions involved even include ByteDance.
According to 36Kr, since its establishment in 2018, Tiantian Jianbao has raised five rounds of financing, with a total financing amount exceeding 40 million US dollars.

The monthly sales exceeded 100 million, and it only took 9 months.
After harvesting huge traffic, the next step is how to realize it.
E-commerce is the most direct choice. Since 2018, with the help of live broadcast and Jianbao, the wenwan e-commerce platform has ushered in the development trend.
The wenwan e-commerce platform not only provides ordinary commodity purchase services, but also creates a window for live purchase.
At present, the income source of wenwan e-commerce platform mainly depends on commission. According to the report of Mob Research Institute, the commission income of wenwan e-commerce platform accounts for 80-90% of the total income, and the commission ratio of the platform to merchants is between 5% and 20%.

Mob research institute "2021 wenwan e-commerce industry insight report"
According to media reports, Tiantian Jianbao introduced the quality control mode of "first identification and then delivery" in the transaction process, that is, the merchant products purchased by Baoyou in Tiantian Jianbao live broadcast store will be mailed to the platform first, and will be inspected by Tiantian Jianbao quality control. The real goods will be sent out and the fakes will be returned.

Mob research institute "2021 wenwan e-commerce industry insight report"
However, the appraisal service provided by Tiantian Jianbao to the products traded on the platform is not free, and different appraisal fees should be charged according to the price of the products traded. However, due to the commitment of believing in the fidelity and preservation of the platform, the users of Jianbao every day don’t care about these expenses.
According to media reports, Tiantian Jianbao officially launched its e-commerce business in July 2019, and it took only nine months to achieve monthly sales of over 100 million. At the same time, on the day of the first anniversary celebration, the daily sales of Tiantian Jianbao exceeded 20 million.
In addition, every day Jianbao also tried to bring goods live on Tik Tok. Previously, there were 38 live broadcasts with goods in the past 30 days, and the total amount of goods was as high as 24.611 million, and the realized value was not lost to online celebrity.
Nowadays, it seems that the live broadcast of Lianmai Jianbao and the innovative business model of "first identification and then delivery" have become two sharp tools for Tiantian Jianbao to rise rapidly in the e-commerce platform, which is inseparable from the resume of founder Wang Yi.
Enterprise investigation shows that the main operating entity of Tiantian Jianbao is Henan Tianmou Network Technology Co., Ltd., and after the equity penetration, Wang Yi holds 79.84% of the company’s shares.

Enterprise check screenshot
Wang Yi is a serial entrepreneur. Before founding Tianbaojian, he had four entrepreneurial experiences, namely in SP industry, mobile download tools, cosmetics e-commerce and online pawn industry.
Everything seems to be going well, but I didn’t expect Jianbao to expose all kinds of negative news every day soon, such as defaulting on suppliers’ payment and deposit, defaulting on employees’ wages, failing to deliver goods and refunding money.

A good friend makes a bad friend.
According to the Red Star Capital Bureau, since September last year, "Tiantian Jianbao" has defaulted on the payment and deposit of merchants, involving hundreds of merchants, amounting to more than 30 million yuan.
According to statistics, at present, more than 100 merchants have said that they are in arrears with the payment and deposit by Tiantian Jianbao, and the maximum amount of one person is as high as more than 2 million yuan.
Not only the merchant’s payment is in arrears, but also the employee’s salary. According to the Blue Whale Financial Report, employees described that the company started to pay in arrears last year, involving hundreds of employees. Wang Yi, the founder of Mingtian Jianbao, has lost contact.
At the end of 2021, Wang Yi, the founder of Tiantian Jianbao, explained to employees the reasons for the problems encountered in the company’s operation.
"There are some problems in the company’s capital chain. The original plan was to start financing in May, and the funds could be received in July at the earliest and September at the latest, but the employers themselves had some problems. "
Failure to finance is at best the fuse of "exploding thunder" every day, and a company that will "close down" because of failure to finance means that the company’s own hematopoietic capacity is insufficient.
In fact, the present situation of Tiantian Jianbao is largely self-inflicted.
After obtaining traffic, Tiantian Jianbao did not do a good job in operation guarantee. Since the launch of the platform, Jianbao merchants have repeatedly exposed consumer disputes such as product quality, online sales of fake goods, false promotion, incorrect goods, and difficulty in returning goods, which has continuously consumed users’ trust in the platform.
Xinhua News Agency once criticized Tiantian Jianbao by name, saying that everyone wanted to buy it after reading the advertisement, but they all wanted to return it after receiving the goods. Consumers bought pearls in Tiantian Jianbao App, but after arrival, they found that the quality and size did not match the real thing in the live broadcast.
The most unacceptable thing for users is that the feedback to the platform that merchants sell fake goods refuses to accept the account, but the platform has done nothing about it.
At the beginning, the promise of "identification before delivery" became an empty talk, and the flow naturally left without looking back.
In addition, every day Jianbao now owes money and doesn’t pay it back, which is probably the sequela left by burning money crazily.
In 2020, Tiantian Jianbao successively reached strategic cooperation with Yunnan Satellite TV’s Treasure Country on Earth, Kunming TV’s Collection of Prosperity and jtv’s Treasure at Home, and even signed Wang Gang as the spokesperson.
Although I don’t know how much it cost, judging from the prospectus of the peer micro-pat hall, its advertising and publicity expenses will reach 530 million yuan in 2020, and the probability of Jianbao every day is not too high.
In 2021, the micro-pat hall reduced its advertising and marketing expenses to 260 million yuan before pulling itself back from the dangerous edge. However, after burning out the financing every day, Jianbao didn’t wait for the next pick-up.
Today’s Jianbao every day, there are few employees left, and the founder can’t contact, leaving only a group of "Baoyou" who have nowhere to refund.
References:
1. Red Star News "online celebrity Wenwan e-commerce platform" Tiantian Jianbao "thundered and was accused of defaulting on merchants’ payment of more than 30 million yuan"
2.36 Krypton "Everyday Jianbao completed five rounds of financing in one year, and the accumulated financing amount reached $40 million"
3. Blue Whale Finance "The head wenwan e-commerce platform" Everyday Jianbao "thundered: hundreds of people collected debts, and the founder lost contact"
4. Mob Research Institute "Insight Report on Wenwan E-commerce Industry in 2021"
Original title: "Treasure every day, the road to fraud with top-notch literary play"
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