出海老人，“搞丢了”自己的上市公司

Core Viewpoint - The article discusses the rise and fall of the cross-border e-commerce giant "Youkeshu," highlighting its rapid growth, subsequent financial struggles, and the implications for the industry as a whole. It emphasizes the shift from a reliance on platform traffic to the necessity of brand building and compliance in the evolving market landscape [6][8][24]. Group 1: Company Background and Growth - Youkeshu was founded by Xiao Siqing in 2010, capitalizing on the cross-border e-commerce boom, leveraging Shenzhen's supply chain advantages to sell high-quality products globally [11][12]. - The company experienced rapid expansion, reaching 200 employees by 2013 and becoming a sought-after investment target, completing multiple funding rounds that culminated in a peak valuation of 30 billion yuan in 2017 [10][13][14]. - In 2016, Youkeshu reported a revenue of 2.49 billion yuan, marking a 141% increase from the previous year, and became known as the "first stock" in cross-border e-commerce after listing on the New Third Board [14][18]. Group 2: Challenges and Decline - Following its acquisition by Tianze Information in 2018, Youkeshu faced stringent performance targets, which became increasingly difficult to meet due to external market pressures, including a crackdown on Chinese sellers by Amazon [19][20]. - The company suffered significant losses, reporting 2.705 billion yuan in 2021, 361 million yuan in 2022, and 491 million yuan in 2023, leading to a debt crisis and eventual bankruptcy restructuring in 2024 [21][24]. - Internal conflicts arose during the restructuring process, culminating in a complete overhaul of the board, with the original management team being replaced in 2025 [22][23]. Group 3: Industry Implications - The decline of Youkeshu reflects a broader shift in the cross-border e-commerce industry from a focus on traffic-driven growth to the importance of brand establishment and compliance with regulations [24]. - The article underscores the necessity for companies to adapt to stricter compliance requirements and to build sustainable business models that do not solely rely on platform traffic [24]. - Youkeshu's trajectory serves as a cautionary tale for other companies in the sector, illustrating that short-term gains from capital and traffic cannot substitute for robust governance and compliance practices [24].