作者： 孟帅 来源： 雷达Finance （lD： leidaplus） 日前，一则骑手携 17017元货物消失的消息，将货拉拉推向了公众的聚光 灯下。事件发生后， 货拉拉最新回应称，其已与客户协商对相关损失进行特殊垫付，并报警配合调查。 随着第五次冲击港交所，货拉拉的最新经营数据也得以披露。 2022年至2024年，货拉拉营收屡 创新高，但其年内利润在2023年成功扭亏为盈后，又在去年有所下滑。 此外，较高的抽佣比例与司机权益的失衡问题，也让货拉拉频频陷入争议漩涡。不仅诸多司机对 此怨声载道，就连监管部门也多次对其进行约谈。目前，货拉拉的同行满帮、快狗打车已登陆资 本市场，但二者在市场上的表现不佳， 这也给货拉拉征战资本市场的前景蒙上了一层阴影。 01 骑手携万元货物消失引关注， 货拉拉老板身家缩水 70亿 提到货拉拉，不少人第一时间想到的是其在货运、物流、搬家等方面的服务。历经多年发展，货 拉拉的业务其实已拓展至零担、跑腿、冷运、汽车租售及车后市场服务等诸多领域。 不过，业务版图不断壮大的货拉拉，近日却因一起跑腿订单卷入了风波之中。据正在新闻新消 息， 4月4日，北京的柯女士通过货拉拉的跑腿服务运送价值1 ...

Core Viewpoint - The article discusses the bankruptcy of the agricultural unicorn Plenty, which was once valued at $1.9 billion (approximately 130 billion RMB) and backed by major investors like SoftBank's Vision Fund and Jeff Bezos. The company aimed to revolutionize agriculture with its vertical farming technology but ultimately failed to achieve profitability and growth, leading to its downfall [1][3][6]. Group 1: Background of Plenty - Plenty was founded in 2014 by Matt Barnard and Nate Storey, combining water technology with agriculture to create vertical farms that could produce crops indoors without pesticides or soil [3][4]. - The company claimed to achieve 350 times the yield of traditional agriculture while using only 1% of the water, aiming to provide fresh produce to urban areas year-round [3][4]. Group 2: Investment Journey - In 2017, Plenty raised $200 million in Series B funding led by SoftBank's Vision Fund, marking the largest investment in agricultural technology at that time [5][6]. - The company continued to secure significant funding, raising nearly $1 billion across multiple rounds, with SoftBank leading the investments [6][7]. Group 3: Reasons for Bankruptcy - Despite initial success, Plenty faced challenges post-Series E funding, including slow progress in retail partnerships and a significant gap between consumer willingness to pay and production costs [9][10]. - The company had never turned a profit and reported liabilities between $100 million and $500 million at the time of bankruptcy [9][10]. - The CEO attributed the bankruptcy to a deteriorating financing environment and failed attempts to secure additional funding or sell the company [9][10]. Group 4: Industry Context - The article highlights a broader trend in the agricultural technology sector, where many unicorns are facing bankruptcy due to unsustainable business models reliant on continuous capital infusion [11][14]. - The investment landscape has shifted, with investors becoming more cautious and prioritizing profitability over growth, leading to a significant increase in companies struggling to secure their next funding round [14].

Core Viewpoint - The article emphasizes the importance of cultivating innovative enterprises to accelerate the formation of new productive forces, highlighting the role of specialized, innovative small and medium-sized enterprises, unicorns, and gazelle companies in driving technological and industrial integration [1][2]. Group 1: Innovative Enterprises - The government report advocates for the gradient cultivation of innovative enterprises to foster growth in specialized and innovative small and medium-sized enterprises, as well as support for unicorn and gazelle companies [1]. - China has seen a significant rise in innovative enterprises across various sectors, with 409 unicorn companies reported, accounting for nearly 30% of the global total, positioning China as the second-largest in the world [1]. Group 2: Implementation Strategies - To achieve gradient cultivation, it is essential to improve top-level design, as demonstrated by Zhejiang's reforms that provide systematic diagnostics and tailored service packages for innovative enterprises [2]. - Classification of policies is crucial, focusing on enhancing the international standard-setting capabilities, technology integration, and unique production capabilities of specialized and innovative small and medium-sized enterprises [2]. - Continuous tracking services from relevant departments are vital, ensuring a supportive environment for enterprises while maintaining clear boundaries in regulatory practices [2].

Core Viewpoint - Huolala has initiated its fifth attempt for an IPO in Hong Kong amidst various expectations and skepticism, facing ongoing questions about its business model and long-term growth potential [1][4]. Group 1: IPO Attempts and Challenges - Huolala has made multiple attempts to list on the Hong Kong Stock Exchange, with applications submitted on March 28, 2023, September 28, 2023, April 2, 2024, and October 2, 2024 [1][4]. - The company has faced scrutiny from the Hong Kong Stock Exchange regarding its profitability, high commission rates for drivers, and the founder's history of cashing out shares [1][4]. - Despite having prominent underwriters like Goldman Sachs, Bank of America, and JPMorgan, the uncertainties surrounding Huolala's IPO remain significant [1][4]. Group 2: Financial Performance - In 2024, Huolala reported revenue of $1.593 billion, a year-on-year increase of 19.39%, and an adjusted net profit of $501 million, marking two consecutive years of profitability [6]. - The platform's average monthly active merchants reached approximately 16.7 million, while the average monthly active drivers stood at around 1.7 million [6]. - Over the past three years, the number of global orders processed by Huolala grew from 428 million to 779 million, reflecting a compound annual growth rate of 35% [6]. Group 3: Valuation and Market Position - Huolala's valuation has significantly declined, dropping from $90 billion in 2023 to $65 billion in 2024, returning to its 2021 valuation level [6]. - The company ranked 30th in the 2023 Hurun Global Unicorn List but fell to 64th in 2024 due to this valuation drop [6]. - Competitors like Kuaigou Dache and Manbang Group have successfully completed their IPOs, highlighting Huolala's lag in capital market performance [6]. Group 4: Driver Relations and Regulatory Issues - Huolala has faced criticism for high commission rates and alleged exploitation of drivers, leading to multiple regulatory inquiries and protests from drivers [7][9]. - The company has been subject to over a dozen regulatory discussions from 2021 to 2023, addressing issues such as pricing rules and commission rates [9][10]. - Recent adjustments to commission rates and membership fees have been made in response to regulatory pressure, with non-member commission rates reduced to 15% [10]. Group 5: Strategic Outlook - For Huolala, establishing a healthy relationship among drivers, users, and the platform is crucial for sustainable growth [11]. - The upcoming IPO represents not only a financing opportunity but also a chance for brand enhancement and strategic transformation [11]. - Key challenges include improving monetization efficiency, service quality, and expanding international operations to identify new growth avenues [11].

据悉，货拉拉成立于2013年的中国香港地区，于2014年进入中国内地及东南亚市场，公司致力于解决同 城及跨城货运交易中的主要物流需求，同时为商户及货车司机提供多元化物流服务及增值服务。 星标 ★ IPO日报 精彩文章第一时间推送 日前，物流交易平台独角兽货拉拉所在的拉拉科技控股有限公司-W（下称 "货拉拉"）开始第五次 谋求港交所上市。高盛、美银美林和摩根大通担任联席保荐人。 IPO日报注意到，货拉拉2024年营收达15.93亿美元，同比增长19.39%，连续两年实现盈利，促成的已 完成订单和交易额也增长迅猛。 此外，货拉拉历经11轮融资，汇集红杉中国、高瓴资本、顺为资本等知名资本机构股东，估值达650亿 元。 来源：官网 四年六闯IPO 成立11年以来，货拉拉共进行了11轮融资，总融资金额达26.62亿美元，包括红杉资本、高瓴资本、腾 讯等知名机构均为货拉拉的股东。 股权方面，货拉拉创始人周胜馥通过直接及家族信托间接持有已发行股份的25.05%，高瓴资本持股 9.67%，概念资本持股8.43%，顺为资本持股6.91%，红杉资本持股4.48%，腾讯持有2.63%的股份，美团 持有0.5%的股份。 最新招股书显 ...

"一边是各个地区接二连三的各种基金群，感觉市场很热闹，各地的国资LP在新设基金方面很 活跃。但同时，另一边，作为IR，我们和同行交流时大家的感受又普遍很冷，找不到钱。虽然 新设母基金的新闻很多，但实际上接触下来会发现，其中有相当一部分母基金新设后资金要一 段时间后才到位，实际上还在活跃出资的母基金很少。用'僧多粥少'来形容毫不夸张。"北京某 VC机构IR总监张南（化名）告诉母基金研究中心。 从数据来看，张南所言非虚。据母基金研究中心数据统计，一方面， 2 0 2 4年，新发起成立的 母基金共1 2 5支，新发起母基金总规模共7 9 6 8亿， 按照地域分布来看， 2 0 2 4年，2 5个省级行 政区均有新设立的母基金，这也意味着超过一半的省级行政区均有新增母基金，中国新设母基 金呈现遍地开花之势。并且，新设母基金所在的地域范围分布较以往更广，如新疆、甘肃、海 南等地区均有新设的母基金成立。 现在的一级市场，有一种 "割裂感"。 新设母基金确实很热闹，但 GP募资却很沉默 ——根据中国基金业协会数据统计，2 0 2 4年全年 私募股权及创业投资基金新设数量合计4 1 4 3只， 较 2 0 2 3年同期下降4 ...

报告指出，中国独角兽企业总估值约15068亿美元，估值超过百亿美元的超级独角兽企业以4.4%的数量 贡献超四成的估值。 报告提到，中国独角兽企业分布覆盖57个城市，"北上深杭广"集聚超六成，企业估值总额占全国七成以 上。其中，北京以115家的数量优势位居全国首位，以5949亿美元的估值总额位居全国首位。 报告显示，硬科技独角兽企业融资能力强劲。2024年，中国独角兽企业融资呈现"低频、大额"特征，近 六成新获融资企业集中于人工智能、新能源技术、自动驾驶及机器人等领域。 从具体估值分布区间来看，估值在10亿美元(含)至20亿美元之间的中国独角兽企业数量最多，共236 家，数量占比57.7%，估值总额约3019亿美元，估值占比20%;估值超过100亿美元(含)的超级独角兽企业 共18家，以4.4%的数量占比贡献了43.6%的估值占比，总额约6567亿美元。 报告显示，中国独角兽企业分布于12个领域。从数量上看，新消费与零售、人工智能、集成电路、智能 装备、医药健康领域的独角兽企业分列前五，合计占比68%。从估值来看，人工智能、新消费与零售、 集成电路领域的独角兽企业估值分列前三，分别为4612亿美元、2039亿美 ...

潮水退去。 一声叹息。 作者 I 王露 报道 I 投资界PEdaily 本周，基因检测鼻祖2 3 a ndMe宣布，已申请美国破产法11章破产保护。至此，又一明星独角兽轰然陨落。 1 9年前，2 3 a n dMe含着金汤匙诞生——创始人安妮·沃西基被称为"女版乔布斯"，让DNA检测风靡一时。公司融资路上更是开挂一举融 到F轮，身后集结了谷歌、Se qu o i a Ca p it a l（红杉资本）以及强生、药明康德等一众巨头，最后借助SPAC上市，市值一度高达6 0亿美 元。 然而时过境迁，盛宴终散场。2 3 a n dMe的陨落再次给当下千千万万创业公司敲响警钟——依赖融资烧钱，没有造血能力，最终只能关 门收场。 市值曾400亿 一个医疗独角兽倒下了 故事得从创始人An n e Woj c i c k i（安妮·沃西基）说起。 安妮出生于1 9 7 3年，在斯坦福长大，父亲是著名物理学家。身为女孩却热爱激烈的冰球运动，安妮从小就不服输，这与她的高知家庭 密不可分。 吐一管唾液，寄给2 3 a n dMe，就能得到一份DNA报告，包括祖先来自何处、中年秃顶或患阿兹海默症的可能性等。彼时，基因检测是 实验室 ...

地点：量子银座（北京市.近知春路地铁站） 主办单位：中关村独角兽企业发展联盟、中关村联新生物医药产业联盟 媒体支持：思宇MedTech | 骨未来 | 眼未来 | 心未来 | MedRobot 承办单位： 北京集智未来人工智能产业创新基地有限公司 北京中关村科学城创新发展有限公司 路演时间：2025年3月31日星期一上午 路演形式：现场路演 补充说明 *免费参与，这是生物医药联盟给联盟会员的公益服务。但报名有审核，审核通过的项目才能参加。 中关村联新生物医药产业联盟（简称"ZGCUBA"） 是北京民政局正式注册的 非盈利社团法人 ，旨在响应国家生物医药产业重大战略规划，搭建 政府和企业交流平台，为生物医药产业联盟发声，促进产学研联合创新，助推生物医药产业发展。 联盟前身是"中关村生物医药产业联盟" ， 2015年按照民政局要求添加字头 注册为 "中关村联新生物医药产业联盟"。 "联新"的含义为联合创 新。 已邀请投资机构： （所有北京市国管、北京市区两级相关基金） 京国瑞基金管理公司、顺禧基金管理公司、北京高精尖基金、北京科创基金、中关村 资本、中关村科学城基金、星元资本、康桥资本、荷塘创投、首发展创投、启迪 ...

以下文章来源于投资界前哨 ，作者杨文静 投资界前哨 . 做投资界最新动态的瞭望者 「投资界前哨」系投资界旗下专注创投政策风向、 VC/PE 动态公众号，欢迎关注！ 打响产业战。 作者 I 杨文静 报道 I 投资界前哨 最近，深圳留给外界深刻印象。 全面发力，深圳打响产业战 刚刚过去的两个周日一定是深圳最忙的时候。 首场发布会率先提出" 打造最好科技创新生态和人才发展环境 "，从企业的孵化培育，到 人才的吸引与安置；从全球最关注的人工智能和人形机器人行业，到整座城市的创业创 新氛围，从5个方面初步为深圳发展定下基调。 为年轻人提供"一张床、一间房、一套房"；为企业提供"一张办公桌、一间办公室、一层 办公楼"；让"社恐"老板们可以自在经营、发展壮大……一系列讲话直戳人心。 余温未散，一周后以" 深圳市2025年优化市场化、法治化、国际化营商环境 "为主题的 新闻发布会召开，这一次直击创业氛围和营商环境，正式发布在市场化、法治化、国际 化的3大工作方案。 帷幕进一步拉开，正如深圳市领导在回答记者问题时所说，"深圳始终像爱护眼睛一样爱 护营商环境"。 3月3日，深圳连发四大举措，绘制出了未来2- 3年深圳在人工智能及 ...