If this round can not be successfully listed, the capital chain may really be broken

If the current round does not go public smoothly, Swisswill's solvency on the debtor side will be a huge blow;Chinese coffee chain Ruiyu filed an F-1 filing with the U.SSecurities and Exchange Commission todaythe company, which has been in existence for less than two years and still has huge losses, plans to list on the Nasdaq (8015.2656, 17.21, 0.22%) exchange this year under the ticker symbol LKRui's initial public offering has so far set a $100m position, and the valuation is unknownEarlier, according to Reuters and other media reports, the company plans to list a valuation of about $3 billionCredit Suisse, Morgan Stanley (47.29, -0.26, -0.55%), CICC and Haitong International will be the underwriters of the Swiss IPOF-1 documents show the financial situation reflected in The Financial Situation of Swiss accounting:in 2018, Swissin achieved full-year revenue of RMB840 million and a net loss of RMB1.619 billionin the first quarter of 2019, Swiss realized net revenue of RMB478 million, or $71.3 million, an operating loss of RMB527 million, or $78.54 million, and a net loss attributable to general and angel shareholders of RMB573 millionmeans that Ruiyu will become Uber's second technology/offline service company seeking to go public in the U.Swith huge lossesThe main reason behindhuge losses is that Ruiyu has been expanding wildly off line in less than two yearsAccording to the documents, Swisshad had only 290 offline stores at the end of March 2018, and by the end of March 2019 it had surged to 2,370 stores, achieving a growth rate of more than 700 percent in a yearthese stores consist of 2,163 quick-take stores (self-delivery, no food), 109 stores (self-delivery and delivery plus meals) and 98 takeaway kitchens (delivery, no self-delivery and food)the cost of the Ruiyu store comes mainly from (ranked first to last): store rent and other operating costs, material costs, general administrative costs, and marketing expenses fourth quarter of 2018 was a frenzied expansion phase for The Rafter, with the number of stores rising from 1,189 to 2,073, a 74.3 percent increase Over the same period, Swisshad's operating expenses amounted to Rmb1.1bn and its net loss was Rmb669m with the number of stores still expanding and high rental and material costs, and marketing costs, which have fallen somewhat in the first three months of 2019 compared with the frenzied expansion phase of 2018 that doesn't mean It's a listing, or that its prospects as a company are positive In fact, it's not very good first, the growth rate of Swiss net income slowed sharply: 2018Q1:13 million yuan (the same below) 2018Q2:1215 million yuan (up 838% from the previous quarter) 2018Q3:240 million yuan (plus 98%) 2018Q4:465 million yuan (93%) 2019Q11:77.7 Second, 800 million yuan (2.8%) , Swiss's balance sheet ratio did not reflect a downward trend: as of 2018Q4, Swissin's total assets were RMB3,485 million, its liabilities were RMB1,134 million, and its assets and liabilities were RMB32.54 billion; as of 2019Q1, Swisson's total assets were reduced to RMB2.9 billion, and its liabilities were RMB1.08 billion, with an asset-liability ratio of RMB37.24 billion PingWest Play and Silicon Star People previously reported that in order to optimize the structure of assets and liabilities, Ruiyu in order to optimize the balance sheet, before the End of The F-1 document bookkeeping on March 31, 2018, and including "Guangda Financial Leasing", "Zhongguancun Technology Leasing" and other third parties signed a financial leasing contract Through the contract, Ruiyu mortgaged thousands of coffee machines held by the company to these third parties and earned several one-time proceeds and the number of new trading users in The Risan et missed significantly during the quarter: from this chart taken from the Swissf-1 file, the cost of rite-changeist is indeed decreasing, while the number of new trading users has dropped significantly in 2019Q1 That is, the inertia of the past crazy expansion means is insufficient, once the cost of customers is reduced, the number of new users immediately becomes less the end, Swiss's operating cash flow was extremely bad in support of the previous frenzied expansion phase, Swisshad spent 1.3 billion yuan in cash on operating activities in 2018, after receiving new capital through financing from different attributes, and in 2019Q1 alone, Swisss enough to spend another 630 million yuan in cash in order to optimize cash flow, in addition to the completed financing round, Swiss has also made a number of attempts, such as last year with the Tibet Trust (TTCO) signed a trust financing agreement, access to a 300 million yuan financing the F-1 instruments revealed signs that not only would the solvency of debtors be dealt a huge blow next, but that the company would probably not be able to sustain healthy growth , but that last year's frenzied expansion could lead to a paradox that the goal now is to reduce losses, one of which would be to reduce the cost of receiving customers However, the reduction of new users, but the existing number of swiss customers difficult to support it out of the loss Source: Silicon Star Man Du Chen, CJ