Once brilliant 8848 but failed to adhere to the end

8848, the highest point of the earth’s Mount Qomolangma height, was also the top of China’s e-commerce. But now is not, the height of the Mount Qomolangma is 8844, China e-commerce leader has already replaced the Alibaba, excellence, Dangdang and a large number of the bright younger generation. 8848 to dust, but from the beginning of 1999 in the history of China’s Internet has been lingering.

for 10 years, when the "old banyan" in high and vigorous spirits (Wang Juntao) to review the history, as happened yesterday. The reason for the failure is actually very simple: do not insist on doing B2C business." Wang Juntao said, investors look at the top of the mountain. Then a lot of people 8848 to "the hill", but Wang Juntao remained in the "the mountain", in 6688 to continue his unfinished business in electronic commerce.

once brilliant

referred to the Chinese Internet, can not do without Wang Juntao’s position. In November 2, 1997, Wang Juntao on the net in the four old banyan Tongli Fang Sports Salon (now sina.com.cn Sports Salon) published the "1031 Dalian Jinzhou: no tears!" had caused a strong resonance Chinese global Internet world.

is the article, let Chinese remember the old banyan, also made a very good bedding for the day after Wang Juntao into the internet. Wang Juntao is not so much an Internet businessman, as he is a scholar, an intellectual.

so far, Wang Juntao’s office is still a lot of books, is very complex, and get up late, a cup of tea in his hometown of Fujian, he still retains the original habit.

Wang Juntao recalled, in January 1999, he came to Beijing as a federation, Beijing federal electronic commerce department general manager. This division was established 6 months after Beijing became independent Qomolangma Electronic Commerce Network Services Limited (8848.net), a registered capital of 1 million 200 thousand yuan. Federal software investment 960 thousand yuan holds a 80% stake, while 20% of the shares by Wang Juntao personal investment.

soon, the international venture capital portfolio took a fancy to "8848". The portfolio includes IDG, one of the founders of YAHOO, Yang Zhiyuan, Taiwan science and technology company founder Zhang Mingzheng, the trend of Wall Street financial investor Xue Manzi (founder and UT Starcom of the investors is the CICA) etc.. In August 1999 their first $1 million from Beijing federal purchased half of the shares. After two months, overseas investment and Beijing federal respectively $1 million and $600 thousand into 8848, the financing result is that foreign accounted for 55.5% in 8848 of the shares, Beijing market accounted for 33.4%, individual investors accounted for 11.1%.

after November 1999, was successfully listed, Beijing: a $9 million cash price to foreign investors to sell 1 million 500 thousand shares of 8848 stake, which makes it the 8848 stake to 28.16%.