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Three years after the second launch, Hupu still failed to land in the capital market.

On June 23, according to an announcement by CICC, in view of Hupu’s plan to adjust its listing plan, CICC, Orient Fortune Securities, and Hupu agreed to terminate the counselling agreement and terminate the guidance for Hupu’s initial public offering and listing.

In the future, Hupu may be on the market indefinitely.

50,000 yuan a pair of Li Ning Wade's Way sneakers was named by CCTV

Then apologize

If anyone still doesn't know what Hupu does, the trendy online shopping communities such as "Dewu (Poison)" and "Shenhuo" that have been popular in the past two years are Hupu's platforms.

However, "Dewu" received the evaluation of "Order not recommended" from the e-commerce consumer dispute mediation platform due to multiple consumer complaints.

Since then, due to the sky-high price of shoes, his 50,000 yuan pair of Li Ning Wade Zhidao sneakers were named by CCTV. After that, "Dewu" removed the product and apologized for the matter.

Lay off 40% of employees

Since its establishment, Hupu has experienced at least 6 rounds of financing, and the last financing of RMB 1.26 billion came from ByteDance. According to data from Tianyan Check, on June 6, 2019, Bytedance invested 1.26 billion yuan in capital increase in the Pre-IPO round, holding a total of 30% of the shares.

But this financing does not seem to make Hupu's life easier.

Online Insight reported that at the beginning of 2021, Hupu started the first wave of layoffs. At that time, about 20% of the staff were abolished. In June of this year, Hupu started the second wave of layoffs, this time too. Abolish about 20% of the staff.

A Hupu insider said that the transfer and resignation of personnel will probably end in July, and it is expected that only about 500 personnel will remain. Since the launch of the listing in 2019, the total number of Hupu personnel has reached more than 900 at the most.

Hupu's listing dream

Established in 2004, Hupu started as a basketball forum, and then gradually developed into a professional sports marketing company. Its founder, Cheng Hang, graduated from Tsinghua University, majoring in precision instruments.

Since its establishment, Hupu has experienced at least 6 rounds of financing. It is worth mentioning that the last financing of RMB 1.26 billion came from ByteDance.

As early as June 2015, Hupu completed the listing guidance and filing under the escort of CICC. And in April 2016, the IPO prospectus was submitted for the first time, and it was planned to be listed on the Shanghai Stock Exchange. Hupu plans to issue 33.334 million shares for the first time and raise 420 million yuan.

But everything is not so smooth.

In the 2017 list of companies that have applied for termination of listing review published by the China Securities Regulatory Commission, Hupu's name is impressive.

After the failure of the first listing, Hupu also tried a backdoor listing, but only one and a half months after ST Yaxing announced that it was suspended for asset integration, it failed.

In April 2019, CICC and Orient Fortune Securities signed a counseling agreement with Hupu again, but Tianshi and Renhe seemed to be not standing by Hupu's side.

After Hupu launched its second listing in 2019, in order to find new growth points, it made major internal changes and divided multiple lines to explore different businesses, so it also recruited more people.

But what Cheng Hang didn't expect was that there was the NBA Morey incident first and then the epidemic, which caused Hupu's vitality to be severely injured. Even he himself chose to leave Hupu this year.

Now, 6 years have passed since Hupu initiated the listing layout, and when it will be successfully listed still seems to be unknown.

As the largest financier, Bytedance, is it also a mistake?