Do you have any information about rural bases? May I ask?

Village base, fast food chain store. It was originally called "country chicken". The English abbreviation CSC is still used, but its meaning has changed from rural chicken to rural cooking, that is, rural original cooking. 20 10 at 9: 30am on September 28th, Xiangcun Ji began to be listed on the NYSE, becoming the first China fast food chain enterprise to be listed in the US.

CSC International Fast Food Chain Co., Ltd. was established in Chongqing on123, and introduced the management mode of American CSC International Company. At present, CSC has more than 65,438+000 direct chain restaurants. As the leader of healthy fast food in China, CSC continues to operate in the form of direct chain, centralized production, standardized products and centralized distribution. With the good quality, excellent service and comfortable and elegant environment guaranteed for ten years, the rural base has a strong customer base in the fast food market and has become one of customers' favorite dining places. It is also the best supporting project for large shopping centers and department stores. Rural bases provide rich, delicious and fresh healthy diet, and become the first choice brand for people who are pursuing health and fashion, and strive to build the first brand of fast food in China with the fastest service. Nongjiale has set the best record of receiving more than 265,438+000 customers during peak hours in Chongqing, and has become the fastest-food brand with the highest market share in Chongqing. Adhere to the belief of rural success, make progress every day, and believe that our tomorrow will be better! Do something valuable for China catering, and strive to create a better life for people!

Edit this paragraph for the US listing.

At 9:30 am on September 28th, 20 10, US Eastern Time, rural bases began to be listed on the New York Stock Exchange. Its opening price is $25 and its P/E ratio is 65.80. After the opening, the stock continued to rise. As of 9: 48 EDT, the stock was quoted at $25.45, which was as high as 54.24% higher than the IPO price of $65,438+$06.5. Previously, Xiangcunji issued 5 million ADSs in the United States (each ADS corresponds to 4 common shares), and the price of each ADS was $65,438 +06.5, which was nearly 30 times oversubscribed. According to the documents provided by Murakami, Li Hong, the founder of the company, and his wife jointly own 53.2 million shares of the company. Earlier, Lai, an analyst with Zheshang Securities, said that the P/E ratio of China catering enterprises currently listed overseas is generally 30-40 times. Considering the concept of China and the small-cap characteristics of rural areas, plus the subscription of 30 times, there should be a premium of 20~30% after listing, so it is estimated that it should be around $20 after opening. However, the premium of 54.24% when the rural base opened surprised analysts. At this price, the market price of the shares held by Li Hong and his wife reached 333 million US dollars. Based on yesterday's median price of 6.69 US dollars against RMB, Li Hong and his wife's net worth has reached 2.224 billion RMB. Previously, on Hurun's list of the richest restaurants in China, Li Hong ranked fifth with a net asset of 654.38 billion yuan. After listing, Li Hong and his wife surpassed Yan Qi in taoranju (65.438+0.2 billion yuan) and Yu Jiarong in Little Tail Sheep (65.438+0.3 billion yuan), ranking among the top three in China, second only to Zhang Lan in South Beauty (2.5 billion yuan) and Pan Wei in Lamian Noodles (3 billion yuan). Lewis, manager of Thornburg Investment Management Company, which manages $56 billion in assets, said: "The IPO of rural base reflects the optimistic attitude of the market towards China consumers." Three years ago, two venture capitalists, Sequoia and Heiner, injected $20 million into this rural base. On the 28th, Shen Nanpeng, the founding and managing partner of Sequoia Capital China, said that the flow of people in rural areas is much larger than that of KFC in the same location, and there is also a major breakthrough in the practice of Chinese food standardization, thus having the management ability of rapid expansion. [ 1]

Edit this entrepreneurial story

"McDonald's in China"

Li Hong, the entrepreneurial goddess of Chongqing, has a long history of catering in China, but it is a rural base.

Failed to produce world-class giants like KFC and McDonald's. Although many enterprises have made grandiloquence to build "McDonald's and KFC in China", more lofty aspirations have already vanished with the closure of enterprises: red sorghum was planted, Ade duck was shut down, Ronghua chicken was withdrawn, and Chinese fast food staged a series of "one after another" tragedies. Now, another enterprise has raised the banner of challenge. In Chongqing, the fourth pole of China, there is a unique business card besides beautiful scenery, great bar, hot pot and night view, and that is "village base". In June 2007, 5438+065438+1 October1,Yue Ji, vice president of Sequoia Capital China, and Gong Ting, head of Heiner Asia Venture Capital, signed a contract with Chongqing Rural Base, with a capital injection of 20 million US dollars (about 65438+500 million yuan), aiming to make the rural base the first brand of Chinese fast food in China, and plans to package and list it overseas. The two venture capitalists do not participate in the daily operation of rural infrastructure, and their main job is to make the management of rural infrastructure more international, standardized, refined and large-scale, with the aim of becoming "McDonald's of China". The miracle of the village base does not stop there. The rural base is also the fast food brand with the highest market share in Chongqing, creating a record of the highest turnover rate of single-store customers, and receiving more than 2,800 customers during peak hours. "Where KFC and McDonald's drive, we will drive there." Only rural bases have such confidence. During peak hours, the flow of people far exceeds that of the two major foreign brands. In Chongqing, the concept of franchise chain is very popular, and hot pots are all over the country. At present, rural bases have never joined in to collect money, never borrowed money from banks, and never advertised, which made them famous in one fell swoop. 1 1 opened 46 restaurants in obscurity and successfully entered Beijing, Shanghai, Chengdu and other cities. Wal-Mart, Beijing Hualian, Carrefour, Chongqing and New Century compete with each other. Why are rural bases so attractive?

Two changes of face from "chicken" to "base"

Village-based fast food chain company was established in 1996, and was born in Chongqing, the mountain city of food. Li Hong, the founder of the village base (now the general manager of the village base), is an authentic Chongqing girl. After graduating from the technical school of business school, she faced various difficulties in choosing a job. First I worked as an education assistant in a transportation company, TV University, and then I worked in a beef noodle restaurant in California. Li Hong likes cooking since he was a child. Seeing the popularity of western-style fast food such as KFC, he also keenly felt that with the increasingly tense pace of life, the fast food industry will have a promising trend, and chain operation is in full swing throughout the country, so he sprouted the idea of starting a business as a fast food chain. After some understanding and study,1October 23rd, 1996 165438+ Li Hong introduced the management mode and technology of CSC (country chicken) international company, and the first country chicken (later renamed as country base) fast food restaurant opened in Chongqing Qunying Square. Li Hongnian was only 24 years old. "At first, it was purely crossing the river by feeling the stones." Li Hong recalled it with emotion. Xiangcunji (Chicken)' s initial management idea is to imitate KFC's way, adopt a small-scale single-store operation mode, and focus on the children's market. The products are mainly western-style fast food, supplemented by soup, noodles and noodles, and the price is between 5~ 13 yuan. At that time, KFC and McDonald's consumed 22 yuan per capita, while the average snack bar consumed only 5~8 yuan per capita, which became a blank area of price competition. Li Hong aimed at this gap, entered the combination point of the two, designed a brand-new CI system, and advocated the "healthy and happy" business philosophy to meet the market demand. There is always a great distance between ideal and reality. At the beginning of the business, because the brand had no brand influence, although the street was crowded, few people walked into the newly renovated restaurant. After a month, the business income of several thousand yuan is not even enough for rent, and the business is terrible. Looking at more than a dozen employees in the store and listening to "Whose tears are flying" by Mai in the store, Li Hong's heart is like knocking over a five-flavor bottle, and the bittersweet tastes are mixed. However, Li Hong, who was stubborn by nature, gritted his teeth and persisted. The most important thing for a catering brand is to rely on diners' consumption experience and word-of-mouth communication, which is the only choice to survive and gain the right to speak. Under the pressure of cruel market competition, Li Hong is very concerned about the taste of products. After a period of hard exploration, the rural foundation (chicken) has gradually improved. In addition, the rural base (chicken) is sanitary and fast, the product tastes small, the food store is good and the store image is small.

The restaurant is very avant-garde, meeting the needs of wage earners and ordinary people, and its development is slow. However, opening a snack bar is far from Li Hong's dream. Li Hong clearly knows that small workshop-style processing and production cannot incubate chain enterprises. So, after having some catering experience, Li Hong made up his mind to take the road of large-scale industrial production, centralized distribution and becoming bigger and stronger. The road to imitation can only follow other people's ass. How to make its own characteristics and how to break through the bottleneck has become a difficult problem for Li Hong. "People eat for the sky." Li Hong found that foreign fast food such as KFC is crowded, but it is obviously not as crowded as some street shops during the lunch rush hour. It can be seen that the inherent dietary tastes of China people cannot be changed; Moreover, judging from the composition of the dining staff, children account for the majority in KFC, and KFC is filled with a happy atmosphere because of children, but street shops do not have such characteristics. Through observation and comparison, Li Hong gradually got the feeling of modern fast food, understood the cultural connotation of foreign fast food, and found the shortcomings of foreign fast food. Li Hong came to a conclusion that the attraction of foreign fast food lies in its fashionable brand influence and happy and hygienic dining environment, but in meeting the tastes of China people, foreign fast food is obviously not as attractive as Chinese food. Finding the right direction, Li Hong, unwilling to be lonely, began to rectify and gradually introduced kung pao chicken, pickled chicken and other Chinese food categories. From 1998, the rural base began to change its face for the first time, that is, to transform into Chinese fast food. Up to now, Chinese fast food is still the main food in rural areas. Based on Sichuan cuisine, Guangdong, Sichuan, Jiangsu, Zhejiang and other cuisines were introduced and digested, forming its own unique combination of Chinese and Western cuisines. It's a detour from worshipping foreign things and flattering foreign countries to returning to China, but it's not without value. "To develop a chain, there is no chain without professional management. The first thing we look at is the advanced management experience of foreign fast food. After all, after a long period of development, foreign fast food has unparalleled advantages in process management and standardization. After digestion and absorption, we must turn the meat we eat into our own muscles so that we can stand on the shoulders of giants. " Li Hong recalled this. The road to success is not smooth sailing. In 2005, bird flu was rampant, and KFC was also affected. On the one hand, in order to avoid risks, and at the same time, considering the needs of brand development, Li Hong decided to change the label of rural chicken and change the word "chicken" to "base": CSC is still an English abbreviation, but its meaning has changed from rural chicken to rural cooking, which means original rural cooking. This is the second time that Murakami has changed his face. In fact, this is a move to borrow KFC's "base", and it is this bid change that reveals the great ambition of rural bases to compete with foreign brands. At the same time, in order to expand to the whole country, Li Hong also registered service, catering and commodity trademarks, including clothing, shoes and hats, pickles and condiments. At the same time, the management policy of CSC has been adjusted, and a new management strategy has been constructed, aiming to make CSC a modern fast food chain brand with complete varieties, good quality and excellent service. At this point, the positioning of rural bases is basically clear, and they have gained a firm foothold in the highly competitive market. Interpretation: From groping in the dark, to introducing other people's management, and then to independent innovation, rural bases, like many China enterprises, are on this track. This is a difficult road to rebirth after nirvana, and it is also an inevitable process for enterprises to find their own market positioning. But the difference is that many enterprises are under the pressure of market competition, while rural bases are a selection process of actively looking for chain development experience. It is never satisfied with small-scale single-store operation, actively introduces and draws lessons from foreign fast food chain experience, and then digests and transforms Chinese fast food. This persistence is amazing. In fact, it is often strategic speculators who get lost in the competition. The most important thing to measure an entrepreneur is persistence, especially persistence and optimism in adversity. Only an entrepreneur with this personality can make a team get out of the predicament and create brilliance continuously. Li Hong, a weak woman, happens to be such a character.

Extended management lock

Chongqing cuisine, hot pot nourished by the aura of the two rivers, once performed the China restaurant chain to the peak; However, in the field of traditional food in China, there are few well-known brands, and rural bases are an exception. Compared with hot pot, Li Hong's Chinese fast food chain industry has three major ills: First, it is difficult to standardize. Without standardization, industrialization is impossible, and scale expansion will become a tree without roots. Second, "connecting" is easier than "locking". Because it can't be standardized, there are inevitably many loopholes in internal management control. Catering is a freely competitive industry, and industries are cloned from each other. The leakage of the secret recipe of core dishes will naturally lead to a great reduction in cohesion. The third is the market environment. Catering consumers often like the new and hate the old. The catering situation of "changing the city head for the king flag" puts forward strict requirements for the research and development ability of enterprises' dishes, and also puts forward a test for the standardized chain model. In fact, on the road of chain, Chinese food brands that are easier to standardize than rural food abound, and Malan Lamian Noodles and Northeast jiaozi are the most obvious examples. Products that are easy to standardize are easy to be cloned, and once they bloom everywhere, they often indicate the decline of a brand. The chain of Chinese food has become an embarrassing cycle. How to define the core competitiveness of Chinese fast food chain? How to ensure the connection and lock-in is not only a difficult problem to test the development of rural foundations, but also one of the questions that venture capital must ask.

Only extremely fine can be standardized.

When Shen Nanpeng of Sequoia Capital asked about rural bases, Li Hong had a well-thought-out plan. She took out several thick operation manuals made by her own village base, which not only standardized the operation process of the products, but also stipulated how to treat each raw material, what shape it was cut into and how big it was, and even standardized every regional action of cleaning. All the methods, methods and standard procedures were readily available. These are the experiences and summaries of rural bases taking the road of standardization. "In fact, we only did two things. One is to refine process metrics until they can be standardized; The other is to train employees in standard implementation. " Li Hong expressed the road to standardization of rural bases in this way. The rural base has a product development department, which is not only responsible for the research and development of new products, but also responsible for formulating standards. In order to ensure the delicious rice, the R&D department selected high-quality rice from different regions for experiments, including repeated elutriation, long-term soaking and long-term pressure cooking. Finally, the northeast rice was selected. "Even in Northeast China, we have compared varieties from no less than five regions to ensure that consumers can eat soft, delicious, sweet and delicious rice." Li Hong introduced, "And the standard of our inspection is also clear at a glance, that is, the rice grains produced in strict accordance with the process are full, and the surface of the rice grains will be shiny after being placed for 20 minutes." In order to facilitate the operation, the people in R&D department not only formulated the standards, but also specially drew the operation flow chart. After all this has been done, the rest is training and implementation. Training is an important means to ensure the implementation of standardization, and rural foundations attach great importance to it. Generally, the training of waiters in catering enterprises is a three-month cycle, but rural bases pay more attention to the usual details training. Summarize the day's work every morning and evening, and employees learn and correct every specific detail. With such a mechanism, new employees will soon know what they should do and grow up soon.

Management "locking" in the process

In the restaurants of rural bases, every dish has a clear ingredient list, and the weight of materials is all accurate to grams, with only a 2% error range allowed. What operators do is strictly follow the standards and even use village bases.

The graduated measuring cup and spoon of the door measure the seasoning. Because the number of dishes that each vegetable and condiment can produce according to the standard has a preset theoretical value, we only need to compare the actual value with the theoretical value every day to know the degree of standardized operation. In order to ensure the standards of raw materials, rural bases also pay special attention to the selection of supplier networks. Generally, they publish their own requirements and standards online in the form of bidding, and then select qualified suppliers. At present, they have established a strong distribution network with the new century and Chongqing. At the same time, rural bases have also introduced a unified IT platform. Under the support of IT system and the "standard" of information system, every raw material must be entered into the system at the same time when it is put into storage, and every sale is also carried out through the system, which ensures the accuracy, makes management and standardization easier to reach a higher level, effectively eliminates the phenomenon of "missing orders" that catering enterprises are most worried about, and reduces the risk of opening stores. In order to keep abreast of consumers' feedback, Xiangcun Ji has also set up a forum on the Internet for comments, and there are also awards specially set up for comments. In this way, all consumers will be mobilized to become supervisors and reformers of enterprise products and services, and such opinions will be fed back to product research and development departments and management departments to form a benign interaction.

Caution is the parent of safety.

Even in the praise of the market, the chain pace of rural bases is still very cautious. The speed of over 40 restaurants in 1 1 can only be described as slow. This is particularly noticeable in the upsurge of franchise chains all over the country. In fact, it was after witnessing the joys and sorrows of the money tide in the chain circle that Li Hongcai had a calm understanding of his expansion of Zhang Zhilu. "Many companies want to develop at a high speed and want to join in, hoping to be popular all over the country at once. In fact, this is very dangerous. Speed must be balanced with your driving ability, just like driving. Without the coordination between the two, you can only have a car accident quickly. " Chinese fast food is not a high-tech industry, but also a low-threshold industry. The core of its development lies in the accumulation of brands and the shaping of talents. Obviously, this will not happen overnight. It is with this experience that rural bases insist on not joining their own expansion, and only adopt the mode of direct operation and joint venture chain development. For the joint venture, the village foundation only requires it to take 30% of the shares, and the village foundation contributes 70% and is responsible for management. A joint venture is only equivalent to the role of an investor and shares profits. This is mainly to ensure the effectiveness of management. On the other hand, because the standardization of rural foundations is very transparent, the investment payback period is guaranteed within two years, and the associated companies are also very practical. Like joint ventures, the internal management of rural bases has been continuously strengthened. Rural base is the enterprise with the largest number of employees, and the general management backbone holds shares in one or several restaurants, so the cohesion is also guaranteed. One thing can explain the low-key and cautious character of rural bases: Before Sequoia Capital invested in rural bases, another venture capitalist talked with Li Hong in detail. They hope to invest capital and then go public on the backdoor, and then drive the stock price of the secondary market through the performance of packaging operations and then withdraw at a profit. However, such an operation idea will definitely bring pressure to the management of rural bases. If the performance fails to meet the psychological expectations of investors, the result can be imagined. In the face of temptation, Li Hong chose to give up, just as he refused to join the chain. In her view, the sustained and stable development of an enterprise is the most important. "We are a century-old shop, not a twinkling meteor across the sky." She is clearly aware that the gap between herself and KFC and McDonald's is still far behind in brand influence and industrialization level, and enterprises that rely on capital to fatten up are often short-lived. Interpretation: Scale is a double-edged sword. Many enterprises only see the advantages of scale, but not the disadvantages of scale, especially the chain industry. There are three main reasons for the failure of Chinese fast food in the past: first, the degree of industrial production is not high; Second, the problem of product standardization has not been solved; Third, the management mode is immature. Among them, the degree of industrialization and standardization is the biggest problem that restricts the large-scale development of catering in China, and they complement each other. After a long period of accumulation, the whole industrial chain of foreign fast food has matured. At this time, the scale of expansion is often relatively small, and the great leap forward development of many China enterprises often ignores their coordination with the industry environment and internal management. In this context, scale expansion is accompanied by considerable risks. Once you can't pass the critical point, it often becomes a hero beach wave.

Enterprises are actually doing culture.

Even with the injection of venture capital, Li Hong is cautiously optimistic about the development of rural bases. After introducing foreign capital, Li Hong's first action was to buy back the shares of the joint venture restaurant, and decided to only do direct sales in the future to further strengthen control. In Li Hong's own words, this is: "We must ensure that the foundation of the countryside will never taste bad!" For speed, Li Hong's first consideration is quality and control. Although capital has certain requirements for enterprises, she still puts stability first. In the future rural base planning, going out of Chongqing is only the first step, and the national layout will become the focus in the future-"It is planned to open 15 in 2008, 20 in 2009 and 20 10. In fact, she deeply understands the essence of fast food. Products are only the basis of competition, but they are definitely not the commanding heights of competition, because fast food is not a meal that simply satisfies people's appetite, but also a carrier that condenses corporate culture. Just like clothing, the cultural connotation carried by different brands leads to the level of market competition. The slogans of McDonald's "I like it" and KFC "Life is better with KFC" sound mysterious, but what is projected in consumers' hearts is a pleasant and real feeling. When people are tired of shopping, they go to McDonald's and KFC for a few minutes, because they are good places to enjoy leisure. Competition on a solid foundation is the pace of rural bases. For the definition of industry, Li Hong also had a new thought: "The catering industry I understand should belong to the fashion industry! The newly developed rural foundation has little accumulation in this respect. " This is Li Hong's thinking and her exploration. In fact, in recent years, rural bases have been constantly making up for this deficiency. The village foundation will decorate the atmosphere of the restaurant according to different festivals, the staff's dress will also change, and the contents of paper mats on the plates will be changed regularly to continuously strengthen communication with consumers. There used to be a father on the Internet who recorded Murakami's experience like this: "My 12-year-old daughter used to like foreign fast food such as McDonald's and KFC, but after I tasted CSC, I was tempted by a good dish and a paragraph and anecdote on the plate. On holidays, the greatest happiness is going to CSC's toothache. 1 1 birthday party was held in CSC. With the children's laughter, the culture of CSC went deep into the hearts of children. "When people have feelings, they become friends, so they care about each other; Similarly, when the service industry has established feelings with customers, there will be "loyalty". Wal-Mart will set aside an open space for children to play, KFC will make great efforts to build a children's paradise, all in order to enhance emotional communication with consumers, while rural bases are trying to catch up. If the brand is a corporate culture projected to the outside, then the organizational atmosphere of the enterprise is the light of the internal brand. " If a team's atmosphere is unhealthy and an employee's heart is unhappy, how can he pass on happiness to consumers? "This is Li Hong's understanding of the projection relationship of culture. In fact, after the accumulation of 1 1 year, the rural foundation has been advancing along this road. In the interview, we saw that Xiangcun Ji expressed the purpose of the company like this: "Xiangcun Ji aims to provide the best experience of fast service restaurants, and at the same time give employees a caring sense of family belonging, so that all employees can grow and develop. "People", "customers" and "organizational growth" are the three strategies for China Village Foundation to realize its vision. People are the most important assets of Village Foundation, and the products of Village Foundation are delivered to customers through people, so Village Foundation is determined to become a people-oriented enterprise. In rural bases, you can always feel this humanistic charm: rural bases are catering enterprises that use the most migrant workers, and 90% of them are migrant workers, providing employees with satisfactory treatment. As far as dishwashers are concerned, their monthly income will not be lower than 1.200 yuan, which is an enterprise with no employees asking to take the initiative to apply for endowment insurance. All employees are required to pay the entry cost of endowment insurance, for 90% migrant workers who have never enjoyed public ownership. Even in the decision to introduce venture capital, Li Hong deeply considered the interests of employees: "We didn't take the initiative to find venture capital, but they persuaded me. The most important reason is that we can solve the worries of the management team through listing. " It is precisely because of this kind of mind of the leading figures that rural bases have gone through one dangerous beach after another, and Li Hong also saw the hope of the future from the enthusiasm of employees. "On the anniversary of 10, I watched a dragon dance performance jointly performed by four stores. They just used the rest time to rehearse on the construction site and used waste rice bags as props. After I learned all this, my heart was filled with emotion. " And this heartfelt enthusiasm and loyalty is the core of the sustainable development of an enterprise. "A good enterprise can be seen at a glance." So is Murakami. Here, you can feel the power of this culture from each of their employees. Their light not only infects consumers, but also infects venture capitalists. At the beginning of May this year, the heads of Sequoia and Haina Capital went to the rural base in Chongqing for dinner and were moved by the scene of their customers queuing for dinner. At that time, they looked for the person in charge of the rural base, but could not find it. A few months later, the two sides came into contact by chance. Unexpectedly, the heads of the two major investors happened to be in Chongqing, so it was "love at first sight" for both parties in just half a year. "Step on it and run" is the motto of Liu Chuanzhi, chairman of Lenovo's board of directors. This law applies not only to established enterprises like Lenovo, but also to sharp and dynamic emerging enterprises like rural bases.