5 Deals, Double 11 Results Roundup, 24+ Awards... 42 Highlights and 7 Insights | FreeS Fund Blackboard · November

峰瑞资本·December 4, 2019

Do what's right, not what's easy

FreeS Fund Newsletter — November Issue. We're sharing our latest updates with the longtime friends who follow and support us:

Bluepha closed a RMB 40 million Series A round, with FreeS Fund continuing to participate.
FreeS Fund continued to follow on in Saturnbird Coffee's Series A and A+ rounds.
Shaonian Dedao completed a Series A+ round of over RMB 100 million, with FreeS Fund participating.
FreeS Fund was named to 36Kr's "Top 10 Most Influential Early-Stage Investment Institutions in China."
FreeS Fund was selected for Jiemian News' 2019 "China's Top Venture Capital Institutions," and FreeS Fund founding partner Li Feng was named to Jiemian News' 2019 "China's Top Venture Capitalists."
FreeS Fund launched its "New Brand Entrepreneurship Course," where eight speakers from diverse backgrounds shared systematic thinking on branding with over 120 consumer brand founders and executives.

We're also sharing good news from the FreeS family:

Consumer: Three Squirrels reached RMB 1.049 billion in Double 11 sales, up over 50% year-over-year; Saturnbird Coffee became the first domestic brand to top Tmall's Double 11 coffee category; Huasheng Haoche received 7,466 orders during Double 11, with transaction volume exceeding RMB 1 billion; Chicecream sold over 100,000 ice cream bars in 18 minutes, surpassing last year's full-day Double 11 sales within two hours, with total Double 11 sales exceeding RMB 6 million.

Enterprise Services: VPhoto closed a RMB 100 million Series B round; Shangyue and OPPO jointly launched OPPO Group's enterprise procurement e-commerce platform "Xiaoou Mall"; DataPipeline formed a strategic partnership with RET Ruide to unlock data-driven growth in commercial real estate.

Technology: Xibo Taike's module based on Xinyi Information's chip successfully passed China Unicom's NB-IoT module certification testing; Maifei Technology held its "Toward a New Era of Agriculture" global strategy launch event in Beijing; SoundAI Technology partnered with Huawei to launch the world's first dual-bass HiFi smart speaker — the Huawei Sound X; Unity acquired Obvioos, developer of the Furioos cloud video streaming service.

Healthcare: Changmu Valley signed a strategic partnership with Johnson & Johnson Medical; Bluepha was selected for the second cohort of Merck Group's China Accelerator.

Entertainment: 2:10 Animation partnered with bilibili to launch two new original IPs, Secret Treasure Kingdom and Glass Heart War Chronicle.

Awards: In November, 12 FreeS family companies received 21 awards and recognitions, including 36Kr's "King of Auto E-commerce," "King of Smart Agriculture," "King of K-12 Tutoring," "King of Application Services," and "2019 New Economy Leaders — 36 People," among others.

In the context of innovation, the world moves at lightning speed. We remain committed to doing what's right, not what's easy, and look forward to continually encountering innovation and the extraordinary.

FreeS Fund News

1

Bluepha Closes RMB 40 Million Series A Round, FreeS Fund Continues to Participate

Synthetic biology company Bluepha has completed a RMB 40 million Series A financing round. Investors include Zhongguancun Development Qihang Fund, Zhongguancun Development Frontier Fund, and Qianhai Equity Investment FOF. Existing shareholder FreeS Fund continued to participate, with TanZhe Capital serving as exclusive financial advisor. The proceeds will primarily fund the industrialization of existing product pipelines, the advancement of collaborative R&D pipelines with multiple Fortune 500 clients, and further development of its genetic element technology platform.

In February 2017, Bluepha received a seed round led by FreeS Fund. Since that seed round, FreeS Fund has participated in every subsequent financing round. (Read more: [FreeS Fund] Bluepha Closes RMB 40 Million Series A Round | FreeS Fund Financing News)

2

FreeS Fund Continues to Participate in Saturnbird Coffee's Series A and A+ Rounds

Premium coffee brand Saturnbird Coffee has completed two consecutive rounds — Series A and A+ — totaling tens of millions of RMB. Both rounds were led by Tiantu Capital, with existing shareholder FreeS Fund participating. In November 2018, Saturnbird Coffee received a Pre-A round of tens of millions of RMB led by FreeS Fund. Following this financing, the company will further expand its product portfolio around diverse usage scenarios, building a coffee consumption lifestyle.

Last Double 11, Saturnbird Coffee ranked first among domestic coffee brands on Tmall. On Double 12, it became second in the overall coffee category (behind Nestlé). During the just-concluded 2019 Double 11, Saturnbird Coffee's transaction volume was 10x that of the previous year's Double 11, with single-day sales surpassing its full-year 2018 total. It overtook Nestlé to become the top coffee brand overall — and the first domestic brand ever to reach the top of the coffee category. (Read more: [36Kr Pro] Saturnbird Coffee Closes Tens of Millions of RMB in Series A Financing, Becomes First Domestic Brand to Top Tmall Double 11 Coffee Category | 36Kr Exclusive)

3

Shaonian Dedao Completes Series A+ Round of Over RMB 100 Million, FreeS Fund Participates

K-12 education brand "Shaonian Dedao" announced the completion of a Series A+ round exceeding RMB 100 million, led by China Growth Capital, with Guangda Holdings New Economy Fund, FreeS Fund, and Lighthouse Capital participating. Series A lead investor Loyal Valley Capital and existing shareholder Ziniu Fund also added to their investments. Lighthouse Capital served as exclusive financial advisor for this round.

Shaonian Dedao officially launched in April 2018. It is an app designed to provide learning services for children aged 5–15. The company aims to leverage internet technology to give children across different regions access to high-quality teachers and educational services, truly achieving "the world's best teachers serving one child." Educational equity is Shaonian Dedao's founding mission and driving force. (Read more: [FreeS Fund] Shaonian Dedao Completes Series A+ Round of Over RMB 100 Million | FreeS Fund Financing News)

4

FreeS Fund Named to 36Kr's "Top 10 Most Influential Early-Stage Investment Institutions in China"

On November 26, at the WISE 2019 "King of New Economy" summit, 36Kr released its 2019 third-party institution rankings. FreeS Fund was named to the "Top 10 Most Influential Early-Stage Investment Institutions in China." (Read more: [36Kr] Major Release! 2019 King of New Economy Third-Party Institution Influence Rankings)

5

FreeS Fund Selected for Jiemian News 2019 "China's Top Venture Capital Institutions"; FreeS Fund Founding Partner Li Feng Named Jiemian News 2019 "China's Top Venture Capitalist"

On November 19, Jiemian News released its "China's Top Venture Capitalists" ranking for the third time. FreeS Fund founding partner Li Feng was selected. Jiemian News primarily evaluates mainstream and active venture capitalists based on their new investments and exits over the past three years, selecting 50 top venture capitalists of the year according to their track records and their level of participation and contribution in those investments.

Two weeks later, Jiemian News released its "China's Top Venture Capital Institutions" ranking. FreeS Fund was selected for Jiemian News' 2019 "China's Top Venture Capital Institutions," ranking among the institutions with the biggest jump in position. (Read more: [Jiemian News] Jiemian News 2019 China's Top Venture Capital Institutions Revealed, IDG Capital Leads, HSG and Shenzhen Capital Group Follow Closely; [Jiemian News] Jiemian News Releases 2019 China's Top Venture Capitalists Ranking: Neil Shen, Qin Liu, and Allen Zhu Take Top Three)

6

FreeS Fund Launches "New Brand Entrepreneurship Course"

At the end of November, FreeS Fund partnered with Waterdrop Product Academy to launch the "New Brand Entrepreneurship Course." Eight speakers from diverse backgrounds shared systematic thinking on brand-building with more than 120 consumer brand founders and senior executives.

(Swipe left or right for more)

Here are some highlights from our speakers:

Feng Li, Founding Partner of FreeS Fund:

"Entrepreneurs should not underestimate traditional, fully competitive industries, because within them are people who can integrate supply chains and people who can improve industrial chain efficiency."

Wang Xu, General Manager of Bilibili Brand Marketing:

"Post-90s and Gen Z grew up with the internet. They are the most materially abundant and spiritually demanding generation in history. By 2020, they are expected to account for 40% of total consumer spending."

Huang Hai, Executive Director of FreeS Fund:

"Too many people are focused on traffic dividends; too few are paying attention to aesthetic dividends."

Zhang Rui, Founder & CEO of Social Touch:

"Being a stable second place is far better than being first place occasionally."

Fang Tao, Founder & CEO of Xunchi Fashion:

"'Guochao' [China chic] is a dividend of the era. Guochao ≠ the future of new Chinese brands. New Chinese brands = Design × Function × Emotion = 'PROUDLY MADE IN CHINA.'"

Yuan Jiajun, Former Douyin Brand Lead and Former Strategic VP of Trends Media Group:

"A brand is saying the same thing in different scenarios, at any time. One marketing campaign cannot build a brand; it can only sell a hit product."

Li Nan, Former CMO of MEIZU and President of魅蓝:

"Every generation of consumers must solve the problem: 'Who am I?' 'The brands I choose help me manage my relationship with the world.'"

Diao Ye, Chairman of Helijia and Afu Essential Oils:

"Small businesses have division of labor, but no boundaries. For small businesses, opportunity matters more than anything — unlocking opportunity quickly matters most. At this stage, organizational agility is crucial; don't get bogged down in rules and regulations."

Follow the FreeS Fund WeChat account (ID: freesvc) for more highlights from the course.

FreeS Perspectives

▍Yang Xiao, Investment Partner at FreeS Fund: What Entertainment Formats Are Worth Investing In?

The best time to invest is when something is changing. For example, when new sensor technology emerges, new forms of entertainment expression, new entertainment display formats, or new information distribution methods appear. If a new entertainment format can evolve from a niche hobby into a mainstream trend amid such changes, then it's worth investing in. (Source: [Entertainment Capital] We Discussed 4 Major New Opportunities for 2020: Going Global, MCN, Trend Culture, New Cultural Tourism | CEIS Live Transcript)

▍Huang Hai: How to Capture the Era Dividend of "Consumer Goods + Internet"?

This is a great era for consumer brands to rise. We need "two eyes": one eye fixed on the unchanging logic of "consumer goods" itself — honing products, supply chains, and efficiency; the other eye fixed on the rapidly changing opportunities of the "internet," leveraging external platform dividends and self-propagating effects. Only then can emerging brands establish competitive advantages and stand out. (Source: [Wave of New Consumption] FreeS Fund's Huang Hai: Lessons from Saturnbird and Chicecream's Double 11 Success — How to Capture the "Consumer Goods + Internet" Era Dividend?)

FreeS Family Updates

FreeS Family Double 11 Results

During the 2019 Double 11 shopping festival, FreeS family consumer companies hit their "small targets."

"Three Squirrels" achieved RMB 1.049 billion in all-channel sales, up 54% year-over-year. Online channels surpassed RMB 923 million, ranking first across nine major platforms including Tmall flagship store, Tmall Supermarket, and JD Supermarket. Offline channels surpassed RMB 126 million, up 226% year-over-year.

"Huasheng Haoche" reached 326 transactions in just the first 10 minutes of Double 11. Total orders for the day hit 7,466 units, with transaction value exceeding RMB 1 billion.

"Saturnbird" saw Double 11 transaction volume ten times that of 2018's Double 11, with single-day sales surpassing all of 2018. It overtook Nestlé to become the top coffee brand by category — the first domestic brand to reach the top of the coffee rankings.

"Chicecream" was the fastest-growing ice cream brand across all platforms, selling 100,000+ sticks in the first 18 minutes of Double 11, surpassing its entire 2018 Double 11 sales within two hours, with total Double 11 sales exceeding RMB 6 million.

Enterprise Services | VPhoto Closes RMB 100 Million Series B

Instant image sharing platform VPhoto officially announced the completion of a RMB 100 million Series B financing round. This round was co-led by Fortune Venture Capital and GF Xinde Investment Management, with Suizi Asset participating. China Renaissance Alpha served as exclusive financial advisor. This marks VPhoto's seventh financing round in its four years since founding, bringing total funds raised to nearly RMB 200 million. Since its establishment in September 2015, VPhoto has accumulated nearly RMB 200 million in financing, maintaining its position as the leader in the instant image industry. In May 2016, VPhoto raised a RMB 10 million angel round led by FreeS Fund. (Read more: [FreeS Fund] VPhoto Closes RMB 100 Million Series B | FreeS Funding News)

Tech | Xibotek's module based on Xinyi Information chip passes China Unicom NB-IoT module certification

After rigorous technical testing and parameter review by China Unicom Group, Xibotek's NB12 module — developed based on Xinyi Information's XY1100 chip — has successfully passed China Unicom's NB-IoT module certification. The NB12 module has now entered mass production. The XY1100 is the world's first mass-produced NB-IoT system-on-chip with a single-die integrated CMOS PA. Its key differentiator from competing products is the integration of a global, full-band commercial power amplifier (PA) into a single die, achieving the highest level of integration in the global NB-IoT chip market. (Read more: [Xinyi Information Technology] XY1100 DESIGN-WIN! Xibotek NB12 Module Passes China Unicom Module Certification)

Tech | MaiFei Technology holds "Toward a New Era of Agriculture" global strategy launch event in Beijing

On December 1, MaiFei Technology held its "Toward a New Era of Agriculture" global strategy launch event in Beijing. At the event, MaiFei unveiled four major global strategic initiatives: a digital agriculture demonstration village plan with Chinese agricultural development characteristics; opening its digital agriculture experimental base system to all partners and establishing a dedicated fund; the "MaiMeng" program for diversified business expansion; and an overseas strategy. Building on its existing "technology—business—data" closed-loop model, the company aims to further refine and upgrade its business ecosystem to accelerate its second phase of growth. The four strategies drew significant attention from attendees across sectors. Regarding the practical value of digital agriculture technology, Dr. Gong Huaze, CEO of MaiFei, introduced a new concept: "Digital Agriculture Value Formula: Service = Technology × Model." China has no shortage of agricultural technology, he argued — what it lacks are models and scenarios for deploying that technology. By entering practical application scenarios through technology and penetrating via service delivery, digital tools can achieve exponential growth within agricultural production cycles and unleash substantial impact. (Read more: [techweb.com] MaiFei Technology's 3rd Anniversary: Leveraging "Hyper-Dimensional Prescription Maps" to Build a Digital Agriculture Ecosystem)

Tech | SoundAI Technology powers Huawei's launch of Sound X, the world's first dual-subwoofer HiFi smart speaker

On November 25, Huawei held its MatePad and full-scenario new product launch event in Shanghai, officially releasing the Sound X — the world's first dual-subwoofer HiFi smart speaker. Co-designed by Huawei and audio brand Devialet, the Sound X incorporates SoundAI Technology's leading intelligent voice interaction technology, elegantly solving the long-standing trade-off between professional-grade HiFi sound quality and smart interactive capabilities, opening a new chapter in premium smart speakers. (Read more: [SoundAI Technology] SoundAI Cimon New Technology Powers Huawei Sound X, HiFi+AI Delivers Both Audio Quality and Intelligent Experience)

Tech | Unity acquires Obvioos, developer of cloud video streaming service Furioos

Unity has acquired Obvioos, developer of the cloud video streaming service Furioos. Founded in Lille, France, Obvioos developed Furioos to stream real-time 3D applications to any internet-connected device, bringing the beauty of real-time 3D to everyone. Furioos' cloud rendering service enables instant interaction with 3D applications on end-user devices with virtually no download time and extremely low latency. (Read more: [Unity Official] Unity Acquires Obvioos, Developer of Furioos Cloud Video Streaming Service)

Enterprise Services | Shangyue and OPPO jointly launch "Xiao Ou Mall," OPPO Group's enterprise procurement e-commerce platform

Guangdong Oppo Mobile Telecommunications Corp., Ltd. ("OPPO") and Beijing Shangyue Network Technology Co., Ltd. ("Shangyue") have jointly launched Xiao Ou Mall, OPPO Group's enterprise procurement e-commerce platform. Ahead of China's formal entry into the 5G era, Xiao Ou Mall will help OPPO streamline procurement processes, upgrade its business model, popularize agreement-based purchasing, and create a new e-procurement experience. (Read more: [Shangyue] OPPO and Shangyue Jointly Launch Xiao Ou Mall, Bringing New Experience to Electronics Manufacturing Procurement)

Enterprise Services | DataPipeline and RET Ruide form strategic partnership to unlock commercial real estate data growth

DataPipeline and RET Ruide have entered into a deep strategic partnership. Leveraging RET Ruide's extensive research and accumulated expertise in the commercial sector, the two companies will provide commercial real estate with real-time data integration, diagnostics, and other services to unlock the industry's data growth potential. Using DataPipeline's batch-and-stream unified data integration platform, they will integrate, aggregate, cleanse, compute, and analyze transaction, foot traffic, and tenant data from diverse channels in real time — enabling sophisticated analysis and value extraction, deep consumer insight, rapid response, and improved decision-making efficiency. Together they will build competitive digital services for the sector. (Read more: [DataPipeline] DataPipeline and RET Ruide Form Strategic Partnership to Unlock Commercial Real Estate Data Growth)

Healthcare | Johnson & Johnson Medical signs strategic partnership with Changmugu

On November 15, 2019, at the 21st Chinese Orthopaedic Association Academic Conference and 14th COA Academic Congress held at the National Exhibition and Convention Center in Shanghai, Johnson & Johnson (Shanghai) Medical Devices Co., Ltd. and Beijing Changmugu Medical Technology Co., Ltd. — a leader in Chinese orthopedic AI — formally signed the China Orthopedic AI Joint 1.0 cooperation project. This initiative, co-launched by Johnson & Johnson and Changmugu, is a deep development project for AI-assisted surgical planning in Chinese joint surgery. The project aims to convert the rich surgical experience of top joint surgery experts into standardized algorithms for machine deep learning, providing comprehensive AI-based clinical solutions that enable 3D preoperative planning for joint replacement surgery. It seeks to improve surgical precision and standardization, shorten the learning curve for surgeons, reduce patient operation time, and lower the incidence of surgical complications. (Read more: [PR Newswire] Johnson & Johnson Medical and Changmugu Sign Strategic Partnership, Opening New Chapter of AI-Empowered Orthopedic Joint Surgery)

Healthcare | Bluepha selected for Merck Group China Accelerator Phase 2

On November 5, Merck Group China Accelerator announced the list of startups selected for its second cohort, with Beijing Bluepha Biotechnology Co., Ltd. among them. Seventeen startups from 4 countries and 10 cities across China and the Asia-Pacific region participated in the selection day for Phase 2. After multiple rounds of screening, 6 startups with the highest strategic fit with Merck Group were formally admitted to the program. (Read more: [Merck Innovation Center] Latest Update | Merck Group China Accelerator Phase 2 Selection Day Concludes Successfully, Six Selected Companies Announced)

Entertainment | 2:10 Animation partners with Bilibili to launch new original IPs Secret Treasure Country and Glass Heart War Chronicle

On November 17, at the "2019-2020 Bilibili Domestic Animation Press Conference," 2:10 Animation and Bilibili jointly unveiled two major projects: Glass Heart War Chronicle (Li Xin Zhan Ji), China's first cinematic-grade cyberpunk 3D sci-fi animated series, and Secret Treasure Country (Mi Bao Zhi Guo), the first large-scale IP project featuring personified national treasures. (Read more: [2:10 Animation] 2:10 Animation Partners with Bilibili to Launch New Original IPs Secret Treasure Country & Glass Heart War Chronicle!)

FreeS Fund Portfolio Wins Awards

In November, 12 FreeS Fund portfolio companies received 21 awards and recognitions, including 36Kr's "King of Auto E-commerce," "King of Smart Agriculture," "King of K12 Tutoring," "King of Application Services," and "2019 New Economy Leaders: 36 People," among others.

FreeS Fund Perspectives

▍Shangyue's Miao Feng: What exactly is informatization? What exactly is digitalization?

In the informatization era, customers cared about a company's internals — management, processes, and results. In the digitalization era, companies focus on the external — commerce, data, and operations. Take the recent buzz around "middle platforms," for example. Middle-platform technology can turn distribution channels and consumer private-domain traffic into assets for business growth. The same applies to the procurement digitalization track we focus on. Procurement inherently involves many suppliers orbiting a core enterprise, with that core enterprise serving as the platform — so how do we help suppliers communicate efficiently?

Currently, transactions between Chinese enterprises — that is, between core enterprises and their suppliers — are conducted online less than 1% of the time. In the US, that figure has reached 53%. Connections between Chinese enterprises still mostly happen through manual effort. For example, we place purchase orders via email, and other steps in the procurement process, including needs assessment and procurement management, rely on the same kind of manual business connections. Enterprise procurement has roughly three phases: the earlier ERP phase, then the SRM phase, and now Procurement 3.0. Most of Shangyue's clients are currently in this 3.0 phase. (Read more: [Shangyue] From Informatization to Digitalization: A Watershed Moment for the Era | 2019 SIE User Conference Share)

▍Saturnbird's Wu Jun: You need distinctive products and distinctive tactics to attract young people

For Singles' Day, we didn't want to just do the traditional discount-and-price-cut routine — it felt boring. Coffee users skew young, with post-90s accounting for nearly 70%. Their consumption attitudes are pretty rational and mature. They've seen too many marketing tricks. You have to bring something distinctive to the table, both in product and approach, to win them over.

So we focused our energy on product and supply chain, not just slapping discounts or launching new SKUs, but playing a more dimensional game. We created a 10-yuan mystery gift box containing 30 yuan in vouchers and 7 pieces of merch. If you spent 169 yuan, you could use this supercharged voucher, and all the merch in the menu would ship with your order.

Some people dismissed it, saying it's just the same old voucher gimmick from years ago. Fair enough — but we made it a supercharged voucher. We poured enormous effort into curating the products inside that mystery box, giving users that "incredible value" feeling. In the end, we sold 70,000 voucher sets during pre-sale. The threshold was 169 yuan, but actual average order value came to over 200 yuan. Those 70,000 vouchers basically locked in and drove nearly half of our Singles' Day sales.

These tactics all look very simple on the surface. The key is having the idea and executing on it, then executing with real craft. When you nail the craft, the results exceed expectations. (Read more: [FreeS Fund] Singles' Day Mid-Game: What Did Chicecream, Saturnbird, Plantur, and Huasheng Haoche Get Right?)

▍Chicecream's Lin Sheng: Crossovers must genuinely deliver original products to users

On how to do crossovers — who to partner with and how — my view is that a crossover isn't just slapping two logos together. It's not about having a chat and saying, "Let's make a product together." You really have to deliver something uniquely original to users.

Crossovers rely on smart leverage. Both partners need to commit resources and promote the product together. When done well, the ROI is tremendous. This time, Chicecream did crossovers with six brands. Everyone generated buzz for the crossover matrix across different channels, ultimately achieving over 300 million impressions across the entire internet, and the products themselves sold exceptionally well.

Chicecream's user base is broad enough that it gives us room to experiment with many crossover opportunities. (Read more: [FreeS Fund] Singles' Day Mid-Game: What Did Chicecream, Saturnbird, Plantur, and Huasheng Haoche Get Right?)

▍Plantur's Tang Liang: How did a "repurchase gift" activate 40,000 high-potential users?

Inness, launched at the end of September this year, only tested user feedback in October. By conventional wisdom, if a product wants to participate in Singles' Day, you need to have it ready by March, do a small burst in June, and another in September to fully capture Singles' Day traffic.

Singles' Day traffic is expensive. We couldn't really compete for already-costly traffic for a new brand. Overall, Inness's sales weren't driven by Singles' Day traffic, but by old bringing in new — Plantur has accumulated over a million users, who became the seed users for new brand Inness.

For Singles' Day, we ran a "repurchase gift" campaign: if a user bought Plantur products between August and November 10, any repurchase of Plantur products on November 11 would come with a free Inness serum.

Initially, we didn't have high expectations for Inness's Singles' Day performance — we only stocked 30,000 bottles. Turned out there were so many repurchasing users that even 40,000 bottles wasn't enough.

Although Inness's final sales were still far behind Plantur's, this single "repurchase gift" marketing window reached 40,000 high-potential users who both repurchased Plantur and were introduced to new brand Inness. (Read more: [FreeS Fund] Singles' Day Mid-Game: What Did Chicecream, Saturnbird, Plantur, and Huasheng Haoche Get Right?)

▍Huasheng Haoche's Chen Pengyun: How to capture the growth dividend of下沉 markets?

We tend to downplay advertising exposure and discard "brain-burning" discount gimmicks, instead genuinely giving users real value — making car ownership easy for everyone.

Huasheng Haoche's core users are roughly 25-year-old small-town youth. Considering their vehicle needs and brand preferences, our promoted models concentrate on economical vehicles priced below 100,000 yuan.

Take a certain Cruze model with an MSRP of 104,900 yuan. Through traditional channels, the down payment for installment purchases would run over 30,000 yuan. During Huasheng Haoche's Singles' Day promotion, this model came with a 7,000-yuan discount, bringing the down payment to just 3,500 yuan. Under a 48-installment plan, monthly payments are only 2,380 yuan. On top of that, Huasheng Haoche covers purchase tax and registration fees, and throws in one year of insurance. (Read more: [FreeS Fund] Singles' Day Mid-Game: What Did Chicecream, Saturnbird, Plantur, and Huasheng Haoche Get Right?)

▲ Fundraising, Acquisitions, Launching a New Brand Entrepreneurship Course... 21 Milestones and 4 Reflections | FreeS Fund Chalkboard · October