Sina Technology News, morning message on April 29th, at the B2C e-commerce summit forum, investors and corporate representatives discussed the issue of "why there are no listed companies in the development of B2C enterprises in 10 years". They believed that B2C enterprises were somewhat restricted in terms of pricing power and industry-related supporting policies, but in the next two to three years, many B2C enterprises would go public. This topic was raised by angel investor Lei Jun at the interactive forum on "the current situation and trend of B2C website development". His specific question was: Why after more than 10 years of effort, there is no B2C company that can go public? Where are the difficulties and problems encountered in this industry? The background to Lei Jun's remarks is that recently, B2C enterprises have been developing strongly, with constant news of financing and plans for listing, and industry insiders have high hopes for the development of e-commerce. "Everyone is optimistic about the future, so what are the existing problems today?" Gobi Partners' Xu Chen stated that the overall investment in the B2C industry is very large, and raising funds through means such as listing is indeed a relatively good way, but from the perspective of investors, it may not be appropriate to list now, as most companies are still in a relatively tense state, and the market value at this time would not be too high. "Going public at this point in time is actually taking something that isn't fully mature to the market and selling it to others, which might result in lower pricing. For investors, this isn't a particularly good choice," said Xu Chen. However, he also admitted that many B2C enterprises are currently in the process of going public, and in the next two to three years, there will be many listed companies in the B2C field. But whether this stage is an appropriate time for listing remains to be observed. "From the current situation, among the larger B2C companies, is there any one that has strong pricing power in its respective field?" Xu Chen said. This means that although B2C enterprises have huge sales, their profit margins are still limited. In addition to the influence from within the enterprise, the supporting environment for B2C enterprises also has restrictions. Yao Xiao, Vice President of Joyo Amazon, expressed at the forum that some invoice and financial management systems restrict the development of e-commerce, and due to the immaturity of external support environments, some e-commerce companies have to spend part of their energy on infrastructure construction, all of which have significant impacts on e-commerce enterprises and industry development. Zhang Yong, CFO of Taobao, then stated that the most urgently needed in the current e-commerce industry are e-commerce talents, and realizing these talents in a single individual is very difficult; it is more about team combinations and the matching of different talents, which is currently the hardest point in the market. Regarding how to succeed in the absence of a complete industrial chain in the e-commerce industry, Lei Jun, who has invested in the e-commerce sector, summarized three conditions: the first is a high unit price, the second is a high gross margin, and the third category is a high purchase rate. Only e-commerce that meets these three conditions has the potential to succeed. However, despite the challenges faced by the B2C industry, it has full confidence in its prospects. Lei Jun pointed out that the term e-commerce is just a transitional term, and in the future, all companies will be e-commerce companies. "I believe that in the next three to five years, there will be a large wave of very successful e-commerce companies." (Cui Xi) Related reading: JD.com Chairman Richard Liu: The B2C industry will definitely face issues in 2012. Baidu teams up with Rakuten to create the largest domestic B2C online shopping mall. Big survival challenge for B2C: revenue exceeding 100 million yuan is considered surpassing the survival line. Experts discuss new network transaction regulations: suggest differentiated regulation for B2C and C2C.