奇迹！登陆纳斯达克，拼多多后，社交电商再现黑马！
成立不过四年，却以GMV227亿、年收入130.15亿的成绩杀入电商第一梯队，继拼多多之后，又一家依托于微信生态平地而起的"神奇公司" 登陆纳斯达克。
近日，云集在纳斯达克挂牌上市，股票代码YJ，发行价最后定在了11美元/ADS，并以此价格发行1100万股美国存托股票（ADS），募资1.39亿美元，并设有15%的绿鞋机制。
目前，云集股价14.15美元，总市值30.52亿美元（约200多亿人民币）。
与此前在两地同时敲钟的拼多多相同，云集也选择在杭州、纽约同时敲钟的方式登陆纳斯达克。
在新电商这个赛道，过去三四年，除了最为直观的用户指数级上升和GMV暴增，也伴随着社交化、会员化、平台化等多层的创新与演进。
但面对这种全新的业态，争议从未停歇。从获客方式、商业模式，到后续的发展空间，云集在行业中一直备受关注。
不过，祛除外界的各种猜想，更多消费者实际上在用脚投票，而且在过去几年，云集也保持着快速的业务迭代，相比于拼多多下沉商品的良莠不齐，和很多同行尚在前一阶段发展，它正在向美国Costco的形态不断接近。
云集当然会说自己不一样，云集不是唯品会，也不是拼多多，是会员制电商，那其实也是很扯的。云集过去一直宣称自己是一个创业平台，那我们用财务数据来分析一下，这个谎言其实很好戳破的。
云集的核心模式是会员拉会员的推广模式，会员年均收入129元，他们会有动力持续拉人吗？如果会员缺乏金钱的刺激，没有动力继续推广下去，云集还能保持增长吗？甚至还能保持稳定吗？如果会员端的收入无法提升，云集的增长肯定没法保证，那云集这样的模式还会有未来吗？
在强劲增长潜力的背后，云集毛利率下滑、持续亏损以及库存大幅增加的挑战也不容忽视。2016-2018年，云集毛利率水平分别为23.8%、19.7%和17.7%。
与此同时，云集上市之后将直面天猫、京东等传统电商的竞争，尚需强化供应链与团队运营支撑。一方面平台上惊人的成交额缺少技术和供应链的支持，另外一方面，政策的变数仍是最大的风险。对于云集来说，上市也意味着，一切都将浮出水面。拭目以待吧！
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