Several executives received Su Yehao's instructions and directly contacted Gome and Suning in his name.
Faced with an estimated financing amount of up to 2 to 3 billion, both companies were shocked and immediately called for a meeting to discuss countermeasures and evaluate the feasibility of cooperation with Su Yehao.
It's like thunder rising from the ground.
As soon as the news came out, their major shareholders began to struggle. While they wanted money, they couldn't help but worry about attracting wolves into the house and eventually losing control of the company.
The mainland economy is accelerating its integration with the world.
Since the Southeast Asian market collapsed and the United States stopped raising interest rates, hot money began to flow out.
The mainland is gradually becoming a new gold rush land, and many companies are directly facing the impact of multinational companies.
Multinational brands are fighting with each other, and many fragile local companies are simply unable to fight.
Typical examples include Zhonghua Toothpaste and the popular Totole Chicken Essence, etc. Those multinational companies used a small amount of money to easily capture the brand and the market.
It can be seen that the implementation of state-owned enterprises in many key industries is actually quite necessary and can play a role in building a moat.
Jinling.
In the conference room at Suning's headquarters, as the door opened, the strong smell of smoke and the air-conditioning blew in.
It was past eleven o'clock at noon, and the temperature outside was already 378 degrees Celsius. This year's "Autumn Tiger" was not over yet, and the flowers and plants in the roadside flower beds were wilted by the sun.
A vice president just hurried back from Guangling. Seeing that everyone had left, he hurriedly asked:
"As soon as I got there, I rushed back. The tires were almost smoking, and I didn't have time to do anything. I heard that the young richest man in Hong Kong City was planning to invest two to three billion in the company. Have you guys come to a conclusion?
?”
Suning's founder, Boss Zhang, shook his head and said: "I feel that I still need to get in touch first and understand the other person's thoughts before I can make a decision. A bunch of old smokers make my eyes hurt. Go to my office and sit down first. I'll be there later."
I need to call them back."
The vice president named Sun heard this and reminded:
"If we don't get in touch as soon as possible, the money may be taken away by others, and we will definitely be very passive by then. Such a large amount of money is enough to open a chain of stores in all first- and second-tier cities, let alone Midea Group.
, the supply price might be able to be lowered.”
"We have discussed it. I know what you mentioned, so I want to call you back as soon as possible."
Boss Zhang rubbed his temples, feeling that this kind of thing is more troublesome than problems with suppliers. When cooperating with large companies, if you are not careful, you may get the skin of a tiger and fall into a passive situation.
However, the large sum of money provided by Su Yehao was too tempting, so much that he became self-aware and knew that Suning could not afford it all due to its size.
You know, even if the performance soared this year, Suning's revenue in the first three quarters was only more than 700 million yuan in total.
This is only revenue, the gross profit margin is almost 14%, and after expenses are deducted, it is not much money.
Boss Zhang returned to the office, sat down lazily, and suddenly asked a question, curiously saying: "The little richest man, let us evaluate, how much do you think our company is worth?"
The vice president surnamed Sun was immediately stunned and replied: "Shall I have someone do the math later?"
"Okay, let me finish the statistics as soon as possible and give me an answer..."
What Su Yehao obviously wants is valuation.
No one at Suning understands this, so they honestly calculate their net worth.
That is, funds are subtracted from liabilities, plus store value, logistics value, etc., without considering profit growth rate and brand value.
It took more than two hours, and many accountants didn't even eat. After struggling with statistics, they found that the company's total assets were only about 200 million yuan.
After seeing the numbers, Boss Zhang had no doubt that he was there, and his expression suddenly collapsed, wondering how he could get such a small amount of money.
The accountant who came to report said in a firm tone that it was indeed only worth this much. The value of some stores was estimated as high as possible, and vehicle depreciation and other expenses were not included, otherwise the number would be even lower.
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I got on the phone with someone from the 5S Asset Management Branch and quoted a value of RMB 200 million with a slight guilt.
Billionaires in 2000 were definitely rich in the Mainland. However, it depends on who you compare yourself to. Facing Su Yehao, who has assets of over 100 billion, it is indeed difficult to find self-confidence.
Knowing that Suning's valuation was only 200 million, Su Yehao was confused by this figure.
He had seen the news in the news that Suning's revenue in the first half of the year was more than 500 million yuan.
Even if only 5% of the net profit is calculated, the annual revenue should be 40 to 50 million yuan. How can it be possible to only provide a valuation of 200 million yuan?
After thinking about it for a while, I guessed that there should be confusion between corporate valuation and net assets.
This made Su Yehao dumbfounded. He really had the urge to immediately spend 300 million yuan in an effort to sign the acquisition agreement as soon as possible.
but.
Whether it is personal business or a 5S asset management company, there are many investment-related businesses. It would be a little penny-wise to pit people to death for a small temporary profit.
When others think about it, they will inevitably regard this kind of thing as a stain and bring it up repeatedly on Su Yehao's head, which will affect his credibility in the outside world. In this way, the gains outweigh the losses.
Moreover, this time we plan to carry out financing through 5S asset management. Of course, there is no need to let investors make profits, but they are pouring shit on their own heads.
So Su Yehao personally called back and asked Boss Zhang and others to go to a securities company or a university finance major to find a few people who knew valuations to recalculate. He bluntly said that the company's valuation was not calculated in this way and that the price was too low.
This made many Suning executives who were waiting for the news couldn't help but blush.
The two companies were discussing financing, but the investor actually pointed out that the price was too low. If the news got out, people would laugh to death.
Look at those Silicon Valley Internet companies. They made 10 million U.S. dollars in the first half of the year, yet they dared to make an offer of 2 billion U.S. dollars. There are even more ruthless companies, even if they lost hundreds of millions of U.S. dollars, they dared to talk about their market share.
Shout out the high price.
Comparing the two, the more I think about it, the funnier it becomes.
It was precisely because of this incident that Su Yehao came up with the idea of establishing a corporate rating agency and developing business in consulting companies and investment banks.
In the business world, there are not many kind-hearted people like him. It is difficult to guarantee that those foreign companies will not reach a tacit understanding and follow the traditional business world, only giving a certain premium to the company's net assets, and then directly acquiring and financing.
Brand value, market share, profit growth, etc. can actually be included in valuation calculation formulas for statistics, such as market share method, permanent operation method, dividend rate valuation, etc.
Although many companies in the mainland are not making money, due to the special business environment in the early years, their market share was astonishingly high. In fact, as long as they invest money and make serious corrections, they can easily change and regain their vitality.
There is still no news from Gome Electric Appliances.
At around three o'clock in the afternoon, while Su Yehao was visiting Jin Mao Tower, Suning gave a new valuation, bidding 700 million yuan.
Su Yehao didn't hesitate much and started to lower the price.
It is proposed that 5S invest 500 million yuan, and both parties jointly establish a new company. 5S Asset Management will hold 49% of the shares, and will assist Suning in obtaining an additional low-interest loan of 1 billion yuan, and will give up the right to participate in the company's decision-making, and will only provide supervision suggestions.
right.
The prerequisite for giving up decision-making power is that Suning is profitable and its annual performance has increased by more than 10% year-on-year.
In other words, as long as the company's performance growth remains above 10%, 5S Asset Management will not exercise decision-making power, which is equivalent to giving Suning freedom and at the same time adding a safety lock.
Faced with Su Yehao's condition, Suning's boss Zhang was confused... what the hell!
I just realized in the morning that the company is only worth 200 million yuan. Now the other party has raised 500 million yuan in financing for the company, only 49% of the equity, and helped the company get a loan of 1 billion yuan. What a surprise!
In fact, based on Suning's performance, the valuation of RMB 700 million is a bit high, but not much higher.
Its estimated gross profit this year is more than 100 million yuan, and its net profit of almost 40%, calculated based on the average price-to-earnings ratio on the stock market, is indeed worth 780 million yuan...