The regular strategic meeting lasted for two hours.
Although Zhang Shuo has drawn up a development blueprint for Mango Auto for the next four years, car building is a systematic project that also involves the planning and construction of charging piles, factory planning and construction and other supporting matters.
If you want to implement it, you need a team with strong execution capabilities.
This is also the main reason why Zhang Shuo chose Tang Xiang.
Until the end of the meeting, Tang Xiang was a little confused. He was holding the first draft of the Mango X1 design in his hand. He originally thought that he was the chosen son of destiny, but it turned out that he was just a tool to carry out the group's instructions.
His mission is to implement Zhang Shuo's design and turn it into reality.
Don't think about anything else.
In the past ten days, during the process of planning the establishment of Mango Auto, Tang Xiang did have a few other ideas deep in his heart due to contact and communication with many friends in the industry.
Now we are decisively eradicating it.
"What the hell are you thinking about? Just follow the big boss honestly!"
People immediately relax.
After the meeting, Tang Xiang did not return to Magic City immediately. He first chatted with the technical director Chen Ping, and then made a special trip to visit the Group's Investment and Acquisition Department to discuss related acquisition matters.
Three days later, he and Chen Ping returned to the Magic City.
………
After the meeting ended, Zhang Shuo returned to the office alone. Only then did he have time to read the briefing prepared by the President's Office to understand what non-urgent events had occurred in the industry during the May Day holiday.
If it is an urgent matter, he will naturally receive the news as soon as possible.
There was a lot of bits and pieces of information, but there were two main things that attracted Zhang Shuo. One was that Binhai City announced on May Day that it had achieved full 4G network coverage. Although it was slightly later than Lin'an, it was still pretty good.
It can be seen that Zhang Shuo's suggestion at that time was listened to by his second uncle.
In addition to first- and second-tier cities such as Binhai City, Magic City, Yangcheng, and Jingshi, the 4G process is also speeding up significantly, and it is expected to achieve full coverage in major urban areas by the end of this year.
Don’t underestimate the explosive power of the infrastructure maniac.
Another major event during the May Day period is that ICQ released a major update, fully in line with Weixin.
At the same time, Tenda also announced that it will use ICQ and WeChat, two ace social software, to build smart cities and smart industries, empower the development of all walks of life, and fulfill its mission of connection.
At first glance, it looks a bit like a low-end version of Weixin's strategy.
The first phase of strategic partners are Weipinhui and Jumei Upin, which have obtained ICQ secondary entrance, and the local life service company under Tenda - Dacong Dianping.
Not surprisingly, it also attracted ridicule from netizens.
"I'm laughing so hard. Does Tenda still have any bottom line? In the past, it relied on ICQ's traffic to learn from this and that, so forget it. Now even ICQ itself has learned from Weixin, which is really shocking."
"Tengda: What's the bottom line? Can it be used as food?"
"Since ICQ is following Weixin in every aspect, is it still necessary to use ICQ? Look at how complicated the interface of ICQ is now. It's hard to find anything."
"That's right, our class communication is basically based on Weixin now."
"The most important thing is that ICQ is too unruly. It forcefully pushes all kinds of official information and even forcibly implants advertisements in the ICQ space. It's too difficult to get rid of it."
"Isn't this Tengda's usual style? You can make one dollar, but never ninety-nine cents."
"Tengda: I'm a professional at shearing wool. As long as it doesn't kill you, I'll do it to death."
"Hey, I have no love for ICQ at all."
Just as Tengda himself expected, this wave of updates is simply drinking poison to quench thirst.
Negative reviews received.
It even far exceeded their expectations.
The result is that in the field of mobile social networking, both in terms of popularity and user stickiness, Weixin and ICQ are players of the same level, and Weixin's reputation is even better than that of ICQ.
It is an indisputable fact that Weixin has become the new darling of the mobile Internet era.
Tenda suffered a heavy blow!
As reflected in the stock market, Tengda's stock price has not continued to rise like in the original time and space, and has basically maintained a gently rising growth curve, somewhat similar to Qiandu.
They can be regarded as a pair of brothers in need.
………
afternoon.
Lu Kai took the initiative to come to the door and said, "Mr. Zhang, I have roughly calculated that to assist Mango Automobile in completing related acquisitions, a conservative estimate is that 4.5 billion funds will be prepared."
In a word——
The group is running out of money.
Without considering additional income, in order to support the research and development of Maili Group, Fertile Land Research Institute, and the construction of the Germinal Industrial Park, Germinal Group's funds were a net outflow.
I can't make ends meet every month.
If this trend continues, the 5.5 billion cash on hand will only be enough to maintain the daily operating expenses of the budding department, and there will be no excess funds for acquisitions.
Not to mention the acquisition of Redeco in the second half of the year, which is more like a blank check.
Because there is absolutely no way to fulfill it.
"Don't worry, I have already negotiated with the Dream Fund. I can obtain a five-year bond worth one billion US dollars from the Dream Fund to cope with the group's increasingly tight capital chain."
Zhang Shuo gave Lu Kai a reassurance.
"Really? That's great, it solves an urgent need." Lu Kai was indeed very excited. Although he didn't know the details of the Dream Fund, as the main investor of the sprout, he was still very powerful.
It’s not easy to be rich, and it’s also very interesting!
At the critical moment, the Dream Fund sent life-extending funds to Sprout, although it was not directly transferred to Sprout's account every month like before, but in the form of debt.
But Lu Kai was already very satisfied.
"Dream Fund's borrowing is only a temporary measure, but it cannot be eliminated. In order to completely improve the group's cash flow, we have to think of other ways."
Zhang Shuo knows that the overseas funds of the Dream Fund are not inexhaustible.
After this amount.
The next loan may be a long way off.
"Yes, I have also prepared two financing plans here. Please refer to them for details."
If Lu Kai can report to his boss, he must have found a solution. As the rotating president, he certainly cannot leave the problem to the big boss Zhang Shuo.
This chapter is not finished yet, please click on the next page to continue reading the exciting content! Then what is the use of him?
"Tell me."
Zhang Shuo was indeed interested.
"One is about AutoNet."
"According to your previous instructions, we will promote the listing of Auto.net this year. However, if the current 100% holding structure is maintained, then even if Auto.net is successfully listed, the funds raised from the primary market can only be used for automobiles.
For the development of the network itself, the group cannot get this money."
There is essentially no difference between IPO financing and previous A/B/C round financing.
The funds raised cannot be used for other purposes.
The main difference is that in pre-IPO financing, participants are often investment institutions; in IPO financing, all shareholders can invest in the secondary market.
Moreover, the stock price can fluctuate freely in the secondary market without affecting the company's own business.
"Another point is that if you don't give profits to investment banks, it will be difficult to find suitable underwriters, unless you adopt an agency sales model for the IPO instead of a more secure underwriting." Lu Kai reminded.
IPO is divided into two modes: underwriting and agency sales.
The so-called underwriting means that when an IPO is issued, the underwriter first purchases all or part of the securities planned to be issued with its own funds, and then resells the purchased securities to investors.
If there are still unsold securities after the expiration of the underwriting period, they will be held by the underwriters themselves.
Adopting this method means that as long as the company delivers the shares to the underwriters, the issuance is considered successful, and the remaining pressure is transferred to the underwriters.
Most of the projects listed overseas adopt the form of underwriting.
In contrast, agency sales are somewhat unreliable, which means that when an IPO is issued, the underwriter sells relevant securities on behalf of the company. If the sales are not completed after the underwriting period expires, the remaining portion will be returned to the issuer.
If investors do not subscribe enough within the price range, the IPO will fail.
There is a basic law in the financial world: risk and return are directly proportional.
Because there is a risk of issuance failure, companies that use consignment sales are often companies that are evaluated as very risky before going public, so no underwriters want to take risks.
Automotive Network is obviously not included in this list.
But for Automobile.com to go public smoothly, investment banks must be given sweeteners.
"My opinion is that we can transfer part of AutoNet's shares to others before going public, which can not only ensure AutoNet's smooth listing, but also secure a sum of funds for the group," Lu Kai said.
This is also a common practice in the financial circle.
Taking out a portion of the shares before going public is a bit of a win-win situation.
Because once a high-quality company like Automotive Network goes public, the shares subscribed at a relatively low price before going public will definitely appreciate in value.
It's basically equivalent to making money just by buying it.
"We can consider transferring 30% of AutoNet's shares before going public."
Considering that at least 15% of the shares must be put into the secondary market for free circulation, transferring 30% of the shares before listing is already the limit.
Any more will affect Qinghe Technology’s actual control over Automotive Network.
Although Zhang Shuo doesn't like investment banks, it doesn't mean that he can completely change the rules of the game now, especially when it comes to professional matters such as listing, he really has to cooperate with investment banks.
Of course.
It is impossible for all these shares to be given to the underwriters.
"The underwriters get 3%, and the investment institutions get 12%. And when selecting investment institutions, they are mainly from semi-official backgrounds such as Binhai City Investment, so the money will not go to outsiders."
Zhang Shuo has always looked down upon venture capital firms such as Scarlet Capital.
It is impossible to let them take advantage of it for nothing.
Giving profits to institutions such as Binhai City Investment not only strengthens ties with the government, but also responds to Zhang Shuo's promise to his second uncle before that Moya would withdraw from some businesses in due course.
At least don't eat alone.
If things go on like this, it will surely dispel some people's doubts and remove obstacles for the future development of the bud.
"What about the remaining 15%?" Lu Kai asked doubtfully.
"For the remaining 15%, you draw up an internal subscription method. Management personnel of M1 and above and technical personnel of P4 and above can participate in the subscription. Different levels have different upper limits on the number of shares subscribed, and the principle is voluntary.
.If there are any leftovers that have not been subscribed, I will underwrite them all by myself.”
Automotive.com is the first listed company in the Bubu Group, and it can also be regarded as the first piece of cake.
Since we all have to share the cake anyway, instead of taking advantage of outsiders, it is better to digest it internally and take advantage of this opportunity for the mainstays of Sprout to make some extra money.
To enhance management's loyalty to Sprout.
"That's a good idea."
Lu Kai was also impressed. As a unique start-up company, Moya has neither equity incentives nor option incentives. It relies entirely on high salary and year-end bonuses to tie up the management.
It's a bit thin.
Now Zhang Shuo, the big boss, is willing to share part of AutoNet's interests with the management.
Undoubtedly a good start.
Based on AutoNet’s valuation of over 10 billion, 15% of the shares are worth at least 1.5 billion. After the management of Germination Department subscribes, when AutoNet goes public, if you are not in a hurry to sell out for cash, there is absolutely no problem in appreciating the value by seven to eight times.
To know.
The peak market value of the original space-time car network exceeded 80 billion. Now that it is taken over by Sprout, it is destined to not miss the mobility window and the market value will only be higher than that of the original space-time.
Therefore it is definitely a very cost-effective investment.
Even someone like Lu Kai, who has achieved financial freedom, can't help but feel excited this time. With his rank as rotating president, it is very easy for him to make a profit of 30 to 50 million yuan.
Why not?
From the perspective of the Sprout Group, if 30% of the shares are transferred before the listing of AutoNet, it can obtain at least 3 billion in direct income.
This part of the funds can be directly handed over to the Sprout Group for use without regulatory restrictions.
In order to achieve 100% control of Automotive.com, Mingya made three investments in total. The total capital consumed was only about 500 million, and in the blink of an eye, the value of the company would increase twenty-fold.
This is the magic of going public.
This is also because after taking over AutoNet, Moya successfully implemented the mobile transformation strategy, allowing AutoNet to almost monopolize more than 80% of the market segment.
This is worth telling a story and gaining investors’ approval.
It’s time for Germination to make this money!!
"Ahem, Mr. Zhang, my second proposal is related to Qingcheng Group." Lu Kai continued to report.
"Green Orange Group?"
Zhang Shuo was surprised, "Are you going to let Qingcheng Group start Series B financing?"
"Yes and no."
"???"
Zhang Shuo was really confused now and was waiting for Lu Kai's explanation.
"It's like this. In order to obtain a secondary entrance to Weixin, Ahri will pay Weixin a service fee of 35 billion in five years. But Qingcheng Group also obtained a secondary entrance to Weixin, and also
Not just one, but occupied four positions at once. Even if it is an internal price, paying 50 billion service fees in five years is not excessive, right? But in fact, Qingcheng Group did not pay a penny in service fees to Weixin
, it’s completely free prostitution.”
Lu Kai also has a unique angle.
"But Qingcheng is a budding enterprise." Zhang Shuo subconsciously felt something was wrong.
"It is true that Qingcheng Group is a subsidiary of Moya Holdings, but we only hold 73.2% of the shares. According to the rules of the game, we only need to bear the responsibility for this 73.2%. The shareholders who have the remaining 26.8% of the shares have nothing to do with Moya.
They have nothing to do with each other, but they took advantage of Wei Xin together. Isn't this inappropriate?"
Lu Kai explained with a smile.
"Just like Jade Bird Interactive Entertainment, because it is 100% controlled by Sprout and he is his biological son, even if he gets the first-level entrance to Weixin for free, it is natural. But Qingcheng cannot do that."
"When you say that, that's really what happened."
Zhang Shuo also came to his senses.
When Qingcheng connected to Weixin and obtained Weixin traffic support, he seemed to have been cheated on.
And it’s a big wave.
Calculating based on the 50 billion service fee Lu Kai just mentioned over five years, even if Sprout itself has to bear 73.2% of it, there will still be an additional income of 13.4 billion.
This income of tens of billions was actually ignored by Zhang Shuo before.
It really shouldn't be.
Fortunately, with the skill of Lu Kai, we can finally make amends and recover this part of the loss.
"Will the service fee of 50 billion over five years be set too high?"
Zhang Shuo was obviously moved too.
"It's not high. After all, Ahri's contract is in front of us. This is already a reasonable price."
Lu Kai didn't have any evil intentions. He said that compared with Ahli's price, since Ahli occupies one position and Qingcheng Group occupies four positions, theoretically Qingcheng will pay a service fee of 140 billion.
This is obviously unrealistic.
First, although Qingcheng Group occupies four secondary entrances, no matter which one Weixin users click on, they are actually connected to the Qingcheng APP.
It is equivalent to one book occupying four recommendation positions at the same time, and the effect will definitely be somewhat compromised.
Secondly, as the uncle said, the price of the same secondary entrance position in the eyes of different companies is different, and the traffic conversion that can be obtained is also different.
The larger the size, the greater the benefit.
Although Qingcheng Group is doing well, it is obviously far from being able to compete with Ahri. Therefore, in terms of service fees, it is naturally impossible to fully compare with Ahri's prices.
It's a bad thing to say.
Even if the entire Qingcheng Group is sold, it will not be worth the more than 100 billion in service fees.
Give me your life?
"But for this 50 billion service fee, even if we relax the conditions and pay it off in five years, 10 billion a year, Qingcheng Group cannot afford it."
As the chairman of Qingcheng Group, Zhang Shuo knows Qingcheng quite well.
The 3.2 billion in Qingcheng’s A-round financing has long been used for its own purposes, and more than one billion has been spent now. If you really had money, you wouldn’t have merged with the group through a share exchange last time.
How can you get such a sky-high service fee?
"This involves the second issue, which is what I just mentioned, the financing issue of Qingcheng Group."
Lu Kai has already thought about everything.
"To raise this capital, Qingcheng Group has at least two ways. One is to increase capital from all shareholders to raise the first down payment of 10 billion."
“Or we can simply start Series B financing and use the raised funds to pay for Weixin’s service fees.”
Anyway, no matter what, I just want to give money.
If it is a targeted capital increase, then Sprout needs to first invest 7.32 billion in capital increase before it can receive the 10 billion service fee from Qingcheng.
After the sale, only 2.68 billion funds were actually obtained.
It's pretty good.
And if Qingcheng Group launches Series B financing, then Sprout Ya will receive 10 billion in liquidity, and the price paid is that Sprout Ya’s shares in Qing Cheng Group will be further diluted.
Each has its pros and cons!
"Which method do you prefer?" Zhang Shuo asked.
"From my personal point of view, I naturally prefer the first one. The reason is also very simple. After receiving the support of Weixin Traffic, Qingcheng Group has entered the fast lane of development. The longer the B round of financing is delayed, the subsequent valuation will be
The higher it is, the more beneficial it is for us as the major shareholder," Lu Kai said.
"Isn't it too much to increase targeted capital by 10 billion?" Zhang Shuo shook his head.
"yes."
How could Lu Kai not know, "Even if we want to come up with 7.32 billion in funds at once, we still need to wait until the Dream Fund's borrowings are in place. Other small and medium-sized shareholders such as investment institutions may be able to barely come up with this funds, but Wang
The Xin team is determined not to be able to come up with this money."
When a company has legitimate reasons, it convenes a shareholders' meeting to discuss and decide to initiate a targeted capital increase. If small shareholders do not have enough funds to participate, they can only choose to withdraw and sell their shares.
This is usually one of the main means for large shareholders to squeeze out small shareholders.
If Wang Xin's team had not joined the Qingcheng Group, then Mei Ya could have copied the situation. However, since Wang Xin's team has already integrated into the Qingcheng Group, it cannot be like this.
Once word spread, it got a bad reputation.
The most important thing is that Wang Xin's team will become alienated from Qingcheng, and even become strangers to each other.
Then there are some losses outweighing the gains.
Although it has only been two or three months since he joined Qingcheng, Wang Xin did an outstanding job during his tenure as executive vice president of Qingcheng Group, and was even highly recognized by Pei Weiping.
“So Qingcheng’s only option is Series B financing.”
Zhang Shuo had a headache. If he could, he wouldn't want to start Qingcheng Group's B-round financing so early and get the advantage of those investment institutions.
It also indirectly harmed the interests of Sui Ya.
But if we don't ask for this sky-high service fee from Qingcheng Group, it would be too much.
It just depends on the choice.
"That's what I think. Do you think we can have a two-pronged approach? First launch a 5 billion directional capital increase, which will not only share part of the financing pressure, but also continue to push up the valuation of Qingcheng Group. After the directional capital increase is completed, we can start it in due course.
Series B financing, another 10 billion."
Lu Kai put forward his suggestion.
"After all, this is not a one-time deal. After Qingcheng Group paid the first 10 billion in service fees, it will have to pay 10 billion in service fees every year in the future. The pressure is still great."
"My idea is that it would be better to simply make it bigger so that Qingcheng Group can obtain sufficient development funds and take advantage of the situation. Only by allowing Qingcheng to achieve profitability as soon as possible is the fundamental solution."
"This is a good suggestion!" Zhang Shuo was very pleased.
A 5 billion directional capital increase, based on Wang Xin's team's shareholding ratio, only requires raising about 250 million, so the pressure is not as great as a 10 billion capital increase.
Wang Xin and others are not amateurs in the workplace, and many of them have achieved financial freedom before.
All of them are wealthy.
"If Wang Xin's team is really short of funds, the group can advance part of the capital for them and use it as a deduction from their future salary and year-end bonus."
Zhang Shuo didn't want Wang Xin and others to be separated from the group, so he had to win over them.
"Mr. Zhang is kind!"
Lu Kai was very moved. Where could he find such a considerate and generous boss?!