The conference room was solemn, with investors and executives sitting together. This was Didi’s first board meeting this year.
Cheng Wei nodded to everyone: "Everyone, this meeting of the board of directors is mainly to report on the merger of Didi and Kuai."
Chen Dongcheng received a text message from Cheng Wei before he arrived. He was not surprised at all that Didi and Kuaidi would merge. This was planned from the beginning.
The snipe and the clam fight, and the fisherman gets the benefit.
There is also Uber outside, and if the internal friction continues, Uber will only be able to pick the peaches.
“In the current domestic taxi-hailing software market, Didi Dache and Kuaidi Dache occupy the leading positions with 56.5% and 43.3% respectively.
After our merger with Kuaidi, the new company will account for more than 90% of the domestic taxi-hailing software market share.
It is worth mentioning that we received 55% of the equity swap ratio of the new company after the merger.
As well as the dominance of the new company after the merger, Kuaidi’s senior management team will gradually cash out and leave.”
All investors clapped with smiles on their faces. They were very satisfied with this result.
Cheng Wei calmly accepted the applause from investors.
During this period, he and Liu Qing worked hard and worked hard, and finally persuaded Kuaishou to agree to the merger.
Only he himself understands the hard work involved.
"The combined company's valuation will reach US$6 billion, of course this is only the most conservative valuation.
As far as I know, American hedge funds have already started to quote prices, and the valuation will definitely be higher."
As soon as Cheng Wei told the news, the investors showed satisfied smiles on their faces.
The higher the combined company's valuation, the more valuable their equity holdings are, which is certainly something to be happy about.
Cheng Wei waited for the applause to stop and concluded: "Although Baidu has invested in Uber, Uber cannot beat us in the domestic market."
After the meeting, Cheng Wei specially held a celebration banquet and invited many elites from the media and capital circles.
The news of the merger between Didi and Kuaidi was officially announced at the same time.
Both Cheng Wei and Kuaishou CEO Lu Chuanwei sent an internal email to inform employees of the merger of the two companies.
On the surface, Lu Chuanwei and Cheng Wei will serve as joint CEOs of the merged company at the same time.
But just because the president of the merged company is Liu Qing, everyone knows that Didi has won.
Investors on the faster side are also willing to cash out as early as possible.
If this fight continues, many VCs with shallow pockets will no longer be able to hold on.
Cheng Wei became the centerpiece of the reception, and many investors gathered around Cheng Wei to inquire about Didi's next round of financing.
After three rounds of drinking, Cheng Wei finally escaped with the pursuit of a group of enthusiastic investors.
I ran to Chen Dongcheng and picked out a few snacks to eat.
"Why didn't you go over and say hello?"
Chen Dongcheng smiled and shook his head: "You need investment, I don't need it for the time being."
"Damn, don't be too arrogant."
Cheng Wei cursed with a smile and said with some pride: "After we merged with Kuaidi, although your equity has shrunk, it has also become more valuable."
Chen Dongcheng smiled and raised his glass: "Thank you."
In Didi’s previous D round of financing, Chen Dongcheng did not participate, and his equity was diluted to 8%.
After the merger of the two companies, Didi's equity allocation ratio was 55%, and Chen Dongcheng held 4.4% of the combined company's equity.
Cheng Wei ate a few snacks and finally had something in his stomach. He asked Chen Dongcheng: "Have you ever heard of American hedge fund coatue management?"
"I've heard about it. It's very famous in the United States."
Cheng Wei looked around and whispered: "A consortium of this fund has offered Kuaidi's senior management team a valuation of US$8.75 billion, and plans to unite with several other fund institutions to acquire the 600 million they have."
U.S. dollar stocks.”
Chen Dongcheng only knew that Didi's stocks were valuable, but he now understood how to make them valuable.
If based on this valuation, Chen Dongcheng has made a lot of money, with a return on investment as high as 640%.
Cheng Wei smiled and said: "How about it, do you want to thank me now?"
Chen Dongcheng deliberately teased him: "No problem, how many models can I arrange for you?"
Cheng Wei quickly waved his hand and said with a sneer: "That's fine. Let your sister-in-law know that you won't tear me apart when you go back."
"Mr. Cheng, who is this?"
While we were chatting, a middle-aged man came over to chat.
Cheng Wei smiled and pulled the other person to introduce him: "Mr. Lu, this is one of our Didi investors, Chen Dongcheng."
"Hello, Mr. Chen, I have heard his name for a long time, and today I finally got to meet him!"
Lu Chuanwei shook hands with Chen Dongcheng, looked at Cheng Wei who couldn't hide his smile, and said with emotion: "If Mr. Chen had been on our side, the situation today might be different."
Cheng Wei replied calmly: "It's good for Mr. Lu to quit now. He can achieve financial freedom as soon as possible. Maybe he can still see Mr. Lu in other fields."
Lu Chuanwei smiled bitterly and shook his head: "It's difficult, today is a good day for Mr. Cheng, so I won't bother you anymore. I'll excuse you now."
Looking at Lu Chuanwei's somewhat desolate back, Chen Dongcheng felt a little emotional.
The ruthlessness of capital is undoubtedly evident at this moment.
Founders like them have no chance of controlling the company's voice.
The same goes for Cheng Wei, who is trying to get the best of both worlds.
Chen Dongcheng asked casually: "After the merger, will you choose WeChat or Alipay for payment channel access?"
"They must all be connected. Even though Ahri has a weaker voice, she is just seeking death if she doesn't give her face."
Cheng Wei is not a coward, he really can't get around these two mountains.
If he hadn't hugged Teng Xun's thigh in time, how could he be as glorious as he is today?
Cheng Wei suddenly pointed at Peng Zhijian, who was chatting with his friends, and asked: "Is Lao Peng planning to go it alone?"
"How do you know?"
"Lao Peng asked me, but I was not interested in accepting his investment. I was wondering at the beginning if not all Tengxun had already invested in us.
Lao Peng explained to me that he planned to resign and set up an investment company to specialize in investing in companies after Series B."
"Then what do you say?"
"I'm just casual. I'm afraid Lao Peng won't be able to afford it."
Cheng Wei chuckled: "Our next round of financing will start at US$3 billion. Doesn't Uber want to play? We will stay with you until the end."
"So much?"
Chen Dongcheng definitely cannot afford to keep up. If he wants to ensure that his equity is not diluted, he will have to invest at least more than 100 million US dollars in Didi.
There are so many places to make money, so there is no need to continue throwing money at Didi.
Cheng Wei felt a little embarrassed when he mentioned this: "What Liu Qing means is that if you don't vote in the next round, the director's quota needs to be given up."
Before the merger, Chen Dongcheng had a director position in Didi Lao, and Liu Qing didn't care.
But after the merger, Ali and Tencent will occupy two director positions.
Several senior executives of the merged company must be on the board of directors, and the number of seats is completely insufficient.
"no problem."
Chen Dongcheng agreed very happily, but Cheng Wei was a little surprised.
Why doesn't this person show any reluctance at all?
Chen Dongcheng put down the cup with a smile and patted Cheng Wei on the arm: "Nothing, I'll leave first. I still have a project to deal with."
"Uh, okay."
Waiting for Chen Dongcheng to walk out of the banquet hall, Cheng Wei felt a little disappointed.
The introduction of Liu Qing indeed allowed Didi to develop rapidly and successfully merged with Kuaidi.
But all the same, the capital still trusts Liu Qing more.
Cheng Wei didn't even know whether he was right or wrong in letting Liu Qing join Didi.
Walking out of the banquet hall, the autumn air in Beijing was crisp and clear at the end of October.
Walking on the street, suddenly several figures riding yellow bicycles caught Chen Dongcheng's attention.
Ofo's little yellow car is so easy to recognize. Chen Dongcheng walked for a while and found a little yellow car parked casually on the sidewalk.
The tires are all flat, and the cost of the entire car is estimated to be only 200 yuan.
However, the deposit for Xiaohuang Bicycle is cheaper. The deposit of 99 yuan is 200 yuan less than that of Qingju Bicycle.
Of course, the mainstream in the streets and alleys is Qingju Bicycle.
Whoever got Qingju Bicycle to start up got 40 million, and Chen Dongcheng later lent Qingju Technology another 50 million.
Compared with a bunch of poor college students starting a business, Qingju Technology’s start is equivalent to driving a sports car.
The first batch of 100,000 Qingju bicycles has been put into the Beijing market.
Advertisements for Qingju Bicycle can be seen everywhere in major subway screen doors, buildings, and bus shelters in Beijing.
It can be said that the advertising budget invested by Qingju Bicycle during this period was quite large, and it was normal to burn through tens of millions a week.
The large investment in advertising has resulted in a surge in the number of registered users.
Once you have users, you have a deposit, and you can use the deposit to buy financial products to cover the cost of promotion.
This development model was used vividly by Zhao Yin.
One hundred thousand bicycles is not much at all for Beijing.
At its peak, the number of shared bicycles deployed in Beijing reached more than two million.
There are always people in the world who are greedy for cheap. Qingju Bicycle’s deposit is expensive, but ofo’s is cheap.
There is still room for development of Ofo. As long as there is a deposit, capital will come to you.
Zhao Yin spends almost half of every day discussing financing matters with capital.
It’s just that Qingju Technology’s appetite is too big, and many capitals are not optimistic about Qingju Technology’s profit model.
Zhao Yin was not satisfied with the valuation given, so the financing was put on hold.
Chen Dongcheng took a photo of an ofo bicycle and sent it to Zhao Yin: "Keep a close eye on it. Even if it is lost in the Beijing market, it cannot be lost too quickly."
"Okay, don't worry."
Chen Dongcheng reminded Zhao Yin that he should be more vigilant.
…
Chen Dongcheng was about to go back to the hotel when he suddenly received a WeChat message from Luo Yunqi: "I just arrived in the capital, you haven't left yet?"
"Should I go find you on the plane tomorrow?"
"Okay, you can go directly to Fulou French Restaurant on Xiaoyun Road."
Arriving at the restaurant, Chen Dongcheng was taken to a table by the window by the waiter.
Luo Yunqi stood up with a smile and pulled Chen Dongcheng to sit down.
Introduced to a beautiful woman sitting opposite her: "My boyfriend, Chen Dongcheng."
"Hello, my name is Qiao Siqi, Yun Qi's college roommate."
Luo Yunqi ordered several dishes from the waiter, and she knew what Chen Dongcheng liked to eat without even asking.
Qiao Siqi waited for Luo Yunqi to finish ordering, then asked: "Mr. Chen, where are you employed?"
Chen Dongcheng glanced at Luo Yunqi, who shook his head and explained: "I haven't had time to tell Siqi yet. We haven't had much time to get together since our internship."
Qiao Siqi was confused when she heard: "Yunqi, don't tell me which company your boyfriend is an artist from."
Even if you join the entertainment industry for your god-like looks, as long as someone is willing to praise you, it will be easy to gain a lot of fans.
Luo Yunqi did not rush to answer, but asked her: "Do you know keep?"
"I know, it's a very popular fitness app. I practice with it every day."
"He is the founder of keep."
Qiao Siqi was stunned for a moment: "Really? Then your boyfriend is too awesome!"
Luo Yunqi smiled shyly, but could not hide his pride: "It's okay, he also invested in several companies, I won't go into details with you."
"Don't say it, I'm afraid I'll die of acidity."
Qiao Siqi couldn't help but look at Chen Dongcheng a few more times.
Her looks alone are enough to overwhelm most men, not to mention her successful career development.
Qiao Siqi doesn't know the specific situation of keep, but she only knows that keep is quite popular in the Internet circle.
Looking at it this way, it shouldn't be a problem if my best friend's boyfriend is worth over 100 million.
No, it should be more than just being worth over 100 million.
Qiao Siqi pointed to the rose gold and diamond-encrusted Nautilus on Luo Yunqi's wrist: "Handsome boy, did you buy this for Yunqi?"
"I bought it when I went to Geneva."
Qiao Siqi nodded secretly and complimented: "You are quite good to Yun Qi. You are not willing to buy a watch worth more than two million yuan for Yun Qi."
Chen Dongcheng smiled and said nothing.
After the waiter served the food, Luo Yunqi saw that Chen Dongcheng had a particularly good appetite, and was a little surprised: "Didn't you eat just now?"
"I attended a cocktail party, chatted for a few words and then left.
I'm about to go back to the hotel, and I'll be here as soon as you call me."
Luo Yunqi asked curiously: "What kind of cocktail party?"
"There is a cocktail party to celebrate the merger of Didi and Kuaidi. I am an investor, so I will definitely attend."
Chen Dongcheng explained to Luo Yunqi while cutting the steak.
Qiao Siqi couldn't help but ask: "Didi is going to merge with Kuaidi?"
"If you search online, there should be relevant information."
Qiao Siqi unlocked her phone and opened the browser. Several related articles popped up at once.
The above clearly shows the latest progress of the merger between Didi and Kuaidi.
There was no news at all before. A reporter interviewed Kuaidi and Didi employees, and they all said they had not heard any news before.
Qiao Siqi's gaze suddenly stopped at one point.
"After the merger of Didi and Kuaidi, it will be renamed Didi Chuxing. The combined valuation will be US$6 billion."
6 billion US dollars ≈ 37 billion RMB!
Qiao Siqi suddenly remembered that Chen Dongcheng said just now that he was an investor in Didi, and his equity holdings should exceed 1%, right?
"Handsome guy, how much share do you hold in the post-merger Didi Chuxing?"
Qiao Siqi was really gossiping, and I felt a little regretful for asking.
Chen Dongcheng did not answer directly, but said vaguely: "More than 1%."
Even if it was so vague, it was enough to shock Qiao Siqi.
What does this mean?
The stocks held on behalf of Chen Dongcheng are now worth 370 million!
At such a young age, he already has a net worth of hundreds of millions, and his best friend also has a very good taste, right?
Qiao Siqi looked at Luo Yunqi with a complicated expression. No matter how good the relationship was, facing such a huge contrast, it was inevitable that there would be a gap in her heart.
Fortunately, Qiao Siqi is very self-aware and said with emotion: "Yun Qi's vision is so good."
Luo Yunqi quickly shook his head and explained: "When I met him, he had not yet invested in Didi."
Qiao Siqi smiled bitterly and said, "That's why I say you have good taste!"
For such an outstanding man, who wouldn’t want to fall in love with any pretty woman?