Cheng Wei was unconsciously thinking, and it took him a long time to realize that he had been led astray by Chen Dongcheng.
He just wants to get involved in shared bicycles, but Didi does have ambitions for shared bicycles.
Compared with ofo, which has a higher damage rate, Cheng Wei prefers Chen Dongcheng’s Qingju bicycle.
Even though ofo and Didi were in the same capital, Cheng Wei's first choice was not ofo, but to come to Shanghai to meet Chen Dongcheng.
Cheng Wei values the shared bicycle field so much, so naturally it is not a decision he makes just by thinking about it.
Don’t forget that China is a kingdom of bicycles. There are definitely more users riding bicycles for short-distance travel than taking taxis.
So when the number of daily active users of Bicycle approaches Didi, the threat to Didi increases dramatically.
Financing for Internet companies is all about who can tell a better story.
In the stories Qingju Technology told in subsequent rounds, in addition to globalization and occupying other cities, the ability to reach Didi users at any time also interested many investors.
As for the launch of Qingju Technology’s ride-hailing service, isn’t that just another round of subsidies for taxis and dedicated car drivers?
Cheng Wei has already seen it clearly from many years of taxi wars.
Chinese users have the least platform loyalty to this kind of standardized service.
Whoever subsidizes more will go with him.
Didi and Kuaidi were fighting each other to the death, wasn't it because this kind of standardized service was very difficult to cultivate user loyalty.
Including Uber China, which was recently acquired at a heavy price, for the same reason.
As long as you are willing to subsidize, there will be no shortage of users.
If you don't acquire the other party, you will be dragged down continuously.
It is no exaggeration to say that Didi’s biggest competitor in the future will almost be Qingju Technology.
For those investment institutions that missed Didi, bet on Qingju Technology whose valuation is less than 1/5 of Didi.
Not only the investment pressure is low, but the profit prospects are greater.
Moreover, the user data of the two is getting closer. Qingju Technology may surpass Didi at any time. No matter how you look at it, it is worth taking a gamble.
Cheng Wei was aware of this danger and planned to support a company in the field of shared bicycles.
As for making your own bicycle?
It’s not that Cheng Wei has never thought about it, the main market structure has already been formed.
If Didi does it on its own, it will be difficult to achieve any results.
There is only one way in front of Didi, which is to choose the one with the most potential to invest a sum of money and gradually gain control of the shared bicycle company.
Cheng Wei coughed: "ofo contacted us not long ago, but I rejected it."
"Why refuse?"
Chen Dongcheng asked cooperatively.
"Compared to those kids from campus like Ofo, I trust shopping mall veterans like Zhao Yin more, and you, an investor with a ruthless vision."
Cheng Weiyu smiled and added: "Of course, market share is also something I value very much.
Qingju Bicycle’s market share has remained at the 50% level.
Although ofo and Mobike have gained momentum recently.
But I don’t think the two of them can catch up with this gap.”
There are too many players in the shared bicycle track, and Didi has many investment targets to choose from.
Cheng Wei and Liu Qing chose Qingju Bicycles without hesitation, and they reached a rare consensus on this point.
Chen Dongcheng stood up and walked to his desk, flipped through the documents for a while, took out a document and handed it to Cheng Wei.
"Show it to me?"
Cheng Wei opened the file curiously, and his expression suddenly changed.
In this document, the bold font on the first page is very eye-catching.
“Report on the application for Qingju Technology to change its name to Qingju Travel”.
"Qingju travel?"
Cheng Wei frowned. When he saw the word "travel", he realized that something was wrong.
Changing the name of Qingju Technology is a trivial matter, but the name changed is similar to Didi, so isn’t it just for Didi?
Cheng Wei raised his head and glanced at Chen Dongcheng, and found that Chen Dongcheng was looking at him with a calm smile.
Although the air conditioner was on in the office, Cheng Wei felt that his backside was soaked.
What shocked Cheng Wei the most was that Chen Dongcheng handed him the document so openly, without the slightest fear that he would be wary.
But in the taxi market, no matter how careful you are, it’s useless.
If Qingju Technology really launches a private car business, it will definitely be welcomed by investors.
They don't mind taking a gamble on Qingju Travel to see how well it does.
"You should also take a look at this one."
Chen Dongcheng took another document to Cheng Wei, which stated that Qingju Technology would add a special car business line after changing its name.
At the same time, it actively raised D-round financing and increased the D-round valuation to US$4 billion.
Use half of the D-round financing amount, which is US$200 million, to subsidize users.
Seeing this, Cheng Wei no longer needed to look any further.
Cheng Wei asked with an ugly face: "Dongcheng, do you want to fight me to the death?"
"Of course not, this is just an application report submitted by Zhao Yin.
Personally I would prefer to avoid this war.
But sometimes, we are always pushed away by others.
The shared bicycle market is already saturated, and it makes little sense to subsidize it with other companies.
After Qingju Technology changes its name to Qingju Travel, it will definitely subsidize the private car business heavily.
I have a family named Cao Cao Pay, and I need to take advantage of the opportunity to develop.
I don’t mind asking Cao Cao to pay more subsidies for Qingju’s travel.”
Chen Dongcheng looked at Cheng Wei's face turned black and continued to hit him.
"But Didi is very wealthy, so I will ask Cao Cao to pay an initial subsidy of 500 million US dollars.
When this subsidy is used up, Qingju Travel should be able to get a piece of the taxi market share.
Let other investors see that Qingju Travel has good prospects, and their confidence in investing will be stronger."
"Okay."
Cheng Wei couldn't stand listening anymore and said angrily: "I know what you mean. I have to discuss it with Liu Qing."
"I'm not in a hurry, but King Xing of the Magnesium Cluster has been in contact with Zhao Yin recently, so you have to pay attention."
"King Xing?"
Cheng Wei was a little confused: "Why is he in contact with you?"
"Who knows, maybe I have some ambitions about traveling.
If Magnesium Group wants to survive, it must continue to develop its business, and bike sharing is a link they cannot avoid."
Chen Dongcheng smiled: "After all, we have everything to eat, drink and have fun, so we can't leave a vacancy in the field of expertise, right?"
Cheng Wei woke up instantly.
Looking at it this way, it’s not unreasonable for Magnesium Tuan to fall in love with Qingju Technology.
"Wait for a moment, I'll make a call."
Cheng Wei suddenly couldn't sit still and planned to have a serious discussion with Liu Qing.
"please."
Chen Dongcheng vacated his office and went out to use the toilet.
After going out for a walk, go to the tea room to have a cup of coffee.
I looked at my watch and saw that half an hour had passed.
Back in the office, Cheng Wei just hung up the phone and turned to Chen Dongcheng and said, "Make a price."
Chen Dongcheng smiled: "For 4 billion U.S. dollars, I can accept payment in shares and cash."
"Just kidding, no way."
Cheng Wei refused without hesitation: "This valuation is too high."
If you don't reject it outright, it means there is some discussion.
What Cheng Wei is not satisfied with is the price.
Then the two had a heated discussion in the office.
The final price was US$1 billion in cash and an additional US$2.7 billion in shares issued to Qingju Technology shareholders.
According to Didi’s valuation after just raising funds, Didi will take out 10% of the equity.
Chen Dongcheng is still very satisfied with this price.
Sharing bicycles is a trap, and it will explode sooner or later.
Chen Dongcheng did not intend to hold Qingju Technology for too long from the beginning.
Compared to Magnesium Group, Didi seems to be more reliable.
Didi would rather spend money to buy Qingju Technology than create another strong competitor.
However, such a big deal like an acquisition cannot be settled just like that.
At least you have to explain to investors the reasons for acquiring Qingju Technology before you can formally sign the contract.
But this did not prevent Chen Dongcheng and Cheng Wei from starting to talk and laugh.
Cheng Wei sighed with emotion: "I didn't expect you to come back."
Think about it, Chen Dongcheng did not continue to participate in the investment, and the equity he held has been diluted, and now it is very small.
But Cheng Wei and Liu Qing never dreamed that Chen Dongcheng would return to Didi in this way.
Chen Dongcheng smiled and nodded: "Yes, I finally came back."
"Okay, I have to go back to the capital quickly. You can come over later and let's sign the contract."
"good."
Chen Dongcheng agreed very happily, and Cheng Wei also left very simply, feeling depressed.
Didi held a video conference overnight and all investors voted.
More people are in favor of the acquisition of Qingju Technology.
Having experienced the taxi subsidy war, they now have a headache when it comes to subsidies.
Moreover, Qingju Technology’s plan to open a private car service does not seem to be fake.
If Qingju Technology is allowed to develop, it may really break the monopoly situation that Didi has finally created.
This price is something Didi cannot afford.
Since there is an easy way, why do we have to fight you to death?
Didi confirmed the acquisition plan, and Qingju Technology also held a board meeting.
Many Qingju Technology employees are a little confused, why are so many investors present today?
In the conference room, many investors had different opinions.
Some of the C rounds have just entered the market. If they sell at this valuation, they won't make much.
They very much hope that Qingju Technology will change its name to Qingju Travel and compete with Didi.
Investors in rounds A and B advocated accepting Didi’s acquisition and pocketing the investment income as soon as possible.
"Since everyone disagrees, let's vote by a show of hands."
Chen Dongcheng said simply.
There was silence in the conference room for a moment, and Zhao Yin said: "If you support the independent development of Qingju Technology, please raise your hands!"
After the voice fell, the investors who came in for round C and Zhao Yin raised their hands.
Those who raised their hands couldn't help but feel a little disappointed, because Chen Dongcheng, who holds the largest shareholding ratio, did not raise his hand.
Despite several dilutions, Chen Dongcheng still holds 55.77% of the shares of Qingju Technology.
Although Zhao Yin's voice was expected, he still couldn't help being disappointed.
As the CEO of Qingju Technology, he would rather see Qingju Technology develop on its own rather than sell it directly to Didi.
After Didi buys it, it will definitely gradually ignore him.
“If you support Didi’s acquisition of Qingju Technology, please raise your hands.”
Everyone watched as Chen Dongcheng's right hand slowly raised.
Although it is not fast, it is extremely determined.
Ding Baoshan’s shareholding ratio is not large, and after several rounds of dilution, it is only 3.3%.
However, he followed Fa Xiao's steps firmly and raised his hands as well.
There are also investors in rounds A and B, there is no suspense at all.
"I announce that Qingju Technology will be sold to Didi Chuxing and thank all shareholders for their votes."
Zhao Yin said this sentence almost in a tragic tone.
There was no expression on Chen Dongcheng's face, only an indifference that was rarely seen.
Business is business, and when it comes to interests, how many people can sacrifice themselves for others?
Chen Dongcheng couldn't do it anyway.
Selling Qingju Technology was a move that Chen Dongcheng had made a long time ago. Now that he has finally made the move, Chen Dongcheng feels at ease.