"Pony, what do you think about Ruixiang? Invest or ban?"
Liu Zhiping reported Ruixiang's matter to Bonima and was waiting for his reply.
Bonima was a heavy smoker. He leaned on the sofa in the office and burned two cigarettes in a row without saying a word. He kept thinking.
Liu Zhiping did not interrupt him, but silently waited for his answer.
"You can invest! Cut the valuation down a little further. Also, invest according to Goudong's method!"
Bonima finally made up his mind to invest in Ruixiang. After thinking about it, he added:
"Don't they have a magic treasure payment? Let them fight with the payment method! Our promotion of Tenpay will continue at the original pace."
Liu Zhiping nodded and asked again:
"Should we invest according to Goudong's method, that is, cash + resources investment?"
"Yes, open WeChat Jiugongge to them, and the value will be calculated as US$1 billion..."
Bonima is also an old fox. WeChat is gradually being commercialized. Opening the nine-square grid to Ruixiang not only saves a lot of cash, but also enriches the WeChat ecosystem.
"One billion US dollars...isn't it too high? Can Ruixiang accept it?" Liu Zhiping couldn't help but laugh out loud. Boni was killing this person like a fat sheep. He then said:
“When I bought shares in the dog owners in the first half of the year, the price for acquiring 15% of the shares was not small.
In addition to 100% equity interests in QQ Online Shopping and Paipai.com, as well as partial shares in Yixun.com, the first-level entrance to WeChat and mobile QQ clients is also open to them.
In addition, 1.6 billion Hong Kong dollars in cash, equivalent to approximately US$214 million..."
“What was Goudong’s valuation at that time? US$15.7 billion, right! 15% is US$2.355 billion.
Paipai + QQ online shopping + Yi Xun counts as 1 billion US dollars! The first-level traffic entrance of QQ and WeChat counts as 1 billion US dollars.
Isn’t this just right? The price is fair and reasonable!”
After saying that, Bonima smiled and winked at Liu Zhiping.
"Well! You're right. The first-level entrance to WeChat is priceless. You can't even buy it with money. It's only open to core business partners.
Then I’ll negotiate based on this price!”
Liu Zhiping thinks what Boni said is quite reasonable. What does the WeChat Jiugongge mean to a start-up company? It means that after connecting, it can enjoy hundreds of millions of user traffic. The business can take off on the spot.
Is 1 billion US dollars expensive? Not expensive!
"How much is the valuation cut down to be reasonable?" Liu Zhiping asked again.
"Calculating him at 20 times PE, it will cost him US$2 billion!" Bonima waved his hand and said.
"Okay, I understand!" Liu Zhiping nodded slightly.
…
"President Liu, the valuation of US$6 billion is too low! When Ruixiang did Series B in April, it was valued at US$3 billion.
Now more than half a year has passed, and the size has more than doubled!"
Zhang Yida shook his head repeatedly in Ruixiang's conference room, and other investors present also nodded to express their approval of Zhang Yida's words.
Liu Zhiping didn't waste a moment. He communicated with Ponima and flew to the capital with Penguin and his team the next day to restart the second negotiation with Ruixiang.
It was very strong when it came up, saying that Penguin would only accept a valuation of US$6 billion at most.
Of course Zhang Yida and the investors did not approve of it! The situation was at a stalemate.
Shen Beipeng has a good relationship with Penguin, and they have invested in many projects together. He said at this time:
"Zhiping! The valuation of US$6 billion is indeed too low. Everyone can see the growth potential of Ruixiang. Please report it to Pony and ask for a higher price!"
Liu Zhiping thought for a moment and said, "Okay, let me ask Pony for instructions!"
After saying that, he turned around and left the office.
After Liu Zhiping went out, other investors started whispering among themselves.
"This penguin is so overbearing, 6 billion US dollars, what a fool!"
“If it doesn’t work out, we will approach other capital for Series C financing.”
"Yes, $6 billion is too low and we don't agree."
"Yida, what do you mean?" Shen Beipeng looked directly at Zhang Yida.
Other investors also stopped the discussion and looked at Zhang Yida to see how he would reply.
Zhang Yida sneered twice, glanced at the crowd, and said harsh words:
"The bottom line is US$8 billion before investment and US$10 billion after investment. If it is below this line, then abandon Penguin and contact other capital directly."
Many investors also spoke in support:
"Yes, we have a unified voice and a unified approach to the outside world. US$8 billion is the bottom line."
“The post-investment valuation has risen to US$10 billion, and Ruixiang’s brand can move up a level.”
"To be honest, US$8 billion is a bit low, but Penguin's investment has a different meaning. Leech Financial will definitely be Ruixiang's biggest competitor in the future.
Make friends with Penguin to avoid being attacked by the two giants. This is a strategy to unite vertical and horizontal forces!"
Shen Beipeng began to comfort everyone, mainly for Zhang Yida.
Zhang Yida glanced at him and nodded.
After a while, Liu Zhiping returned to the conference room and said with a happy face:
"I communicated with Pony, and he agreed to increase the price by US$500 million, raising Ruixiang's pre-money valuation to US$6.5 billion."
Zhang Yida smiled and said:
"Since Penguin is sincere, we will make some concessions and remove the fraction of 320 million to calculate a valuation of US$9 billion."
Liu Zhiping frowned a little. The highest ceiling price quoted by Pony was US$7.32 billion. Now there is a discrepancy of more than one billion US dollars.
But it’s business! It’s normal for you to bargain with me.
After a heated exchange of words, Liu Zhiping set the price at "US$7.3 billion" and would not increase it.
Zhang Yida's quotation was lowered to US$8.3 billion, and he no longer gave up easily.
At this point, no one would give in.
Liu Zhiping said that he would go back to study and ask Bonima for instructions, and the second negotiation ended here.
…
"What? Pang Lei said she wanted to talk to me?"
Today is November 19th. Zhang Yida was invited to attend the First Internet Conference in Wuzhen. At this time, Song Caiwei came to report to him.
In a vacant conference room at the Internet Conference, Zhang Yida met Pang Lei. The two shook hands and exchanged pleasantries.
Pang Lei said with a smile: "You have built a tens of billions of dollars commercial aircraft carrier at a young age. Mr. Zhang is amazing! He is indeed the most outstanding young hero in Sichuan and Chongqing. Even many entrepreneurs of the older generation are very impressive." Appreciate you..."
Pang Lei is from Yuzhou, and she is speaking authentic Yuzhou dialect, which is praised to the heavens by Zhang Yida...
"Ten billion U.S. dollars!" Zhang Yida guessed that Penguin's negotiation with Ruixiang to buy shares was probably noticed by Leech Financial Services.
Then Pang Lei, the CEO of Leech Financial Services Group, is most likely looking for her because of this matter, either by investing in shares or by making mergers and acquisitions!
Zhang Yida laughed and said, "There are seniors who praise me! That's such an honor! Did Jack mention me?"
Pang Lei was also stunned, feeling that Zhang Yida was really thick-skinned. But he reacted quickly, his face instantly returned to calm, and he smiled:
"Jack also admires you very much. He said that at your age, he is still preparing to repeat the exam for the second time! He scored 19 points in the first college entrance examination mathematics test...
He said that you were admitted to Beijing University at the age of 18, and then started a company, and created such a career in one year.
Becoming famous at a young age makes him envious!"
"Haha, Jack deserves the award! He is also an entrepreneur that I particularly admire..."
Zhang Yida also talks nonsense to people and lies to ghosts. Although he has never been too fond of Jack Ma, he still exchanged business blows in front of his eighteen Arhats.
After chatting for a while, Pang Lei became more familiar with Zhang Yida. She looked at Zhang Yida with bright eyes and said:
"Yida, what do you think of Leech Golden Clothes?"
"It's very good! It has huge potential and is expected to become a hundred billion US dollar enterprise!"
Zhang Yida pretended not to understand and praised directly.
Pang Lei looked at Zhang Yida seriously and asked:
“Ruixiang’s business has a high degree of overlap with Leech Financial Services and will face intense competition in the future.
Who do you think has a better chance of winning?"
"That must be Leech Financial! Your Paypay was established in 2004 and has a first-mover advantage. And it also relies on Ali's strong e-commerce scene and resources.
These are all places that are incomparable to Ruixiang!”
Zhang Yida was very frank, admitting that his opponent was strong but that was nothing, and this was also a sign of confidence.
Pang Lei nodded. Although she was young, she still had some sharp eyesight. Then she spoke again:
“The biggest disadvantage of Ruixiang is that it has been established for too short a time and lacks foundation.
Take mobile payment as an example. We plan to spend 10 billion yuan in 2015 to subsidize the market. Rui Xiangnan?
I'm not saying that you can't come up with 10 billion. If you open up financing, you will definitely be able to raise this amount of money.
But 16 years? 17 years? 18 years?
It raises money every year and subsidizes the market every year. Ruixiang’s other businesses will also be dragged down and affected.
As far as I know, your shares in Ruixiang are only about 50%!"
Zhang Yida nodded and motioned for her to continue.
Pang Lei saw that Zhang Yida was listening to her speech very seriously, so she said passionately:
“With a few more rounds of financing, your equity will definitely be diluted to only 20% or 10%.
If mobile payment fails to compete again, Ruixiang's valuation will be $10 billion.
At that time, the equity in your hands will be worth one or two billion US dollars.
Why bother?
Why don't you join forces with Leech Financial to make your business bigger, go abroad, and let China's mobile payment take over the world?"
Wonderful! As expected of the Eighteen Arhats! Zhang Yida thought Pang Lei’s speech was wonderful and contagious.
Seeing that Zhang Yida had been meditating there, Pang Lei added fuel to the fire and said:
“If Ruixiang merges with Leech Financial, we are willing to offer a valuation that is no lower than Penguin!
In addition, we will recruit you as Ahri’s partner!
If you still want to focus on Internet finance, let me be in charge of the Southeast Asian market!"
Zhang Yida smiled and said, "Sister Lei, do you think so highly of me?"
"You have this talent and it's worth the price!" Pang Lei said with a smile, and then sighed: "We are all old! When I retire in the future, it is not impossible for you to take charge of the Leech Golden Clothing!"
The temptation is quite big! He is a partner of Ali and the helmsman of Leech Financial, and then acquires Ruixiang and pays a one-time payment, which should be shares of Leech Financial + a large amount of cash.
In terms of money, the Ruixiang shares currently held by Zhang Yida are worth US$4 to 5 billion. If he acquires Leech Financial Services, he chooses half shares and half cash.
Taking the current valuation of Leech Financial Services at US$45 billion, the acquisition of Ruixiang would cost US$8 billion, US$4 billion in cash + US$4 billion in stock.
Zhang Yida can get almost US$2 billion + 3.8% stake in Leech Financial.
In the future, Leechi Financial Services will conduct three or four rounds of financing, and its shares may be diluted to only about 2%. Based on a future valuation of US$150 billion, Zhang Yida will be able to obtain a return of almost US$3 billion.
$2 billion in cash + $3 billion in future stock = $5 billion.
It seems to be similar to the current value of Zhang Yida's shareholding in Ruixiang. But the meaning is different.
One is the valuation, and the other is the cash immediately available and the equity that can be transferred and liquidated in the future.
If you start your own business, you may not be able to succeed, and there are certain risks.