"Ruixiang is my first career and the place where my dreams started. I won't sell it! I appreciate Sister Lei's kindness, and I'm afraid I will let you down!"
Zhang Yida said with a smile. Work! It is impossible to work part-time in this life!
Just to calculate the economic accounts, the company still needs to get going.
A trace of disappointment flashed across Pang Lei's face, she forced a smile and said:
"It doesn't matter! Everyone has the right to pursue their dreams! Let's all work hard in the future!"
"Everyone works hard!" I'm afraid it's "Let me see the real results!" Zhang Yida thought to himself.
Pang Lei stood up and said goodbye. Before leaving, she exchanged WeChat messages with Zhang Yida.
For Pang Lei, she thinks Zhang Yida is still very talented. But if he doesn't want to be friends, then he will be enemies from now on!
As for investing in Ruixiang? That means supporting the enemy with weapons to fight against yourself.
Ruixiang is an AB share model. Twenty to thirty percent of the shares purchased are A shares without voting rights, which is completely ineffective.
The business overlap between Ruixiang and Lixiang Financial Services is too high. If they cannot merge and acquire them, they will have to become enemies.
Looking at Pang Lei pushing out the door, Zhang Yida did not regret his choice. On the contrary, his belief became stronger and he must surpass Leech Golden Clothing.
The first Internet Conference did not include a few big names, only Ding Sanshi and Xinlang Chairman Cao Guowei.
A group of big guys were giving keynote speeches above, and Zhang Yida was just listening to the class below.
There's no way, my strength doesn't allow it! I don't even have a chance to take the stage.
However, it cannot be said that there is no harvest. I collected a lot of business cards from CEOs of all sizes at the venue.
After three days in Wuzhen, the first Internet Conference concluded successfully, and Zhang Yida flew back to the capital.
Penguin has sent another notice to start the third round of negotiations.
"Hehe!" Zhang Yida smiled insincerely. He quietly revealed the meeting with Pang Lei in the conference room.
Didn’t the penguin react to this?
…
“Penguin is willing to value Ruixiang at US$7.5 billion!”
Liu Zhiping's salary increased by US$200 million immediately, which made Zhang Yida feel that the chat with Pang Lei that day was quite worthwhile.
The news that Zhang Yida had a secret meeting with Pang Lei at the Internet Conference spread quickly, and Penguin quickly received the information.
Liu Zhiping quickly reported it to Ponima, who was very angry.
Rui had a good conversation with him on the front foot, but went to hook up with Leech Jinfu on the back foot.
What does this mean? Bonima really wanted not to vote. But reason defeated sensibility. If Ruixiang threw himself into the arms of Ahri, wouldn't it be adding strength to his opponent.
Especially in the mobile payment battlefield, Penguin is originally at the bottom. If Ruixiang were to fall into the arms of Ahri again, it would be even worse.
So there was this third negotiation.
Liu Zhiping received the instruction that the pre-money valuation should not exceed US$8.3 billion, so he came directly to sign the contract and quickly bought shares.
But Liu Zhiping was cunning and cunning, so he felt that this matter could be discussed again, and it would be more economical.
Zhang Yida didn't want to delay it any longer. He had already offended the Ari family. If he offended the penguin again, he would be eating arsenic.
With both parties showing strong interest, the negotiations advanced quickly and finally reached a consensus on a pre-money valuation of US$8 billion.
But the financing method was stuck again.
"1 billion US dollars in cash + 1 billion US dollars in traffic resources?" Zhang Yida thought to himself, holy shit, it can't be WeChat Jiugongge!
"Yes, Penguin is very sincere and is willing to open the first-level entrance to WeChat for Ruixiang to settle in..."
Liu Zhiping began to talk about how good WeChat was and how huge the traffic was. It was because Goudong obtained the traffic entrance that his business volume and valuation skyrocketed...
"I don't dislike the WeChat nine-square grid entrance. It's just the price, it's a bit too expensive."
Zhang Yida shook his head, Penguin thought he was being taken advantage of.
When Pinduoduo later went public, the prospectus valued the WeChat Jiugongge portal at US$2.852 billion, which was the valuation of the five-year use rights starting in 2018.
But that was WeChat in 18 years later. The number of WeChat users now is four to five billion, and it only reached 1 billion in 18 years.
And in terms of commercial value, WeChat is a desert now, and its value is far less than what it will be in a few years.
The most important thing is that when Pinduoduo was listed, it was estimated to be worth US$2.8 billion. That means that listing will increase the market value, facilitate more financing, and harvest more leeks!
When Penguin bought a stake in it, its valuation would definitely not reach US$2.8 billion.
Zhang Yida was very angry. Penguin was bullying him for not knowing the market!
Zhang Yida shook his head and said:
“When you invested in Goudong in the first half of the year, you spent more than 200 million U.S. dollars, including Paipai.com, QQ online shopping, Yi Xun, QQ and WeChat first-level traffic portals, for a total of 15% of Goudong’s shares.
Why did the price increase so much when you come to me?"
Liu Zhiping patiently explained:
“Goudong’s post-money valuation at that time was US$15.7 billion, and 15% of the shares corresponded to US$2.355 billion.
Calculate, how much should we value the traffic portal?"
Are you fooling me? Zhang Yida laughed secretly and said:
"Mr. Liu, this is a cognitive error!
Goudong’s pre-investment valuation was US$8 billion, but after merging a series of Penguin’s businesses, the valuation nearly doubled.
Judging from the situation of your shares at that time, the resource value of your shares was approximately US$1.4 billion.
Goudong’s pre-money valuation is US$8 billion, and its post-money valuation is US$9.4 billion.
After deducting the cash part, the resources you provided are about US$1.2 billion, and the bulk is reflected in Paipai + QQ online shopping + Yi Xun.
As for the post-money valuation of US$15.7 billion! Everyone is carrying the sedan chair!"
Liu Zhiping was secretly shocked. He had studied the transaction between Goudong and Penguin very thoroughly! This data was very accurate.
Other investors like Shen Beipeng, Xu Xiaoming, and Li Hengbo also spoke:
"Mr. Liu, since we have decided to cooperate, let's be more honest!"
"Yes! If you choose to use resources to invest in shares, give a fair and just price. At least the same as the valuation of Goudong!"
Liu Zhiping was a little embarrassed and found an excuse to go to the toilet. Then he went out and called Bonima and said:
"You're fooling me! You didn't fool me! They figured out the details of Goudong's transaction very clearly."
Bonima was also a little upset. He didn't get any advantage in valuation, and the resource investment didn't raise the price. He sighed and said:
"Okay! Just give them the price according to Goudong!"
Liu Zhiping returned to the conference room and did not immediately give in. He continued to argue with a group of investors. After reducing the traffic resources from US$800 million to US$500 million, he no longer let go.
That’s almost the price! Other investors no longer bother to let go.
Witnessed by a group of investors, Zhang Yida and Liu Zhiping initialed a shareholding agreement.
The agreement is as follows:
First, Penguin invested US$1.5 billion in cash and US$500 million in resources, totaling US$2 billion in Ruixiang, and based on a post-investment valuation of US$10 billion, it accounted for 20% of the shares of Ruixiang Group.
Second, the resources of US$500 million include QQ client and WeChat Jiugongge first-level traffic entrance, which will be used for 5 years. Starting from December 1, 2014, to November 30, 2019.
After the five-year usage period expires, Ruixiang Group has the priority to renew the contract. The specific price is constant according to the market price at that time.
Third, by signing an anti-dilution clause, when Rui issues new shares for subsequent financing or old shareholders transfer equity, under the same conditions, Penguin has the right to preemptively purchase or transfer in proportion to ensure that its shareholding ratio will not be affected by subsequent financing.
Reduced by the issuance of new shares or transfer of shares.
…
in addition.
Lin Zhenyang transferred 0.67% of the equity, and Zhenke Fund represented by Xu Xiaoming also reduced its holdings of 1.33% of the equity and gave up participating in the investment.
Blackshirt Capital and Temasek jointly received 2% of the shares transferred by Lin Zhenyang and Xu Xiaoming, each with 1%, and gave up participating in the investment.
SBI, GGV, and Qiming neither participated in the investment nor reduced their holdings, allowing them to be diluted.
Penguin led the investment with US$2 billion, and Blackshirt Capital and Temasek each invested US$100 million, acquiring a total of 2% of the equity transferred by Lin Zhenyang and Xu Xiaoming for US$200 million.
Penguin's US$1.5 billion in cash and US$500 million in resources were directly transferred into the account of Ruixiang Group.
Lin Zhenyang transferred 0.67% of the diluted equity in Series C financing and obtained US$67 million, which he pocketed after deducting personal income tax.
After the C round of Zhenke Fund, the equity was diluted to 2.66%, and another half of the equity was cashed out, 1.33%, and US$133 million was recorded. At the same time, half of the equity was left to continue to increase in value.
Since Zhenke Fund is small in scale, it is understandable to want to pocket some of it. Everyone also understands that Blackshirt Capital and Temasek are even willing to transfer all of it.
But Xu Xiaoming is not stupid either. He keeps half of the shares and continues to wait and see.
The shares of Ruixiang Group were finally changed to:
Zhang Yida is still the largest shareholder, with 80.77% voting rights.
Penguin became the second largest shareholder, with 3.85% voting rights.
Lin Zhenyang was reduced to the sixth largest shareholder, with 9% voting rights.
Zhang Yida and Lin Zhenyang together hold nearly 90% of the voting rights, and the control of the company remains stable.
Penguin Investment Ruixiang does not pursue controlling interests. The main purpose is to join forces with vertical and horizontal partners, like a dog owner, to jointly fight against the Ahri clan.
At the celebration banquet in the evening, Liu Zhiping took Zhang Yida to drink and said with a smile:
"Yida, this time Penguin and Ruixiang join forces, they will definitely create a new situation..."
Zhang Yida recognizes this very much. With the traffic resource support of QQ and WeChat, the entire group's business is expected to reach a new level.
Needless to say, old businesses such as financial management, loans, funds, and insurance. As long as the number of users increases, the income will follow.
You don’t have to worry about being blocked with Diandianchi. You can share links on WeChat with confidence.
"Another thing is that next year is a critical year. The battle for the mobile payment market will definitely begin. Don't be stingy with the money you raise, be sure to spend it."
Liu Zhiping said with sincerity, Ruixiang is one of his own now, and some news still needs to be shared.
"However, we need to have a good communication with Tenpay. If you burn money, you have to burn money in the other direction. Our common enemy is Leech Financial Services. Don't let your side take the lead. Then let the Ahri team see the joke!"
Liu Zhiping specifically told Zhang Yida that if you take the penguin's money and turn around and hit the penguin, you will be in trouble.
Zhang Yida nodded, he would definitely not fight Penguin now. Leech Financial occupies more than 70% of the market share, so he will definitely seize Leech Financial's market first.
If the Leech Golden Clothes gets down, it won’t be soft when it’s time to beat the penguins...
What's wrong with the shareholders? I'll hit you right.
Thinking of this, Zhang Yida couldn't help but chuckle. If you really do this, don't make Bonima angry to death.
But Zhang Yida can think of things, how could Penguin not think of them?
Now Ahri's side is the big enemy, and Ruixiang is the one to win over.
If he really defeated Leech Golden Clothes, he didn't need Rui Xiang to attack first, and Penguin would probably turn his gun and aim at Rui Xiang.
It's a matter of priorities, and the enemy of my enemy is my friend.
Zhang Yida will not really follow Penguin's lead just because Penguin has invested in it.
Penguin will not really regard Ruixiang as one of its own just because it holds 20% of the shares in Ruixiang.
Unless Ruixiang is acquired into the Penguin system or becomes a holding subsidiary of Penguin.
Zhang Yida thought again, is he thinking too much?
In 2019, the year of rebirth, Alipay’s market share was still higher than WeChat Pay.
Penguin wants to fuck Leech Jinfu? It’s as difficult as climbing to the sky.
In the e-commerce or new retail scenario, the compatibility between buying and selling things and the payment business is inherently high.
In comparison, Penguin's social scene is still weaker. So I have been pushing payment codes offline, hoping to save the situation with a larger number of users and higher APP usage time and frequency.
Rui Xiangnan? Where is the scene that belongs to Rui Xiang?