Makarim, Feili, and William stared at each other. After a long time, Makarim was the first to say: "Okay, this method is good, I agree."
Of course he has to agree!
He felt that Zhang Yida still favored him. When Gojek's valuation and user base were far behind the other two companies, this Chinese investor actually fought for equal equity for Gojek.
"I also agree and hope that Ruixiang Group can lead everyone to make progress together and make the joint venture bigger and stronger as soon as possible."
The second person to express his position was Fili. Their company's original valuation and size were caught in the middle. No matter how you calculated it, Traveloka would not be able to become the major shareholder or the second shareholder.
Now it is tied with the other two companies as the second largest shareholder, which is not too bad.
"Since Mr. Zhang has spoken, I will give him this face. Tokopedia also agrees."
William did not object but agreed to Zhang Yida's proposal, which surprised Makarim and Feili.
Just now, the CEO of the Internet company with the largest valuation in Indonesia was very powerful, and he made it clear that he would dominate the other two companies.
William actually thought very simply. After the e-wallet company was launched, Tokopedia's user base would definitely be the main force in its promotion.
By then, your company will make the greatest contribution to the e-wallet, and you will have to increase your shareholding ratio when increasing capital and shares. Others will have no reason to object, right?
Seeing that everyone agreed, Zhang Yida breathed a sigh of relief.
He was really afraid that several companies would fall apart and the plan for a joint venture would be aborted.
The purpose of Rui Xiang's investment in Indonesia is to integrate local Internet power and become a sharp knife stabbing the entire Southeast Asian market.
If Ruixiang comes to Indonesia alone to set up a mobile payment company, it will be too difficult to do business.
Without political connections and unfamiliarity with the market, it would be difficult to become bigger and stronger.
With the support of these leading parties, things will be much easier to do.
Moreover, the mobile payment business involves huge amounts of funds and huge user personal information, and is strictly regulated in many countries, including Indonesia.
The Bank of Indonesia also requires that foreign investors carrying out mobile payment business must cooperate with Indonesian practitioners.
That is, you can invest in our country, but you must bring people from our country to play with you.
It’s similar to China’s previous automobile industry, which traded market for technology.
Ruixiang directly holds 49% of the joint venture's shares, and indirectly holds 5% of the shares through three Indonesian Internet companies, adding up to 54%.
As for the future, will the shares be diluted?
Just like what Zhang Yida said, as long as it can promote the joint venture's business growth and increase its value, you are welcome to increase your holdings.
If the shareholding is small, even if it holds 100% of the shares, it will not make much money. But if the shareholding is large enough, even if it only holds 1% of the shares, it will be worth a lot of money.
After the four parties reached an agreement, the investment agreement was signed under the witness of the lawyer.
William also suggested signing a supplementary agreement. The content of the agreement was that the subsequent capital increase and share expansion should be divided according to the contribution of shareholders.
Those who make a large contribution enjoy the right to increase capital; those who make a small contribution are not eligible to increase their holdings and can only passively dilute their shares.
The supplementary agreement is very detailed, taking into account how to evaluate and measure contributions and various circumstances.
The three Indonesian local Internet companies help the e-wallet promote new users, and Ruixiang provides advanced technology and technical personnel, which also counts as a contribution.
It is fair and just to include all respective resources.
The e-wallet is named R.Pay, taking the first letter R of sharp direction and combining it with the English word Pay.
As the majority shareholder of the joint venture e-wallet company and a shareholder of the three companies, Ruixiang naturally has to take over the product naming rights.
R.Pay is the first payment product launched by Ruixiang overseas. If necessary, it will be brought back to China to brag about it.
It has placed high hopes on Zhang Yida, and Rui needs to use it to hype up the concept of a "transnational financial giant" in order to raise his value in the next round of financing.
Before leaving Indonesia, Zhang Yida went to meet the founder of a start-up company, Akima Zaki.
Achima is the founder and CEO of Indonesian e-commerce company pak.
This company is a sworn enemy of Tokopedia, which Zhang Yida previously invested in, just like Ali and Goudong in China.
pak is a local Indonesian e-commerce platform company established in 2011. Its products cover multiple categories such as home appliances and furniture, digital products, beauty and personal care, and men's and women's clothing.
In addition, they also sell air tickets and train tickets, as well as financial products and investment services.
The financial business is also doing very well, with mutual funds, gold trading and other sectors now online.
Based on a post-money valuation of US$100 million, Zhang Yida invested US$10 million in them, occupying 10% of the shares.
The investment funds were transferred from Yimin Wangjin's account, and the investment was also made in the name of Yimin Wangjin.
After all, Tokopedia is also in Indonesia. It doesn’t look good to invest in the name of Ruixiang.
Zhang Yida is betting on both ends, betting on the entire track, not a specific player.
No matter who wins in the future, there will still be money to be made.
At the same time, it is doing risk hedging for Tokopedia’s US$80 million.
…
After Zhang Yida and his party left Indonesia, they went to Singapore.
In Singapore, Zhang Yida is preparing to visit three companies.
The first company I went to was Sea Group, a company known as the “Penguin” of Southeast Asia.
Sea was founded in Singapore in 2009 by Li Xiaodong, a Chinese born in Tianjin. Its predecessor was CG-Game, which has some connections with Chen Ou.
Sea has three major platforms, all of which are in the leading position in the "Greater Southeast Area" including Wanwan: Garena, the first electronic entertainment platform, Shopee, the first e-commerce platform, and Airpay, the first e-wallet.
Li Xiaodong expressed a warm welcome to the arrival of Zhang Yida and his party.
Zhang Yida knew that Penguin’s father was Sea’s largest financial backer, holding nearly 40% of the shares.
However, considering that there are not many companies with growth potential in Southeast Asia, we decided to try our luck in Sea.
"Mr. Zhang, Ruixiang and Sea are brother companies. If you want to invest in Sea, I welcome it."
After Zhang Yida expressed his intention, Li Xiaodong said with a smile.
Seeing this, Zhang Yida felt that there was a way out, and asked again: "What is Sea's current valuation?"
"We are all brother companies, so I will give Ruixiang a preferential price of US$2.5 billion.
Our external quotations all start at US$3 billion."
Li Xiaodong did not talk around in circles with Zhang Yida and quoted the price directly.
"As far as I know, Sea's revenue last year was US$140 million, and its net profit was -US$90 million!
Does Mr. Li have any views on future profits?"
Sea is indeed similar to the domestic magnesium group. It has been losing money for many years, and Zhang Yida was still losing money the year he was reborn.
The greater the loss, the higher the market value.
Because the core data has grown rapidly. Southeast Asia has a population of 650 million, and its financial report reports that there are 320 million active users...
Social networking + games + e-commerce + financial technology, all businesses with great potential for imagination are captured by it.
“E-commerce platform Shopee and e-wallet Airpay are heavily subsidized.
As for the gaming business, we have always been profitable.
When the user circle comes in and the activity is maintained, in about two or three years, it will be almost time to make full profits!"
Li Xiaodong obviously understands the Internet model very well, and he has adopted many domestic playing methods.
Zhang Yida thought to himself: No wonder the natives of Southeast Asia cannot beat him. Li Xiaodong has begun to play with the ecology, and many startups in Southeast Asia are still in the stage of fighting independently.
"Let's do this! Ruixiang will invest US$250 million in you!"
Zhang Yida remembers that Sea’s market capitalization reached a peak of US$18.5 billion. It’s not a loss to buy US$2.5 billion now. If you can get more shares, you can get more.
"If not so much, just invest US$100 million to US$150 million."
Li Xiaodong chuckled and said, "As for financing, the fewer shares are released in the later stages. It would be too much of a loss if we still dilute it by 20%-30% like in early financing."
"Then invest 150 million U.S. dollars! This time when I invest in Southeast Asia, I have a lot of money, and I won't be willing to spend it all!"
Zhang Yida calculated in his mind that with 5.67% of the shares, he was considered an important shareholder who passed the 5% shareholding line, so he took a seat first.
…
The second stop came to Lazada, where CEO Maximilian Bitner grandly welcomed Zhang Yida and his party.
Lei Dongming talked with Lazada last year, but the situation was not particularly ideal and was mainly stuck on valuation.
In December last year, Lazada completed a 200 million euro G round of financing led by Temasek and co-invested by Roter, pushing its valuation to 1 billion euros.
"Mr. Bitnet, the last time I came here, the valuation was not 1.2 billion euros."
Lei Dongming was a little angry. In just a few months, this German big nose who went to Southeast Asia to do business has increased his prices again.
"Mr. Lei, you also know that that was the last price. It has been a few months, how can the valuation not increase?
Moreover, our business has grown rapidly this year, and we have made great progress in six countries including Singapore, Malaysia, Thailand, Vietnam, Philippines, and Indonesia."
Maximilian Bitner smiled brightly. This was the second time that these Chinese tycoons came to him. He guessed that they really wanted to invest in Lazanda.
The German people also welcome the Chinese tycoons who buy from all over the world!
Zhang Yida took out his mobile phone and checked the exchange rate. 1.2 billion euros is equivalent to 1.31 billion U.S. dollars.
In April next year, Ali will acquire a controlling stake in Lazada for US$1 billion, equivalent to a valuation of US$2 billion.
In less than a year, more than 50% of the income was returned. It was a good deal.
Zhang Yida agreed to the investment transaction on the spot and acquired 7.1% of Lazada's shares for US$100 million.
"Don't worry! Chinese friends, you will feel lucky for this investment in the future."
Big Nose was very happy. He felt that he still underestimated the financial resources of the Chinese people. He thought to himself: If I offer 1.5 billion euros, would they agree? Oh, it’s a loss.
…
On the third stop, Grab, Zhang Yida met founder Chen Bingyao and co-founder Chen Huiling.
Both of them are Malaysian Chinese who graduated from Harvard Business School, and Chen Bingyao is also a "third generation rich".
Tan Ping Yao’s grandfather created the automobile empire Tan Chong Motors from scratch. The company is currently the manufacturer and distributor of Nissan cars in Malaysia.
Not as good as Robert Kuok and the Kuok Lingcan family, but it can still be considered a wealthy family, one that has been rich for three generations.
Zhang Yida came over and still wanted to talk to the other party about investing in shares. The largest unicorn in Southeast Asia could not be let go no matter what.