After the inspection of Blue Hole Studio, Zhang Yida made an appointment with Jin Fengjin, the founder and CEO of Woowa brothers, and Li Shijia, the founder and CEO of Viva republica, and prepared to meet them.
In a private club, Zhang Yida met the two of them.
Jin Fengjin wore black-rimmed glasses and a small beard on his chin. He looked like an artistic young man, about thirty years old.
Li Shijia wore gold-rimmed glasses and a slim-fitting high-end suit, giving him the air of a financial elite.
Several people have received higher education, so they communicated in English throughout the process.
Jin Fengjin said: "Mr. Zhang came all the way from China. Please forgive me for the poor hospitality."
Zhang Yida smiled and shook his head and said: "I didn't come from China. I still have some industries in the United States. I just finished my inspection there and then came to South Korea."
Li Shijia interrupted and said, "Is it Green and Musical.ly?"
Zhang Yida did not expect that Li Shijia knew his industry so well. He nodded and said with a smile: "President Li, you know me quite well!"
Li Shijia praised: "Mr. Zhang, these two products of yours are very famous in the United States! Musical.ly topped the Apple rankings, and Green is a sensation in the entire Silicon Valley. But it has greatly helped us Asians!"
Zhang Yida waved his hand and said modestly: "It's not a very technical product."
"Mr. Zhang is so humble." Jin Fengjin first complimented him and then said: "Our Asian companies have always imitated European and American companies, but you are indeed the first to share bicycles. This is amazing."
"Yes!" Li Shijia nodded in agreement and asked Zhang Yida: "Has Mr. Zhang ever considered introducing shared bicycles or shared scooters to South Korea?"
"What? Are you interested?" Zhang Yida looked at Li Shijia with interest.
"Yes! Shared bicycles are so cool. It would be great if they could be settled in Korea." Li Shijia gestured happily.
"I have a suggestion. Huimin Bicycle can jointly establish a Korean joint venture shared bicycle with our company "Long Live the Republic of China" like it cooperates with Grab."
After Li Shijia finished speaking, he looked at Zhang Yida again, waiting for his answer.
Long live the Republic of China is Viva republica company. Zhang Yida also thinks this name is quite funny.
However, the people in Kimchi Country had little cultural heritage, so Zhang Yida felt relieved after thinking about it.
"Hasn't your Long Live the Republic of China company always focused on the field of Internet finance? Why did you also come up with the idea of sharing bicycles?"
Zhang Yida frowned, Ruixiang also invested US$50 million in their company, holding 25% of their shares in Long Live the Republic of China.
If you have money, you can’t be so wasteful? You still play cross-border.
Seeing that Zhang Yida, the largest institutional shareholder, looked a little unhappy, Li Shijia quickly explained: "Mr. Zhang, the "deposit financial management" you launched in China is a very good idea.
I think that if shared bicycles can be bundled with our Long Live Republic of China company for promotion, the establishment of our platform can be greatly increased.
In addition, our mobile payment company Toss will also benefit a lot."
Upon hearing his explanation, Zhang Yida laughed. This was because he was preparing to copy his own way to make a fortune!
This Li Shijia has studied himself very thoroughly, and even knows about deposit management.
However, Koreans are just like this and like to plagiarize and imitate.
At the same time, Zhang Yida is a little worried, don't be like the Dragon Boat Festival, when shared bicycles will become their invention again.
"Bike sharing!" Jin Fengjin's eyes lit up and he added: "Can our "elegant brothers" join one?"
The elegant brothers are the Woowa brothers, the Korean version of the magnesium group, and their names make Zhang Yida unable to complain.
Zhang Yida narrowed his eyes slightly and asked Jin Fengjin: "Are you also interested in shared bicycles?"
Jin Fengjin smiled and said: "I know that sharing bicycles is expensive, and having one more partner will give you more strength!"
He turned his head and asked Li Shijia: "President Li, what do you think?"
If there is one more shareholder, the shares will be more diluted. But Li Shijia has also heard about the speed of China's shared bicycles burning money, and is somewhat worried that Long Live the Republic of China will not be able to survive as a company.
So he nodded and said: "If the elegant brothers want to join, I am also welcome."
Jin Fengjin was quite satisfied with this answer. In terms of valuation, their elegant brothers were valued at US$600 million, while Long Live the Republic of China was only US$200 million. Li Shijia is still very aware of current affairs.
Zhang Yida saw that the two of them were determined to build a shared bicycle, so he didn't bother to stop him and said, "Okay! Huimin Bicycle can provide the technology, and the subsequent operations will be left to you two!"
Li Shijia and Jin Fengjin were overjoyed and asked, "How much investment is Huimin Travel Group willing to make?"
Zhang Yida will not pay for it. In his opinion, sharing bicycles overseas will result in loss of money.
Domestically, shared bicycles have a diversion effect on its own industries, but who can guide them abroad?
"No more funding, we are willing to provide you with a complete set of system solutions and technical solutions, priced at US$10 million!"
Jin Fengjin shook his head and said with a smile: "Mr. Zhang, this is so insincere. The technology of shared bicycles is not too difficult, and our country's IT foundation is not weak. We can just find a technical team to make it."
"Yes! The price of 10 million US dollars is too high." Li Shijia also agreed.
"I think US$1 million is a more reasonable price." Jin Fengjin didn't want to make the relationship with Zhang Yida too tense, so he offered a price that he thought was fair.
“Then do you know how many generations of iterations Huimin Bicycle’s current system solution has gone through?
This is a mature solution finally produced after a year and a half of R&D and upgrades by hundreds of engineers. It includes hardware, software, cloud and other solutions and links.
Do you think $1 million is an appropriate price?"
Although Zhang Yida does not want to spend his own money to build shared bicycles in South Korea, he also wants to take more shares.
What if these sticks are so good that they make shared bicycles a success? If the shareholding is small, then it won’t be a big loss.
Jin Fengjin and Li Shijia looked at each other and felt that what Zhang Yida said was somewhat reasonable.
Huimin Bicycle spent more than one billion dollars to develop a mature solution for shared bicycles. The quoted price of US$1 million is indeed too low.
In addition, they also heard that several shared bicycles have emerged in Singapore and are preparing to enter the Korean market.
At this time, time is most precious. Using Huimin Bicycle’s mature solution will undoubtedly save a lot of research and development time and save a lot of costs.
After a while of bargaining, the two of them decided to price Huimin Bicycle's system solution at US$6 million, and the two companies would jointly invest US$24 million, making up a total of US$30 million in equity.
Zhang Yida is quite satisfied with this result, which is equivalent to exchanging technology for 20% of the shares.
South Korea's shared bicycles have become the best, and if they fail, there will be no loss.
"President Li, I have an idea that I don't know whether to talk about or not?" Zhang Yida asked Li Shijia again.
"What do you think? Mr. Zhang, just say it," Li Shijia said.
Zhang Yida glanced at Jin Fengjin who was sitting aside, and said to Li Shijia: "Let the elegant brothers buy shares in Toss."
Jin Fengjin looked happy. He knew the Toss platform. It was a very good transfer platform and had great investment value.
Li Shijia looked a little embarrassed. Long Live the Republic of China Company only held 49% of Toss's shares. If elegant brothers were brought in to join the company, the shares would have to be diluted.
Zhang Yida persuaded him: "Toss is not without competitors in South Korea. The shareholders behind Kakao are China's Ali Group, and the shareholders behind Kakao Bank are eaby and Penguin Group.
Although we, Ruixiang Group, provide technology to Toss, compared with the other two companies, the advantage is not particularly large.
My suggestion is to recruit more partners. Let’s make the cake bigger together.
Otherwise, if the cake is too small, what’s the point even if you hold 100% of the shares?”
Jin Fengjin glanced at Zhang Yida appreciatively. He thought Zhang Yida's words were too good. He also advised Li Shijia: "President Li, as long as you agree to our investment, the elegant brothers will do their best to help Toss with new promotions."
Li Shijia hesitated for a while, and finally nodded: "Okay! Let's cooperate fully from now on!"
After some discussions, the elegant brothers will inject US$20 million into Toss, and Ruixiang will inject another US$10 million, bringing Toss's valuation to US$100 million.
The pre-money valuation of US$70 million is 3.5 times higher than the US$20 million invested at the time of establishment.
Ruixiang's direct shareholding has also been diluted to 45.7%, but it indirectly holds 8.575% of Toss's shares through holding 25% of the shares of Long Live the Republic of China, and indirectly holds 1.5% of Toss's shares through holding 7.5% of the shares of Elegant Brothers.
shares.
Through direct shareholding and indirect shareholding, Ruixiang will hold a total of 55.775% of Toss's shares, firmly holding the company's say.
The elegant brothers will hold 20% of Toss shares after the share purchase is completed, which makes Jin Fengjin quite happy.
Li Shijia is not so happy, as the shareholding ratio of Long Live the Republic of China will drop from 49% to 34.3%.
Li Shijia suspected that Zhang Yidala's elegant brothers deliberately weakened the voice of Long Live the Republic of China by taking shares.
It turns out that Ruixiang and Long Live the Republic of China each hold 51% and 49% of the company's shares. Although Ruixiang holds the controlling stake, Long Live the Republic of China also has a great say.
However, after this round of financing, the shareholding ratios of Republic of China Long Live Company and Ruixiang will be completely expanded.
Looking at Li Shijia who was a little unhappy, Zhang Yida was going to give him a sweet date, so he said:
"President Li, Ruixiang and Yimin Wangjin have very mature solutions in many fields of Internet finance, such as small loans, insurance, financial loan intermediaries, credit big data...
I plan to transplant these mature solutions to Toss.
The current valuation of Toss is only US$100 million. Once the implantation of multiple businesses is completed, the future potential will be infinite.
Long Live the Republic of China will also receive generous investment returns. In addition, the company's daily operations will still be jointly managed by both of us."
Jin Fengjin also said: "President Li, don't be so stingy. Mr. Zhang is a well-known entrepreneurial hero. If you follow him, can you still suffer a loss?"
Zhang Yida smiled and thought: If he praises me so much, he might tear me apart if he doesn't make any money.
Li Shijia thought about it and felt that although Jin Fengjin was flattering, what he said was not completely unreasonable.
At a young age, Zhang Yida founded a financial technology company with a valuation of nearly US$30 billion. He also founded many well-known companies such as Huimin Bicycle and Yimin Wangjin.
Working with this kind of person, making money should not be a big problem.
Immediately, the anger in his heart dissipated a lot, and he began to have a pleasant conversation with Zhang Yida and Jin Fengjin about other topics.