In less than a month, Ruixiang sold its shares in more than 20 unicorn companies and recovered more than US$5 billion in funds.
At the same time, the territory of the Ruixiang system has also shrunk by more than half.
"Zhang Yida feels that the potential has been exhausted", "those that have no synergy with Ruixiang's business", "those that were deceived by Ahri and Penguin" and other companies were not left.
Basically, these companies were invested by Ruixiang Industrial Investment Fund in the first phase. A small number of them were invested by the company's own funds, and some were chaotic.
At the same time, Ruixiang was not influential enough at the time, its wallet was not deep enough, it did not conduct multiple rounds of follow-up investments, and its voice was not strong in these companies.
Ruixiang Industrial Investment Fund only raised three phases. After the third phase of funds was invested, no further fund-raising was carried out. Instead, this function was replaced by the Ruixiang Strategic Investment Department.
Ruixiang currently has a lot of funds on its account, more than 10 billion US dollars, and there is no need to raise funds at all.
After all, the funds raised are not your own, and some companies may need mergers and acquisitions, or long-term equity holdings, and exiting is a troublesome matter.
There are various interpretations from the outside world regarding Zhang Yida's approach of letting Ruixiang Department "lose weight".
It is said that Ahri, Penguin, and Goudong jointly launched a counterattack with the purpose of interrupting Ruixiang's territory expansion.
If it can't hurt your own business, why can't you recruit a few younger brothers?
Some people also say that Zhang Yida has a strong sense of worry and likes the feeling of holding large amounts of cash in his hands.
This can be seen from the behavior of selling Huimin Travel and Green scooters.
There are indeed not many younger brothers left in Ruixiang. Leaving aside the foreign ones, the only domestic AI left is SenseTime, and then there are several hardware companies, several online education companies, and several content companies. It seems quite
For desolation.
In fact, Zhang Yida was secretly having fun at the moment.
Of the US$5.2 billion, Ruixiang’s own capital investment portion can be divided into US$1.2 billion.
Of the 300 million U.S. dollars invested in the first phase of the fund, Ruixiang invested 100 million, Huayi Capital invested 100 million, Yimin Wangjin invested 50 million, Black Shirt Capital invested 40 million, and Zhenke Fund invested 10 million.
As a GP, Ruixiang also enjoys 20% dividend rights from floating profits.
In the end, when all the zeros and zeros were added up, Ruixiang took away the bulk of the US$5.2 billion, US$3.028 billion.
Huayi Capital received 1.086 billion U.S. dollars, Yimin Internet Capital received 543 million U.S. dollars, Black Shirt Capital received 434 million U.S. dollars, and Zhenke Fund received 109 million U.S. dollars.
Anyway, except for Ruixiang, all investors made nearly 10 times the profit.
In addition, the shares of 36 Krypton, Shangchao Technology, Himalaya, Bilibili and other companies in the Ruixiang Phase I Fund have not yet been sold.
When it is sold, you can get another sum of money.
No matter what the outside world said, Xu Xiaoming praised Zhang Yida so much that he was almost in high spirits at the dividend meeting.
"Hey, Yida, you're so mean... I'm so embarrassed!"
Xu Xiaoming laughed "haha" and said, "Huayi Capital invested in TMD, plus benefiting people's travel.
Ruixiang Phase I Fund made me earn ten times again...oh, more than ten times, and I will still have money in my account after two years."
He sighed, "Hey, I lost money. It's a pity that I only invested 10 million US dollars."
Shen Beipeng smiled faintly, "After selling out all the companies, Ruixiang has more than 100 billion yuan in its account. We can't wait for it to get bad.
Have you found a new goal? Spend it to generate greater value."
Zhang Yida nodded, "The next step is to implement it. It is impossible to spend it all. Ruixiang must always have a certain amount of cash in his account."
Shen Beipeng thought for a while and asked, "Is it education?"
Zhang Yida nodded, and Shen Beipeng knew better now. No wonder he couldn't deliberately leave a few online education companies behind.
Is there any connection between online education and Ruixiang business? Not currently.
If he stayed here on purpose, he must have had this idea in mind.
However, Shen Beipeng felt that there were some things he still didn’t want to say, “Yida, online education already has a good future, with the two giants New Oriental.
In addition, Yuanfudao and VIPKID have already completed their D round, and their valuations are in the billions of dollars.
I'm just entering the market now, the timing is a bit late, I'm not very optimistic about it unless you integrate them."
Zhang Yida said calmly, "Let's talk first. Of course I hope it can be resolved peacefully."
Xu Xiaoming couldn't help but ask: "Want to enter the education industry?"
Not only Ruixiang, Blackshirt Capital and Zhenke Fund have also placed heavy bets on this track.
The most embarrassing thing for investment institutions is accidentally injuring friendly forces, when two invested companies burn money from the same fund.
The best solution is to "merge" to avoid involution.
The topic was a bit heavy, so Fan Hongyang quickly changed the subject, "With more than 500 million US dollars distributed, the stock price of Yimin Wangjin should be stabilized, right?
If it falls any further, the net worth will be broken.”
But his words didn't work, and everyone's focus was obviously not on this.
"Yuanfudao is a Penguin-based company, and VIPKID is even more complicated. We have investments in Zhenke, and Penguin and Yunfeng Fund also have investments."
Shen Beipeng analyzed very calmly, "Although Ruixiang holds shares in both companies, he may not be able to convince Mi Wenjuan and Li Yong."
Zhang Yida nodded. The situation was indeed a bit complicated. If he couldn't be convinced, he would have to fight.
Online education is a big trend. Ruixiang has traffic and resources, so there is no reason to let it go.
Moreover, education, like healthcare, is a long-lasting and promising industry.
It's just that the current situation is big enough, and we can obtain benefits in other ways, so it's better not to start a war rashly.
…
"After the merger, who is the leader? Who is the leader?"
Li Yong, CEO of Yuanfudao, respects Zhang Yida. After hearing the other party’s merger proposal, he did not overreact and instead pointed out the core issues.
Zhang Yida also has a headache about this problem. The valuations of both companies are almost US$3 billion, and their sizes are very similar.
There is no room for two tigers in one mountain, so one of the two founders must step down.
The reason why Zhang Tao, who was commentating back then, was willing to regress was because he was older than Huang Xin, so he took it lightly.
"Online education is currently a mess. If we unite early, we can make the cake bigger."
Zhang Yida smiled and said, "Yuanfudao focuses on K12 education, VIPKID focuses on online children's English education, plus vocational education, the game is complete."
If nothing else, at least we can reconcile with Future and New Oriental to compete with each other."
Li Yong nodded, "I admit, the business blueprint you drew, Mr. Zhang, moved me very much.
But I must retain control of the company, and if I can’t guarantee even this, I won’t be able to agree.”
Zhang Yida thought for a moment and said, "I can promise you this. Ruixiang is just a strategic investor and will not interfere with your daily operations and management.
But Mi Wenjuan still needs you to have a face-to-face communication."
Li Yong smiled and said: "If Mr. Zhang can convince her to merge and let me serve as CEO, then I have no problem and will fully support it."
Zhang Yida felt that it was a bit tricky. He could not guarantee that Mi Wenjuan would be obedient.
Although she is a female entrepreneur, she is also a woman who has built a company with a valuation of 20 billion yuan.
Can such a woman be simple?
"Okay, let's talk about this first!"
Zhang Yida warned again, "Don't make it public yet, and don't tell other shareholders."
Li Yong knew that the other party was letting the penguin go, so he smiled and nodded.