Seeing that the two of them were almost done talking, Fang Yuhan asked Zhang Yida about his views on the next development direction of Ruixin Group.
Zhang Yida analyzed her carefully, "Currently there is a big gap between Ruixin and international credit giants such as D&B, and its service targets should be centered around China.
For example, when Chinese companies going overseas need to find customers and partners when they go to Southeast Asia, India, Africa and other regions, we can provide company information inquiries and more detailed corporate credit reports.
If companies in the above regions want to enter the Chinese market, Ruixin can also provide the same services.
Europe and the United States are our home bases, so we can put them slightly behind."
Fang Yuhan nodded. Corporate credit reporting is an extremely tedious task. It requires collecting information about many companies, establishing credit files for the companies, and storing them in the Ruixin global database for reference by potential partners.
Ruixin also needs to regularly verify and update the company's credit file to ensure that the company's customers or partners can obtain the company's latest information in a timely manner.
The corporate credit file includes four major content modules: basic corporate information, customer/supplier evaluation, management information, and on-site audit information.
In addition, corporate credit services also include database marketing, corporate credit ratings, risk management solutions, industry data analysis reports, etc.
At present, Tianyancha has launched corporate credit file establishment services in China and has established relevant credit files for hundreds of thousands of companies.
But compared with the tens of millions of companies in China, they are still too few.
Excluding some small and micro enterprises that have little need for this service, Ruixin needs to establish credit files for at least millions of enterprises in order to achieve scale effects.
Overseas, Ruixin has established a firm foothold in Southeast Asia and launched the Southeast Asian version of Tianyancha. India has just entered.
Africa, Latin America and other regions are still in the dark and unable to provide services to customers.
Ruixin's overseas strategy is also based on the domestic approach, and it first promotes free enterprise query tools such as Tianyancha.
After the brand is established and enough companies have been included, paid corporate credit services will be introduced.
"Okay, we will work hard in this direction."
Zhang Yida saw that Fang Yuhan was not very interested, and he also knew that this was an industry that required long-term investment.
To describe it in one sentence: long investment, slow results.
Dun & Bradstreet, the international credit reporting giant, was founded in New York, USA in 1841. It has a history of more than 170 years. Four presidents of the United States: Lincoln, Grant, Cleveland and McKinley successively worked for Dun & Bradstreet.
The U.S. credit rating company Moody's and the research company Nielsen were both subsidiaries of Dun & Bradstreet, and were later spun off during the reorganization.
At present, Dun & Bradstreet has collected information on more than 250 million companies around the world, and has cooperated with 90% of the world's top 500 companies. The Dun & Bradstreet code has been widely used by the European Union, the US government, and the United Nations.
In addition, it also collects business information from as many as 214 countries around the world, 95 languages or dialects, and 181 currency units. The database updates the data up to 1.5 million times every day.
In addition to Dun & Bradstreet, the other two international credit giants, Ikefei and Experian, also have histories ranging from 30 to 40 years to hundreds of years, and each contain information on hundreds of millions of companies.
This is because the stock market for foreigners developed relatively early, and solutions to related issues such as finance and commercial credit were put on the agenda early.
It is not easy to get a share of the pie in front of such giants. For a company that has only been established for a few years, it becomes more and more difficult.
However, Zhang Yida feels that there is not necessarily no chance to compete with them. After entering the Internet era, these companies have basically transformed into digital and technology-driven.
In terms of software applications, Chinese companies are not lagging behind.
Zhima Credit, Mung Bean Credit, and Goudong Xiaobaifen are so-called personal credit. In fact, they do quite well and collect a large amount of user information for analysis.
The same principle applies to corporate credit reporting. The source of information must be rich enough so that the database can produce sufficiently accurate reports.
At present, Ruixin Group has acquired Tianyancha, a shallow enterprise query tool, and Weizhong Tax Bank, a credit reporting service organization for small and micro enterprises that collects tax data.
We have also cooperated with a series of ToB software such as Bole.com, Feishu, etc., and the information sources are still very rich.
Only 9 domestic companies, including Mung Bean Credit, have obtained personal credit licenses issued by the central bank, while there are more corporate credit licenses, with more than 120.
There is really no domestic enterprise credit reporting company that has really started to develop and develop overseas.
Therefore, this is also an opportunity for Ruixin Group.
"You said you plan to launch a CRM system?"
Fang Yuhan replied, "Yes, this is actually an opportunity to obtain relevant information about the company, expand the market, and start monetization."
Considering the relationship with Ruixiang, she also added, "The CRM system we want to launch will not compete with Feishu. Feishu is more OA-oriented, while we are more marketing-oriented."
This is also a good thing. Zhang Yida naturally had no reason to object and nodded in agreement.
"I heard that Mi Qun, Long Yu, and Zheng Wei have strong opinions on Ruixin?"
It's okay if Zhang Yida doesn't say this, but he gets angry when he mentions Fang Yuhan.
She pursed her lips, "Their three investment institutions want us to buy back their shares?"
"us?"
Zhang Yida feels that "we" is too broad, Ruixin's management or something else.
“Hey, P2P has become what it is now. Ruixin Group is not listed yet. Lightspeed China, Northern Light Venture Capital, and Bertelsmann Asia invested in Ruixin with a post-money valuation of US$3 billion.
Now that there is no exit channel, P2P has been robbed again, and the company's valuation has dropped significantly.
The three of them invested US$50 million each, so naturally they put pressure on me every day."
This is entirely Zhang Yida's fault. The Series A financing allowed Yimin Internet Finance to invest US$100 million in Ruixin Group, "blowing" the company into a unicorn;
In the B round of financing, Ruixiang Industrial Investment Fund invested US$150 million, and based on the post-investment valuation of US$3 billion, it brought three investment institutions into the ditch.
The three investment institutions saw that Blackshirt Capital, Zhenke Fund, and Goldman Sachs all made money by investing in three listed companies of the Yimin Department.
It makes no sense for me to overturn right now, right?
It's very normal to be a little dissatisfied.
"This is a venture capital investment in the first place, and there is no gambling agreement signed. Why should we be asked to repurchase his shares?"
Fan Hongyang shouted, his tone very dissatisfied with the three investment institutions.
The three listed companies of Yimin and Ruixin Group were all spun off from Yimin Financial Services, and he also has a small stake.
When it comes to his own interests, he made his attitude clear immediately.
Zhang Yida gestured towards him, indicating that he should be calm.
Fang Yuhan was asked further, "What did the three of them say? Or what were the conditions?"
"They hope that the founding management team will buy back their shares at the original price without any interest."
Zhang Yida nodded, "I can understand their mood!"
Fan Hongyang opened his mouth and wanted to persuade Zhang Yida not to agree to such an unreasonable request?
Before he could persuade him, Zhang Yida said again: "But I condemn this behavior!"
Fan Hongyang laughed. He knew that Mr. Zhang was such a shrewd person. He was the only one who cheated venture capital investors. How could he let venture capital firms take advantage?
Fang Yuhan said expressionlessly, "They complained to me, saying that the company they invested 3 billion U.S. dollars in shares is not worth even 1 billion now. They are under tremendous pressure in the company and cannot explain to the LP."
Zhang Yida did not express his position. The projects of Yimin Wangjin and Ruixiang Investment were relatively successful. It was okay to miss a project occasionally. Naturally, no one put pressure on him.
In addition, the performance marks of these three people are a bit too heavy.
Isn’t it just 50 million US dollars? They are all well-known venture capital investors, so they can afford this loss.
Besides, the company hasn't gone public yet, and it hasn't started its next round of financing yet, so there's no need to worry.
"You tell them that if you are willing to wait a few years, if you are not willing to wait, I will buy back their shares at a valuation of US$600 million."
Fang Yuhan was stunned for a moment, this... was too cruel, he cut her ankle directly.
Zhang Yida laughed, "Didn't they say that even 1 billion U.S. dollars was not worth it? Then the 600 million U.S. dollars repurchase was just what they wanted?"
Fang Yuhan felt that she would never be able to say these words. It seemed that if she wanted to succeed, she would have to be thicker-skinned.
"Forget it, let me try to persuade you. They are not that stupid. If they cut off the P2P business, Ruixin Group is not useless."
Zhang Yida nodded, "That's fine. I don't want to take advantage of them. I just see that VCs are having a hard time this year. If they are in a hurry for money, I will help them out."
Fan Hongyang twitched the corner of his mouth. If you were to rank the thickness of your skin, this man must be the strongest.
"They are not miserable. They have plenty of opportunities to turn around. Does Mr. Wang of Gopher Asset Management know?
The investment in Yimin Wangjin and Yimindai is nearly 300 million US dollars, especially Yimin Wangjin, which was purchased for US$49 per share. The current stock price of Yimin Wangjin is around US$15, and others are not as stable as before.
Not a single share was reduced.
This is the real value investor! Only such people can have the last laugh in the capital market and reap the most fruitful fruits."
If it hadn't been for the client who heard that Gopher Asset had bought this fund, Gopher Asset had almost been dismantled at the client's annual meeting two days ago, and Fan Hongyang almost believed it.
As a shareholder, he is very aware of how badly Gopher's assets have suffered.
US$245 million was invested in Yimin Wangjin. At that time, the market value of Yimin Wangjin was as high as US$12.25 billion, and now it is US$3.75 billion.
It invested US$46.66 million in Yimin Dai, and its valuation at that time was US$2.333 billion. Today it is US$1.21 billion.
An investment of just over US$291 million resulted in a loss of US$195 million, a loss rate of over 67%.
It is much more than the US$150 million invested by the three companies of Lightspeed China combined.
"Mr. Zhang, I have some news, please don't be angry first."
Zhang Yida was a little confused by Fang Yuhan's words and motioned for her to speak quickly.
Fang Yuhan sorted out her words and said: "There is a client of Xinglong Dai who happened to buy Gopher Asset's fund. At the client's annual meeting two days ago, Gopher disclosed his position. When the client saw it, the crowd was excited and asked Gopher Give me an explanation.
Wang Jingbo explained to the client that it was Shen Beipeng who played a game against you, causing Gopher Assets to lose US$200 million."
Zhang Yida frowned, "Are you sure you really said that?"
Fang Yuhan was also a little unsure, "Anyway, that's what my client told me, and he wanted to ask me for confirmation. I thought you knew this information?"
Zhang Yida thinks that he has a clear conscience, and the best thing to do is that Black Shirt Capital tricked them and dragged me into it. What does this mean?