Reading article after article praising Ruixiang and implicitly belittling Ahri and Penguin, the one who feels most disappointed is Erma.
Neither of them has exceeded the market value of US$600 billion. How can they be so sharp?
Even the official media praised Ruixiang for the first time, praising Ruixiang for bravely exploring overseas markets, opening up the situation with innovative products, and entering the world stage. It is a leader in the digital era and an outstanding example of "enterprises going global."
The general media even exaggerated and gave Zhang Yida the title of "Son of the Era".
With the addition of various auras and honorary titles, some users began to reflect on themselves. Do they have any misunderstandings about Pinduoduo?
The market capitalization of Pinduoduo’s parent company is lower than that of Ali and Penduo, so what right do you have to look down on the other party?
Otherwise, buy it once and try Duoduo?
The market value is five trillion, and the subsidy of tens of billions is not a drizzle. It should be genuine, right?
As a result, many users who refused to buy Pinduoduo began to fall into the trap for the first time.
After buying it, whether you say "Damn it, fakes can make you a rich man" or say "It smells really good" depends on the person.
The listing of Ruixiang not only brings brand endorsement to Pinduoduo, but also has many benefits.
Customers, partners, and users all have subtle psychological changes.
It's just that these changes and potential benefits will take time to be reflected one by one.
…
A week later, Ruixiang’s stock price finally stabilized.
The closing price of Hong Kong stocks was HK$284.7 per share, an increase of 21.2% from the issue price, with a total market value of HK$2,182.8 billion, approximately US$278.3 billion;
The closing price of A shares was 353.1 yuan per share, an increase of 65% from the issue price, with a total market value of 1,353.4 billion yuan, approximately US$189.8 billion.
When the two are combined, it still has a market value of US$468.1 billion, which is very close to Penguin and tens of billions of dollars behind Ahri, which has a market value of over US$500 billion.
In addition, the market value of Ruixiang is relatively abnormal.
Like most A+H-share listed companies, the stock price of Ruixiang’s A-shares is much higher than that of Hong Kong stocks.
On the one hand, the P/E ratio of mainland exchanges is relatively high and the market is not mature enough; on the other hand, mainland people are more optimistic about mainland companies.
Ruixiang's total share capital of 11.5 billion was split into two parts, with one-third on the Science and Technology Innovation Board and two-thirds on the Hong Kong Stock Exchange.
To calculate the total market capitalization, it is generally the total share capital of A shares multiplied by the stock price, plus the total share capital of Hong Kong stocks multiplied by the stock price. This is the final number.
If the Hong Kong stock price is used as a unified standard and multiplied by Ruixiang's total share capital of 11.5 billion, Ruixiang's market value is only 3.274 billion, equivalent to US$417.5 billion.
This figure is different from Penguin by tens of billions and Ahri by more than 100 billion.
As a reference, everyone agrees more with the valuation of Hong Kong stocks.
Because the Science and Technology Innovation Board is newly opened, there is no limit on the price increase in the first five trading days, and the stock prices of new stocks can easily increase several times.
Ruixiang's size is too large. Although the stock price has not doubled several times, it more than doubled on the first day of listing, which is still scary.
There are also some voices of criticism, mainly targeting the Science and Technology Innovation Board, saying that there are shortcomings and that more efforts are needed.
After Ruixiang went public, shareholders including Zhang Yida diluted nearly 10% of their shares.
Among Zhang Yida’s three shareholding platforms, Yanhuang Investment holds 41.27% of the shares as a family office;
Family trust holds 0.83%;
The third phase of Ruixiang Industrial Investment Fund made an exit. Instead of selling shares directly, it distributed the equity to investors and Ruixiang shareholders as fund managers.
As the major shareholder, Zhang Yida received 0.12% of the shares.
All added up, the total holdings are 42.22%.
In addition, when Ruixiang and Zhonghe merged, they also signed a two-way gambling agreement.
At that time, the two companies merged based on a 1:1 share exchange ratio.
At this time, it seems that, excluding the companies it acquired later, the revenue and potential of Zhonghe’s e-commerce, short video and other businesses have exceeded that of the financial technology business.
According to the agreement, after the end of fiscal year 2020, the share exchange ratios of shareholders of Ruixiang and Zhonghe will be re-divided.
Multiply the net profit of the financial technology business by 27 times the price-earnings ratio to calculate the valuation of Yuan Ruixiang.
Zhonghe’s short video, games, e-commerce and other businesses were multiplied by 9.5 times the market-to-sales ratio to calculate the original Zhonghe valuation.
Then compare the two valuations, and the original Ruixiang or the original Zhonghe shareholders will use part of their equity to subsidize the other shareholder.
The bet has been going on for almost two years. As long as one is not blind, one can basically see that Yuan Ruixiang's investors are going to lose.
A rough guess is that it would take 2 shares of Yuan Ruixiang to exchange for 1 share of Zhonghe.
Based on this calculation, Zhang Yida can probably increase his shareholding by about 4 points.
Based on current market capitalization, this is a fortune worth more than $16 billion.
And Zhang Yida’s shareholding can once again approach the 50% level!
Forbes' real-time ranking of the richest people shows that Zhang Yida is worth 200 billion U.S. dollars, which is a lot more than the second-placed Bezos.
Compared with the US$300 billion worth a week ago, the value has shrunk by US$1,000, mainly because the market value of Ruixiang has dropped from more than US$600 billion to just over US$400 billion.
Jack Ma and Bonima are both worth less than 100 billion US dollars combined, less than half of Zhang Yida's worth.
This naturally aroused heated discussions among the people, discussing why Zhang Yida has such a high net worth?
The conclusion is simple. Both Jackma and Bonima hold less than 10% of the company's shares, while Zhang Yida holds more than 40% of the company's shares.
Netizens ridiculed: This is a real big boss, not working for capital!
Ding Sanshi's shareholding in NetEase is actually similar to Zhang Yida's, except that NetEase's market value is less than one-tenth of Ruixiang's.
Having such a large amount of wealth is both a good thing and a bad thing.
When Zhang Yida was interviewed by the media after the listing, he stated that he would use 10% of his personal wealth for public welfare.
And Zhang Yida soon took action. The Zhang Yida Charity Foundation announced that it had obtained 4.127% of the shares transferred by Yanhuang Investment.
Based on Ruixiang's market capitalization, the equity value of these 4 points is close to US$20 billion.
The public welfare foundation holds these stocks, which is equivalent to a reservoir, and uses part of the water flow (dividends) poured into it every year to do public welfare.
It is equivalent to keeping the principal unchanged and using the proceeds to do various public welfare undertakings.
This is what many foundations in Europe and the United States do!
What's more, children's education and various expenses are also included in the daily operating expenses of the foundation.
While building a good reputation, you can also avoid high inheritance taxes through a foundation.
Zhang Yida did not exaggerate so much, but ran the foundation as a long-term business.
I pledged part of the 4.127% equity, took out a loan, and invested it in Huayi Capital and Yanhuang Investment to make various securities and equity investments.
When the foundation generates income, it will slowly use the income to do charity.
This also avoids the tragedy of only releasing water without storing it, causing the water to disappear completely.
Zhang Yida hopes that this charity foundation can exist for a long time. It is best that after his death, his descendants can continue to operate it.
Unable to use the foundation's money for the time being, Zhang Yida donated 660 million yuan to Capital University in his own name and that of Zhao Erya and his wife, which was the same amount as Robin Li and his wife donated to Capital University for its 120th anniversary last year.
In addition, Zhang Yida also donated a total of more than one billion to more than 10 science and engineering universities such as Harbin Institute of Technology, University of Electronic Science and Technology, and Northwestern Polytechnical University, with 100 million for each school. The sun shines brightly.
In the future, he will make additional additions based on the performance of each university.
The specific reference is: how many talents enter Ruixiang, or how many talents enter the military industry, national defense industry, etc.
Sure enough, after more than 2 billion yuan was spent, there were a lot less online topics about "how much Zhang Yida donated" and "how much charity Zhang Yida did".
Zhang Yida has finally returned to a normal life. Everyone no longer discusses how much money he has and what contributions he has made to the country.