Sprinkle coins every day

Chapter 314 Crazy, 20 billion financing plan!

The regular strategic meeting lasted for two hours.

Although Zhang Shuo has drawn a development blueprint for Mango Automobile in the next four years, car manufacturing is more of a systematic project, and it also involves planning and construction of charging piles, plant planning and construction and other supporting matters.

If you want to implement it, you need a team with strong execution ability.

This is also the main reason why Zhang Shuo chose Tang Xiang.

And until the end of the meeting, Tang Xiang was a little dazed, holding the first draft of the Mango X1 design in his hand, thinking that he was the chosen son of destiny, but it turned out that he was also a tool person to execute the group's orders.

His task is to implement Zhang Shuo's design and turn it into reality.

Don't think about anything else.

In the past ten days, in the process of preparing to build Mango Cars, because of contacting and communicating with many friends in the industry, Tang Xiang really had some other thoughts deep in his heart.

Now it is also decisively strangled.

"What the hell are you thinking about, just follow the big boss honestly!"

People relax immediately.

After the meeting, Tang Xiang did not return to Shanghai immediately. He first chatted with the technical director Chen Ping, and then made a special trip to visit the Group's Investment and M&A Department to discuss related acquisition matters.

Three days later, he and Chen Ping returned to Shanghai.

.........

At the end of the meeting, Zhang Shuo returned to the office alone, and then he had time to read the briefing prepared by the president's office to understand what non-emergency events occurred in the industry during the May Day holiday.

If it is an urgent matter, he will naturally receive the news as soon as possible.

There are a lot of bits and pieces of information, and there are two main things that attracted Zhang Shuo. One is that Binhai City announced on May 4st that it has achieved full [-]G network coverage. Although it is slightly later than Lin'an, it is not bad.

It can be seen that Zhang Shuo's suggestion at the time was listened to by the second uncle.

In addition to Binhai City, first- and second-tier cities such as Shanghai, Yangcheng, and Jingshi, the 4G process is also speeding up significantly, and it is expected to achieve full coverage of major urban areas by the end of this year.

Don't underestimate the explosive power of the infrastructure madman.

Another major event during the May Day period was that ICQ released a major update, which not surprisingly launched functions such as "subscription number" and "ICQ red envelope", which are fully in line with Weixin.

At the same time, Tenda also announced that it will use ICQ and Weichat, two ace social software, to build smart cities and smart industries, empower the development of all walks of life, and fulfill the mission of connection.

At first glance, it looks a bit like a low-profile version of Weixin's strategy.

The strategic partners of the first phase are Weipinhui and Jumei Upin, which have obtained ICQ secondary entrance, and Dacong Dianping, a local life service enterprise under Tenda.

Not surprisingly, it also provoked ridicule from netizens.

"I can't laugh anymore. Does Tengda still have a bottom line? It used to rely on ICQ traffic, borrowing from this, borrowing from that, and forget it. Now even ICQ itself has borrowed from Weixin, which is really surprising."

"Tengda: What is the bottom line, can it be eaten?"

"Since ICQ is following Weixin everywhere, is there still a need to use ICQ? See how complicated ICQ's interface is now, it's hard to find anything."

"That's right, our class's communication is basically based on Weixin now."

"The most important thing is that ICQ is too unscrupulous, forcing all kinds of official information, and even forcing advertisements in the ICQ space, it is too difficult to eat."

"Isn't this Tengda's usual style? If you can earn one dollar, you will never earn ninety-nine cents."

"Tengda: I'm a professional at pulling wool, as long as it doesn't kill me, I will squeeze it to death."

"Hey, I have no love for ICQ at all."

Just as Tengda himself expected, this wave of updates is simply drinking poison to quench thirst.

Bad reviews received.

It even far exceeded their expectations.

As a result, in the field of mobile social networking, both Weixin and ICQ are players of the same magnitude in terms of popularity and user stickiness, and Weixin's word-of-mouth is even better than ICQ.

It is an indisputable fact that Weixin has become the new darling of the mobile Internet era.

Tenda was hit hard!

In the stock market, Tenda's stock price did not continue to rise like the original time and space, and basically maintained a gentle rising growth curve, which is a bit similar to Qiandu.

It can be regarded as a pair of difficult brothers.

.........

in the afternoon.

Lu Kai took the initiative to come to the door, "Mr. Zhang, I made a rough calculation. To assist Mango Automobile in completing the acquisition, it is conservatively estimated that 45 billion funds will be prepared."

In a word-

The group is running out of money.

Without considering the additional income, in order to support the research and development of Maili Group, Fertile Soil Research Institute, and the construction of Germinal Industrial Park, Germinal Group has a net outflow of funds.

Every month is beyond our means.

If this trend continues, the 55 billion cash in the account is only enough to maintain the daily operating expenses of the Germination Department, and there is no extra funds for acquisitions.

Not to mention the acquisition of RDA in the second half of the year, it was more like a blank check.

Because there is no way to fulfill it.

"Don't worry, I have already negotiated with the Dream Fund, and I can get a five-year bond of one billion dollars from the Dream Fund to deal with the group's increasingly tight capital chain."

Zhang Shuo gave Lu Kai a reassurance.

"Really? That's great, and the urgent need has been solved." Lu Kai was really excited. Although he didn't know the details of the Dream Fund, as the main investor of Germination, he was still very powerful.

It's not easy to be rich, but it's also very interesting!
At the critical moment, the Dream Fund sent funds to Mengya to continue his life. Although it was not directly transferred to Mengya's account every month as before, it was in the form of debt.

But Lu Kai was already very satisfied.

"Dream Fund's borrowing is only an expedient measure, but one thing is indispensable. In order to completely improve the group's cash flow, we have to think of other ways."

Zhang Shuo knows that the overseas funds of the Dream Fund are not inexhaustible.

After this sum.

The next loan may not be in sight.

"Yes, I have also prepared two financing plans here, please refer to them for details."

Lu Kai was able to report to the boss, and he must have a solution. As the rotating president, he certainly couldn't throw the problem to Zhang Shuo, the big boss.

What's the use of him then?
"Tell me."

Sure enough, Zhang Shuo became interested.

"One is about AutoNet."

"According to your previous instructions, we will promote the listing of Automobile.com this year. However, if the current 100% holding structure is maintained, then even if Automobile.com is successfully listed, the funds raised from the primary market can only be used for Automobile.com For its own development, the group cannot get the money.”

Listing financing is essentially the same as the previous A/B/C round of financing.

Funds raised cannot be used for other purposes.

To talk about the difference, the main thing is that in the pre-listing financing, the participants are often investment institutions; in the listing financing, all shareholders can invest in the secondary market.

Moreover, the stock price can fluctuate freely in the secondary market without affecting the company's own business.

"Another point is that if you don't give any profit to the investment bank, it may be difficult to find a suitable underwriter, unless the IPO is conducted through a consignment model instead of a more secure underwriting." Lu Kai reminded.

IPO is divided into underwriting and consignment sales.

The so-called underwriting means that when an IPO is issued, the underwriter first purchases all or part of the securities planned to be issued with its own funds, and then resells the purchased securities to investors.

If there are still unsold securities after the underwriting period expires, they will be held by the underwriters themselves.

Adopting this method also means that as long as the company delivers the stock to the underwriter, the issuance is considered successful, and the rest of the pressure is transferred to the underwriter.

Most of the projects listed overseas are in the form of underwriting.

In contrast, consignment sales are somewhat unreliable. It means that when an IPO is issued, the underwriter sells the relevant securities on behalf of the underwriter.

If investors undersubscribe within the price range, the IPO will fail.

There is a basic law in the financial world: risk is directly proportional to return.

Because of the risk of issuance failure, companies that adopt the form of consignment sales are often companies that have been assessed as high-risk before listing, so no underwriters want to go to the mine.

Autonet is clearly not on this list.

However, in order for the car network to go public smoothly, it is necessary to give sweetness to the investment bank.

"My opinion is that it is possible to transfer part of the shares of Autonet before listing, which can not only ensure the smooth listing of Autonet, but also secure a sum of funds for the group." Lu Kai said.

This is also the usual practice in the financial circle.

Taking out a part of the shares before going public is a little bit like rain and dew.

Because once a high-quality enterprise such as Automobile Network is listed, the shares subscribed at a relatively low price before listing will definitely appreciate in value.

It's basically like buying it and earning it.

"We can consider transferring 30% of the shares of AutoNet before going public."

Considering that at least 15% of the shares have to be released to the secondary market for free circulation, the transfer of 30% of the shares before listing is already the limit.

No matter how many, it will affect Qinghe Technology's actual control over AutoNet.

Although Zhang Shuo doesn't like investment banks, it doesn't mean that he can completely change the rules of the game now, especially in the face of professional matters such as listing, he really has to cooperate with investment banks.

Of course.

These shares cannot all be given to the underwriters.

"The underwriters are divided into 3%, and the investment institutions are divided into 12%. Moreover, when selecting investment institutions, semi-official backgrounds such as Binhai City Investment are the main ones, so the fat and water will not flow to outsiders."

For venture capital such as scarlet capital, Zhang Shuo has always looked down upon.

It is also impossible to let them take advantage of nothing.

The distribution of profits to institutions such as Binhai City Investment is not only to strengthen the relationship with the government, but also to promise to the second uncle before responding to Zhang Shuo that Germination will withdraw from some businesses in due course.

At least not eating alone.

If things go on like this, it is bound to be able to dispel some people's doubts and remove obstacles for the development of the budding future.

"What about the remaining 15%?" Lu Kai asked doubtfully.

"For the remaining 15%, you propose an internal subscription method. Management personnel of M1 and above in the budding system, and technical personnel of P4 and above can participate in the subscription. Different levels have different upper limits for the number of shares subscribed, and the principle of voluntariness is adopted .If there are any unsubscribed ones left, I will underwrite the sale by myself.”

Automobile.com is the first listed company of the budding system, and it can also be regarded as the first piece of cake.

Since the cake is going to be divided anyway, instead of making it easier for outsiders, it is better for Germinal to digest it internally. It is also through this opportunity that Germinal's mainstays can take the opportunity to earn some extra money.

To enhance the management's loyalty to Germination.

"That's a good idea."

Lu Kai also shines. As a maverick start-up company, Germination has neither equity incentives nor option incentives. It relies on high salary + year-end bonus to bind the management.

It's a bit thin.

Now Zhang Shuo, the big boss, is willing to share part of the benefits of the car network with the management.

Undoubtedly a good start.

Based on the valuation of Automobile.com at over 15 billion, 15% of the shares are worth at least [-] billion. After the management of the budding department subscribes, and wait until the Automobile.com is listed, if you don’t rush to cash out, it is absolutely no problem to appreciate seven or eight times.

To know.

The peak market value of the original Spacetime Automobile Network was over 80 billion. Now that it is taken over by Germination, it is destined not to miss the mobile window, and the market value will only be higher than the original Spacetime.

Therefore, it is definitely a very cost-effective investment.

Even someone like Lu Kai, who has achieved financial freedom, can't help being tempted this time. With his rank of rotating president, it is very easy to make a profit of 50 million from it.

Why not?
From the point of view of Germinal Group, transferring 30% of the shares before the listing of the car network can obtain at least 3 billion direct benefits.

This part of the funds can be directly handed over to the Sprout Group for use without regulatory restrictions.

At the beginning, Mengya made three investments in order to achieve 100% control of the automobile network, and the total cost was only about [-] million yuan, and the value was about to increase by [-] times in a blink of an eye.

This is the magic of going public.

It is also because Germinal successfully implemented the mobile transformation strategy after taking over the auto network, so that the auto network almost monopolizes more than [-]% of the market segments.

This is worth telling a story and gaining the recognition of investors.

It's time for the bud to earn this money! !
"Hey, Mr. Zhang, my second proposal is related to Qingcheng Group." Lu Kai continued to report.

"Green Orange Group?"

Zhang Shuo was surprised, "Are you going to let Qingcheng Group start the B round of financing?"

"Yes and no."

"???"

Zhang Shuo was really confused now, waiting for Lu Kai's explanation.

"It's like this. In order to obtain a secondary entrance of Weixin, Ari will pay Weixin a service fee of 350 billion in five years. But Qingcheng Group has also obtained a secondary entrance of Weixin, and there are more than one. Instead, they occupied four positions in one go. Even if it is an internal price, paying 50 billion service fees for five years is not too much, right? But in fact, the Green Orange Group did not pay a penny of service fees to Weixin, which is completely in vain visit a prostitute."

Lu Kai also has a strange angle.

"But Qingcheng is a budding company." Zhang Shuo subconsciously felt something was wrong.

"It's true that Green Orange Group is a subsidiary company of Germination Holdings, but we only hold 73.2% of the shares. According to the rules of the game, we only need to bear the responsibility for this 73.2%. The remaining 26.8% shareholders have nothing to do with Germination. What's the matter, but they took advantage of Weixin together. Isn't this appropriate?"

Lu Kai explained with a smile.

"It's just like Jade Bird Interactive Entertainment. Since Germination is 100% controlling and he is his own son, even if it is said that Weixin's first-level entrance is free, it should be taken for granted. But Qingcheng can't."

"It's really true when you say that."

Zhang Shuo also had some recollection.

In the matter of Qingcheng's access to Weixin and the support of Weixin's traffic, he seems to have been prostituted for nothing.

And it's a big wave.

Based on the five-year service fee of 50 billion that Lu Kai just said, even if Germina itself has to bear 73.2% of it, there is still an additional income of 134 billion.

This tens of billions of income was actually ignored by Zhang Shuo before.

It really shouldn't.

Fortunately, with Lu Kai's spirit, he can finally make up for it and recover this part of the loss.

"The service fee of 50 billion for five years, will it be set higher?"

Zhang Shuo was obviously moved too.

"It's not high. After all, there is Ahri's contract as a reference. This is already a price of conscience."

Lu Kai was not unscrupulous, saying that he compared Ari's price, since Ari occupies one position and Qingcheng Group occupies four positions, in theory, Qingcheng would pay a service fee of 40 [-] billion.

This is obviously unrealistic.

First, although the Green Orange Group occupies the positions of the four secondary entrances, no matter which one Weixin users click, they are actually connected to the Green Orange APP.

It is equivalent to a book occupying four recommendation positions at the same time, and the effect will definitely be discounted.

Second, as Uncle Zhi said, the price of the same secondary entrance location is different in the eyes of different companies, and the traffic conversion that can be obtained is also different.

The larger the volume, the greater the benefit.

Although the Green Orange Group is doing well, it is obviously still far from being able to compete with Ahri. Therefore, in terms of service fees, naturally it cannot completely compare with Ahri's price.

It doesn't sound good.

Even if the Qingcheng Group is sold as a whole, it is not worth the service fee of more than 1000 billion.

Take your life?

"But for the service fee of 50 billion, even if we relax the conditions a little bit and pay it in five years, 10 billion a year, Qingcheng Group can't afford it."

As the chairman of Qingcheng Group, Zhang Shuo knows Qingcheng quite well.

The 32 billion funds obtained by Qingcheng in its A round of financing have already been used for their own purposes, and now they have spent more than one billion.If you really want to be rich, you won't be able to merge the mold group by swapping shares last time.

Where can you get such a sky-high service fee?

"This involves the second issue, which is what I just said, the issue of Qingcheng Group's financing."

Lu Kai has already thought about everything.

"To raise this amount of funds, the Green Orange Group has at least two methods. One is to increase all shareholders' capital in a targeted manner and collect the first down payment of 10 billion."

"Or simply start the B round of financing, and then use the funds raised to pay Weixin's service fee."

Anyway, no matter what, I just want to give money.

If it is a targeted capital increase, then Sprout needs to spend 73.2 billion capital to increase the capital first, and then can get the 10 billion service fee from Qingcheng.

After the handover, only 26.8 billion funds were actually obtained.

It's pretty good too.

And if Qingcheng Group starts the B round of financing, then Germination will obtain 10 billion liquidity, and the price paid is that Germination's shares in Qingcheng Group will be further diluted.

Each has its pros and cons!
"Do you prefer that method?" Zhang Shuo asked.

"From my personal point of view, I naturally prefer the first one. The reason is also very simple. After receiving the support of Weixin Traffic, Qingcheng Group has entered the fast lane of development. The more the B round of financing is delayed, the subsequent valuation will be lower. The higher the value, the more beneficial it will be for us, the major shareholder," Lu Kai said.

"The targeted capital increase of 10 billion is too big." Zhang Shuo shook his head.

"Yes."

Lu Kai didn't know, "Even if we want to take out 73.2 billion funds in one go, we still need to wait until the loan from the Dream Fund is in place. Small and medium shareholders of other investment institutions may barely be able to come up with this fund, but Wang The Xin team, it is specified that they can't afford this money."

Under the condition of legitimate reasons, the company holds a general meeting of shareholders to discuss and decide to initiate a targeted capital increase. If the minority shareholders do not have enough funds to participate, they can only choose to withdraw and sell their shares.

This is usually one of the main means by which large shareholders squeeze out small shareholders.

If Wang Xin's team hadn't joined the Green Orange Group, Germinal could have followed suit, but Wang Xin's team had already integrated into the Green Orange Group, so they couldn't just kill the donkey like this.

One got a bad reputation.

The most important thing is that it will still make Wang Xin's team and Qingcheng alienated, even strangers.

That would be a bit of a loss.

Although it has only been two or three months since he joined Qingcheng, Wang Xin did a great job during his tenure as the executive vice president of Qingcheng Group, and was even highly recognized by Pei Weiping.

"In other words, Qingcheng only has the B round of financing."

Zhang Shuo felt a bit of a headache. If he could, he didn't want to start the B-round financing of Qingcheng Group so early, because it would be cheap for those investment institutions.

It also indirectly damaged the interests of Germination.

But if you don't ask the Green Orange Group for this sky-high service fee, it would be a bit too much.

It depends on how to choose.

"This is what I think. You see, can we do both? First initiate a 5 billion directional capital increase, which not only relieves part of the financing pressure, but also continues to push up the valuation of Qingcheng Group. After the directional capital increase is completed, start the B round of financing, refinancing 10 billion."

Lu Kai made his suggestion.

"After all, this is not a one-shot deal. After the Green Orange Group paid the first 10 billion service fee, it will still have to pay [-] billion service fees every year. The pressure is still great."

"My idea is, it's better to simply make it bigger, so that Qingcheng Group can obtain sufficient development funds and take advantage of the momentum. Only by making Qingcheng realize profitability as soon as possible is the fundamental solution."

"Your proposal is good!" Zhang Shuo was very pleased

For the targeted capital increase of 5 billion, based on the shareholding ratio of Wang Xin's team, it only needs to raise about 2.5 million funds, and the pressure is not as great as the [-] billion capital increase.

Wang Xin and the others are not amateurs in the workplace, and many of them have achieved financial freedom before.

All of them are rich.

"If Wang Xin's team is really short of funds, the group can advance part of the funds for them, and use future salary + year-end bonus to deduct."

Zhang Shuo didn't want Wang Xin and the others to be alienated from the group. They needed to win over and had to win over.

"Boss Zhang is merciful!"

Lu Kai was very touched, where can I find such a caring and generous boss? !

(End of this chapter)