Cold chain for 20 years

Chapter 309 Series A Financing

At the same time that Hu Shutong was doing its own valuation, the capital also started to engage a professional evaluation agency to carry out the valuation of the investors based on Tongxing's proposal and referring to the model.

Since it is a valuation, there is no precise way to say it. The valuation of medium and large enterprises in the cold chain industry is basically in units of [-] million, ranging from a few hundred million to tens of billions, and there are already hundreds of billions in China. Park.

For start-ups, the valuation is actually "prospect value", which is to convert the prospect value into the intrinsic value of the enterprise, combining the large market environment and the recent value estimation of existing similar enterprises.Of course, the premise of everything is the various data and technologies in Tongxing's plan, as well as the distribution market prospect, market size, market segment growth forecast, etc. of its own research.

Going deeper, it is the human resources of Tongxing represented by Hu Shutong. This is also a major consideration. Tongxing's previous achievements are not in the scope of financing, but they are enough to serve as a reference.

Another point is that everyone can see that the policy environment for the cold chain is still improving, the scale of cold chain infrastructure continues to hit new highs, and the guidance to the west and the emphasis on the west have come to a new level.The industry as a whole is accelerating its transformation. It is not an exaggeration to say that the intensive, environmentally friendly cold chain enterprises with core competitiveness are even more powerful at this time.

Because the elimination rate of the market has also increased in recent years, the low level of outsourcing, serious homogeneous competition, and cold storage safety accidents caused by the imminent approach have made many companies unable to support the status quo.When one sinks, the other rises. For enterprises with stronger technical equipment, more advanced management, and more outstanding talents, it is a good opportunity to seize the market space under the new situation.

Guan Wentao brought in two partner funds, Oak Tree Fund and Yunchao Fund.

However, in the first round of negotiations, the valuation gap between the two parties reached a staggering 15 billion. The management’s valuation of Tongxing Distribution was 14 billion, while Hu Shutong’s valuation was 29 billion.For ordinary people, these are astronomical figures, but for an enterprise, this figure has no waves.As early as ten years ago, domestic valuations that were ten times higher than this could be counted. Some companies have increased their value by 500 times in ten years, and now it is a terrifying trillion-dollar scale.

You must know that this is not the data of the flow of business, but aggregates the entire value of the enterprise. In essence, this is the "quotation" of the Tongxing distribution brand to the capital.Moreover, the valuation is only a big pool, and when the equity is allocated, it will be cut again and again.

If the valuation is 14 billion, assuming that Tongxing Distribution sells 20% of the equity, this round of financing will get less than 3 million funds.If this money is used to increase the efficiency of Tongxing Park, it will be a huge boost, but there is a big gap for the establishment of a distribution brand.Among other things, the construction of the micro warehouse in the plan is a heavy investment.

This is far from Hu Shutong's expectations. If it is 3 million funds, with the current qualifications of Tongxing Phase II and Yuncheng Phase II, it can be done as a mortgage loan. There is no equity dividend or business intervention, so why bother Capital is involved.

People were waiting for Guan Wentao's speech, but he sat in on the whole meeting, and the first round of negotiations ended in such a sad way.

The management seems to be dissatisfied with this. For a start-up brand without a higher group background, no matter whether you are in cold chain or chips, no matter how promising it is, the valuation gap of 15 billion is really outrageous.But at the same time, people are also weighing Guan Wentao's attitude. This veteran venture capitalist is rarely so silent.There are only two angles here, whether the opponent is too high, or your own is pressing too hard.

Hu Shutong is calm, financing is a game, and it is normal for companies to test the waters. If you don’t invest, I won’t invest, so try a few more investors.The only thing he upholds is that Tongxing has the ability to minimize the risk, and also has the ability to make the prospect of the description the most realistic, so that everyone can earn something together.

The second round and the third round continued, and the opponent's original intention was to lower the valuation, but Hu Shutong took advantage of this process to constantly strengthen why he insisted on 29 billion.Talking and talking, the other party is always the same old way, but Hu Shutong here has a lot of tricks.

Guan Wentao still remained silent, because his attitude towards this financing was different from any previous ones.He doesn't speak at this time, and he won't speak later, just sit here quietly, no matter what your eyes are, you will definitely look here when I am here, and that's enough.

But with the development of the situation, when Guan Wentao looked at Hu Shutong, a smile appeared in his heart, and he stopped "increasing troops to besiege the city".

At the same time, I have to admire this scene, everything can be reduced to one, and one is people.

When you see a person striding forward, you can say that he is struggling to put it bluntly, and the literary point is called using dreams as horses. No matter what, don't simply attribute it to "he just has better luck".

……

Late at night, Tongxing.

Liu Zhiying had something to discuss with Yang Chenghai, but the mobile phone and the landline couldn't get through. When he came to Yang Chenghai's office, the door was ajar, and the scene was quite strange when he walked in.

I saw Yang Chenghai sitting cross-legged on the sofa, wearing a coat, and there were some Go pieces on the coffee table in front of him.

Before Liu Zhiying could speak, Yang Chenghai turned his head and asked, "It's been more than half a month, what do you think?"

"Don't think too much, just wait, he has a lot of skills."

"Then tell me, how much can you get?"

Just as Liu Zhiying was about to speak, she felt that Yang Chenghai was thick and heavy tonight. His posture looked like an old man reading a newspaper in front of a lamp, but his brows were blinking, and the pile of chess pieces in front of him without a board made it even more confusing. An unfathomable feeling.

"What are you thinking again?"

After getting along for a long time, Yang Chenghai gave Liu Zhiying the greatest feeling that this person doesn't like to discuss with others, but whenever he speaks, it must be because he has a very mature idea in his heart.

Yang Chenghai suddenly spread his fingers apart, and slowly approached Liu Zhiying, "Is this possible?"

"What if not?"

Yang Chenghai made a fuss and put away many chess pieces.

"What if there is?"

He continued to put away the rest of the chess pieces until there was only one sunspot left on the coffee table. If Liu Zhiying read correctly, there was only one sunspot on the whole coffee table from beginning to end.

"Mystery, I can see what you mean clearly, just say no."

But Yang Chenghai suddenly raised an index finger, "If it were this, you wouldn't say that."

Liu Zhiying's eyes narrowed first, and then she chuckled, "That's impossible, don't guess, he'll be back in a few days, how you go later depends on the reality, you're thinking a little too far."

"It's not far at all. All roads lead to Rome. The roads of Rome are crowded with people. Those who walk and those who are left behind are synchronized. If we walk well, some people will walk badly. Those who walk poorly will definitely blame us for walking well." That's great, it's an unavoidable evil move. If this is the case, it's better to eat it earlier."

……

(End of this chapter)