Winning the new financial era

Chapter 102 1 Share 20 Voting Rights
The next day, Xu Xiaoming and Shen Beipeng came to the door together, and Zhang Yida received them both in the office of Huimin Bicycle.

After making tea for the two investors, He Qingxuan carefully exited the office and locked the door.

Xu Xiaoming looked at Zhang Yida with a smile, and said:
"Your boy has a lot of good fortune. You are all recruited by young and beautiful female secretaries."

Zhang Yida shook his head again and again, the hat was too big to bear.It is not good to give investors a lecherous impression, it will affect the overall evaluation of you as a person.

Investing means investing in people, and of course evaluating the strengths and weaknesses of the founders.

Shen Beipeng adjusted his glasses and said:
"The family of your little girlfriend is not simple, so take it easy."

Don't underestimate the investor's news channels, they have investigated many things about Zhang Yida, including his family background, and his girlfriend...

Zhang Yida had a headache. Some time ago he gave He Qingxuan more than a dozen companies to choose from, but she immediately fell in love with Huimin Bicycle.

She majored in broadcasting and hosting. In addition to the R&D post, Yimin Bicycle is also an operation post, as well as an offline dispatcher.

None of them are very suitable for it, so I let her be my assistant for the time being.

Xu Xiaoming said to Zhang Yida earnestly:

"When you become famous at a young age, you must not be inflated! You must learn to restrain yourself! Now that you are fledgling, you still have to focus on your career.

Wait for several of your companies to mature and go public.At that time, no one will tell you how chic you are. "

Shen Beipeng said seriously:
"Don't look at the valuations of your current companies in the billions or tens of billions. Before listing, these are all paper.

If you slack off in the middle, others will eliminate you.Entrepreneurship is not just a joke, you can do it yourself! "

Xu Xiaoming smoothed things over and said:

"Yida, don't blame us for talking too much. Beipeng's words are relatively straightforward, but they are all the truth.

There is a fire in the backyard, and there are not one or two Internet CEOs who are finished.

The reason why Tudou was acquired by Youku was not because the CEO divorced and Youku took the lead in listing.

Missed the best time to go public, and ultimately could not escape the fate of being acquired. "

Zhang Yida knew about this incident. Tudou submitted the prospectus before Youku. As a result, the founders divorced, resulting in the freezing of equity, and the instability of VIE structure and company control.

The divorce lawsuit has been going on for more than a year, and it took more than a year before it was listed on the market.

When it was listed, the market was not good, but it broke when it went public, and its market value was less than half of Youku's.In the end it was GG.

A large number of late-stage PE institutions that bet on Tudou did not make money because of this.

This incident has sounded the alarm for the majority of investors, and they have also paid attention to the spouses of the founders of the invested companies.

Coincidentally, Boss Tudou's ex-wife also majored in broadcasting and hosting at Beijing Communication University, and she is He Qingxuan's classmate...

Zhang Yida was a little speechless, he was a little careful, but it was nothing.

Thinking so in his heart, but he couldn't show timidity on his face, Zhang Yida smiled and said:
"She is a good friend of my girlfriend's, and we are all acquaintances. It's not what you imagined!"

Zhang Yida said so, Shen and Xu couldn't continue to ask the bottom line, and started to return to the topic.

Shen Beipeng asked:
"I did a little research on Huimin bicycles, and went to the street to find one and ride it. After the experience, I feel very convenient.

What I'm focusing on now is the upper limit of scale and the operation and management of bicycles. "

Zhang Yida said seriously:

"The establishment of this shared bicycle is also after my deliberation. The bicycle has also gone through multiple rounds of testing from scanning the code to unlock, billing, and then parking.

The product is already very mature.Basically no major changes are required.

The scale of bicycles has been investigated, and the country can accommodate tens of millions of vehicles.

Riding a bicycle 3 times a day for 1 yuan each time can generate tens of billions in revenue a year.

In addition, the car body can also advertise, and the APP can also advertise after it has hundreds of millions of users.Advertising can also generate billions in revenue.

As for operation management, we currently have a standard scheduling and operation system.

This system can be quickly replicated across the country, all that is lacking is the funds to manufacture bicycles. "

Shen Beipeng nodded. Zhang Yida has become more and more mature in entrepreneurship. He has considered everything from launching a new project, operation management, and commercial realization.

Xu Xiaoming interjected:
"The operation and management of tens of millions of bicycles may cost a lot. Have you calculated the cost?"

Zhang Yida had already thought about these rhetoric, and said directly:

"For 1000 million bicycles, the manufacturing cost is 100 billion yuan. It is depreciated in two years, and the annual depreciation cost is 50 billion yuan.

调度员大概需要3-5万人，人均工资10万，薪酬成本在30亿～50亿。

These are the biggest two pieces of cost!

The headquarters' R&D investment and employee salaries are at most hundreds of millions a year.

It adds up to almost 100 billion annual expenditures!Just about the same as the fee charged for cycling.

The income from advertising is the net profit!In the later stage, we will also cooperate with Ruixiang and Yimin to carry out some financial cooperation, such as deposit wealth management, and guide users to invest.

Huimin Bike will be a relatively frequently opened APP in the future, and the value of advertising is needless to say! "

Shen Beipeng and Xu Xiaoming were silent and began to think.

The blueprint drawn by Zhang Yida is very grand. This is a bicycle company, but also an Internet company, which may later become an Internet advertising company and a mobile offline advertising company.

如果一年有20亿净利润，按20倍市盈率就是400亿估值，30倍市盈率就是600亿估值。

Have the opportunity to become a billion-dollar company!

Shen Beipeng spoke and said:

"The blueprint is very grand, and it is indeed possible to achieve it. But how can we be sure that Huimin Bicycle will be the final winner?
The model of Huimin Bicycle is too easy to be imitated. Find a bicycle foundry and build an Internet platform to get started.

Without any commercial barriers, it will be a subsidy war to attract followers.

Huayi Capital has also invested in Didi and Meituan, and you must be well aware of their current situation.

In this kind of subsidy war, not to mention making a profit, it would be nice not to burn billions a year. "

As expected of an old fox, Shen Beipeng seemed to see the future all at once.

But this is the status quo. All Internet platforms are burning money to grab the market, and Huimin Bicycle can easily fall into this quagmire.

But Zhang Yida was very confident, stretched out two fingers, and said:
"Within two years, wipe out all opponents!"

Shen Beipeng signaled him to continue talking, and Zhang Yida expanded on:

"We currently have a few months of first-mover advantage, and using that properly will be our biggest advantage.

First of all, we get financing first, then we can build more cars and occupy more market share.

In this round of financing, I will build 10 vehicles and put them in the other three first-tier cities.

When we finish launching, followers will almost appear.But it doesn't matter, we are always one step ahead of him.

My goal is to double the number of registered users and the number of bicycles in 3 months.

Then start a round of financing in 3 months, and the valuation of each round of financing doubles.

以2014年10月为起点，2014年12月底要再造20万辆单车。

2015年10月累计单车数量达到2+10+20+40+80+160＝312万辆单车。

It is necessary to defeat all opponents through the continuous number of bicycles and the pace of financing.

It takes one year to determine the balance of victory and defeat, and two years to level all opponents.

When we have 2 million bicycles in two years, I believe that no capital will dare to spend another 1000 billion to fight with us. "

Shen Beipeng understood that this was a blitzkrieg, occupying most of the market at the fastest speed.Then put on the toughest stance to various capitals and let them give up their unrealistic fantasies.

The method is simple and rude, but it is indeed the most suitable for this industry, and Huimin Bicycle also has this first-mover advantage.

Xu Xiaoming focused on the key points and asked: "Double the data in 3 months, and double the valuation. This is a test of your operational ability!
If this step can be achieved, no one will dare to compete with you after a year. "

Zhang Yida laughed and said:
"As long as the ammunition supply keeps up, the doubling of data will only get faster and faster, not slow!"

Xu Xiaoming also thinks about it, as long as the amount of financing increases and more and more bicycles are built, the average number of users corresponding to a bicycle will only increase.

Shen Beipeng said:

"Tell me! How much do you want to melt?"

"The angel round raised US$250 million, and the post-money valuation is US$5000 million. It's not too much for me to ask for US$2 million now!" Zhang Yida glanced at the two and said calmly.

Xu Xiaoming pondered, the valuation has quadrupled in a month, which is not too much!However, considering the current popularity and future business prospects of Huimin Bicycle, it is not too much.

Shen Beipeng touched his chin. In fact, his psychological price was between 1 and 2 million US dollars. The pre-money valuation of US$2 million is in the relatively high range.

However, in the future, Huimin Bike will become a financing machine. Now that it occupies 20% of the shares, it may be diluted to less than 10% after one year, which is a bit unacceptable.

If you invest 5000 million US dollars now and occupy 20% of the shares.According to what Zhang Yida said, the company's valuation will increase 16 times to $32 billion in one year.

At that time, the shares will be diluted to only 8%, which is worth 2.5 million US dollars.It can be regarded as a 5-fold increase, but in terms of the amount, he earned 2 million US dollars.The absolute value is not high.

With a valuation of US$32 billion, the value of Huimin Bicycle has basically been squeezed out, and there is not much potential for future growth.

Make an investment!Definitely profit maximization.So he was a little reconciled.

Shen Beipeng glanced at Zhang Yida and said:

“The pre-money valuation of US$2 million is acceptable, but I want anti-dilution clauses, or expand the scale of the A round of financing.”

"How much should the scale be expanded?" Zhang Yida tentatively asked.

"30%!" Shen Beipeng's heart is quite dark, and he plans to get more shares in the early stage, and he is not afraid of dilution in the later stage. This is called maximizing investment returns.

Zhang Yida shook his head: "30% is too much, and there will be multiple rounds of financing in the future. Now I will release up to 20%."

But Zhang Yida added: "I can give you an anti-dilution clause, but only within the next year. And it must be an AB share model."

Shen Beipeng laughed and said, "Of course."

What Zhang Yida thinks is that as long as it is an AB stock model, it will be fine to maintain control.He doesn't care who owns the financing shares, and he also understands that the black shirt wants to maximize profits.

The three parties thus drafted an investment agreement.

Blackshirt Capital led the investment of US$4000 million, followed by Zhenke with US$1000 million, and invested US$2 million in Huimin Bicycle based on the pre-investment valuation of US$5000 million.

The proportion of shares after financing is changed to:
Zhang Yida: 68%
Option pool: 8%
Huayi Capital: 4%
Blackshirt Capital: 16%
Zhenke Fund: 4%
Voting rights are 1 share of Zhang Yida has 20 voting rights, and the voting rights are firmly controlled at 97.7%
Unless one day the shares are diluted below 5%, the voting rights will be lower than 50%.

This is also taking into account the crazy financing rounds in the future, and we have prepared in advance. 1 votes for 10 share is not enough insurance, so change it to 1 votes for 20 share!

　I recommend two novels, "Conquer 2010" and "Digital Kingdom", which are well written and I've been reading them recently.It is also a commercial text, friends who like my book should not miss it!
　　


(End of this chapter)