Winning the new financial era

Chapter 114 Series C Funding $20 Billion

"Ruixiang is my first career. It's the place where my dream set sail. I won't sell it! I appreciate Sister Lei's kindness, and I'm afraid I'll let you down!"

Zhang Yida said with a smile.work to earn a living!It is impossible to work part-time in this life!

Just now, the economic accounts were calculated, and the company still had to operate.

A trace of disappointment flashed across Pang Lei's face, she forced a smile, and said:

"It's okay! Everyone has the right to pursue their dreams! In the future, let's all work hard!"

"Everyone work hard!" I'm afraid, "Let's see the truth!" Zhang Yida thought to himself.

Pang Lei got up and said goodbye. Before leaving, she exchanged WeChat with Zhang Yida.

For Pang Lei, she thought Zhang Yida was still very talented.But if you don't want to be friends, then be enemies from now on!

As for investing in Ruixiang?That is to support the enemy's weapons to fight yourself.

Ruixiang is in the AB-share model, and [-] to [-]% of the shares are A-shares without voting rights, which is completely useless.

Ruixiang and Leech Financial have too much overlap in their businesses, and if the merger fails, they must become enemies.

Looking at Pang Lei who pushed the door out, Zhang Yida did not regret his choice.On the contrary, the belief in my heart has become firmer, and I must surpass Leech Golden Clothes.

There were not a few bigwigs at the first Internet conference, only Ding Sanshi and Cao Guowei, chairman of Xinlang.

A group of bigwigs above were giving a keynote speech, and Zhang Yida was honestly listening to the lectures below.

No way, strength does not allow!Not even a chance to get on stage.

But it can't be said that there is no gain. The venue received a lot of business cards of CEOs.

After staying in Wuzhen for three days, the first Internet Conference concluded successfully, and Zhang Yida flew back to Beijing.

The Penguin side sent another notice to start the third round of negotiations.

"Hey!" Zhang Yida smiled inappropriately. He secretly revealed the meeting with Pang Lei in the conference room.

No, does the penguin react?
……

"Penguin is willing to give Ruixiang a valuation of US$75 billion!"

Liu Zhiping raised 2 million US dollars right away, which made Zhang Yida feel that the conversation with Pang Lei that day was quite worthwhile.

The news of Zhang Yidam's secret meeting with Pang Lei at the Internet conference spread quickly, and Penguin soon received the information.

Liu Zhiping quickly reported it to Bonima, who was very angry.

Rui was still having a good talk with him on the front foot, and went to hook up with Leech Golden Clothes on the back foot.

What does this mean?Ponymar wanted very much not to vote.But rationality prevailed over sensibility. If Ruixiang fell into the embrace of Ahri, it would not add strength to the opponent.

Especially in the mobile payment battlefield, the penguin is temporarily at the bottom, if Ruixiang falls into the arms of the Ahri family, it will be even worse.

So there was this third negotiation.

Liu Zhiping was instructed to come directly to sign the contract with a pre-money valuation of no more than US$83 billion, and quickly bought shares.

But Liu Zhiping was a crafty and cunning man, and felt that it would be better to talk about this matter again.

Zhang Yida didn't want to procrastinate any longer, he had already offended the Ari family, and if he offended Penguin, he would be an old birthday star eating arsenic.

With the intentions of both parties, the negotiation progressed quickly, and finally reached a consensus on the pre-investment valuation of US$80 billion.

But the financing method got stuck again.

"10 billion US dollars in cash + 10 billion US dollars in traffic resources?" Zhang Yida thought in his heart, what the hell, it can't be WeChat Jiugongge!
"Yes, Penguin is very sincere and is willing to open the first-level entry of WeChat to Ruixiang..."

Liu Zhiping began to talk about how good WeChat is and how huge the traffic is. Because Goudong has obtained the traffic portal, its business volume has skyrocketed and its valuation has skyrocketed...

"I don't dislike the entrance of WeChat Jiugongge. That's the price, it's too expensive."

Zhang Yida shook his head, Penguin is taking himself for a fool and killing him.

When Pinduoduo went public, the prospectus valued the WeChat Jiugongge entrance at US$28.52 billion, which is the valuation of the five-year use right starting in 18.

But that was WeChat in 18 years later. The current number of WeChat users is only 18 to 10 million, and it only reached [-] billion in [-].

And in terms of commercial value, the current WeChat is a desert, and its value is far less than a few years later.

The most important thing is that when Pinduoduo was listed, it was estimated to be worth 28 billion US dollars.That is, the listing increases the market value, facilitates more financing, and cuts more leeks!
When Penguin took a stake in it, it must have been valued at less than $28 billion.

Zhang Yida was very angry, Penguin was bullying him for not knowing the market!

Zhang Yida shook his head and said:

"When you invested in Goudong in the first half of the year, you spent more than 2 million US dollars, including Paipai.com, QQ online shopping, Yixun, QQ and WeChat's first-level traffic portals, and only exchanged 15% of Goudong's shares.

Come to me, how come the price has increased so much? "

Liu Zhiping patiently explained:
"The post-investment valuation of Goudong at that time was US$157 billion, and 15% of the shares corresponded to US$23.55 billion.

Do the math, how much do we value the traffic entrance for him? "

Fudge me?Zhang Yida laughed to himself.said:
"Mr. Liu, this is a cognitive error!

Goudong’s pre-investment valuation was US$80 billion, but after merging a series of businesses of Penguin, the valuation nearly doubled.

According to the situation of your shareholding at that time, the resource value of your shareholding was about 14 billion US dollars.

Goudong’s pre-money valuation is US$80 billion, and its post-money valuation is US$94 billion.

After deducting the cash part, the resources you gave are about 12 billion US dollars, and the bulk is also reflected in Paipai.com + QQ online shopping + Yixun.

As for the post-investment valuation of US$157 billion!Everyone lifts the sedan chair! "

Liu Zhiping was secretly startled, this is a thorough study of the transaction between Goudong and Penguin!This data is very accurate.

Other investors like Shen Beipeng, Xu Xiaoming, and Li Hengbo also spoke:

"Mr. Liu, since we have decided to cooperate, let's be more honest!"

"Yes! If you choose to use resources to invest in shares, give a fair and just price. At least the same valuation as Goudong!"

Embarrassed, Liu Zhiping found an excuse to go to the bathroom, then went out and called Ponima, saying:
"It's a trick! They didn't fool you! They got the details of Goudong's transaction very clear."

Ponima was also a little upset, he didn't take advantage of the valuation, and the resource investment didn't raise the price.With a sigh, he said:
"That's fine! Just pay them according to the price of Goudong!"

Liu Zhiping returned to the conference room, and did not give up immediately. He continued to argue with the investors, and after reducing the traffic resources from 8 million US dollars to 5 million US dollars, he stopped talking.

That's about the same price!Other investors are no longer entangled.

Witnessed by a crowd of investors, Zhang Yida and Liu Zhiping initially signed a shareholding agreement.

The agreement is as follows:

First, Penguin invested US$15 billion in cash + US$5 million in resources for a total of US$20 billion in Ruixiang. According to the post-investment valuation of US$100 billion, it accounted for 20% of Ruixiang Group’s shares.

第二，5亿美元资源包括QQ客户端和微信九宫格一级流量入口，使用时间5年。2014年12月1日起，至2019年11月30日止。

After the 5-year use period expires, Ruixiang Group has the priority to renew the contract.The specific price is constant according to the current market price.

Third, sign the anti-dilution clause. When Sharp issues new shares to follow-up financing or transfers equity to old shareholders, under the same conditions, Penguin has the right to purchase or transfer in proportion to ensure that its shareholding ratio will not be affected by follow-up financing. Reduced by the issuance of new shares or transfer of shares.

……

Also.

Lin Zhenyang transferred 0.67% of the equity, and Zhenke Fund, represented by Xu Xiaoming, also reduced its holding of 1.33% of the equity, and at the same time gave up the follow-up investment.

Heishan Capital and Temasek jointly received 2% of the shares transferred by Lin Zhenyang and Xu Xiaoming, 1% each, and gave up the follow-up investment.

SBI, GGV, and Qiming neither followed suit nor reduced their holdings, and allowed dilution.

Penguin led the investment of US$20 billion, Blackshirt Capital and Temasek each contributed US$1 million, and acquired a total of 2% of the equity transferred by Lin Zhenyang and Xu Xiaoming at a price of US$2 million.

Penguin's US$15 billion in cash + 5 million in resources directly entered the account of the Sharp Group.

Lin Zhenyang transferred 0.67% of the diluted equity in the C round of financing and obtained 6700 million US dollars, which he pocketed after deducting personal income tax.

After the C-round of Zhenke Fund, the equity was diluted to 2.66%, and then half of it was cashed out at 1.33%, and USD 1.33 million was recorded. At the same time, half of the equity was left for continued appreciation.

Zhenke Fund is small in scale, and it is understandable to want to secure a part of it.Everyone also understands that Blackshirt Capital and Temasek even hope that he will transfer them all.

But Xu Xiaoming is not stupid, he keeps half of the shares and continues to wait and see.

The shares of Ruixiang Group were finally changed to:

Zhang Yida: 42%
Lin Zhenyang: 4.67%
Sharp to the enterprise management (option pool): 5.34%
Penguins: 20%
Blackshirt Capital: 15%
Temasek: 7.67%
Zhenke Fund: 1.33%
SBI: 1.33%
GGV: 1.33%
Qiming Venture Partners: 1.33%
Zhang Yida is still the largest shareholder, enjoying 80.77% of the voting rights.

Penguin became the second largest shareholder with 3.85% voting rights.

Lin Zhenyang became the sixth largest shareholder with 9% voting rights.

Zhang Yida and Lin Zhenyang together hold nearly 90% of the voting rights, and the control of the company remains stable.

Penguin invests in Ruixiang, and does not pursue holding shares. The main purpose is to unite vertically and horizontally, and fight against the Ari family together like a dog owner.

At the celebration banquet in the evening, Liu Zhiping took Zhang Yida to drink, smiled and said:
"Yida, this time Penguin and Ruixiang will join forces to create a new situation..."

Zhang Yida recognizes this very much. With the support of QQ and WeChat traffic resources, the business of the entire group is expected to climb to a new level.

Needless to say, old businesses such as wealth management, loans, funds, and insurance, as long as the number of users increases, the income will follow.

You don’t have to worry about being banned for Diandianchou, you can safely and boldly share the link in WeChat.

"There is one more thing. Next year is a critical year. The battle for the mobile payment market will definitely start. Don't begrudge the money you have raised, and be sure to spend it."

Liu Zhiping said earnestly, Ruixiang is now his own, and there are still some news to share.

"However, we need to have a good communication with Tenpay. Burning money has to be done in the opposite direction. Our common enemy is Leech Financial Services. Don't fight on your own side first. Then let Ahri see the joke!"

Liu Zhiping specially told Zhang Yida that if he took the penguin's money and hit the penguin, he would beep the dog.

Zhang Yida nodded, he definitely wouldn't be able to fight penguins now.Leech Financial Services occupies more than 7% of the market share, and it must be the first to grab the market of Leech Financial Services.

If the leech gold suit gets down, it's time to fight the penguin and it won't be soft...

What happened to the shareholders?I can't miss it.

Thinking of this, Zhang Yida couldn't help but chuckled.It's really like this, don't make Ponima mad.

But Zhang Yida could think of something, how could Penguin not think of it.

Now Ahri's side is the main enemy, and Rui Xiang is the one to win over.

If you really hit the leech golden suit, you don't need Rui Xiang to attack first. It is estimated that the penguin will also turn its gun and aim at Rui Xiang.

A matter of priorities, besides, the enemy of my enemy is my friend.

Zhang Yida will not really follow Penguin's lead just because Penguin has invested in shares.

Penguin will not really regard Ruixiang as its own family just because it holds 20% of the shares in Ruixiang.

Unless Ruixiang is acquired into the Penguin system, or becomes a holding subsidiary of Penguin.

Zhang Yida thought again, did he think too much?
In 2019, when the previous life was reborn, the market share of Alipay is still higher than that of WeChat Pay.

Penguin wants to fuck the leech golden suit?It is as difficult as climbing to the sky.

In the e-commerce or new retail scene, the degree of fit between buying and selling things and payment business is inherently high.

In comparison, the social scene of penguins is still weaker.So I have been pushing the payment code offline, trying to save the situation with more users and higher APP usage time and frequency.

Rui Xiangnan?Where is the scene belonging to Ruixiang?

Hey, it's so hard for me!

(End of this chapter)