Winning the new financial era

Chapter 168 Phase II Industry Fund
After Zhang Yida and Sun Yutong reached an agreement on joining Pinduoduo, the next topic focused on angel investment.

Valuation!Financing share!These are all big questions.

"Well, Yida, you can just say a price! I am very optimistic about Pinduoduo.

I don't need to take too many shares, just a symbolic one or two points will do. "

Sun Yutong was very knowledgeable about advancing and retreating, so he spoke first before Zhang Yida could speak first.

"In February, I just founded Pinduoduo with an injection of 2 million yuan, and now two months have passed, and there is not much improvement in valuation.

It's mainly about creativity. Creativity is priceless.If Pinduoduo can implement the ideas we just described, the market value of tens of billions of dollars can still be expected.

This idea is valued at 10 billion RMB. What do you think, Mr. Sun? "

Zhang Yida did not open his mouth like a lion. After all, Pinduoduo has only been established for two months. No matter how good the entrepreneurial model and ideas are, they have not yet passed the market test.

"Okay, then based on this valuation, I will invest 2000 million."

Sun Yutong thought for a while and agreed.Judging from Zhang Yida's past successful experience, even if Pinduoduo cannot become the third-level e-commerce company, it can still compete with second-tier e-commerce companies such as Jumei, with a valuation of 50 billion US dollars.

This investment will definitely not lose money if it loses, it depends on how many times it can be doubled.

Zhang Yida made a calculation in his mind. With an investment of 2000 million yuan, the investment was based on a post-investment valuation of 12.2 billion yuan. The shareholding was too small, less than 2 points.

"Mr. Sun, it's not good, this share is too small. You still need to give a lot of guidance to fight duoduo later, which is not worthy of your efforts.

Look at this, if you invest 5000 million in, the valuation of Pinduoduo will reach 12.5 billion after the investment, and you will own 4% of the shares.

Even if Pinduoduo refinances and dilutes several rounds later, you will still have a [-]% stake after listing.

Now you only hold one or two points of shares, and the shareholding ratio may be in the thousandth percentile after listing. "

Zhang Yida really wanted to bind Sun Yutong, a great talent, but his shareholding ratio was too small, so he was very worried.

If Huang Xing dragged this general away, wouldn't that be an embarrassment for him?
5000 million RMB is a lot for ordinary people, but for Sun Yutong, the former CEO of Taobao, it must be affordable, and at worst, he can find his wife Pang Lei.

"4%? It's not too little, and it's quite in line with my expectations." Sun Yutong thought to himself, angel investment usually releases 10%-30% of the shares.

But that situation is for ordinary entrepreneurs who are poor and poor.

Serial successful entrepreneurs like Zhang Yida invested 2 million yuan in capital when they first started the company.

It can be said that Pinduoduo was born with a golden key in his mouth.

For this kind of project, it is absolutely impossible for angel investors to get 10%-30% of the shares.

My own psychological expectation is 3%-5%, and it is not bad to get 4%.

If Pinduoduo can have a market value of 400 billion US dollars like Goudong in the future, even if my 4% shares are diluted to only 2% or even 1% after listing, I will still earn hundreds of millions of dollars!

"Okay! Since Yida kindly invited me, I will vote 5000 million!" Sun Yutong said with a smile, and then joked:
"Yida, you have to do it well, I put most of my wealth on you."

"Don't worry, Mr. Sun, I will never let down your trust and support."

After Zhang Yida saw that Sun Yutong agreed to invest 5000 million shares, he finally felt relieved.

5000 million, for Pinduoduo, there is no shortage of such funds.

But for Sun Yutong, it is not a small sum of money, especially after he resigned from Taobao, it is still a mystery whether the original shares will be recovered.

Even if it is not recovered, it is only a few hundred million.

I voted 5000 million, which is considered to be deeply bound to Pinduoduo.

This is Zhang Yida's idea, to tie Sun Yutong firmly to Pinduoduo's chariot, and let him make suggestions behind the scenes.

Sun Yutong still has a way of engaging in e-commerce operations. He counterattacked eBay in three or four years. In his previous life, Pinduoduo also counterattacked Goudong in three or four years.

"Yida, do you see us?"

Shen Beipeng looked at Zhang Yida cheerfully, and was also thinking about angel investment.

"Heishan is not in a hurry to raise funds, just wait a few more months! After we burn more than 2 million yuan, we should have some actual results.

After the results have been achieved and the operating model is running smoothly, the entry of Heishan Capital just helps Pinduoduo to grow rapidly.

I estimate that with the current development speed of the mobile Internet, Pinduoduo will be able to go public in less than three years. "

Zhang Yida would not take the angel investment of Heishan Capital right now, and the several hundred million in his account had not been spent yet, so financing at this time was not worthwhile.

"That's fine! Then wait for a few months. When raising funds, remember to be the first to call us black shirts!"

Shen Beipeng felt that it was a pity that the angel investment did not succeed, and the A round did not know how many times it should be multiplied.

But Zhang Yida has a good relationship with Heishan, so there must still be a chance to get in the car.

"By the way, how is your TikTok company? Does it make videos? Do you want to raise money?

Hei Shirt has raised too much funds in the past two years. If he doesn't invest some money, he will feel weak! "

It was rare for Shen Beipeng to be humorous. He guessed that DouTV, the other of the two companies Zhang Yida registered at the beginning of the year, should not be an ordinary person.

He saw that the paid-in capital of Pinduoduo is 2 million yuan, and Douvision is the same with 2 million paid-in capital.

In terms of time, they were registered together, which at least proves that in Zhang Yida's mind, Douvision is no worse than Doduo, and the two are on par.

"Tikvision? It's still early. It's still under development. I'll be the first to notify you of the financing."

The development of DouTV is not difficult, and the main core lies in algorithm recommendation. In addition to digging algorithm engineers from Qiandu, Zhang Yida also entrusted international headhunters to help him find Chinese engineers in Silicon Valley.

Douvision now has about 70 employees, [-]% of whom are engineers.

With the codes of more than 70 engineers, the development of Douvision technology is progressing very quickly, and the first version is said to be launched internally for testing in the near future.

As for financing or something, let's talk about burning the 2 million yuan first.

"Okay, then I won't ask you any more. You have to believe that among all venture capital firms, Blackshirt Capital is definitely the one most willing to support you."

Shen Beipeng has also known Zhang Yida for almost two years, watching the miracles and investment monuments he brought to him.For his entrepreneurial ability, almost reached a level of superstition.

Worried that Zhang Yida would put aside his own financing and quickly play some emotional cards.

Zhang Yida nodded. Heishan Capital has always been very happy to cooperate with him. There is no reason not to choose them first.

"By the way, is there any clue about the second phase of the industrial fund?" Zhang Yida asked Shen Beipeng.

"No problem, the company's decision-makers have agreed. When the people from Temasek come over the day after tomorrow, we will sign the agreement."

The second phase of Ruixiang Industrial Win-Win Fund mainly invests in overseas markets.Shen Beipeng also knows that domestic Internet dividends are about to peak, but there are still many opportunities overseas.

The idea proposed by Zhang Yida was exactly what he wanted, so he quickly persuaded the company's management to prepare to invest 2 million US dollars as the LP of the second phase of Ruixiang Industrial Fund.

The next day.

Witnessed by lawyers from both parties, Pinduoduo and Sun Yutong signed an angel investment agreement.

Sun Yutong personally invested 5000 million yuan, occupying 4% of Pinduoduo's shares, and pushed up Pinduoduo's valuation to 12.5 billion yuan.

After the share change, Zhang Yida holds 86.4% of the shares, Sun Yutong holds 4%, and the original 10% option pool is diluted to 9.6%.

The shares still adopt the AB share model. Zhang Yida holds all B shares, and one share has 1 voting rights.

Investors and option pools are both A shares, with 1 share and 1 voting right.

After a simple financial audit of Pinduoduo, it was confirmed that there was no problem, and Sun Yutong’s 5000 million yuan angel investment fund was quickly allocated.

After all the procedures were completed, Sun Tongyu shook hands with Zhang Yida cordially and said, "Mr. Zhang, happy cooperation!"

"Happy cooperation!" Zhang Yida shook hands with him with a smile on his face, and said, "Mr. Sun, this shareholding ceremony is relatively crude. Please forgive me."

"It's all right, don't worry about the red tape, it's best to keep a low profile."

Sun Yutong waved his hand and said that he didn't care about these things. If Pinduoduo wants to enter the e-commerce industry surrounded by giants, the more low-key and inconspicuous it is, the greater the chance of success.

……

"Yida, your vision is undoubtedly excellent. China's Internet dividend is about to peak, and it is a good time to enter Southeast Asia at this time."

Temasek Investment Director Li Hengbo came here today on behalf of the company to sign the investment agreement for the second phase of Ruixiang Industrial Fund. As soon as he entered Ruixiang's office and sat down, he began to praise.

"President Li is also very optimistic about the Internet market in Southeast Asia?"

Shen Beipeng was sitting not far from Zhang Yida and Li Hengbo, and asked Li Hengbo with a glance.

"The development of the Internet market in Southeast Asia, I think Temasek, as a member of the local investment company, has a great say."

Shen Beipeng nodded, and said in his heart, that's for sure, you are a local investment giant in Singapore that manages hundreds of billions of dollars in assets, and Southeast Asia is almost like your back garden.

Li Hengbo continued to speak:
"Chinese Internet companies were established earlier to compete with similar companies in the United States.

However, with the development of China's Internet industry in the past 20 years, Chinese Internet companies have come to the forefront of the world in terms of application.

There are 11 countries in Southeast Asia, with a population of more than 5 million, and the political situation is generally stable, which is more suitable for business development.

According to my observation, many students who have studied in China from Southeast Asia have returned to the local area and started to benchmark Chinese Internet companies and start businesses.

Three Indonesian Internet companies, Gojek, Tokopedia, and Traveloka invested by Yida, can compete with China's Didi, Taobao, and Ctrip respectively.

Of course, it is not completely benchmarked, and there are certain localization adaptation adjustments.

For example, Didi mainly uses cars, while Gojek uses motorcycles. Because the local economy is not developed enough, people generally use motorcycles to travel.

The Internet development in Southeast Asia has skipped the PC era and directly entered the mobile Internet era.

The social and search fields are controlled by Facebook and Google, which entered Southeast Asia earlier.

But there are many opportunities in other segments, such as e-commerce, games, live broadcast, electronic payment, taxi, local life O2O, etc.

It may not be possible to produce such a great company as Ahri and Penguin, but it is possible to produce ten or twenty companies with a market value of billions or tens of billions of dollars. "

After listening to Li Hengbo's speech, Zhang Yida took over the topic and said: "Hengbo spoke very well, analyzing the current entrepreneurial situation and prospects in Southeast Asia side by side.

In the past few months, Leech Financial and Ali invested in an electronic payment company in India, which has sounded the clarion call for financial services going overseas.

So we, Ruixiang, can’t lag behind. My purpose of launching the second phase fund is to provide capital assistance for Ruixiang’s financial going overseas.

My preliminary plan is to establish a local subsidiary if it can be established locally, and to acquire or invest in those that cannot be established.

We are not limited to financial companies, as long as we can invest in Internet companies that can promote Ruixiang's local business development.

So we chose the Indonesian version of "Didi" and "Taobao", as well as "Ctrip".

We have already negotiated with these three companies, and we will establish a joint venture electronic payment company, starting from Indonesia, and radiating to the entire Southeast Asia. "

"Okay, there is no problem with the black shirt, let's sign the contract!"

As soon as Shen Beipeng expressed his opinion, Ruixiang, Temasek, and Heishan Capital signed the investment agreement for the second phase of Ruixiang Industrial Fund.

Ruixiang contributed 1 million US dollars, accounting for 20% of the fund shares, as the fund manager.

Temasek and Blackshirt Capital each invested US$2 million, occupying 40% of the fund share, as LP limited partners.

(End of this chapter)