Winning the new financial era

Chapter 279
The valuation of "US$60 billion" shocked the investors present.

Especially Futukang Zhang Quan and CITIC Industrial Fund Wei Cheng.

According to them, the valuation of Huimin Travel is only 30 billion US dollars.

This number has doubled!
"Boss Huang, are you sure you're not joking?"

Looking at Zhang Quan with a bad face, although Huang Xiaofeng also felt that the valuation was a bit false, he still bit the bullet and nodded.

He saw that Mr. Zhang usually fooled the venture capital in this way, reported a high valuation, and then the venture capitalist accepted the head and bowed.

But he overestimated his influence. When Zhang Yida said this, investors did not criticize him because of his past achievements and rising wealth status.

But when it was Huang Xiaofeng's turn, the result would be uncertain!

"Mr. Huang, do you think we are the winners?"

Wei Cheng sneered, "Financing is not that easy. Everyone has to trust each other.

I don't think there is any need to talk about the inflated valuation of Huiminbao! "

"That is, the valuation of Huimin Travel has increased several times and several times before, but it was in the early stage, and the base was low, only tens of millions or hundreds of millions.

Now it is billions!Still rolling up and down.Too high! "

Zhang Quan also shook his head again and again.

Lan Lan knew that it was time for her to speak, and she said, "Mr. Huang, the data volume of Huimin's travel has soared in the past six months.

Coupled with the launch of a taxi platform.If you count Green, I basically agree with the valuation of 60 billion US dollars.

Excluding Green, I think $50 billion is a more appropriate number. "

Other investors felt that 50 billion was a bit inflated, and they all looked at Lan Lan with strange eyes, and then looked at Huang Xiaofeng.

Both of you have the same boss, don't play the oboe for us here?

Seeing that Lan Lan and Huang Xiaofeng looked normal, the other investors were also a little undecided.

In their view, the valuation of 40 billion is tenable based on the removal of Green, the addition of a taxi-hailing function, and the increase and decrease of Huimin travel.

In addition, considering the far-leading market share of Huimin Bicycle in China, it is also possible to give a certain premium to leading companies.

In short, US$40 billion to US$50 billion is an acceptable valuation range.

However, if the price can be lowered to 40 billion, why pay 50 billion?

"Mr. Lan, I don't agree with your point of view."

Zhang Quan looked at Lan Lan and said this, and then said: "Aside from other things, Huimin travels with a debt of 10 billion U.S. dollars."

"Those debts can just be offset by shared bicycle assets. In addition, the trucks dispatched by our bicycle repair centers across the country are net assets."

Huang Xiaofeng shrugged his shoulders and said, "Besides, who cares about the total assets of Internet companies?

Mr. Zhang, maybe you have been in Futukang for a long time, and your concept is closer to traditional enterprises. "

Zhang Quan was ridiculed by Huang Xiaofeng a few words, feeling a little resentful in his heart, and wanted to withdraw from this financing negotiation.

But rationality told him that if he withdrew from this financing, he would have no good fruit to eat when he went back.

So he clenched his fists tightly, and in the end he didn't let his anger out. He let out a long breath, "We at Futukang only recognize the valuation of Huimin Travel at US$40 billion."

"Our CITIC Industrial Fund also thinks that US$50 billion is a bit too high, and US$40 billion is more reasonable."

Penguin's Ren Yu sits firmly on the Diaoyutai, whether it is $40 billion or $50 billion, it will have little impact on Penguin.

Originally, Penguin had a shareholding in Huimin Travel, with a considerable share of 7.68%.

If the valuation is more than 10 billion US dollars, Penguin's book return is 7680 million US dollars more.However, Penguin has lost money in this round of financing.

One increase and one decrease are of little practical significance to penguins.

Therefore, he is very Buddhist in negotiating, occasionally interjecting a few words.

Huang Xiaofeng really wanted to throw out the sharp weapon of "VAM", but Zhang Yida told him that even if the valuation was lower, he could no longer sign the VAM agreement.

For shared bicycles, Zhang Yida is aware of the situation, and now he has no confidence in gambling.

The bottom line that Zhang Yida gave Huang Xiaofeng was 45 billion US dollars, as long as it was not lower than this pre-investment valuation, he could sign a financing agreement.

But Huang Xiaofeng knew that this was a test for himself, and the US$45 billion just reached the passing line.

If you strive for an extra $1 million, you will earn an extra performance.

So Huang Xiaofeng acted very restrained, and slowly started to negotiate the price with several investors.

"In addition to gathering taxis and free rides, Huimin Travel will also consider launching a special car business in the future.

In addition, Ruixiang's Investment and Finance Exchange will open traffic portals for Huimin Travel.

Coupled with WeChat's Jiugongge, and the Huimin travel app with 1 million users.

We are not weaker than Didi in terms of traffic. "

Huang Xiaofeng knew that the story of "shared bicycles" could no longer support the high valuation of Huimin travel.

So the investor's thinking is brought to the field of "big travel".

The effect is of course very useful.

Wei Cheng of CITIC Industrial Fund got excited and asked: "Will Huimin launch its own brand of online car-hailing in the future?
It's not a taxi taxi, but a Didi Express. "

Didi currently has 2.5 million users and is also connected to WeChat Jiugongge.In addition, after Didi and Kuaidi merged last year, Ari, a shareholder of Kuaidi, also became a shareholder of Didi.

So Didi connected to Alipay again.

In terms of traffic, Huimin Travel is actually slightly weaker than Didi Travel.

However, Wei Cheng saw Didi's valuation of more than 200 billion US dollars.If Huimin Travel can secure the second spot, its valuation can definitely reach more than [-] billion US dollars!
In particular, Uber is still rampaging in the Chinese market, and Didi has not yet fully confirmed its dominant position.

Therefore, Wei Cheng believes that there are some opportunities for Huimin to travel.As long as you seize the opportunity, you will definitely eat a part of the online car-hailing market.

Thinking of this, Wei Cheng felt a little fiery in his heart, maybe he was going to land a big fish this time.

However, Wei Cheng still had to pretend to be relatively calm on the surface, so as not to be ripped off by Hui Min's trip.

Huang Xiaofeng also raised the question raised by Wei Cheng to Zhang Yida.

Huang Xiaofeng served as the general manager of Uber Shanghai in 2014, so he is no stranger to online car-hailing, and has always had feelings for this industry.

But Zhang Yida did not agree to launch his own Kuaiche brand, and only wanted to be an aggregated taxi-hailing platform.

Zhang Yida thought more about it. Last year, Didi became a big trend. From the moment it was merged with Kuaidi, the two giants of Ahri and Penguin began to back them up.

The pits of shared bicycles have not been filled, and Zhang Yida doesn't want to continue digging them.

In particular, he knows that Didi will merge with Uber again this year, and then start a road of annual losses of tens of billions that will last for many years.

Not worth it!Zhang Yida thinks that he has made too many enemies, he can't continue to expand like this, he has to learn to choose.

Huang Xiaofeng replied ambiguously: "The launch of our own express car brand will inevitably have a fierce collision with Didi.

Internally, we plan to start with the aggregated taxi-hailing platform and ride-hailing business, and gradually develop user habits and accumulate operating experience.

Then launch a special car and drive on behalf of you.

As for the express train, it will have to be done later.Because it's the hardest and the most competitive. "

Wei Cheng nodded, guessing that this was Zhang Yida's strategic plan.

He has long heard comments like "Zhang Yida is young, but his strategic vision is very advanced" from others.

Today I have seen what it means to be steady and steady.

Sitting on the three billion-level traffic platforms of Investment Ronghui, WeChat, and Huimin Travel, they are not arrogant and have not blindly started all-round competition with Didi Travel.

Instead, it uses its own advantages to cut into the online car-hailing business from the ride-hailing business with slightly weaker control of Didi.

Then gather a group of online car-hailing boys to build an aggregated taxi-hailing platform.

Wei Cheng guessed that this must be Zhang Yida's conspiracy.

When these younger brothers raise the user traffic of Huimin Travel, they will definitely be kicked out, and he will take advantage of the trend to launch his own online car-hailing brand!
Typical chicken and egg!

high!It's really high!

Wei Cheng felt that he was too smart. Through some clues, he analyzed Zhang Yida's overall strategic layout.

He guessed that he was going to inform Chen Wei now, and the latter might treat him like a national scholar.

But Wei Cheng knew that he would not do such a thing.After all, I am a manager of a venture capital institution with professional ethics.

In fact, Wei Cheng was afraid of being informed, and CITIC and Zhang Yida blocked him and ruined himself.

Since you can't tell the truth, you must seize the Huimin travel that is about to take off.

Wei Cheng thought for a while and said, "Mr. Huang, let's do this! CITIC Industrial Fund raised the valuation of Huimin Travel to US$45 billion.

In addition, we have a small request. This round of financing will be led by CITIC Industrial Fund. "

Zhang Quan secretly scolded Wei Cheng as "stupid", didn't they agree to lower the price together?Why did you suddenly increase the price and lead the vote?Did you take the wrong medicine?

But how did Zhang Quan know that Wei Cheng had a flash of inspiration, and he felt that he had made a major discovery.In order to increase the valuation, we must also win more Huimin travel shares.

Huang Xiaofeng also relaxed a little, and lowered the valuation by US$5 million, but still insisted on the price of US$55 billion.

Wei Cheng's tone of voice changed very strangely, and Lan Lan guessed that something Huang Xiaofeng said must have moved him.

Adding 5 million US dollars in one go, and leading the investment rights, this shows that it is very optimistic and wants to get it very much.

Lan Lan decided to give him a good assist, she stated: "Mr. Huang, 50 billion US dollars, Ruixiang can offer this offer at the highest, but we must lead the investment."

Then Lan Lan looked at Wei Cheng pretending to be a little angry, and said, "Mr. Wei, you are a little out of character. Didn't you agree that Rui Xiang would lead the investment?"

Wei Cheng laughed dryly, "Mr. Lan, you guys have a big career in the Ruixiang family, so don't care about such one or two projects!
This time you asked CITIC Industrial Fund to lead the investment, and we owe you a favor. "

"Alright, since Boss Wei said so, I'll sell you a favor too.

It's not as good as this, the two of us each have half of the share. "

Speaking of this, Lan Lan looked at Huang Xiaofeng again, and said: "But the final decision is still with Mr. Huang, and he has to say it."

"I still say that, with a valuation of US$55 billion, this round of financing only raised US$5 million.

Shared bicycles are almost saturated. If there is no special car launched later, this is almost the last round of financing for Huimin Travel. "

If Lan Lan and Wei Cheng divide the financing share equally, other investors will not be able to sit still.

Ren Yu from Penguin was the first to jump out and said: "Penguin must participate, and we also offer a valuation of US$50 billion."

When Temasek and Futukang saw that everyone was doing it, they also raised their prices one after another, expressing that they could not be excluded.

Seeing that everyone raised the price, Wei Cheng gritted his teeth and raised the valuation from 45 billion to 50 billion US dollars in order to seize the financing share.

He believes that there is nothing wrong with a measly US$5 million valuation increase. Based on a 5% shareholding ratio, it is only US$2500 million.

As long as Huimin travel grows into the second largest travel platform after Didi, sooner or later the money will be earned back with interest.

Huang Xiaofeng was still a little dissatisfied, and kept biting the 55 billion US dollars and didn't let go.

Other investors, including Lan Lan, were unwilling to raise the price anymore, and Huang Xiaofeng pretended to be reluctant to agree after a lot of talk.

After the valuation was negotiated, everyone began to talk about the share again.

The financing share of only US$5 million is less than 55% based on the US$10 billion post-investment, which is not enough at all.

Wei Cheng asked that CITIC Industrial Fund must lead the investment, and Lan Lan also said that it should not be less than CITIC Industrial Fund, at least 5% of the shares.

Penguin wants to increase its equity to more than 10%, and Temasek is rich and not short of money, and it also stated that it will spend hundreds of millions of dollars in it.

The presence of Futukang is relatively low, and 1% of the requirements are satisfactory.

All together, the amount of financing of 5 million US dollars is not enough.

Together they put pressure on Huang Xiaofeng to increase the amount of financing.

In the end, Huang Xiaofeng called Zhang Yida again, and finally set the financing amount, 10 billion US dollars.

Ruixiang and CITIC Industrial Fund each led the investment of US$3 million, Penguin followed with US$2.4 million, Temasek followed with US$1 million, and Futukang followed with US$6000 million.

After completing the C-round financing of US$10 billion, the post-investment valuation of Huimin Travel will reach US$60 billion.

Not counting the $10 billion in debt financing, the equity financing alone adds up to $19.8 billion.

Typical unicorns that eat capital ripening agents.

In addition, Zhang Yida's equity will drop again, down to 29.78%;

Penguin replaced Blackshirt Capital as the second largest shareholder with a 10.4% stake.

In addition, Huimin Travel will reach a strategic cooperation with Futukang, and will hand over the new generation of Qingqi bicycles, that is, the order of bicycles with a cost of 500 yuan to Futukang.

The quantity is 300 million units, and the total order value reaches 15 billion yuan.

Boss Guo still knows how to do business, and it is estimated that he has earned back the 6000 million US dollars he invested in.

However, the order is not so easy to accept. As a concession, Futukang also granted a one-year interest-free loan of 15 billion yuan.

In other words, the production payment can be deferred for one year.

In addition, Futukang has to provide free shipping to deliver the produced bicycles to all parts of the country to help people travel.

In this way, is Futukang still profitable?

Zhang Yida guessed that there must be some, after all, Boss Guo is so good at doing business, every employee can play the best value, and no one can compare in cost control.

(End of this chapter)