Winning the new financial era

Chapter 367 Receiver

"Based on this financial report, Bank of America Merrill Lynch can give Yimindai a valuation of 20 times the static price-earnings ratio."

Wang Zheng said with a smile: "Yimindai's net profit in the past year is 5.85 million yuan, which is 1 million U.S. dollars at today's exchange rate of 6.8575 to 8530 yuan to the U.S. dollar.

A price-to-earnings ratio of 20 times is a valuation of $17.06 billion. "

Chen Shaojie showed a forced yet polite smile, and did not answer.

What are you kidding?A year ago, Yimindai was valued at 15 billion knives, and the valuation increased by 2 million knives in one year?
Revenue and profit growth is more than that!

However, he did not open his mouth to refute, and continued to listen to Yuan Zheng's speech: "As far as I know, including the period of operation before Yimin Holdings Group was split, Yimin Loan has only a total of three years of operation history! "

"Yes, that's right." Chen Shaojie smiled confidently, "A long history is not necessarily a capital to show off.

Taking advantage of the explosive growth of the mobile Internet, Yimindai has achieved a hundred-fold increase in loan size and revenue in three years, and has maintained healthy profitability for three consecutive years.

The growth is very good, and the finances are also very healthy!This is a very high-quality and rare target in the loss-making Internet industry. "

On the two phrases of "high-quality" and "rare", Chen Shaojie's wording is very serious, just to remind these people that Yimindai has no shortage of fans.

"Mr. Chen," asked Robert of Goldman Sachs, "tell me about your psychological price!"

Chen Shaojie compared his fingers, "First, the price-earnings ratio is 30 times, and it is dynamic; second, this Pre-IPO financing only releases 10% of the share; third, the listing underwriting commission is 5%."

Robert shrugged with an exaggerated expression, "What? Isn't today April Fool's Day?"

"Mr. Chen, are you serious?" Evans also emphasized.

"I'm not joking. These requirements and conditions are very reasonable, and they also leave huge profit margins for partners."

Wang Zheng shook his head and said with a sneer, "I didn't see any profit margins, and all the benefits were taken by the original shareholders and management."

Chen Shaojie did not argue, and turned to look at Robert and Evans, "Goldman Sachs and Morgan Stanley have cooperated with our brother companies, and have earned considerable returns through Pre-IPO and stock underwriting.

Bank of America Merrill Lynch is also a new partner brought in by the two of you, please explain to the two gentlemen! "

Robert spread his hands and looked puzzled, "The two investments of Yimin Wangjin and Yimin Wealth have indeed brought good returns to Goldman Sachs.

But one yard is equal to one yard, giving Yimindai a valuation of 30 times the dynamic price-earnings ratio, almost overdrawing the growth potential of the next year or two.

After the listing, there is not much profit that really belongs to us.For this reason, those of us investors who bought shares at a high price have to bear a great risk of loss.

The profit is thin and the risk is high, such a bad decision, even if I agree, the New York headquarters will not approve this transaction.

There is only 10% equity share, our three investment banks, plus..."

Robert slapped Wang Jingbo again, and said in a strange way: "Including Ms. Wang, this is four institutions, not enough points at all!"

Evans and Wang Zheng also spoke out one after another, refuting Chen Shaojie's "overlord clause" one by one.

Wang Jingbo is as stable as Mount Tai, neither arguing nor arguing, only occasionally interjecting a few words.

Because she knows that although her company is also a company with a market value of tens of billions, compared with the three major investment banks, its strength is not a little bit weaker.

If you are weak, you don't have the right to speak, and you are here today purely for soy sauce.

After arguing for a long time, both parties finally took a step back and reached a preliminary agreement.

One of the three major investment banks made concessions on the underwriting commission and agreed to a 5% underwriting fee.

Yimindai made concessions on the share of equity financing, expanding the proportion of equity financing from 10% to 20%.Among them, the issuance of new shares and the transfer of old shares each account for half of the share, 10% each.

As for the valuation, both parties made concessions and set a static price-earnings ratio of 25 times.

According to this valuation method, the pre-money valuation of Yimindai is US$21 billion.

Chen Shaojie notified Zhang Yida of the negotiation results immediately.

"$21 billion~"

Zhang Yida pondered over and over again. Strictly speaking, the valuation is a bit low. Compared with the valuation of US$15 billion a year ago, it has only increased by 40%.

However, valuation is not what he values ​​most. What he values ​​more is the proportion of old stock transfers.

This is the last round of financing before listing, and it is also a good opportunity to cash out, which must be grasped well.

"Call the four shareholders of Heishan, Zhenge, China Merchants, and CITIC to hold a meeting and ask them if they want to cash out."

Then, Yimindai held a general meeting of shareholders.

Xu Xiaoming suffered a loss once, and liquidated all the shares he held at a valuation of US$20 billion on the eve of Yimin Wangjin's listing.Seeing that the market value of Yimin Wangjin has exceeded 100 billion U.S. dollars, I feel so uncomfortable!
Therefore, he will not cash out even if he is killed, and must survive until the listing.

Shen Beipeng is also unwilling to sell the old shares in his hand. After the listing of Yimin Wangjin and Yimin Wealth, the stock prices have risen very well. So far, Heishan Capital has not sold a share.

However, as the market value of Yimin Wangjin exceeded 100 billion U.S. dollars, he couldn't sit still, and felt that the time to cash out was almost ripe.

However, Yimindai is different. He thinks it is too uneconomical to sell it at a price of 21 billion US dollars, and it does not maximize the profit.

It has been a year since CITIC Industrial Fund and China Merchants have invested in Yimindai. If they sell their shares now, they can secure 40% of the investment income.

However, they have analyzed it internally, and it is not the most appropriate time to sell shares now.

Domestic Internet financial entrepreneurship is becoming more and more popular day by day, precisely because of the vastness and infinite prosperity of the market.

Therefore, the two of them also decided to wait.

"Uh... isn't everyone willing to sell shares?"

Zhang Yida sighed, "How about this, let me own the 10% of the old shares!"

Xu Xiaoming felt a little sorry, and persuaded him: "Yida, why don't you wait, we just issue new shares for all the 20% of the shares."

Zhang Yida waved his hand, "Forget it, it's going to be listed soon, and it will dilute 20% of your shares, and everyone's future income will be damaged."

Shen Beipeng glanced at Zhang Yida suspiciously, are you so kind?

Once by chance, twice, three times by chance?
Shen Beipeng discovered that Zhang Yida had to cash out part of the shares before each company went public. This was the case with Yimin Wangjin and Yimin Wealth. They also cashed out a wave during the IPO.

Now Yimindai is still copying this method. Is it because you have no confidence in the future of the industry?

At the beginning, Yimin Wangjin sold 2% of its shares for US$9 million.If the 9% stake has been covered until now, it will be worth more than 10 billion US dollars.

After suffering such a big boring loss, do you still repent?

Yimindai completed its C-round financing of nearly US$21 million at a pre-investment valuation of US$5 billion. It adopted a similar approach to Yimin Wangjin, first issuing 10% of the shares, and then transferring 10% of the old shares.

Yimin Loan received US$2.3333 million in funds, and Zhang Yida himself also received the same amount of equity transfer funds.

His personal stake in Yimindai dropped from 57.6% to 41.84%.

Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley paid US$1.4 million each for a 6% stake in Yimindai; Wang Jingbo's Gopher Assets paid US$4666 million for a 2% stake.

"Mr. Zhang, happy cooperation!"

After signing the agreement, Wang Jingbo shook hands with Zhang Yida with a smile on his face.

"Happy cooperation!"

It was Zhang Yida's impromptu idea that Lagofeld's assets entered the game, but he did not expect that the other party really took a fancy to Yimindai.

Then, Zhang Yida went to chat with the three of Robert.

"Why do you want to invest in Yimin Loan?"

Shen Beipeng walked to Wang Jingbo's side and asked in a low voice.

Wang Jingbo turned his head and said with a smile: "The black shirts are so optimistic about Yimindai, so we naturally have to keep up with the trend!"

"Ha ha!"

Shen Beipeng said with a smile: "The general trend is that the wave of entrepreneurship in Internet finance is getting higher and higher! Not counting Yimin Wealth, when Yimindai is listed, it will be the third Internet financial platform to go public in China."

"Yes," Wang Jingbo nodded, "Zhang is always a capable person. Except for Yiyindai, the other two listed mutual financial companies are all under his banner."

"Yimin Wangjin and Yiyindai have been listed one after another, which has greatly stimulated domestic Internet financial entrepreneurs. Many companies have begun to arrange US listing plans.

Next year, it is estimated that a large number of domestic mutual fund companies will be listed. "

Wang Jingbo nodded in agreement and said: "Yes, this is a big outlet. As the first listed Yimin Wangjin in China, no matter how many mutual financial companies go public in the future, its status cannot be shaken.

It is not a penny spent, but in exchange for advertising worth billions.

Now when it comes to domestic P2P, the first thing everyone thinks of is always Yiminwangjin. "

"Not only in China, Yimin Bank, a subsidiary of Yimin Wangjin, has gone out of Indonesia and opened up markets in many Southeast Asian countries.

In the future, it is very likely to become the P2P overlord in Asia.It will even expand to other continents. "

Wang Jingbo smiled and said, "Then congratulations to Mr. Shen, you have invested in a company with great potential."

Shen Beipeng said again: "I heard that Gopher Asset Management is not doing well? Customers complain about the poor yield?"

"Yes," Wang Jingbo said helplessly, "There are only so many good companies in the world, and it is impossible to invest in good projects all the time."

"Yimin Wangjin has plans to issue additional shares in the future. Is Gopher Asset interested in participating?"

Wang Jingbo was a little moved, but also worried. She frowned and said, "Now that the market value exceeds 100 billion US dollars, will there be water?"

"Fortunately, the stock price is now $49, which is almost double the issue price of $25.

The company's business fundamentals are very good, and its net profit has more than doubled compared with the same period last year.I think the stock price is still undervalued.

If you look at the ratings of various Wall Street investment banks, they either recommend buying or recommend holding.

Don't you always complain that you can't find good projects?Yimin Wangjin is a potential stock. "

Wang Jingbo was a little moved, but she was not a novice, and said that she would find a professional researcher to study it when she returned to the company, and she would give an answer at that time.

Shen Beipeng ordered as soon as he could, and didn't persuade him any more.

Blackshirt Capital is about to get out of the car and sell it directly in the open market, fearing that the stock price will be horrendous.

Gopher Asset Investment Yimindai let him see that the former seems to be very interested in the mutual fund industry and is a suitable target to take over.

(End of this chapter)