Winning the new financial era

Chapter 491 Merger Resistance
Ruixiang convened all the shareholders, and in the large conference room, Zhang Yida personally announced the proposal to merge with Zhonghe Group.

This news was no less than dropping a blockbuster among the crowd, and shocked all the shareholder representatives.

Masayoshi Son, who was present in person, was overjoyed when he heard that Softbank was not only a shareholder of Ruixiang, but also a shareholder of Zhonghe, and the merger of the two was exactly what he wanted.

"Mr. Zhang, this decision is very wise, and I support it!"

With Sun Zhengyi taking the lead in supporting this decision, Blackshirt Capital and Zhenke Fund also expressed their support for this decision.

Other shareholders don't have much opinion, they only care about whether they will suffer losses during the merger process.

Tong Shihao from GGV Capital said with a smile: "We have no objection to the merger. The key is how much to value Ruixiang and how much to value Zhonghe. There must be a clear statement!"

He has a good relationship with Tong Shihao, and Qiming Venture Partners Gan Renping, who often invests in the same project together, also said, "I agree with the representative of GGV. Valuation involves everyone's vital interests and must be judged in a scientific, objective and fair manner. .”

Other investment representatives also echoed their voices. Some proposed to hire an independent third-party agency, some said to calculate according to the PE valuation method, and they said everything.

Zhang Yida Xu pressed the palm of his hand, and after everyone quieted down, he slowly said: "I know what you mean, don't worry, I, Zhang Yida, still have a good reputation in the venture capital market, and I will never do those greedy things." small profits.

Ruixiang and Zhonghe do have many common shareholders, and I am a major shareholder of the two companies.

Therefore, the proposal of Mr. Robert from Goldman Sachs just now is very suitable. Let's hire an independent third-party agency to do the valuation calculation.

In order to prevent the data from being imprecise, we can invite a few more, all well-known institutions at home and abroad.

It doesn't matter if you spend more money, the main thing is to do things beautifully and satisfy every shareholder. "

Seeing Zhang Yida adopt his own suggestion, Robert was quite happy.In order to grab future underwriter qualifications, as well as the fixed increase business that may appear after the listing, he has been befriending Zhang Yida.

Looking at it now, the effect is very good, and this Mr. Zhang still recognizes himself very much.

Being preempted by Robert, representatives of several investment bank shareholders such as Bank of America Merrill Lynch Wang Zheng and Morgan Stanley Evans were a little upset.

They have just been dazzled by the huge news, and they are imagining when this new group will go public, how much money it will raise, how much underwriting fee they can get, and how much bonus they can get from it.

In the end, they were put together by the old boy Robert, which made them very stressed!
It seems that the next step is to establish a good relationship with Mr. Zhang, so that he can have a drink of soup after the listing.

After all the shareholders reached a consensus, Zhang Yida emphasized that the news must be kept confidential and no rumors should be leaked.

All the shareholders nodded, not only because they signed the non-disclosure agreement, but also because they were afraid that their reputation in this industry would be ruined if they were exposed.

Then there was a high-level meeting. Zhang Yida convened the general managers, vice presidents, and CEOs of the major business groups, and announced the merger decision made by all shareholders.

The shareholders agreed, and a group of professional managers naturally had no opinion.

Although he was a little surprised, he didn't ask any questions.

……

"Why? Mr. Zhang, I don't think now is a good time to merge."

To Zhang Yida's surprise, the biggest resistance to the merger was not from Ruixiang, but from Zhonghe.

Zhang Yida, Xu Xiaoming, Shen Beipeng and others looked at Zhang Liping, the chairman of the Greater China Region of the Blackstone Group in puzzlement, wondering what the old man was thinking.

"Zhang, isn't a merger a good thing? In an old Chinese saying, it's called joining forces!"

Bao Zheyu, director of BlackRock Asia Pacific, turned his head and looked at Zhang Liping who was sitting next to him in puzzlement.

"Pinduoduo's monthly GMV exceeded 400 billion yuan, Doushi's daily active users exceeded 3 million, Kuaishou's live streaming exceeded 10 billion yuan in a single month, and Musical.ly became popular all over the world...

The various businesses and revenue of Zhonghe Group have been growing rapidly, and I have not read the specific financial report of Ruixiang's revenue growth, but through some subtleties, it can be inferred one or two.

With the tightening of financial regulatory policies, the source of funds for Yongbai and Loanbei will be severely restricted. It is expected that this will have a serious weakening effect on the revenue growth rate of Ruixiang Group.

IMHO, I think the merger is a bit of a disadvantage right now. "

Zhang Liping glanced at Zhang Yida and the other shareholders, taking in all the expressions of surprise, deep thought, and entanglement.

He continued: "One is a company whose growth is gradually slowing down, and the other is a company whose revenue has doubled a year. You can compare them yourself.

Would it be better if the merger was postponed until next year, or the year after that?

For our shareholders of Zhonghe, this is the real maximization of interests. "

Zhang Yida felt that he had underestimated this silver-haired old man, he was very knowledgeable!
Foreign credit card payments are developed, and, for example, countries led by the United States restrict and resist China's mobile payment companies, it is difficult for Ruixiang's mobile payment to reach a new level.

Therefore, Ruixiang has been transforming into the field of science and technology, such as cloud computing and AI, etc., but it started late and has a weak foundation, so far it has not achieved very good results.

In addition, there are Leech Financial Services and WeChat Pay in China, and the development has basically reached its peak.

However, many businesses of Zhonghe Group have just begun to be commercialized, and the growth potential is still great.

The old man Zhang Liping said that Zhonghe has greater development potential, which is not wrong at all.

But it is also true that Zhonghe burns money very quickly. In addition to Blue Hole making money, short videos can only be said to have reached a balance of revenue. Large-scale entertainment, digital content, e-commerce and other sectors still need long-term large-scale investment.

If Zhonghe Group wants to maintain a comprehensive revenue balance, it may have to conduct one or two more rounds of financing.

Thinking of this, the shares will be diluted anyway, so it might as well just merge Ruixiang into it, and go public directly without financing later.

After 18 years in the previous life, the environment of the stock market is not so good.If we really have to wait until 2020 or later to go public, maybe the environment we face will be even worse.

These are Zhang Yida's true thoughts. He originally wanted to postpone the merger for another year or a half.

But after thinking about it carefully, after the merger, we have to integrate the business, including the sprint before listing, and the time is a bit too late.

The integration work must be completed this year, and it will be fully listed next year.

There is no need to explain these truths to others in detail, Zhang Yida knows what the shareholders headed by Zhang Liping think.

"Oh, by the way, April is coming to an end soon, shouldn't it be time to settle the bet between Zhonghe, BlackRock, and Blackstone?"

Just now I don't know whether Zhang Liping did it on purpose or not, and he never mentioned DouTV's advertising revenue, so Zhang Yida had no choice but to remind him.

The corner of Zhang Liping's mouth twitched, and he glanced at Bao Zheyu who shrugged at him, who looked helpless.

"Mr. Zhang, we will talk about this matter later, don't worry, Blackstone and BlackRock are world-renowned investment institutions, and we will never renege on our debts.

What we are discussing now is the matter of merging, let's solve this matter first and then talk about other things! "

Zhang Yida nodded, "Okay, let's talk about the merger first."

Zhang Yida took a look at the investors sitting on both sides of the big conference table, and said lightly: "Everyone is afraid that the valuation of Zhonghe Group will not be fully reflected?

This matter is simple, we just ask Ruixiang Group to charge us a high price! "

You said that if you set a high price, you will set a high price?Zhang Liping shook his head repeatedly, apparently not agreeing with Zhang Yida's statement.

He said very seriously: "Mr. Zhang, I know that Ruixiang is also under your control, but Ruixiang also has many shareholders, so it is impossible to listen to you alone, right?
If you say a valuation of US$1000 billion, will people agree? "

Zhang Yida chuckled, "I will agree! Wouldn't it be enough for all the shareholders of Zhonghe Group to participate in a round of betting?"

Looking at the pensive shareholders, he added: "If you want to sell for a good price, you have to pay something, right? You want to take advantage of it, but you don't want to take responsibility. There is no such thing in the world!
Let me state first, those who do not participate in the VAM are not eligible to enjoy the fruits of victory! "

Zhang Liping and Bao Zheyu's faces were bitter, so familiar, exactly the same as last year!
　Thanks to prince24 book friends for the [-] coins reward!

　　
　
(End of this chapter)