Edward took a sip of coffee, took his glasses and looked at the documents at hand, and said: "The withdrawal of our Global Mall from the Chinese market is not our failure, but part of our global strategy. At present, we have achieved overwhelming victories in Europe, South America, East Asia and other markets, and the company's next main task is to prepare for listing on the stock market. Therefore, shrinking the Chinese market and focusing more on our local area is a choice we must make. Now we are planning to sell all the assets of the Huaxia branch, before that, we have hired three independent accounting firms to conduct a comprehensive investigation of our Huaxia assets, the list is here, the total value of the book is about 150 million to 200 million US dollars, the specific price, we need to further confirm the price. ”

Edward said, handing over a detailed list of assets to Long Yu.

Long Yu took the list and looked at it carefully, for the assets of the Global Mall in Huaxia, Baibao Group was not bottomless. What Long Yu values most is their Chinese shopping platform and the many large suppliers attached to it.

As for other technologies and talents, in fact, Baibao Group is not rare, and Baibao Group basically has the technology that Global Mall has.

As another important asset of Global Mall in China, the Gpay online payment platform is also included in the package sale this time, but this online payment platform is not forced to sell, if Baibao Group does not want to acquire, Global Mall will not be reluctant. The technical support of this platform is all abroad, the Chinese version of Gpay is just the sinicization of this software, in the domestic market, Gpay does not carry out business independently, only as a payment channel for the global mall in the Chinese market.

Therefore, if it is separated from the Chinese version of the global mall website, Gpay currently has no other business in the Chinese market, and it will become an empty shell.

Global Mall also knows that the value of Gpay is dispensable for buyers, and under normal circumstances, buyers are unlikely to acquire it, after all, it is just a Chinese version of the payment tool, and its core transaction data is all stored in the data center of the United States, which is actually equivalent to opening an account in the Chinese market.

"Mr. Edward, for the assets of the Huaxia branch of the Global Mall, it has been listed here very clearly, what we are most concerned about is the Chinese version of the platform website, which is the most valuable thing for us, of course, the Global Mall should be packaged and sold, we are also willing, but payment tools like Gpay, we Baibao Group do not need, I hope to delete this item." Long Yu looked at the list and said.

Edward smiled slightly, knowing that Long Yu was very shrewd: "Mr. Long, Gpay is indeed dispensable for Baibao Group, if you don't need it, we can recover this asset." Do you have any questions about other places?"

"There is no other question about the list of assets, and now the key issue is the price of the overall package sale. Long Yu said, "At present, we can only pay a small amount of cash, and we want to replace the other part of the funds through equity and other means." ”

Even if Dahua Fund can come up with 200 million yuan, plus the existing funds of Baibao Group, the total payment will not exceed 500 million. The assets of the Huaxia branch of the Global Mall are definitely above one billion, and if it can be traded at a price lower than 1.2 billion, it is already a preferential price.

Therefore, for Baibao Group, this transaction can only be realized by selling shares.

Moreover, after the transfer of shares, Global Mall has become one of the shareholders of Baibao Group, and in some respects, the two sides can also carry out a new round of cooperation, which may have huge benefits for Baibao Group to finally unify the Chinese market.

Within Baibao Group, everyone still agrees with the plan of exchanging equity for assets, and now I don't know how Global Mall views this issue.

"Of course we need real cash, but so much advanced is really a big problem for Baibao Group, so we can take a step back and need at least 50% of the cash, plus equity to trade. "That's a big concession. ”

Edward is not right, because there are not many asset price bubbles in the Global Mall at the moment, and it can even be said that it is very affordable. In contrast, there are many bubbles in the valuation of Baibao Group.

The overall valuation of $150 million to $200 million is only one-third of that of the entire Treasure-Pack, which is quite a discount for a large company that has been able to compete with the Treasure-Advisor Group before. On the basis of this price, it cannot be fully realized, which is not happy for the global mall.

However, because the scale of the assets is too large, there are no such powerful buyers in the market, which makes the sale very difficult.

Of course, Rioport also took this factor into account, so if Baibao Group proposed an equity-for-asset model, he would generally be able to accept it.

Now the crux of the matter is how much equity of Baibao Group can be obtained by Global Mall, and according to the operation plan of 50% cash and 50% equity, Global Mall hopes to get at least 20% of the equity of Baibao Group.

In this way, from the perspective of valuation, Baibao Group has also exceeded 3 billion, and for Longyu, it is actually not a loss.

But for Long Yu, the situation is different, after all, 20% of the equity is not a small amount, at present, the strong rise of Baibao Group has become a fact, and the Huaxia assets of the global mall are constantly depreciating, this strong and weak comparison, the current transfer of 20% of the equity of Baibao Group is obviously not cost-effective.

"50% cash, at present, it is still a little difficult for us, not to mention our Baibao Group, even if it is any other Internet company in the whole of China, it is impossible to come up with so much cash at once, if the global mall is this negotiation idea, the difficulty of this transaction will increase a lot." Long Yu said.

Long Yu knew that in the Huaxia market, there was no single buyer who could take out 50% of the cash to buy the Global Mall at once, and even if they had such strength, they might not be willing to take this risk, so in fact, there was a situation where there was no market for this transaction.

In 2003, China's economy was still in the early stage of take-off, and funds in the market were still relatively scarce, and the power of capital was not strong.

At this time, a hundreds of millions of acquisitions may shake the entire market.

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