After the cocktail party ended, Chen Wei found Lei Dongming, who was about to leave, and said something like this, "Mr. Lei, are you free?" I want to talk to you about something!"

Lei Dongming looked at Chen Wei who was smiling, and didn't understand what his intentions were, so why not learn from Toutiao to clear the shares of Huayi Capital?

Since Huimin Travel began to launch businesses such as aggregate taxis and ride-hailing, the relationship between Chen Wei and Zhang Yida has deteriorated more and more.

Even Huayi Capital was targeted, and many shareholders of Didi Travel clamored to let Huayi Capital out.

Although Lei Dongming feels that Didi still has the potential to increase in value, if the other party wants to let Huayi Capital out, he can only accept this fact.

No way, from the beginning of its establishment, Huayi Capital has been deeply branded with Zhang Yida's personal brand.

Without Zhang Yida, there would be no Huayi Capital today.

Several successful investment projects in the early stage of fund operation, including Didi and Toutiao, were also found and won by Zhang Yida.

It's nothing to be out of the game now because of Zhang Yida, and I've almost made enough.

It's just that Chen Wei hasn't moved, and Lei Dongming has almost forgotten about this stubble.

"Yes," Lei Dongming's face was calm, and he looked around a few times, "Can you just talk here?"

"It's too noisy, let's find a quiet place!"

Chen Wei found a quiet room in the hotel, considered the language, and said: "Didi has always had the ambition to go to the international market, but if you go to other people's territory to develop, you have to find two allies!"

As you know, my equity in Didi is only a few percent, and if it is diluted, it is estimated to be a decimal point. ”

Lei Dongming smiled and didn't speak, took a sip of coffee by himself, and said in his heart: Can you hurry up?

Chen Wei saw that Lei Dongming was calm and unspeakable, and he was also a little angry in his heart.

Lao Tzu is forcing you to get out of the car, aren't you in a hurry at all?

Without Didi's shares, not only will you not be able to share the growth dividends of Didi's future, but you will also lose a successful investment case of 100 billion US dollars.

Don't be lost, don't despair, don't regret?

"So we want to sell some old shares, so that the early shareholders can exit and get a satisfactory return, while maintaining the management shareholding ratio is not declining. ”

"Okay, no problem," Lei Dongming nodded, "According to the valuation of $35 billion, Huayi Capital can sell all the 1.49% shares it holds." ”

Huayi Capital invested $97.5 million in Didi in March 2014 and acquired a 7.5% stake in the latter, when Didi's post-investment valuation was nearly $1.3 billion.

Since then, Didi has gone through nine rounds of financing and two rounds of mergers, and Huayi Capital's stake has been diluted by more than 80%, from 7.5% to 1.49%.

Of course, this is the result of Hua Yi Capital's failure to make co-investment and additional investment.

It's not that Huayi Capital doesn't want to follow the investment, it's that the Didi project is too hot to be inserted at all, and some top capital is grabbing it.

For example: Penguin, Ahri, CICC, CITIC, CIC, Anping, Temasek, China Life, Apple, Post, China Merchants and so on.

Compared with these top capitals, Huayi Capital is not qualified at all, and it was lucky to get some shares in the early stage.

Later, people continue to expand financing, and it's good that you can share the soup, and you still want to eat meat, dream.

In addition, the equity transaction consideration is 52:48 for the Didi merger and 80:20 for the merger of Uber China.

With these two acquisitions alone, Huayi Capital's stake has been diluted by nearly 60%, and with nine rounds of financing, it is not surprising that the stake is only nearly 1.5%.

The worst is Chen Wei, in the previous life Didi 18 rounds of financing, plus two rounds of mergers and acquisitions, Chen Wei only held 2.9% of the shares, counting the holdings of other management, the entire Didi management only held a total of 5.88%.

"$35 billion multiplied by 1.49 percent is $521.5 million, which is acceptable. ”

Chen Wei looked at Lei Dongming, "But we also have one condition, that is, we want to count Didi's shareholding in Huimin Travel as part of the transaction consideration." ”

"This may not be enough, right?" said Lei Dongming lightly.

"It's not enough, Didi holds a 1.82% stake in Huimin Travel, which is worth $145.6 million based on a valuation of $8 billion. ”

Chen Wei added: "We hope to transfer this 1.82% stake to Hua Yi Capital, and use more than 300 million US dollars in cash to make up the difference." ”

Lei Dongming shook his head and smiled, "The matter of Didi's trip with Huimin needs to be negotiated by yourself." ”

He turned his head to look at Chen Wei again, "Huayi Capital can withdraw from Didi, but we only need cash." ”

"Mr. Lei, are you not confident in Huimin Travel? Or do you think the valuation is too high?"

Lei Dongming shook his head, "Huayi Capital is a VC focusing on early-stage investment, and we currently hold 1.76% of the equity of Huimin Travel, and we have not made any follow-up investment in the middle.

Small diversification is the operating logic of our fund, including the investment in Toutiao, Didi, and magnesium groups, which are implemented in accordance with this law. ”

"Okay, all-cash transactions are fine. Mr. Lei will come over tomorrow to sign the contract! Okay, so be it!"

Chen Wei got up and wanted to leave, but before leaving, he looked back at Lei Dongming and left this sentence:

"Please tell Mr. Zhang that Didi wants to sell the shares of Huimin Travel. ”

......

Huayi Capital Inc.

"Lao Lei, yes! Two investments, 200 million US dollars, in two and a half years, exchanged for 1.52 billion US dollars!" Zhang Yida joked with a smile.

Huayi Capital has made such a big move and recovered more than a billion dollars in cash in a short period of time. So he also came to a meeting today, ready to discuss the matter of dividing the money with Lei Dongming.

"Mr. Zhang is a good leader, and I am also following suit. Lei Dongming smiled modestly.

This is really not self-congruent, Huayi Capital raised $250 million in the first phase, and invested in a total of 4 companies, TMD plus Huimin Travel, each of which is well-known in the industry.

The investment in these four companies was all completed under the leadership of Zhang Yida, and he Lei Dongming also played beside him.

Although unicorns have also emerged in the second and third phases of Huayi Capital's investment companies, they are far inferior to these four companies, both in terms of valuation and industry influence.

"You would be humble, if you hadn't helped Huayi Capital pull one-third of the investment funds in the early days of your business.

Even if there is a good project, we can only stare at it from the sidelines!"

Zhang Yida didn't feel that Lei Dongming was "lying down" at all, although he made the greatest contribution to finding projects, and also brought in two-thirds of the investment funds.

However, Lei Dongming also made a lot of contributions to Huayi Capital, not to mention the contribution of fundraising.

Equity investment funds include four links: "fundraising, investment, management and withdrawal", and the other party is also responsible for following up on management and exit.

In addition, Huayi Capital is also well managed by the other party.

Although it has never invested in any amazing projects, its development is stable and fast.

Because the big fish of China's Internet have been almost caught by Zhang Yida, even if Huayi Capital wants to make good results, it is estimated that it will not be able to find a particularly good project in a few years.

In addition, the fourth phase of Huayi Capital's fundraising has also been completed. He manages a total of four US dollar funds and three RMB funds, and the total fund management scale has exceeded 3 billion US dollars.

This management scale is very close to that of some old head equity investment funds.

Of course, it is still far from the level of Gaoling Capital and Black Shirt Capital, which is tens of billions of dollars.

In terms of the scale of fund management, it has basically crushed 98% of its peers.

According to statistics, excluding private securities investment funds, there are about 12,000 domestic private equity investment funds and venture capital fund managers, almost 27,000 funds under management, and more than 6 trillion yuan in assets under management.

In other words, the average size of a fund is less than 300 million, and the asset management scale of a venture capital institution is about 500 million.

Of course, this thing is just like the average wage, and sometimes it feels like it's outrageous.

Because more than 87% of investment institutions have assets under management of less than 500 million yuan. The average data is pulled up by the giants of Black Shirt and Gaoling.

In the same way, many people in China have a monthly salary of only two or three thousand yuan, and the average monthly salary is directly pulled to six or seven thousand by wealthy people.

"Of the four projects invested in the first phase, except for the magnesium group and Huimin Travel, the other two major heads have successfully exited. ”

With a smile on his face, Lei Dongming concluded: "We still have 0.58% of the shares of the magnesium group, worth more than 120 million US dollars, and Huimin Travel also holds 1.76% of the shares, worth more than 140 million US dollars.

Combined, the $250 million invested in the first phase of the fund has now been converted back to a total of $1.78 billion.

In two and a half years, the return is more than 7 times!"

"It's only 7 times!

Zhang Yida originally thought that he would earn at least one or twenty times, and the return multiple was only a single digit, which made him a little disappointed.

"Mr. Zhang, 7 times is not a lot!"

Lei Dongming smiled bitterly, this master really doesn't have a backache when he stands and talks, he really thinks that everyone can make money from equity investment? And he makes money several times and several times.

"It's okay," Zhang Yida said with a smile, "In addition to Huimin Travel, we participated in the other three projects relatively late, either in the C round or the D round." ”

"Isn't it! Of the four projects, the highest return is Huimin Travel, which invested $2.5 million at the beginning and turned into $140 million, a 56-fold increase!"

Lei Dongming added, "It's better to make money by investing early!"

"Wrong, the multiple looks high, but in fact, it makes more than 100 million dollars. ”

Zhang Yida chuckled twice, "If you look at the other three projects, Toutiao earned 900 million dollars, Didi earned more than 400 million dollars, and magnesium ......"

Zhang Yida then remembered that the magnesium group didn't seem to be making much money from Huimin travel, and asked: "What's the matter with the magnesium group? At that time, the investment was 50 million US dollars, and after more than two years, it became 120 million US dollars?"

"Well, Mr. Zhang, have you forgotten? The magnesium group was already valued at $3 billion when we invested. ”

Lei Dongming sighed, "Then the magnesium group and Dianping merged, and it was a 5-to-5 share exchange, and our equity was diluted by half."

In fact, the magnesium group is now valued at $20 billion, and a large part of it is brought by Dianping, and it has not grown much.

This is also a bad habit! Merge at every turn, and this is the case with magnesium clusters, as well as with Didi and 58 them. ”

"Haha, if I can't defeat you, I'll marry you!"

Lei Dongming gave a thumbs up, "Summarize it in place! That's it, we have become a family, and everyone will stop fighting and killing and burning money, investors are very distressed!"

"Then do we want to give investors early dividends and quit now?" asked Lei Dongming.

"Divide it! The equity has been sold, and there is no reason to withhold the investor's money. ”

Zhang Yida reminded again: "Calculate the compound annual rate of return of our fund, and see which one it is?"

"The compound annual rate of return is more than 240%, which is the highest grade. ”

Zhang Yida was overjoyed, "Wouldn't that charge 50% of the investment income as a service fee?"

"Yes," Lei Dongming added, "50% is a bit high! The industry practice is 2% management fee + 20% revenue share."

Some institutions with poor performance also waive management fees in order to raise funds, and only charge 10%-15% of the revenue share.

Our 50% is the highest in the industry!"

"Institutions with the ability are naturally qualified to charge more. Zhang Yida knew what Lei Dongming was worried about, wasn't he afraid of scaring customers away!

However, when the LP of the first phase of the fund was willing to sign this agreement, it was not because they felt that Huayi Capital could not achieve this compound rate of return.

Now it's done, see what they have to say.

"I'm not afraid of anything, I'm afraid that others will scold us for being a black shop!"

Zhang Yida waved his hand, "Don't care if it's a black store or not, let's convene a meeting with an LP first! This is the first time that our Huayi Capital has paid dividends, and it will be a little grander." ”

"Okay, I'll arrange it!"