The 27 projects invested in the first phase of Ruixiang Industrial Investment Fund are all leaders in their respective segments.

The combined value of the fund's equity holdings reached $2.977 billion, representing a return on investment of nearly 10 times compared to the initial investment of $299 million.

According to the pre-investment valuation of US$60 billion, 18 investment institutions invested a total of US$6,666.6 million in Ruixiang.

In the end, the Abu Dhabi Investment Authority led the investment of US$3,333.3 million, and the remaining US$3,333.3 million was shared by 17 other investment institutions.

The $60 billion valuation is not outrageous! Anyway, they just followed the investment, and after some discussion, they still agreed.

They all know Mansour and know that this is the younger brother of the Emirati sheikh, the owner of Manchester City, who has oil at home and does not treat money as money at all.

Other investors looked at Mansour, who looked like a local tyrant, and was very helpless.

Zhang Yida looked very embarrassed, struggled for a long time, sighed and said, "Okay! Who called us friends!"

He looked at Zhang Yida again and said with a smile: "My friend, this valuation is more sincere!"

Mansour was a little impatient, and waved his hand and said: "Don't argue, 30 times the price-earnings ratio, $60 billion pre-investment valuation." ”

Assuming that the normal annual R&D investment is 1 billion US dollars, Ruixiang's net profit is 2 billion US dollars, and it is 50 billion US dollars according to the 25 times price-earnings ratio. ”

I admit that Ruixiang's annual R&D investment is indeed a bit exaggerated, even a little outrageous.

Some investors refuted Zhang Yida: "It is unreasonable to divest R&D investment to calculate net profit."

"According to the 30 times P/E ratio, Ruixiangguang's main business part is valued at $90 billion, plus the equity investment part. The valuation should be at least $95 billion!"

55 billion US dollars, isn't it even as good as a broken didi?

After Didi's merger and acquisition of Huimin Travel, it shouted the slogan of a valuation of more than 60 billion US dollars.

Zhang Yida looked at this group of investors who pretended to be stupid and stunned with a calm face.

......

"Ruixiang has only been established for four years, right? In such a short period of time, it has reached a valuation of 55 billion US dollars, which is already very rare. ”

"Ruixiang's valuation was $27.5 billion two years ago, and now it has doubled, which is not bad!"

"The pre-investment valuation of $55 billion is not worse than last year's Leech Financial Services. ”

The proposal of General Atlantic's representatives was unanimously endorsed by other investors.

"At most, we can only give Ruixiang a valuation of $50 billion for its main business, plus $5 billion in equity assets, for a total of $55 billion. ”

The big orders were taken away by penguins and Ahri, and Ruixiangyun's market share was not even among the top five in China.

Investors obviously don't buy it, because Rui Xiangyun is still too weak, and he can only pick up some leftovers and small orders.

Leech Financial Service has one less cloud service than Ruixiang!

Moreover, Ahri Cloud and Penguin Cloud are both included in the listed company system.

Zhang Yida had no choice but to talk about cloud services again, although Ruixiang's cloud services lag behind Ahri, Penguin, and Huawei in China, but they have been catching up.

The words are a little infuriating, but that's what it is.

Mr. Zhang, you can compare Ahri and Amazon, the price-earnings ratio of Qiandu and Google. ”

A more direct investor said: "PayPal can reach that market value because it is a Western company, and its users and companies are in Europe and the United States, but Ruixiang is not."

Investors shook their heads and did not agree with this statement.

It can reach a market value of nearly $100 billion, and Ruixiang will certainly not be worse than it. ”

PayPal has just over 200 million users, and its net profit is even half of ours.

This net profit figure is fully double that of PayPal.

"If we divest digital technology and enterprise services, our annual net profit can reach 20 billion yuan, which translates to 3 billion yuan in US dollars.

The opinions are the same, that is, they think Ruixiang is not worth $100 billion.

Each of the investment representatives gave their opinions.

......

"Yes, Mr. Zhang, the Chinese mainland market is the foundation of everything, and it is also the main source of revenue and profit for Ruixiang. ”

"Mr. Zhang, you have overlooked the most important market in Chinese mainland. In mobile payment, the difference between your market share and that of Leech Financial Services is nearly 2.5 times!"

"The number of registered users of Ruixiang is not less than that of Leech Financial, and in the South Korea, Dongying, and Southeast Asian markets, we even have to press Leech Financial. ”

However, in this life, because of the existence of Ruixiang, the domestic market of Leech Financial Services has been eaten up a lot, and I don't know if it can achieve such brilliant achievements.

Zhang Yida remembers that in his previous life, Leech Financial Services was a huge financing of $14 billion to be completed in the middle of next year, with a post-investment valuation of up to $155.5 billion.

The investor spread his hands, "It's amazing, that's the figure you said, $100 billion?"

And that's all a year and a half ago, do you know how much Leech Financial Services is valued now?"

"Ant Financial is Ant Financial, Ruixiang is Ruixiang, we are two companies, not to be confused.

The investor who asked the question smiled and said, "You know, last year, the financing of Leech Financial Services was only valued at 60 billion US dollars. ”

"Mr. Zhang, how did you get this number?"

Zhang Yida's lion opened his mouth to really surprise the investors present.

"$100 billion!"

Compared with Ruixiang's mobile payment and financial technology businesses, investment business is indeed not the main business.

Therefore, the investors present did not delay any longer and began to ask Zhang Yida about the valuation of Ruixiang's main business.

This thing cannot be faked, and it will be reviewed again during the due diligence.

Investors communicated for a while and basically recognized Ruixiang's equity assets worth $5 billion.

There is a very useful sentence handed down by the ancestors: a strong dragon does not suppress the head snake!

In fact, if there is no industrial investment fund to open the way. If Mobao Pay wants to fight alone in the local area, it will not be able to achieve its current results at all, and it may even be difficult to gain a foothold.

In addition, it has also attracted many Internet companies with local life services to invest in local e-wallets, which is also very beneficial to the promotion of mobile payment in the local area.

The most important thing is that through investment in South Korea, Southeast Asia and India, Ruixiang has formed a network of local relationships.

In fact, the investment income is incidental.

Shen Beipeng has been inquiring about the fourth phase of the fund for a long time, which shows that he is positive.

Of course, the LPs of Black Shirt Capital are not at a loss, and none of the projects selected by Zhang Yida are bad.

So there is no other way but to borrow other people's money to make money.

If we had waited until now, the money would have been paid, but the time had already been missed!

But Zhang Yida could only think about it, Ruixiang couldn't come up with so much money at that time.

If these companies were all invested with their own funds, the equity value would definitely reach tens of billions of dollars.

However, if they think about it carefully, 5 billion US dollars is actually a lot, and the actual investment of Ruixiang Group is only a few hundred million US dollars, and the rest is all earned from investment.

It turned out to be only 5 billion US dollars, and many investors breathed a sigh of relief, thinking that it was worth tens of billions of dollars!

The third phase of the industrial fund is worth 3.25 billion US dollars in the equity of Ruixiang, and the shares of more than a dozen companies such as Xingwang Bank, Hantai Fund, Hanzhou Securities, Jincheng Consumer Finance, Yi'an Insurance, Le Installment, Sea Group, GoJek, and Grab are worth a total of 1.75 billion US dollars, totaling 5 billion US dollars. ”

What appears on the big screen is a table that clearly records the equity value of each company.

Zhang Yida pressed the controller in his hand again and turned the PPT page.

The investors present also recognized the equity value of these companies, and some investors asked: "How much of the equity of these companies belongs to Ruixiang Group?"

None of the dozens of projects invested by Ruixiang have died, and they have all carried out several rounds of financing, and each one has developed better than the other.

Even Masayoshi Son the Great, people only remember that he voted for Yahoo and Ahri, and forget about a whole bunch of other failed projects.

This Chinese must have Allah to bless. Otherwise, how could it be that none of the dozens of projects invested in died? How can this be explained? The well-known investors in Silicon Valley are just like that!

Seeing the performance of the third phase of the industrial investment fund displayed by Ruixiang, he now does not doubt Zhang Yida's vision at all.

If appropriate, you can also invest in another one.

I made up my mind to wait for Ruixiang's financing, and I wanted to visit Zhonghe Group.

Seeing that Robert was silent, Mansour thought that the other party also recognized Zhonghe Group's valuation of $80 billion.

Thinking of the underwriter's qualifications, he felt that there was no need to get to the bottom of it, so as not to make Zhang Yida bad.

Robert frowned, Zhonghe Group was only valued at $40 billion a few months ago, how could it have doubled?

Zhang Yida was very calm and didn't blush at all when he said this.

"That's right!"

Robert asked: "I think Ruixiang Phase III Industrial Fund only holds 3.006% of the equity of Zhonghe Group, so the valuation of Zhonghe Group is 80 billion US dollars?"

Zhang Yida smiled and nodded, "It has increased nearly five times in one year! This project alone has recovered the cost of the third phase of the fund." ”

"Yes!"

Some investors in the audience looked at the PPT released by Zhang Yida and were surprised.

"Is that $500 million worth of investment going to $2,404.8 million?"

The acquisition of Station B cost $300.5 million, the launch of the Cultural Revival Fund cost $198 million, the investment of Doushi $500 million, and Pate Holdings $150 million......

Ruixiang Phase III Industrial Investment Fund, that is, the fund with a scale of 2.5 billion US dollars.

Originally, Zhang Yida planned to be loaded into the second phase of the industrial investment fund, but found that the scale of the fund was not enough, and at the same time, Ruixiang had more of its own funds in hand, so he simply let Ruixiang Group directly hold this part of the equity.

As for the shares of Grab, GoJek, and Sea, several Southeast Asian Internet companies, they are directly held by Ruixiang Group.

The equity value reached $1.5 billion, which is nearly four times the return on investment compared to the investment of $395 million.

At present, Ruixiang Industry Fund II also holds shares in 7 Internet companies, 2 in South Korea and 5 in India.

A few months after the acquisition, the project improved, and Zhang Yida used Ruixiang's own funds to buy back all the shares held by Ruixiang Industry Phase II Fund at a price of $150 million.

As a core subsidiary, Zhang Yida also does not allow this company to be controlled by Ruixiang Industry Fund II.

Among them, Mobikwik, the former of BBPay in India, has successfully exited.

The second phase of the industrial investment fund totals $500 million and invests in a total of eight Internet companies in South Korea and India.

A group of investors in the audience nodded again and again, their eyes were full of praise, and they thought that Ruixiang's second phase of the industrial investment fund was also operating very well.

In one year, the valuation has quadrupled, and it still looks good.

For example, India's Byju's, which invested at a post-investment valuation of $200 million, rose to $800 million in valuation after receiving investment from Penguin this year.

Because the fund was established late, the investment time is later, and there is no good choice on the market at this time, so you can only choose some mid-to-late stage projects to invest in.

The projects invested in the second phase of Ruixiang Industrial Fund are much inferior to those in the first phase.

Zhang Yida knows that the company's highest valuation has reached more than $10 billion, nearly $20 billion.

Take Bitmain as an example, the world's largest mining machine share, and has just entered the ranks of unicorns, with a valuation of $1 billion.

Many projects have to wait until 18 or even 19 years for the project to really mature and the valuation to the peak.

However, Zhang Yida knows that it has not yet reached a high value.

Ruixiang's post-investment valuation reached $66,666.6 million.

Zhang Yida is also very satisfied.

This is a good sign!