"Brothers, what's wrong? Why do you look listless!"

In the office of the Central Plains Branch of Yimin Loan, Qi Xiaoming, the business supervisor, asked a few subordinates beside him with a smile.

"Hey, Brother Ming, don't mention it, I've been annoyed to death lately.

Another training school was lost. ”

A Yimin loan clerk complained to Qi Xiaoming.

"Lost again, big brother, have you eaten this month? This is the same as losing the first order!"

Qi Xiaoming shook his head again and again, this performance decline is too great, and he is afraid that his team's commission this month will be greatly affected.

"Brother Ming, I don't want to lose it, but people have a lot of money to spend and rebates higher than us, and those training schools have cooperated with them. ”

The subordinate glanced at Qi Xiaoming and said very unconvinced. In his opinion, this is a non-war crime, and the responsibility does not lie with him.

Qi Xiaoming rubbed his forehead, it's not good! If his performance continues to decline like this, he is afraid that he will not be able to sit firmly in this position, so he turned his head to several other employees and asked, "What is your situation?"

"We're pretty much the same, and there have been too many companies popping up on the market lately.

Cooperative merchants are now smart, and they have to compare interest and cooperation commissions.

Whichever has low interest and high commission, you will cooperate with whichever one. ”

"Yes, travel agencies, renovation companies, and training schools are all in the same group at any time.

Brother Ming, you should report it to the higher-level leaders! If you don't adjust the policy, this work will not be able to be carried out. ”

Listening to the complaints of his subordinates, Qi Xiaoming was silent.

"Okay, let's go to work! I know, I'll go and report to Mr. Yang. ”

Qi Xiaoming thought about it for a long time, and felt that he still couldn't sit still, and he had to reflect it with the provincial general manager.

"Bang bang" knock on the door, Yang Pengfei put down his mobile phone and said, "Please come in!"

Qi Xiaoming pushed the door in, and said with a smile: "Mr. Yang!"

"Oh, Xiao Qi is here! Sit down, I'm looking for you. ”

Yang Pengfei was very kind and beckoned Qi Xiaoming to sit down and chat.

After Qi Xiaoming sat down, Yang Pengfei straightened his body, put on a straight face, and said seriously:

"Xiao Qi, I value you very much. I was the one who promoted you to supervisor against public opinion at the beginning.

Look at your performance this month, that's how you rewarded me?"

The more Yang Pengfei spoke, the heavier his tone became, Qi Xiaoming was a little restless, and said with a bitter face: "Mr. Yang, don't be angry. There is a reason why this month's performance is not good. ”

"I tell you, young people should not always try to evade their responsibilities when doing things.

It is inevitable to encounter some difficulties in doing work. In the face of difficulties, we must find ways to overcome them.

You have to find the reason more from yourself, and don't always blame this and that. ”

Yang Pengfei tried his best to talk to him pleasantly, although he was in his forties, he knew young people very well.

Knowing that this post-90s generation of employees is not easy to lead, and there are omissions in the work of employees, he tries his best to focus on gentle education.

The post-90s generation has a big temper and has suffered a little grievance, and if it is not good, it will resign.

If the employee turnover rate is too high, it will greatly affect the performance of the branch, and it will also affect their year-end bonus and management options.

For Qi Xiaoming, he still values it very much, the other party is not very old, only in his early twenties, but he is indeed a good hand at business.

In addition to this month's performance handicap, the previous months were firmly in the top position.

For generals like him, he is still quite serious. Then he asked:

"Tell me about it, what is the reason?"

Qi Xiaoming told Yang Pengfei about the experiences of several of his employees.

After hearing this, Yang Pengfei frowned and muttered, "You have also encountered this situation. ”

"Who else has met it?" Qi Xiaoming subconsciously asked.

Yang Pengfei glanced at him, thought about it, and told him: "In addition to our Central Plains Province, I also talked with several other provincial governors, and they also encountered malicious competition. ”

"Uh...... What should I do? Do you want to report it to the headquarters? If this continues, all the customers will run out. ”

Yang Pengfei waved his hand and said, "Okay, don't worry about this." Of course, I know how to reflect it.

You go ahead and get busy! This difficult time, get over it first. ”

Chen Shaojie, CEO of Yimin Loan, has his hair almost gray during this time.

The company's performance has stagnated, and even declined somewhat, and the general managers of branches around the country are complaining to him.

It is said that in the face of malicious competition, it is necessary for the headquarters to tilt resources and increase some subsidies.

After Yimin Loan was spun off from Yimin Financial Services Group, it has never raised funds again.

Although it has entered a profitable state, it is not very profitable, and it also has to take into account expansion.

When encountering such a thing as a subsidy war, Chen Shaojie is really big.

In desperation, Chen Shaojie still asked Zhang Yida for help.

"You said Qiandu, Ctrip is increasing the subsidy for consumption installments?"

Zhang Yida's worries really came true, and this gang of local tyrants sacrificed the most commonly used artifact in the Internet industry - user subsidies.

"In addition to providing users with subsidies such as interest-free and interest-reduced rates, they also increase the commission rebates of cooperative merchants.

This approach is to exchange strategic losses for the market. ”

Chen Shaojie was quite resentful, these big companies are too bullying because they have money.

Zhang Yida didn't speak, he was thinking, how long will this subsidy war last?

Chen Shaojie didn't interrupt Zhang Yida's thinking, he kept looking at the ground silently, waiting for Zhang Yida's reply.

"What do you think? Insist on doing scene installment or cash loan without consumption scene?"

Zhang Yida is ready to test Chen Shaojie to see his understanding of business.

"In the short term, cash loans are definitely the most profitable. But in the long run, considering the regulatory policy, I think we need to move closer to the scenario staging, so that the foundation is more solid and the business is more compliant. ”

Chen Shaojie's judgment of the future direction is still very accurate, and Zhang Yida nodded again and again.

Scene installment is a loan with consumption scenarios and specific purposes, such as: education installment, tourism installment, decoration installment, rental installment, medical beauty installment......

The characteristics of cash loans are: no scene support, no designated purpose, no customer group limitation, and no collateral.

In the past life, among the online loans, the most mixed and strictly regulated is the cash loan.

"Hmm. Since you have a clear understanding, then I won't say more.

Since they are going to fight a subsidy war, we have to take the plunge.

Let's start a funding round!"

Zhang Yida also said helplessly, isn't it good for everyone to make money together happily?

Relying on two stinky money, I have to muddy the water.

Since you don't want Lao Tzu to get better, then don't think about it.

Zhang Yida judged that the subsidy war will not become the norm.

These-stirring sticks are just a high-profile when they enter the market, and after a while, when the losses are serious, they will be much more honest.

Yimin Loan is to resist their three axes, and it will be okay to get through.

It's not that they deliberately target Yimin Loan, they target the entire consumer installment industry.

......

"Yimin Loan's revenue in 14 years was 97 million yuan and net profit was 22.5 million yuan, and in the first three quarters of 15 years, the revenue was 1.68 billion yuan and the net profit was 280 million yuan.

Compared to FY14, the net profit margin has declined.

There are two reasons for this. First, we have been setting up branches in various places this year to expand more consumption installment scenarios;

The second is that the cost of capital is too high, and the cost of funds for the wholesale loan to Yimin is 15%.

However, the situation will improve next year. We have expanded a lot of consumption installment scenarios, and the pace of expansion will slow down.

In the area of capital cooperation, bank funds and trust funds have been gradually introduced, and ABS bonds will be issued in the future. The cost of capital will be reduced from 15% to 7%-8%, or even lower......"

In the Yimin Loan office, Chen Shaojie was introducing the business situation of Yimin Loan to several investors present.

"Mr. Zhang, we are very optimistic about the fundamentals of Yimin Loan.

In the case of reasonable valuation, we are very willing to buy the next share. ”

A leader of China Merchants turned his head to look at Zhang Yida and said with a smile.

Nowadays, more and more state-owned enterprises and central enterprises have set up investment departments or investment funds, and they are embracing the Internet era.

They China Merchants finally looked down on a rare profitable Internet company, and they would not easily miss it.

"Mr. Zhang, what is the valuation of Yimin Loan? You quote a price, our CITIC Industrial Investment Fund is also very interested in investment. ”

The person in charge of the investment department of CITIC Industrial Fund also jumped out to express his position, but he heard about the four major banks investing in Ruixiang.

CITIC is only a joint-stock bank, and it is not as rich as the four major banks, but there is no problem in investing in Yimin Loan, which has a much smaller volume.

"Yimin Loan will also carry out financial cooperation with China Merchants Bank and CITIC in the future.

I also give the two of you a preferential price, calculated according to 30 times PE, with a pre-investment valuation of 11.2 billion yuan, equivalent to 1.8 billion US dollars. ”

"Mr. Zhang, wait a minute, let's ask for instructions. ”

People from CITIC Industrial Fund and China Merchants left the office, called for instructions, and soon the two returned.

"Mr. Zhang, we reported to the superiors. They think 30 times PE is too much, and if it is 20 times PE, we can sign the contract now. ”

The head of investment of CITIC Industrial Investment Fund said.

Seeing that Zhang Yida was frowning and silent, he added: "If Mr. Zhang agrees to this condition." China CITIC Bank can grant 5 billion yuan of credit to Yimin Loan.

However, it is still necessary for Yimin Loan to pay a certain risk margin or mortgage shares. ”

"We China Merchants Bureau is the same, China Merchants Bank can grant 5 billion yuan of capital credit to Yimin Loan. ”

The person in charge of the investment department of China Merchants also looked at Zhang Yida with a smile on his face.

Zhang Yida thought about it for a while, but still agreed.

With the 10 billion yuan of capital credit granted by the two major banks, the capital cost of Yimin Loan will be reduced by half, and the profitability level will be greatly improved.

The two major investors have calculated this point and are so confident to bargain with themselves.

Of course, it's a win-win situation. The two major banks have more lending channels, and Yimin Loan has also obtained cheaper funds.

The pre-investment valuation of $1.8 billion was shouted by Zhang Yida, and he didn't expect people to agree to it.

In addition, if you don't hold these two thighs tightly, when financial regulation comes in two or three years, no one wants the valuation of Yimin Loan.

After conducting a series of due diligence, Yimin Loan received a strategic investment of US$300 million from two major investors at a pre-investment valuation of US$1.2 billion at 20 times PE.

CITIC Industrial Investment Fund and China Merchants each invested US$150 million, bringing Yimin's post-investment valuation to US$1.5 billion.

Shares have also been changed:

Zhang Yida: 57.6%

Option Pool: 7.2%

Fan Hongyang: 3.6%

Ding Siyao: 3.6%

Blackshirt Capital: 6.4%

Zhenke Fund: 1.6%

CITIC Industrial Investment Fund: 10%

China Merchants: 10%