"I don't have any idea of selling Huimin Mobility, and it hasn't reached a high level of value.

Didi is indeed in full swing, but Huimin Travel's aggregate taxi and ride-hailing business has also been steadily improving. ”

Although he said so, Zhang Yida had already begun to seriously analyze the pros and cons in his heart.

It is an indisputable fact that it is difficult for Huimin to make a profit.

In this life, the situation of Huimin travel is much better than that of Baimo and Xiaohuang Car in the previous life.

Because there is no evenly matched opponent to fight with Huimin Bicycle, there is no such mess as red envelopes.

Although some unnecessary marketing expenses have been saved, due to the existence of Little Blue Bicycle and Harrow Cycle, the riding income of Huimin Bicycle has not been able to rise.

Because these two companies have some free riding activities from time to time, Huimin Bicycle can only grit its teeth and follow up.

As for the price increase, it is estimated that everyone will not be able to afford it, so they will sit together and talk.

The merger and acquisition of two bicycles monopolized the market.

Zhang Yida believes that I am afraid that Didi and Ahri would rather lose than sell it to themselves.

The aggregation of taxi-hailing and ride-hailing business has developed rapidly on the basis of Huimin Travel, a platform with tens of millions of active users.

After throwing out nearly $100 million in subsidies for drivers and passengers, the business has ushered in a new round of explosion.

But because of the existence of Didi, the imagination space of these two businesses is very limited.

Zhang Yida remembers the data released by Didi in his previous life in 2017, and the profit of hitchhiking was 800 million yuan.

The volume of Didi Hitch is currently seven or eight times that of Huimin Hitch.

Even if Huimin Hitchhiker can reach half of Didi's volume in the future, the profit will be three or four billion yuan.

Aggregate taxis can't take away too much market share from Didi. Because other small and medium-sized taxi software together cannot reach 20% of the market share, the other shares are all Didi, and its market share is still increasing rapidly.

In the previous life, 18 years ago, the Ministry of Communications also issued a document to investigate Didi on the grounds of suspected monopoly.

As for whether Huimin Travel can be fully profitable in the future, Zhang Yida has no bottom in his heart.

Without considering the depreciation of the single vehicle, it is certainly no problem to achieve revenue balance.

But without considering the depreciation of bicycles, after a year or two, 5 million bicycles of 10 million bicycles will be broken, and will they still put new bicycles?

If you don't put in a new bike, your revenue will drop and your valuation will fall.

The launch of new bicycles depends on the source of funding.

Before Huimin Travel did not have the ability to self-hematopoiesis, the sources of funds were equity financing and debt financing.

In another year or two, it will be difficult for Huimin Travel to obtain financing.

Because Uber and Didi are all chicken feathers, who would dare to vote?

Debt financing is also difficult because a bunch of old bicycles and company equity with no room for imagination are worthless.

If Huimin Travel is sold, it will also have an impact on several other companies under its umbrella.

The biggest impact is Ruimin Wealth Management, which does not dare to guarantee that Didi is willing to renew the deposit financial cooperation.

The second is Ruixiang's magic treasure payment, which has one less payment scene.

Other companies, such as Pindodo, Yimin Loan, etc., are fine, but there is one less advertising channel.

"Yida, you might as well listen to Didi's offer first. ”

Seeing Xue Cunhe's confident appearance, Zhang Yida was also a little curious, what kind of price Didi gave.

"$6 billion!"

After reporting the figures, Xue Cunhe said with a smile: "Didi is very sincere, this $6 billion includes $1 billion in debt."

In other words, $5 billion could be given to Huimin Mobility's existing shareholders.

With a 30.57% stake, you can get a share of $1.5 billion.

Of course, it is not possible to pay in cash.

You can choose to convert all of the $1.5 billion into Didi's shares, or you can choose to take half of the cash and half of Didi's equity. ”

"I want to buy Huimin Travel at this price, I didn't dream, right?

Huimin Travel was valued at $6 billion in Series C financing in April last year.

The $5 billion acquisition price cannot be accounted for to the shareholders who joined in the C round.

Mr. Xue, you are also an old investor, according to this offer, the ratchet clause of the C round of financing will be triggered.

Management and I need to compensate Series C investors for equity. ”

Xue Cunhe soothed: "Yida, it's nothing to trigger the ratchet clause, it's just a few shares."

When the time comes, our shareholders before the C round will negotiate and be even. It won't hurt you and the founding team.

But then again, such a great cash-out opportunity, you have to seize it. ”

Zhang Yida felt that Xue Cunhe was too concerned about this matter!

But when you think about it, it feels normal.

SoftBank has just eaten a large number of shares of Huimin Travel at a low price, and it can make a lot of money by buying low and selling high.

In addition, selling Huimin Travel to Didi Travel can greatly strengthen the strength of the latter.

And SoftBank also has a large stake in Didi, and they will also benefit from it.

For SoftBank, it's a two-pronged solution.

"Mr. Xue, see if you can do this. ”

Zhang Yida began to talk about his plan, "SoftBank has a stake in Ahri, Didi, and Huimin Travel, and has significant influence on all three companies.

For Didi, what they are most afraid of is that we will enter the online car-hailing industry to shake his foundation.

As long as they agree to sell us the little blue bikes, we can guarantee that the water from the well will not interfere with the river water.

And Ahri doesn't have much use with a small Harrow bike, you can go and do their job and have them sell us Harrow bikes.

In exchange, we allow Huimin to travel to access Payshell and Sesame Credit. ”

"Do you want to have a monopoly on bike-sharing?"

Immediately, Xue Cunhe reacted again, and shook his head again and again: "Yida, don't embarrass me, an old man." How can I, an old arm and leg, have so much energy. ”

He glanced at Zhang Yida and said with a smile: "Do you want Didi to raise the offer?

But don't expect too much. After all, others are not stupid.

Billion-dollar mergers and acquisitions are good if they don't give you a broken valuation. ”

"And broken bones!"

Zhang Yida smiled, the elderly are quite fashionable.

"It's Didi who needs us, not we need it. If Didi does not acquire Huimin Travel, its ecology is incomplete, and it is always missing a link.

Let's take the simplest example, Didi has only more than 30 million monthly active users, and they are integrated with Huimin Travel.

That number could double to nearly 100 million people. What does this mean for them?

It means a merger and acquisition, and the whole company turns over......"

Zhang Yida's rhetoric is similar to Xue Cunhe's persuasion of Chen Wei.

Anyone with a discerning eye can see that the traffic entrance of shared bicycles is too important to Didi.

If he doesn't hold it in his hands, Chen Wei is afraid that he won't be able to sleep.

Xue Cunhe was silent, all of them were little clever ghosts, and they were not easy to fool.

"Yida, tell me what your psychological base price is?"

"$10 billion!"

Xue Cunhe has a headache, it's really not easy to be a broker! There are uncles on both sides, and it's difficult to be a middleman.

"Let's not talk about whether Didi accepts it or not. If you really want to follow this offer, most of them may have to use equity acquisitions.

For example, the ratio of equity to cash is seventy-three, eighty-two. Would you be comfortable with such a plan?"

Zhang Yida thought for a while and asked, "What is Didi's current valuation?"

Xue Cunhe also said truthfully: "After the completion of a new round of financing led by SoftBank, the valuation will rise to $50 billion."

If you acquire Huimin Travel again, it will be close to 60 billion US dollars. ”

This bubble is really fast and big enough, and Ruixiang is a big step behind.

However, Zhang Yida really doesn't want Didi's equity.

This year should be the peak of Didi's valuation.

Next year, there will be a passenger murder in Didi Hitch, which has set off heated discussions across the country, and Didi is forced to take the hitchhiking business offline.

Seeing that Didi was declining, players from all walks of life appeared on the stage.

Magnesium group, Gaode map, and Qiandu map entered the game, plus other small and medium-sized taxi software, and Didi was not brilliant for a while.

Didi's valuation once reached $80 billion, and then fell back to more than $50 billion.

In between, there have been several rounds of financing.

Now it is invested in shares at a valuation of more than 50 billion US dollars, and it will lose money if it is not good.

Anyway, in his previous life, Zhang Yida saw that some Didi shareholders were changing hands on Didi's old shares at a valuation of $40 billion.

"$6 billion, all-cash acquisition. ”

Zhang Yida decided that he still couldn't take Didi's shares, even if he made the company sell cheaper.

"All cash?"

Xue Cunhe was surprised, smiled and shook his head, "This is unrealistic and illogical!"

Even if Didi completes this round of financing, the cash on its books is only a little over $13 billion.

Spend nearly half of the funds to acquire Huimin Travel, so what about its own business?"

"Wouldn't it be nice to raise another round of financing? Or maybe this round of financing, 10 billion dollars is not good?

Moreover, it can also set a global record for a single private placement in the Internet field. It's all live advertising. ”

Xue Cunhe shook his head and smiled, and wanted to say: Do you have any misunderstanding about 10 billion US dollars?

Before Internet companies went public, they were able to raise hundreds of millions of dollars in a round of money, which can be called famous in the industry.

Raising billions of dollars, which is rare in the world.

As for the more than 10 billion US dollars, Xue Cunhe has not seen it in his career.

"Yida, I can only say that I will try my best to talk, and I dare not guarantee that it will be successful.

Try to keep the purchase price and cash ratio as high as possible!"

Zhang Yida nodded and said: "By the way, I have one more condition, that is, after Didi acquires Huimin Bicycle, the cooperation between Ruixiang and Huimin Bicycle cannot be terminated."

Including Mobao payment, mung bean credit, mini program and other cooperation agreements have been re-signed for a period of five years. ”

Xue Cunhe smiled, he knew that Zhang Yida was the Ahri behind the jealousy of Didi.

He nodded, "Okay, add this one as well." ”

Zhang Yida remembered the matter of deposit financial management, and hurriedly added another one.

Deposit wealth management is too important, and if it is suddenly removed from the shelves, it will be troublesome to cause panic among users.

Large-scale withdrawal of funds by users will cause great trouble to Ruimin Wealth Management.

If there is a run, the risk will be passed on, and Huimin will not be able to travel alone.

Xue Cunhe obviously knew that it was powerful, and he also responded to this request.

After the conditions were discussed, Zhang Yida said: "Then inform the other shareholders, and everyone will have a meeting together." ”

Then, Huimin Travel held a general meeting of shareholders.

Selling yourself Didi?

When a group of shareholders heard the topic of the meeting, they exploded.

Didi has been in the limelight in the past two years, and is a super unicorn with a valuation of tens of billions of dollars.

Most people think it's not bad to sell to Didi, and it's a good buyer.

Some time ago, with the withdrawal of two shareholders of Jingwei Global and Jinshahe Venture Capital, many other shareholders also withdrew.

They are also wondering, is the ship Huimin Travel going to sink?

Because Xu Xiaoming and Shen Beipeng were relatively close to Zhang Yida, they both cast inquiring eyes at the conference.

Zhang Yida nodded at them and signaled that it was no problem.

Then Zhang Yida said: "At present, it is still in the contact stage, so don't leak the news."

The reason why I chose to "merge" with Didi is also because one plus one is greater than two.

We are number one in the bike-sharing space, but in the ride-hailing space, we missed the opportunity;

Didi, on the other hand, is the number one ride-hailing service, but they miss out on bike-sharing.

By merging with them, we can also form complementary businesses and create greater value for shareholders and users......"

Zhang Yida explained a little more, and then announced that the vote would be held.

There was no objection, and the resolution to sell himself was unanimously passed.

After the resolution was passed, the negotiation team was formed.

After discussion and consultation, shareholders such as Black Shirt Capital, Penguin, and SoftBank all sent their own representatives, plus the management of Huimin Travel, to jointly form a negotiation team.