Of course, Xie An knew what "cooperation" in Zhang Yida's mouth was, and he said quietly, "Of course there is no problem with cooperation, I don't know what kind of conditions Mr. Zhang is willing to give?"

Zhang Yida compared four fingers, "4 billion Hong Kong dollars!" I am willing to take Digital Domain at a 20% premium on today's closing price. ”

It stands to reason that this price is not low, and a 20% premium is given.

But when Xie An thought of Digital Domain's market value of more than 20 billion Hong Kong dollars, he felt that maybe he should insist on it again.

"5G is about to be ushered in, and the virtual reality industry will definitely usher in a big explosion. ”

Xie An smiled, "After all, Digital Domain has invested more than $200 million in the VR industry.

Everyone thinks it's a virtual reality winter, and we're betting on it to explode. ”

Although Xie An did not explicitly refuse, Zhang Yida had already heard the meaning of refusal.

"16 years is the first year of the explosion of the virtual reality industry, and after that, there are almost no other landing applications except for the VR experience halls of large shopping malls.

Compared with mobile phones, headsets are only one or two that technology enthusiasts like to pursue. ”

Zhang Yida chuckled, "Maybe you're right, this industry will eventually usher in an explosion, but don't think about it in a year or two."

Maybe five years, ten years, maybe twenty years.

This is an area that needs to be spent on a steady stream of money, Mr. Xie, have you communicated with shareholders such as SoftBank and Poly?

Let's see if they are willing to spend another ten or eight years and wait for the final harvest. ”

Zhang Yida's words made Xie An's face heavy, the special effects business was already losing a steady stream of losses, plus a big money-burning VR.

With an annual loss of 500 million yuan for ten years, Digital Domain's market value has been lost.

Digital Domain's market value last year was 7 billion Hong Kong dollars, and it was cut in half this year.

In the first two years, when VR concept stocks were sought after, they had a market value of more than 20 billion Hong Kong dollars and a price-earnings ratio of more than 490 times.

But compared with the storm of big A shares, it is still slightly inferior.

Baofeng has been listed for 40 days and 37 daily limits, and its market value has skyrocketed 28 times, with a market value of up to 40 billion yuan.

As for Baofeng's revenue that year, it was only 650 million yuan, which was more than 100 million more than that of Digital Domain, but the market value was almost 2 times higher.

However, these good sons are gone forever, Xie An retracted his mind and said to Zhang Yida: "Can it be privatized into investment?"

Digital Domain can issue 20% of its shares to Ruixiang based on an average share price of nearly 30.

Digital Domain's shareholding is relatively dispersed, with 20% of the shares firmly in the largest shareholder. ”

The corners of Zhang Yida's mouth are hooked, what does this mean? Treat me as a strategic investor?

"Ruixiang is not willing to be a major shareholder, or the kind that doesn't care about things. ”

Xie An shook his head, "Mr. Zhang, you misunderstood, I didn't mean that."

I know that Ruixiang has four major business segments, and content is one of them.

Film and television production, VR games, original IP, VR entertainment, live broadcast and so on, we can all cooperate with Ruixiang.

Sometimes, the goal that can be achieved by war investment does not necessarily have to be achieved through mergers and acquisitions, right?"

There is nothing wrong with Xie An's words, but Ruixiang is not short of funds. And Zhang Yida believes that Digital Domain needs to be merged into the Ruixiang system to play its greatest role.

So Zhang Yida said: "If you are worried about selling early, you will not enjoy the dividends of the VR explosion."

Ruixiang can use equity to acquire shares in the hands of your management. ”

"Ruixiang is now publicly valued at $205 billion, right?"

Xie An frowned and said, this is not as good as a cash acquisition!

It's $205 billion, and it hasn't been listed yet, and the listing has doubled to $410 billion?

Wouldn't that be on an equal footing with Ahri and penguins? He thinks that Ruixiang is not qualified for this at the moment, and he will not be able to catch up with Ahri and penguins for at least two or three years.

"What about the 29.9% stake?"

Xie An proposed a new plan, he looked at Zhang Yida and reminded: "If there are more, the tender offer line will be triggered."

In the future, if the VR industry ushers in great development, Ruixiang will directly cross the offer line by 30%.

In addition, you can also use the money of shareholders to develop the VR industry.

If it can't develop, the loss should be less.

Of course, if it develops, the privatization price paid by Ruixiang will be higher.

It's all relative!"

Seeing that Zhang Yida seemed unmoved, Xie An continued to persuade with an incorruptible tongue, "Just like what you just said, Mr. Zhang, the loss may continue for many years."

If Digital Domain is incorporated into the Ruixiang system, it will have an impact on the market value of Ruixiang's future listing and lower profits.

When the development of the digital domain improves, the time will be ...... directly."

Focusing on the capital operation method, Xie An told Zhang Yida about various advantages.

The core point is to hope that Zhang Yida will only make strategic investments, let Ruixiang become a major shareholder, and retain the equity of himself and others.

Zhang Yida knew the other party's calculations, took Ruixiang's money to develop the business, and shared the dividends after development.

"Let Ruixiang become a major shareholder, then what do you want?"

Zhang Yida asked with a smile.

He had looked at Digital Domain's shareholding structure, although none of the shareholders held more than 20 percent of the shares.

However, there is such a thing as "concerted actors", and Ruixiang, the major shareholder, cannot be said to be in control of the overall situation.

If you think about it carefully, maybe when the VR industry explodes, Ruixiang will be kicked away.

"Give me the right to operate for five years, and if I can't bring the digital domain up for five years, I will abdicate and make way for Xian. ”

Zhang Yida nodded, "Okay, I also know your appeal, I need to think about it." ”

On the way back.

Bao Fan didn't interject just now, just listened on the side, and asked in the car at this time, "Why didn't you agree to him?"

Zhang Yida did not answer this question, but asked about Bao Fan's relevant views.

"Xie An, I think it's like a big loyalty. ”

Bao Fan glanced at Zhang Yida, "Don't think I'm alarmist, I've always been very accurate in seeing people." ”

Zhang Yida nodded and asked rhetorically: "Then you know that this person is unreliable, and you still ask me why I didn't agree to him?"

Bao Fan smiled and asked, "Then you really gave up?"

Seeing that Zhang Yida was silent, Bao Fan was surprised, "Isn't it?

With 29.9% of the shares in hand, even if there is a major shareholder battle at that time, it will not be easy to settle with your financial resources. ”

Zhang Yida shook his head, "Didn't you see it? Zhou Yongming didn't show up today, and the sum of them made the equity stable at more than 50%. ”

Bao Fan shook his head, "They don't necessarily all wear a pair of pants, especially when there is a conflict of interest." ”

He thought for a moment and said, "However, you are right. This is also an insecurity factor.

It's not impossible that one day they will collude and kick you out. ”

"Say, how about we be barbarians for once?"

Bao Fan paused for a moment, "Isn't it? For such a small company, you can't do it, right?

Zhang Yida chuckled, "Just kidding, don't sell and pull down, buying VR assets now is like picking up rags."

A large number of companies that have collapsed in Silicon Valley have just gone over to take over. It's just that development may be a little slower, and the wheel needs to be reinvented, rather than being taken and used. ”

At heart, Zhang Yida still wants to privatize Digital Domain.

After all, the current state of the company is not suitable for listing, it requires a steady stream of investment, and the stock price cannot rise.

However, he plans to "salute first and then soldier", depending on the choice of Xie An and the people behind him.

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