"It's great to see Mr. Zhang again!"

In a private club in Beijing, SoftBank's chairman, Masayoshi Son, greeted Zhang Yida politely.

SoftBank has always had a good relationship with Zhang Yida, not only taking a stake in a number of his companies, but also launching a mobile payment software PayPay with Yahoo Dongying.

Son Masayoshi came to China in person, and solemnly asked himself to meet, and the place was chosen to be so secretive.

This made Zhang Yida a little confused, what did Son Zhengyi want to do?

Son Zhengyi greeted Zhang Yida with a cup of tea, and talked about the ups and downs that have erupted in China's Internet rivers and lakes recently.

Sun Zhengyi looked at Zhang Yida with a smile and praised: "Among the many entrepreneurs of China's mobile Internet, I am most optimistic about you, Mr. Zhang." ”

"Me?"

Zhang Yida smiled, "Thank you Mr. Sun for your optimism and encouragement!"

Sun Zhengyi smiled again and said: "Of course, Chen Wei and Huang Xin are not bad, but compared with Mr. Zhang, they are still more than a step behind." ”

Zhang Yida shook his head, "I'm just lucky to step on one or two more outlets." ”

Son took a sip of tea and smiled without saying a word.

He carefully analyzed Zhang Yida as a person, and reviewed the whole process of his start-up.

One of the things I admire the most is that the business sense is particularly sensitive, and every time on the eve of the outburst, we will be the first to launch products and take the lead.

Chen Wei and the others are a few miles worse here, and if they realize it later, they will have to spend several times or even more energy and resources to catch up with the leader.

Bike-sharing is a typical example! If it weren't for SoftBank's matchmaking, Chen Wei would have been drooling on the sidelines.

What makes Son Masayoshi most puzzled is why Zhang Yida, such a smart person, fell out with penguins?

And the contradictions are becoming more and more intense, and now they are all in trouble to cash out all the equity.

That's right, the penguins are looking for him.

Looking at the world, how many companies dare to take over the equity of unlisted Internet startups?

Only Masayoshi Son, who holds the $100 billion Vision Fund, has the strength and courage to take the $10 billion stake in Zhonghe and Ruixiang held by Penguins.

Penguin has indeed made a profit in Ruixiang and Zhonghe, holding 16.362% of Ruixiang's shares, worth $10.9 billion;

It holds a 14.45% stake in Zhonghe, which is also worth $7.95 billion at a valuation of $55 billion.

Combined, the two equity deals are close to $20 billion.

Even if he is as wealthy as Son Masayoshi, he has to weigh it carefully, and he must not be careless in the investigation that should be done.

So he came to China from Dongying just to have a good chat with Zhang Yida and learn more about the two groups.

SoftBank currently holds a small stake in Ruixiang and knows a lot about the company.

Moreover, Ruixiang has already reached the balance of revenue, with abundant cash flow and nearly 10 billion US dollars in cash reserves on the account.

Therefore, Ruixiang this part of the equity, as long as the penguin is willing to sell, he is determined.

But Zhonghe Group made him a little undecided.

The big entertainment sectors such as long videos and games that Zhonghe Group is now entering will compete fiercely with Ahri and Penguin.

There is also a spell dodo, which is said to have attracted the attention of Jack Ma.

Investing in Zhonghe Group will be a left-handed fight for SoftBank.

As for risk hedging, it is not eligible to be ranked with Taobao and Tmall for the time being.

Son Zhenghe explained his purpose, he wanted to hear Zhang Yida's opinion.

"You're saying that Penguin wants to sell you all the shares it holds in Ruixiang and Zhonghe?"

Son nodded, "That's right, Mr. Ponima also spoke to me on the phone personally.

After I confirmed it again and again, Penguin did intend to sell its shares. ”

Son Masayoshi quietly observed Zhang Yida's face, he wanted to see how this miracle-creating young man would react in the face of such a sudden news?

Disappointment, fear, or panic.

Hearing the news, Zhang Yida was a little surprised, but he was generally calm.

Completely parting ways with the penguins, this consequence is not unspeculative.

But he was a little surprised by the penguin's efficiency. It seems that he is determined to do himself.

Zhang Yida smiled and asked, "What does Mr. Sun mean?"

Son shook his head and chuckled, "Mr. Zhang, don't test me, SoftBank hasn't made up its mind yet."

We'll have to ask for your opinion first!"

"My opinion?"

Masayoshi Son nodded and smiled, "That's right! After SoftBank takes over the shares in Penguin's hands, it will become an important partner of Ruixiang and Zhonghe."

Naturally, we'll have to ask our partners what they mean, what if we don't welcome us?"

Zhang Yida laughed and said, "Mr. Sun said that he was joking, how could he not be welcome."

But I have a question: If SoftBank becomes a shareholder of Zhonghe and Ruixiang, how will SoftBank deal with our competition with Ahri and Leech Financial?"

"If we don't help each other, we don't want voting rights, we just want to be a financial investment shareholder. ”

Zhang Yida nodded, "In that case, I naturally don't have much opinion." ”

Then Zhang Yida's face sank, and he said: "But there are some things that I still have to remind Mr. Sun."

Once the penguins are freed from Zhonghe Group, the blow to us will increase by another level. Absolutely. ”

Son Zhengyi nodded, he hasn't gotten out yet, and he has begun to block and fight.

If the equity is cleared, then maybe any trick will have to be used!

"Thank you Mr. Zhang for your honesty, SoftBank has also taken into account what you said. ”

Son asked again: "Then according to Mr. Zhang's meaning, shouldn't SoftBank take a stake in Zhonghe Group?"

"You can enter, but don't take a stake in the penguins. ”

Zhang Yida looked at Masayoshi Son and said with a smile: "Zhonghe Group has opened a round of financing to SoftBank alone. ”

"What about valuation?" asked Son.

"$60 billion!"

"It's high!"

Son shook his head repeatedly, "Penguin is willing to give us the shares it holds at 9% off." ”

"9% off!"

Zhang Yida shook his head, "Penguins are in a hurry to sell their shares, and large transactions will usually give some discounts." ”

Zhang Yida explained the actions of Zhonghe Group during this time, including the acquisition of Blue Hole Studios and so on.

After hearing that Blue Hole's annual revenue is nearly $1 billion and its valuation is $5 billion, Son was finally moved.

He said: "The valuation of Pindodo has been seriously damaged, and even the addition of a blue hole may not be able to make up for it."

In this way, the first $50 billion is the limit of what SoftBank can accept. Otherwise, we'll have to take over the penguins. ”

If he hadn't fallen out with the penguin, Zhang Yida would have been completely indifferent to whether SoftBank would have taken a stake in Zhonghe.

But now the situation is different, and SoftBank's stake is very important.

If SoftBank takes a stake in Zhonghe, Zhang Yida will have to see who Penguin can sell these shares to.

Looking at Zhang Yida, who was thinking, Son Masayoshi thought that his words had worked, and hit the railroad while it was hot: "Zhonghe's current stall is too big, and it lacks a stable cash flow project.

At this time, apart from SoftBank, who can help Zhonghe?"

It turned out that I saw that Zhonghe Group's cash flow was exhausted, and I wanted to take advantage of the fire to rob it!

Zhang Yida immediately guessed what Son really thought.

Zhonghe Group raised $4.5 billion, acquired Kuaishou spent $2 billion in cash, invested more than $400 million in Noon Sunshine, and controlled Lagou.com $120 million......

All in all, cash reserves are less than $2 billion.

These fund movements, as long as SoftBank investigates them a little carefully, are not secrets at all.

Now BAT is announcing its entry into short videos, and the relationship between Zhonghe and Penguin has deteriorated, and Pinduoduo has been hit hard.

In this case, there are indeed few institutions that dare to invest in Zhonghe Group.

At the very least, everyone has to wait and see if Zhonghe can go through a few rounds under the hands of the penguins, and then decide whether to "venture capital" or not.

If you can withstand the pressure of the penguins, fight back, and even defeat the penguins in some areas, then what awaits the public will be a golden strip, and a new generation will replace the old.

However, there are more voices in the industry that sing about the decline of the public, believing that as long as the two major traffic artifacts of Penguin's "QQ + WeChat" begin to exert their power, there is no enemy in the industry.

What kind of shaking and fast hands are paper tigers, and they will be broken as soon as they are crushed.

In addition, Zhonghe entered the big entertainment game too late and lost the opportunity. What has become of Ahri? There is also a person who is not afraid of death.

Not to mention, this kind of crowd collapse theory is quite marketable.

Many self-media celebrities have analyzed the truth and believe that they have accurately predicted the next "LETV".

These articles have good gimmicks, and they have made some 100,000 plus articles.

But Son underestimated Zhang Yida's resilience and back road, how could this little pressure force him to comply.

Zhang Yida said very strongly: "Since we can't talk about it, then SoftBank will take over the shares in Penguin's hands!"

Although Zhonghe is a little tighter in funds, it is not completely unable to operate. ”

In the end, he is a young man, too confident.

Son Zhengyi persuaded bitterly: "Mr. Zhang, don't worry too much about the gains and losses of one city and one place.

Zhonghe Group will definitely go through a hard battle and a hard battle next. For the sake of a little bit of valuation, it is not the behavior of a wise man to extrapolate investors. ”

In the end, Zhang Yida still did not compromise, and Sun Zhengyi did not persuade again, and the negotiations between the two broke up unhappily.

Zhang Yida returned to the company, convened the board of directors again, and threw out the topic of capital increase.

"According to the shareholding ratio of all shareholders, the internal capital increase is 2 billion US dollars!

As a major shareholder, I took the lead in increasing my holdings by $1.218 billion!"

After the acquisition of Blue Hole, Zhang Yida's personal shareholding in Zhonghe increased to 60.09%.

$1.218 billion is not a small amount for him.

If it weren't for the large amount of cash cashed out from Huimin Travel, the billions of dollars would have been available, but it would have been quite laborious.

With Zhang Yida taking the lead, Shen Beipeng and Xu Xiaoming also agreed to increase their capital.

Bao Zheyu said with some embarrassment: "BlackRock Group's main investment direction is not venture capital, we have invested 800 million US dollars before, and now it may be difficult for us to continue to increase capital." ”

Zhang Liping also said: "Isn't there nearly 2 billion US dollars left in the company's account now?

How long has it been since the last $4.5 billion Series B funding round?"

Liu Zhiping looked at all this with a smile, and the penguins would definitely not participate in the capital increase.

Zhang Yida is so profligate, he wants to see how long he can last it?

He understood that Zhang Yida wanted to quickly expand his business layout and catch up with Penguin and other leaders as soon as possible.

But the foundation of Zhonghe Group is there, how can it withstand his tossing.

Well, now that even the shareholders of BlackRock and Blackstone can't stand it anymore, and they don't have the same heart with him.

As for the Black Shirt Capital and Zhenke Fund, how long can they hold him?

The penguins haven't done much yet, and Zhonghe Group itself is almost unable to hold on.