"Mr. Long, how can there be so many hidden secrets?"

Fang Yuhan naturally knew Zhang Yida's intention to arrange this, but she didn't dare to tell the truth!

How much is the valuation of Ruixin Group, which has been stripped of Ruimin Wealth Management, and can it still match the status of a unicorn?

So in order to get a high enough valuation and enough investment, she can only bite the bullet and say that she is optimistic about the P2P business.

In fact, Long Yu's question hit the nail on the head.

If you are optimistic, why not do direct business?

Fang Yuhan could only say as much as possible, "Consumer finance looks like a lot of flowers, but in fact, we have noticed some bad signs.

Campus loans, cut-off interest, and high-interest consumer loans to all kinds of people with unstable incomes.

The market is dominated by these unscrupulous businessmen, which sooner or later will cause social conflicts, and the regulators will definitely take action.

As for the small and micro finance on the B side, because it is a difficult bone to gnaw, few companies dare to do it and do it well.

The market is huge, but there are no decent competitors.

Compared with the consumer finance market, this is still a blue ocean, and it is a good time for Ruixin Group to set sail in the open sea. ”

These words attracted the attention of Mi Qun, managing director of Lightspeed China, and he smiled: "Mr. Fang, will you worry a little more?"

Although there are some red lines in the consumer finance market, it has not reached the point of anger and resentment, right?

Consumer finance is one of the most lucrative financial businesses, and everyone is drilling into it.

Ruixin is good, but it does the opposite.

Is this Mr. Zhang's idea, or is it Mr. Fang's idea?"

"Although consumer finance is good, it is a red ocean, and if corporate finance and corporate credit are done well, the future results will not be inferior to Yimin Internet Finance. ”

Zhang Yida said these words to Fang Yuhan, and now she repeated them to the investors present.

In addition, fully entering the field of corporate finance and credit investigation is also a strategy set by Mr. Zhang a few years ago. ”

Why did Zhang Yida do this? One of its companies lays out a subdivision track?

Mi Qun thinks it's not so simple, Yimin Netfinance and Yimin Loan are both making a lot of money in the field of consumer finance, and Ruixin Group has no reason to watch the excitement on the side?

Who is afraid of money?

The investors present are all typical of the three highs, "high education", "high emotional intelligence" and "high IQ".

And all of them are partners and managing directors, and they have invested in many projects, and they have become more sophisticated.

They did not rush to refute, but continued to test Fang Yuhan with words, in order to obtain more information and facilitate pre-investment analysis.

"I think Ruixin Group can spin off Ruimin Wealth Management and go public independently.

The B-end business such as Xinglong Loan, Weizhong Tax Bank and so on is the main body of financing. In this way, it is also easier to manage.

The company's business is also clearer and does not confuse concepts.

In the future, when people mention Ruixin Group, they will know that it is for corporate credit investigation and corporate finance, rather than person-to-person P2P finance.

This can greatly enhance the user's perception of the brand. ”

Zheng Wei, a partner at Northern Light Ventures, has unanimous support from other investors.

"I think Mr. Zheng's idea is good, you can consider it!"

"Ruimin Wealth Management is so large, it is completely okay to go public. ”

"The business still has to focus on a little bit to do better and better!"

Fang Yuhan glanced at Zheng Wei, this abacus is not an ordinary refinement!

After the division of Ruimin Wealth Management, the valuation of Weizhong Tax Bank and Xinglong Loan alone may not reach 1 billion yuan.

The lower the valuation, the more cost-effective it is for venture capital institutions to invest in the shares, and the higher the return on investment in the future.

She has heard Zheng Wei mentioned by others, treacherous and ghostly, this is the comment given to him by his colleagues in Qiandu.

Whether it is great or not, you can see one or two from the resume since college.

Aoki's bachelor's and master's degree is the president of the student union, a senior official of the graduate student group, a doctor from Beijing University, and the general manager of the Qiandu Innovation and Development Department......

"Split...... It is impossible to divide it, and if it is divided, where will the Xinglong loan funds come from in the future?"

Zheng Wei answered, "It's simple, banks, trusts, consumer finance and other institutions can connect funds, and the cost is cheaper than P2P." ”

The "loan" model has indeed begun to rise, and even a layman like Zheng Wei knows that it is not too difficult to access bank funds.

Compared with institutional funds, the cost of P2P funds is indeed too high, and even Miao Installment has gradually stopped its cooperation with P2P and began to lend money from banks and trusts.

Fang Yuhan said with a smile: "Who knows what the future financial regulatory policy will be?"

What if a paper ban comes down and institutional funds are restricted?

Don't doubt it, it's quite likely. China's banks are arguably the most conservative banks in the world.

Profitability is not the most important thing, safety first.

How many banks have gone bankrupt in China?

Therefore, the funding channel still has to be in your own hands to feel at ease. ”

"Since I chose to be a B-end market, I don't think I should be nostalgic for the C-end market.

Mr. Fang, you are like this, which makes me a little skeptical about Ruixin Group's determination to do a good job in the corporate credit market. ”

Long Yu's words were unanimously agreed by other investors, after all, Ruixin Group's current valuation is too high.

The last round of financing was valued at $1 billion, and now the volume of P2P business is not much less than that of Yimin Netgold, is it possible to achieve a valuation of $10 billion?

Because Ruimin Wealth Management has not been directly involved in the loan market, its revenue and profit are much less than those of Yimin Netfinance.

Moreover, most of the wealth management business of Ruimin Wealth Management comes from the diversion of Huimin Bicycle, and 75% of the profits are distributed to Huimin Bicycle.

Now Huimin Bicycles are selling out again, which adds another unstable factor.

"What about the valuation?

Mi Qun decided to listen to the valuation first and then make further plans.

"$3 billion!"

Fang Yuhan spit out a number lightly.

"I'm curious, how did this valuation come about?"

In the face of Zheng Wei's question, Fang Yuhan did not panic at all, since he dared to offer this valuation, he naturally had a target.

"The customary valuation method of P2P is the valuation method of pending receipt, which is similar to the GMV valuation method of the e-commerce industry.

32 billion to be collected multiplied by 0.6, which is 19.2 billion yuan, which is 2.8 billion in US dollars.

Wezhong Tax Bank and Xinglong Loan are valued at $200 million together, isn't it?"

Fang Yuhan smiled, "This is not yet the benchmark Yimin network gold, if it is the benchmark Yimin network gold, it is more than 3 billion US dollars." ”

Mi Qun shook his head, "Mr. Fang, the account is not calculated like this, Lightspeed China has invested in clapping loans, and it is no stranger to the field of Internet finance." You can't bully us for not knowing what to do!"

He continued: "Clap Loan has its own asset side, and for every 100 yuan of loan released, you can earn 40 yuan.

What about Ruimin Wealth Management? It is necessary to share with asset partners such as Yimin Net Finance, and also share with diversion institutions such as Huimin Bicycle.

After calculation, if you lend 100 yuan, the profit earned is less than 10 yuan. ”

"Yes, Ruimin Wealth Management is a capital intermediary, not a P2P company in the real sense, and the ecology is not perfect.

The vast majority of the profits are made by other partners, and the profit margin is less than one-sixth of that of the clap loan. ”

Although Long Yu is a woman, she speaks very strongly, and ruthlessly lifts the fig leaf, directly saying that Ruimin Financial Management is an intermediary.

"Yes, P2P is originally an information intermediary, and it is not wrong to say that we are intermediaries!

You don't just see how much profit Ruimin Wealth Management gives to Yimin Netfinance and Huimin Bicycle, how many P2P companies can't ask for this kind of partnership.

As the "No. 1" P2P company in China, Yimin Netfinance has the best risk control technology in the industry.

In addition, it has a market value of 10 billion US dollars, and there are more than a billion US dollars in cash on the account.

According to the agreement signed by our Ruimin Wealth Management and Yimin Netfinance, all the bad debts will be covered by them.

This alone surpasses the vast majority of domestic counterparts.

There is also Huimin Bicycle, how much free traffic do we get from cooperating with them?

When other companies are still struggling with the fact that hundreds of millions of advertising dollars per year cannot be exchanged for good enough advertising results.

Huimin Bicycle, in two years, has matched hundreds of billions of transactions for us.

If this growth momentum is maintained, it will not be difficult to surpass Yimin Netfinance and Lufax.

There is a saying that "wealth gathers people scatter, wealth scatters people gather", and I believe everyone understands what I mean.

It is impossible for a company to make all its profits, and in order to realize a bigger dream, it is necessary to unite all the forces that can be united.

At the same time, there is another issue involved here.

The growth rate of Xinglong Loan cannot keep up with Ruimin Wealth Management. ”

Speaking of this, Fang Yuhan smiled generously, "There is nothing to hide from this, it is an indisputable fact."

Corporate finance, because of the imperfect domestic infrastructure, is simply not as rapid as consumer finance, and needs to be cultivated slowly.

In addition, Huimin Bicycle is also a little too powerful.

With so much money coming in, they must not be left idle, and exporting to external assets has become an inevitable choice. ”

"I understand Ruixin Group's approach, but in this way, the conceptual and growth imagination is a little worse.

This alone cannot support a $3 billion valuation. ”

Zheng Wei said with a smile: "The valuation of Ruixin Group's last round of financing was 1 billion US dollars, which was invested by Yimin Netfinance.

I don't have a good opinion of this valuation. But in this round of financing, I think several of us need to calm down.

As far as I know, the volume of the clap loan is half that of Swiss Finance, but the valuation is only about $1 billion.

And the revenue and net profit are even slightly better than Ruixin Group. ”

Mi Qun took over the topic and said: "Yes, the revenue is more than one billion, and the net profit is more than 500 million. ”

"The interest rate of the clap loan is a bit of a sideline, and there is a lot of negative news. ”

After Fang Yuhan finished speaking, Mi Qun shook his head with a smile, "These are not important, the profit margin is very high, the financial report is very good, and the business growth rate is very high......

Secondary market investors prefer to see these, and clap loans are just the right thing to do. ”

Other investors also echoed the words, saying that the valuation was too high to accept.

The negotiations were temporarily suspended, and Fang Yuhan reported to Zhang Yida on the negotiations.