A few days later.

Lan Lan took the lead and took a group of investors to Huimin Travel Group.

Huang Xiaofeng came forward to receive Lan Lan and his entourage, in addition to Ruixiang Industrial Investment Fund represented by Lan Lan, there are also Temasek, CITIC Industrial Fund, Fu Tukang, and Penguin and other investors.

After reading the operating statements and financial statements provided by Huang Xiaofeng, several major investors frowned.

Penguin is an old shareholder, so Ren Yu is no stranger to the financial situation of Huimin Travel Group, and the huge losses have long been known, so he looks as usual after reading the statement.

Lan Lan also accepted Zhang Yida's advice in advance, so he read the report and didn't speak.

Representatives from CITIC Industrial Fund, Temasek, and Futukang couldn't sit still.

In particular, Futukang, who started in the manufacturing industry, attaches great importance to corporate profits.

Zhang Quan, a representative of Futukang Investment, asked directly: "Didn't Huimin Travel only raise 1.5 billion US dollars? There is only 100 million left in the account, or is it RMB?"

If it weren't for Zhang Yida's fame, he would have wanted to ask Huang Xiaofeng directly: Have you transferred funds?

Huang Xiaofeng also expected that the management would ask such a question, so he had already prepared.

He shook his head calmly and said with a smile: "Huimin Travel has launched 5 million new bicycles, and this piece alone will cost 5 billion yuan."

The consideration for the acquisition of Baymore Bicycles is also $360 million, including an additional $180 million in stock and $180 million in cash ......"

Huang Xiaofeng also did a lot of homework, and without reading the information, he counted the major expenditures to the interested investors present.

CITIC Industrial Investment Fund Wei Cheng held the glasses on his nose and said: "If Mr. Huang is not wrong, Huimin Travel Group has injected more than 100 million US dollars into Green!"

He pointed to the materials in front of him and said, "I just looked at this pile of materials, and there is no data from Green. ”

Wei Cheng smiled, "I don't know if Huimin Travel Group has made material omissions, or if this financing does not include Green?"

Other investors also looked to Mr. Huang to see what he had to say.

Huang Xiaofeng pursed his lips and smiled, looking at Wei Cheng, "Mr. Wei is really careful, and a little detail can't escape your eyes." ”

Wei Cheng smiled unabated, and did not make any statement, he just ate this bowl of rice, how could he miss such an important subsidiary.

All the public materials of Huimin Travel Group were sorted out by their company and let him study them carefully several times.

I dare not say that I know Huimin Travel well, and I have a clear understanding of the general business situation and subsidiaries.

"I'm about to explain this to you, but since Mr. Wei asked, I'll just say it! Huimin Travel split Green, and there will be no equity relationship between the two companies in the future. ”

As soon as Huang Xiaofeng said this, except for Ren Yu and Lan Lan, everyone else was a little surprised.

Without Green, what impact will it have on Huimin Travel Group?

Other investors are starting to think about it.

Huang Xiaofeng said again: "Here, I would like to say sorry to everyone. Because the equity has only been cut for a short time, I haven't had time to inform everyone.

If you feel that the lack of Green Huimin Travel Group has an impact on the investment plan, you can withdraw now. ”

Investors didn't say anything and began to digest the news.

Without Green's Huimin Travel Group, most of its business is concentrated in China.

It should be said that in addition to the joint venture of several small bicycle brands in foreign technology licensing, more than 95% of the business and assets are in China.

The color of multinational enterprises has faded, which makes Wei Cheng quite disappointed.

"I'm sorry, Mr. Huang, I want to ask the company for instructions before making the next step. ”

As soon as Wei Cheng took the lead, other investors also expressed their intention to ask the company's superiors.

The meeting was aborted, and everyone else left the office to give feedback to their superiors.

Only Ren Yu and Lan Lan didn't leave the office, both of them knew about Green's separation, and they didn't need to ask their superiors.

The two began to chat, and Ren Yu said with a smile: "Ruixiang has made a big move in Southeast Asia this time, raising $2.5 billion in one fell swoop." Is Mr. Lan interested in forming an alliance with the Penguin Industry Fund to cooperate in some projects?"

"Alliance?"

Lan Lan muttered silently in her heart, and she didn't dare to make a decision, she smiled at Ren Yu, "This is a good idea, but I have to ask Mr. Zhang." ”

"Of course!"

As the helmsman of the Penguin Industry Fund, Ren Yu pays more attention to the actions of Ruixiang Industry Fund in Southeast Asia and even India.

I know that Ruixiang has invested in a lot of good projects, and in terms of quantity and quality, it is slightly ahead of Penguin.

This gave him a sense of crisis, and he decided to get closer to Ruixiang Industrial Fund and rub his performance.

The two didn't talk for long, and the other investors also returned to the office one by one.

Even if Huimin Travel Group spun off Green, it is still a good project in the eyes of other investors.

Not to mention the king status in the field of shared bicycles, it seems that he will tear a hole in online car-hailing.

This kind of high-quality project, venture capital companies will not miss out on because they cut Green.

But since Green has been cut, the valuation must be discounted.

At this point, when several investors went out to consult their superiors, they met and reached a preliminary consensus.

"Mr. Huang, there is no problem with CITIC Industrial Investment Fund, and it will participate in this round of financing for Huimin Travel. ”

Wei Cheng took the lead in expressing his attitude, and other investors also replied that they would continue to participate in financing.

"In terms of valuation, the last round of Huimin Travel was invested by Penguin, and the valuation at that time was $4 billion.

It has been half a year since then, and all the data of Huimin Travel have achieved leapfrog breakthroughs.

More than 100 million registered users, more than 21 million daily active users, and more than 30 million daily cycling orders......"

Huang Xiaofeng also introduced the various business data of Huimin Travel, including the newly launched aggregated taxi and hitchhiking data.

"But Huimin Travel cut Green, and I heard that Green is developing very well in North America, covering dozens of cities.

Removing Green, I think Huimin Travel is going to minus the $1 billion valuation. ”

Futukang Zhang Quan's speech won the unanimous consent of other investors.

They have spoken out in support of Zhang Quan.

"Removing Green, the US$3 billion valuation of Huimin Travel is recognized by Temasek. ”

"CITIC Industry Fund also recognizes!"

The few people who spoke turned their eyes to the two people who didn't make a sound, Ren Yu and Lan Lan.

Ren Yu coughed dryly, "The $3 billion valuation has triggered the ratchet clause." ”

Lan Lan didn't say anything, and set her eyes on Huang Xiaofeng.

Huang Xiaofeng has participated in several rounds of financing for Huimin Travel with Zhang Yida, so he naturally knows that he must show the momentum of Huimin Travel at this time.

He smiled, "Green is really good, $1 billion is underestimated." ”

But then his voice changed, "But the basic business of Huimin Travel has not been left behind?" According to the valuation of 3 billion US dollars, what are the results of Huimin Travel's efforts in the past six months?

There are also aggregate taxis and ride-hailing, these two businesses have made it difficult for Chen Wei to sleep.

Didi claims to be valued at more than $20 billion, and we only have 5% of his volume, so we can value it at $1 billion!"

Who has not experienced all kinds of fierce negotiations as a venture capitalist! I have long understood a truth, those who achieve great things must be able to bargain!

It was Wei Cheng's turn to spray, he did not directly oppose Huang Xiaofeng's words, and began to make a fuss about the huge losses of Huimin Travel.

He said: "Huimin Travel deducts new car launches, mergers and acquisitions and other factors, and the operating loss in a single month is as high as hundreds of millions!"

"It is mainly reflected in the depreciation of bicycles and freight vehicles, and the riding income and advertising revenue can basically be equal to the daily expenses such as personnel salaries and marketing expenses. ”

A Temasek Investment representative said: "However, it is impossible for companies to operate without considering the depreciation of bicycles.

These bikes may be eliminated from the market after two or three years due to damage.

This requires us to consider new inputs.

Huimin Travel is already a C round of financing, and with a volume of billions of dollars, "profit" must be put on the agenda. ”

Weak profitability has always been a major pain point for Huimin Travel.

Other investors have also spoken out and have been biting this issue.

They don't really question the profitability of Huimin Bicycle, otherwise they wouldn't have participated in the financing.

At present, as long as Huimin Travel can eliminate other bicycles, and then charge all bicycles, or even increase the price a little, it is not a problem to make a profit at all.

They just used this bargaining chip to bargain and cut off the valuation of Huimin Travel.

Huang Xiaofeng also has goods in his stomach, and cooperates with the traffic entrance that is about to be opened by Pindodo, with the payment portal that is about to be opened by Ruixiang, and with the loan entrance that is about to be opened by Yimin Loan...... and a series of plans to expand revenue.

He said that it is not a problem at all for Huimin to travel profitably. At present, the number of users has just exceeded 100 million, and Huimin Travel will become a national-level application with more than 500 million users in the future.

Now it is still among the circle of users, and the ripe season has not yet come, so it cannot be harvested rashly.

The business of Huimin Travel covers all cities in China, and the bike-sharing business occupies more than 90% of the share, becoming the absolute hegemon.

You can abolish the free strategy, and at the same time increase the price of shared bicycles, and the revenue can be expanded by 3 times and 5 times on the current basis.

In the second half of Huang Xiaofeng's words, what 500 million users, revenue increased by three times or five times, several investors were skeptical.

However, in the first half of the sentence, several investors still believe in the cooperation with Ruixiang, Pindodo, Yimin Loan and other companies.

This is the "ecological anti", the advanced concept proposed by Boss Jia some time ago.

It took 17 years for Boss Jia to be unlucky, and he is still the darling of the capital industry.

Several investors also believe that Zhang Yida will use other industries in his hands to give blood transfusions to Huimin Travel.

Deposit wealth management is a good example, 75% of the profits have gone to Huimin Travel, and Ruimin Wealth Management only takes 25% of the profits, and has to bear various financial risks.

If Ruixiang and a few companies can be as powerful as Ruimin Wealth Management, Huimin Travel will simply take off.

Several investors have calculated that Huimin Travel has a bicycle worth 7 billion yuan, which has been depreciated for three years, and it is 2.33 billion yuan in one year;

plus more than a billion salaries, as well as R&D expenditures, and various other costs.

Investors estimate that Huimin Travel has a revenue of four or five billion yuan a year, which can still cover the cost.

Huimin Travel's revenue of 1.85 billion yuan last year, although it is still a lot short of four or five billion, can be regarded as giving investors some confidence.

"Mr. Huang, can you tell me about your valuation of Huimin Travel Group?"

Huang Xiaofeng remembered the number Zhang Yida explained, and blurted out:

"$6 billion!"