"Mr. Zhang, is this kind of merger so unreasonable?"

Mi Wenjuan shook the coffee spoon in her hand, and after listening to Zhang Yida's explanation, she replied lightly.

Zhang Yida said with a smile: "Why is it unreasonable? Now everyone is fighting on their own, who can master more resources and funds, and then they will have the last laugh." ”

Mi Wenjuan smiled, "Is that our merger and acquisition of Ape Counseling, or the merger of Ape Counseling?"

Zhang Yida had been prepared for this question for a long time, and did not answer directly, but talked about the past of magnesium group and Dianping, Didi and Kuai.

After hearing this, Mi Wenjuan shook her head again and again, and said with a smile: "Mr. Zhang, I don't read much, don't lie to me."

Look at who is still on the stage and who is in hiding, and you will know who is merging and apportioning whom. ”

Mi Wenjuan dropped out of high school in her sophomore year and went to work at an English training institution run by her uncle at the age of 17.

I worked for 15 years until 2014, when I founded VIPKID.

Although she didn't even have a high Chinese certificate, she became the youngest trustee in the history of the Chinese University outside Beijing.

So she often ridiculed herself, saying that she didn't read much and had little culture.

Zhang Yida didn't expect to easily persuade the other party, and said: "Good Future has been eyeing this track, their market value is 16 billion US dollars, revenue is more than 1 billion US dollars, and they have enough operating profits and financing ability to consume with various competitors."

The most important thing is that their business growth is not slow, and they don't see that they have touched the ceiling at all.

In the long run, the gap between startups and them will only widen. ”

Mi Wenjuan smiled and shook her head, "Mr. Zhang, you may not be familiar with the K12 education market, which is a trillion-level market.

At the top of the pyramid are education giants and large institutions, a large number of small and medium-sized institutions are in the middle, and the largest ones at the bottom are individual teachers and studios.

Individual teachers and studios account for more than 70% of the entire trillion, and a teacher renting a classroom can become the most microscopic form of tutoring and training.

And Good Future, together with New Oriental, only occupies about 3% of the market share.

The top 10 K12 education and training institutions all combined, and the market share does not exceed 5%.

If anyone occupies more than 10% of the market share in the industry, it will be a 100 billion dollar company.

But the current situation is that the mountain of gold is in front of you, and everyone has to continue to dig.

It's not that we have merged with the ape counseling, and with two shovels, we can occupy this mountain of gold.

In this industry there is simply no existence.

The biggest enemy is actually ourselves, forcing ourselves to infiltrate, from the first and second-tier cities to the lower-tier cities, to eliminate small workshops!"

Zhang Yida frowned, Bonima was right, the Internet and the two most difficult industries, one is medical care, and the other is education.

The former has complex symptoms, while the latter is interdisciplinary and cross-population, and there is no way to provide standardized services.

Including online schools and online education, the Internet is only a tool, and it mainly depends on the teacher.

Seeing that Zhang Yida was silent, Mi Wenjuan said again: "I actually don't oppose the merger, if we occupy 3% of the market share, Ape Counseling also occupies 3% of the market share, after the merger, we will directly occupy 6% of the market share of the whole industry, and steadily step on the future and New Oriental."

In this way, the combined company may approach the market value of 100 billion US dollars, and can rely on brands, funds, channels, and teachers to seize the largest market dividends.

But it is clearly too early to talk about a merger now. ”

Zhang Yida exhaled a long breath, "You're right, it's my authorities who are confused." ”

Mi Wenjuan's words made Zhang Yida wake up. Ruixiang is not the headline, there is no pressure of 100 billion revenue, and it is true that the front line is too long to wade into the troubled waters of education.

And if the two sides are merged, at most they will cultivate a good future or New Oriental will come out, and then stage the Three Kingdoms.

It's too early, and it's not time for the track dominant.

made up his mind, Zhang Yida will not forcibly promote the merger.

chatted with Mi Wenjuan for a few more words, and left directly.

After returning to the company, Zhang Yida found a consultant from McKinsey & Company and had a discussion with the company's executives for several days.

The topic of discussion was whether or not to enter the field of education.

In the end, the result of the discussion was, give up!

Although this industry is very eye-catching, the crossover is too big.

Ruixiang lacks relevant talents and heritage, and if it is promoted by the idea of high promotion, traffic is king, and advertising is king, it may end up being a chicken feather.

Zhang Yida didn't know if Toutiao finally did online education, but the environment was different.

The cards drawn by Rui Xiang at this time are obviously much better than the headlines in the previous life.

After a few days of discussion, it was not in vain, but some directions for the future were discussed.

Cutting-edge technology continues to make additional investment, e-commerce and content are listed as the next key development directions, and financial business is affected by policies, maintaining the current pace and continuing to move forward steadily.

Next, Ruixiang Strategic Investment Department focused on the upstream and downstream of content.

First, 1 billion yuan was invested in Hupu.com, and then invested in Kuaikan Comics, Sound and Shadow Animation, and several websites.

Compared with the unicorn sale of up to 5 billion US dollars some time ago, Ruixiang invested no more than 2 billion yuan, which is a bit of a small fight.

......

Lan Lan and Ding Siyao made a new round of reports, and the acquisition layout of Digital Domain has basically been completed, but Zhang Yida still needs to make the final decision.

"In other words, except for Li Jiacheng, the other major shareholders are willing to sell their shares?"

Zhang Yida frowned, he didn't want to owe Li Jiacheng a favor.

Compared with the two bigwigs in Erma, he rarely visits these so-called business tycoons.

The group of entrepreneurs who have moved the Internet are almost all like this.

Young people, there is no pier to make contacts.

For them, it's called meaningless socializing.

"Mr. Zhang, we have absorbed 4.99% of the shares from the secondary market, and the shares that have reached oral agreements with other major shareholders add up to 43.85%.

It is only 1.16% away from crossing the 50% unconditional mandatory cash offer line. ”

Ding Siyao said with a smile, "Actually, you don't need to go to Li Jiacheng, we can do it ourselves." ”

"Then what are you hesitating about, let's get moving!"

Zhang Yida didn't want to wait any longer, a small company with a market value of billions of dollars had been dragging on for more than a month.

On October 25, Digital Domain announced that SoftBank China, the fourth largest shareholder, sold its 8.57% stake to Ruixiang Digital Technology Group at a price of HK$0.15 per share;

CITIC Group, the fifth largest shareholder, sold its 8.57% stake......

The sixth largest shareholder, Kingkey Group, sold its 6.34% stake......

Through a number of transactions, Ruixiang, which already holds a 50.1% stake in Digital Domain, made an unconditional mandatory general cash offer to acquire all of the issued shares of the company.

The highest share price of the day was 0.25 and the closing price was 0.21, which was a full 40% higher than the offer price of HK$0.15 per share.