In less than a month, Ruixiang concentrated on the sale of its stakes in more than 20 unicorn companies, recovering more than $5 billion.

At the same time, the territory of the Ruixiang system has also shrunk by more than half.

"Zhang Yida feels that the potential has been exhausted", "there is no synergy with Ruixiang's business", "he was fooled by Ahri and penguins" and other companies did not stay.

These companies are basically invested in the first phase of Ruixiang Industrial Investment Fund, and a small part of them are invested by the company's own funds, which are somewhat disorganized.

At the same time, Ruixiang was not influential enough at that time, and its wallet was not drum enough, so it did not carry out multiple rounds of co-investment, and its voice was not strong in these companies.

Ruixiang Industrial Investment Fund has only raised three phases, and after the third phase of funds has been invested, no further fundraising has been carried out, but this function has been replaced by Ruixiang Strategic Investment Department.

Ruixiang now has a lot of money in its account, more than 10 billion US dollars, and there is no need to raise funds at all.

In the end, the funds raised are not their own, and some companies may need mergers and acquisitions, or hold equity for a long time, and exiting is a troublesome matter.

Regarding Zhang Yida's practice of letting Ruixiang be "big and thin", there are various interpretations from the outside world.

It is said that Ahri, Penguin, and Goudong jointly launched a counteroffensive to interrupt Ruixiang's territorial expansion.

Can't hurt your business, can't you recruit a few younger brothers?

Some people also say that Zhang Yida has a strong sense of distress and likes the feeling of holding a large amount of cash in his hand.

This can be seen from the behavior of selling Huimin Travel and Green scooters.

Ruixiang is indeed not much of the remaining little brother, aside from the foreign batch, there is only SenseTime left in the domestic AI, and then there are a few hardware companies, a few online education companies, and a few content companies, which look quite bleak.

In fact, Zhang Yida is secretly having fun at this moment.

Of the $5.2 billion, the part invested by Ruixiang with its own funds can be divided into $1.2 billion.

Among the 300 million US dollars invested in the first phase of the fund, Ruixiang invested 100 million, Huayi Capital invested 100 million, Yimin Net Finance invested 50 million, Black Shirt Capital 40 million, and Zhenke Fund 10 million.

As a GP, Ruixiang also enjoys the right to 20% dividends of floating profits.

In the end, the total sum of zero and zero added up, Ruixiang took the lion's share of the $5.2 billion, $3.028 billion.

Huayi Capital shared $1.086 billion, Yimin Net Gold shared $543 million, Black Shirt Capital shared $434 million, and Zhenke Fund shared $109 million.

Anyway, except for Ruixiang, each investor has earned nearly 10 times.

In addition, the shares of 36 Krypton, Shangchao Technology, Himalaya, Station B and other companies in the first phase of Ruixiang Fund have not been sold.

When it is sold, it will be divided into another money.

Xu Xiaoming doesn't care what the outside world says, at the dividend conference, he praised Zhang Yida so much.

"Hey, Yida, you whole ...... I'm so embarrassed!"

Xu Xiaoming said with a "haha" smile, "Huayi Capital has invested in TMD, plus Huimin Travel.

Ruixiang Fund I made ten times as much money as I did...... Oh, more than ten times, and in two years there will still be an account. ”

He sighed, "Hey, it's a loss, but it's a pity that I only invested $10 million to come in." ”

Shen Beipeng smiled faintly, "After selling out the company, Ruixiang has more than 100 billion yuan on the account, and I can't wait for it to become moldy."

Only by finding a new goal can we generate greater value if we spend it. ”

Zhang Yida nodded, "The next step is to implement, it is impossible to spend it all, and Ruixiang must always have a certain amount of cash in the account." ”

Shen Beipeng thought for a while and asked, "Is it education?"

Zhang Yida nodded, Shen Beipeng had a number in his heart, no wonder he had to deliberately leave a few online education companies.

Is there a connection between online education and Ruixiang's business? Not at the moment.

Staying on purpose must have moved the idea of this.

However, Shen Beipeng felt that some words were still unpleasant, "Yida, online education currently has a good future and New Oriental.

In addition, Ape Counseling and VIPKID have already passed the D round, and their valuations are all billions of dollars.

It's only coming in now, it's a bit late, and I'm not optimistic about it unless you integrate them. ”

Zhang Yida said lightly, "Let's talk about it first, of course I hope that it can be resolved peacefully." ”

Xu Xiaoming couldn't help but ask, "Do you want to enter the education industry?"

Not only Ruixiang and Blackshirt Capital, Zhenke Fund has also made heavy bets on this track.

The most embarrassing thing for investment institutions is to accidentally injure friendly troops, and two invested companies burn the money of the same fund.

The best solution is to "merge" and avoid involution.

The topic was a little heavy, and Fan Hongyang hurriedly diverged his way, "After dividing more than 500 million US dollars, the stock price of Yimin Netgold should always be stabilized, right?"

If it falls any further, it will break the net value. ”

However, his words did not work, and everyone's focus was clearly not on this.

"Ape Counseling is a penguin system, and VIPKID is even more complicated, we have investments in Zhenke, Penguin and Yunfeng Fund. ”

Shen Beipeng analyzed very calmly, "Although Ruixiang has shares in both companies, it may not be able to convince Mi Wenjuan and Li Yong." ”

Zhang Yida nodded, the situation is indeed a bit complicated, and if you can't convince it, you can only fight.

Online education is a big outlet, Ruixiang has traffic and resources in its hands, and there is no reason to let it go.

And education, like medical care, is a long-standing industry, which is very interesting.

It's just that the stall is big enough at the moment, and if you can get benefits in other ways, it's better not to rush into war again.

......

"After the merger, who will be the main and who will be secondary?"

Li Yong, the CEO of Ape Counseling, has a lot of respect for Zhang Yida, and after hearing the other party's merger proposal, he did not overreact, but pointed out the core problem.

Zhang Yida also has a headache about this problem, and both are valued at almost $3 billion, which is very similar in size.

There is no room for two tigers in one mountain, and one of the two founders must step back.

The reason why Zhang Tao, who commented back then, was willing to regress was because he was older than Huang Xin, so he couldn't see it.

"Online education is now a mess, and the sooner we unite, we can also make the cake bigger. ”

Zhang Yida said with a smile, "Ape Tutoring focuses on K12 education, and VIPKID focuses on online children's English education.

Not to mention anything else, at least you can compete with Good Future and New Oriental. ”

Li Yong nodded, "I admit it, Mr. Zhang, the career blueprint you drew made me very excited."

But I must retain control of the business, and if I can't even guarantee that, I can't say yes. ”

Zhang Yida thought for a while and said: "I can promise you this, Ruixiang is only a strategic investor and does not interfere in your regular operation and management.

But Mi Wenjuan's side, I still need you to have a face-to-face communication. ”

Li Yong smiled: "If Mr. Zhang can persuade her to merge and let me be the CEO, then I have no problem and fully support it." ”

Zhang Yida felt a little tricky, and he didn't dare to guarantee that Mi Wenjuan would be obedient.

Although she is a female entrepreneur, she is also a woman who has made a company with a valuation of 20 billion yuan.

Can this kind of woman be simple?

"Okay, let's talk about it first!"

Zhang Yida advised, "Don't make a noise yet, and don't tell other shareholders." ”

Li Yong knew that the other party was letting the penguins go, so he nodded with a smile.

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