Evans and Robert also applauded when they saw such detailed data, and then Evans said:

"Ms. Ding, I agree with some of your views. China's economy is indeed growing by leaps and bounds, and it is the country that has given birth to multimillionaires, the most billionaires, and the fastest.

But I have a doubt, the revenue of the family office business accounts for 30% of the company's revenue.

Moreover, 50% of the more than 5 billion US dollars managed by the Xinhuo Family Office are owned by Mr. Zhang Yida.

In other words, Mr. Zhang Yida contributed 15% of his company's revenue.

This kind of related-party transaction is very criticized.

And Mr. Zhang Yida, according to our internal statistics, his assets may exceed 10 billion US dollars.

Wealthy people at this level basically set up their own independent family offices.

In other words, it is very likely that he will quit the Torch Family Office in the future.

Most of the other clients of the family office are friends of Mr. Zhang Yida, including another super-rich man, Mr. Robin Lee.

Mr. Zhang Yida's withdrawal may also cause the loss of other customers.

In my opinion, the revenue and profit of the Xinhuo family office cannot be included in the valuation. ”

Ding Siyao said in her heart, this last sentence is your true purpose!

"Mr. Evans, we can't predict what the future holds, what we can see is that Yimin Wealth has this part of the stable revenue and profits.

And all clients of the family office have signed a five-year long-term cooperation agreement.

This part of the business is equivalent to saying that there will not be much fluctuation in five years.

In addition, in addition to Mr. Zhang Yida, we are also actively expanding other wealthy customers.

The development of the Xinhuo family office has only been half a year, so most of the revenue you see depends on Mr. Zhang Yida.

But as we grow, the dependency will continue to decline until it is minimal. ”

Ding Siyao looked at Robert and said, "Mr. Robert, you have also cooperated with Yimin Netgold, and you have cooperated very happily.

You can share your success story with Mr. Evans. ”

Speaking of the cooperation of Yimin Wangjin, Robert grinned, with a book return of more than 100%, and earned more than $400 million in less than a year.

It was a really successful investment story, and he Robert was rewarded by the company for it.

Considering that Zhang Yida still has so many unicorn companies, this relationship still has to be good, and Robert also feels that it is necessary to say a few words.

He said to Evans: "Evans, Mr. Zhang Yida's company is a very good project. It's a rare opportunity, and I think Morgan Stanley should seize it. ”

After speaking, Robert looked at Ding Siyao again and said, "Ms. Ding, this 30 times PE is indeed higher, and we don't make any money!"

In this way, 20 times PE will not work? $1.23 billion, we at Goldman Sachs agree with this valuation. ”

Evans also nodded and said, "If it's $1.23 billion, it's okay on my side." ”

Ding Siyao still feels a little underestimated, but Zhang Yida told her that as long as the pre-investment valuation is not less than $1 billion, she can make a deal.

She thought about it, decided to fight for it again, and said: "25 times PE, we will also give the listing underwriting rights to Goldman Sachs and Da Mo." ”

"What about the financing open share?" Robert didn't answer directly, but asked about the financing open share.

"How much does Mr. Robert want?"

Robert gestured two fingers and said, "20 percent." ”

"We at Morgan Stanley want 10 percent. Evans also made the request on behalf of the company.

"That's too much," Ding Siyao shook his head, "unless some of the old shares are sold." ”

"Yes, it's just right that some shareholders want to exit, and we will accept it all. ”

Robert has tasted the sweetness once again and is ready to replicate the success story of Yimin Wangjin again.

"What about valuation?" Ding Siyao asked again.

Robert and Evans looked at each other, and the latter said, "If you agree to sell 30% of the shares, we agree to your valuation of 25 times PE." ”

"Then you wait a minute, I'll contact Mr. Zhang. ”

After speaking, Ding Siyao dialed Zhang Yida's phone, "Mr. Zhang......"

Ding Siyao repeated the conditions given by Robert and Evans.

"Tell them to wait a minute, I'll contact Shen and Xu and ask them if they can cash out.

They're allies, let them run first!"

Ding Siyao smiled, what friendly army ran first? Obviously, investors have the right of first refusal.

Hanging up the phone, Zhang Yida called Xu Xiaoming first, "Mr. Xu, Yimin Wealth has the last round of financing before going public, will you cash out this time?"

Yimin Netgold was lost to death by me that time, and this time I will have to wait until it is listed. ”

Xu Xiaoming is heartbroken every time he thinks of the fact that he cleared his shares before Yimin Netgold went public.

Hey, tens of millions of dollars less!

Zhang Yida called Shen Beipeng again, and the latter also said that he was optimistic about the long term and would not cash out.

If you don't cash out, then you have to "sacrifice" yourself.

Zhang Yida came to Yimin Wealth Company, said hello to Robert and Evans, and asked Lei Dongming: "How much do you want?"

Lei Dongming smiled: "Whatever! Three points or five points are fine." ”

"Okay, then 5 points, the three of you add up to 35%. ”

Zhang Yida thought about it and threw out his own plan, "How about issuing 20% more new shares and transferring 15% of the old shares?"

Several parties nodded in agreement.

In this way, according to the pre-investment valuation of 25 times PE and 1.54 billion US dollars, Yimin Wealth carried out 385 million US dollars of new share financing, making the post-investment valuation reach 1.925 billion US dollars.

The $385 million was credited to the company's accounts and was shared by all shareholders.

Among them, Goldman Sachs invested 220 million US dollars, Morgan Stanley invested 110 million US dollars, and Huayi Capital invested 55 million US dollars.

After the parent company introduced the financing of Black Shirt Capital and Zhenke Fund, Zhang Yida's shareholding ratio was 72%.

Later, Huinong Loan cleared Ding Siyao's shares, and Zhang Yida compensated the latter for shares worth $1 million, with a share ratio of about 0.2%.

After the completion of this round of IPO financing, Zhang Yida's shareholding ratio decreased from 71.8% to 57.44%.

Then, at a valuation of $1.925 billion, Zhang Yida transferred 15% of his old shares and cashed out $288.75 million.

The $288.75 million was cashed out by Zhang Yida and owned by him after paying taxes.

Among them, Goldman Sachs invested $165 million, Morgan Stanley invested $82.5 million, and Huayi Capital invested $41.25 million.

In addition, Zhang Yida's shareholding decreased from 57.44% to 42.44%.

After signing all the contracts, Zhang Yida looked at the more than 200 million US dollars lying in his overseas bank account and showed a satisfied smile.

If you don't cash out so much, the shares are too concentrated, and it is not a good thing for market circulation.

In addition, the rules for major shareholders of U.S. stocks to cash out are too cumbersome, and it is really difficult to cash out if the company does not operate for ten or eight years, and the performance has to grow steadily.

If you are not careful, you will have to face a minority shareholder class action lawsuit.

Therefore, the major shareholders of companies that want to be listed on the U.S. stock market are generally pre-IPO cash-out rounds, and then issue a small number of old shares when they are listed and issued.

Then there is a six-month lock-up period, and after that, you have to let the venture capital run first.

After the run, it's almost the turn of the founder of the company, and I don't know if it's broken at this time.

Even if the issuance is not broken, the major shareholder cashes out in advance to the SEC, and then cashes out no more than 1% of the issued shares every three months.

Tossing to the Year of the Monkey, the rules of the US capital market are too perfect, and leeks are not easy to cut.

......

After getting the money, Zhang Yida quickly launched the A round of financing of Doushi.

Doushi's funds have always been very tight, and it was Zhang Yida who injected $100 million to survive until now.

After dragging on for so long, Zhang Yida finally waited for a little more money on hand, and just used it to increase his holdings of Doushi.

As one of the few companies under Zhang Yida that has never carried out financing, Doushi has always attracted the attention of investors, and there are often acquaintances who call Zhang Yida to ask about financing, but they are all rejected by Zhang Yida one by one.

"The number of registered users in China is 80 million, the number of users in North America is 30 million, the number of users in Europe is 10 million, and the total number of users in the world is 120 million. ”

In a conference room of Shake Vision, Zhang Yida used PPT to play the global user distribution of Shake Vision.

On a global map, there are three big red zones, the reddest being the Chinese rooster, followed by North America, and then Europe.

"Tut-tut!"

Xu Xiaoming sighed: "Yida, you hide it very deeply, there are more than 100 million users silently, and the users are also distributed on three continents. ”

Shen Beipeng also helped his glasses, didn't speak, and began to estimate the value in his heart, how much should an app with hundreds of millions of users be valued?

Lei Dongming and Lan Lan also sat aside and thought about themselves.

Zhang Yida only invited these four investors today, Black Shirt Capital, Zhenke Fund, Huayi Capital and Ruixiang Industrial Fund, all of which are relatively close companies.

"Yida, you can make a price!"

Xu Xiaoming thought in his heart that the APP, which reached more than 100 million users in a year, must be invested no matter what high price it opens.

"$50 per user, $6 billion pre-investment valuation. ”

Xu Xiaoming smiled, "Yida, you're not kidding, are you?"

Zhang Yida waved his hand, "I'm really not kidding, a Facebook user is worth thousands of dollars, and my $50 is really not much." ”

"Foreign users are really valuable. Shen Beipeng agreed, and said: "But your 80 million domestic users are not worth so much money, 50 yuan is about the same." ”

"Now the cost of acquiring customers for an online APP is two or three hundred yuan, and 50 yuan is almost the same to buy zombie users. ”

Zhang Yida pressed the PPT controller, and a bar chart of daily active users and monthly active users appeared, and he introduced:

"At present, there are 40 million daily active users and 100 million monthly active users, which means that there are only 20 million zombie users.

This stickiness is incomparable to many apps, and with the enrichment of content, the user's stickiness and usage time are still further improving.

Think about it, how much advertising value is there?"

Shen Beipeng and Xu Xiaoming didn't speak, they each thought about it, and the $6 billion valuation really scared them a little.

Zhang Yida thought about opening up to Ruixiang Industrial Fund for financing, so he brought the three of them along the way.

Zhang Yida and Temasek's Li Hengbo have agreed to promote it to Southeast Asia, and the Southeast Asian consortium will also give various supports, but the premise is to let Ruixiang Industrial Fund take a stake in Doushi.