"It's not that there are no exceptions, but it takes something from Mr. Bitnet that I can convince the board. ”

Zhang Yida's smile at this time seemed very treacherous and annoying to Bitney.

But thinking of the company's predicament at this time, he was silent again, and said in a hoarse voice after a long time: "Mr. Zhang, you say, how can we get Ruixiang to agree to invest?"

Looking at Bitnet with a helpless face, Zhang Yida was full of emotion, last year he rushed to invest, you don't have this attitude.

This year, Zanda has encountered financial difficulties, and people are much more honest all of a sudden.

The venture capital coerced the founding team, which has not happened to Zhang Yida, and naturally he can't feel the pain.

Now Zhang Yida is playing the role of an investor, and from the perspective of maximizing the company's interests, he will certainly not show mercy.

Rubbing his temples, Zhang Yida never spoke, and Bitnet next to him was so anxious by Zhang Yida's ambiguity that he licked his dry lips and spoke again:

"Mr. Zhang, Ruixiang is also an important shareholder who holds 7.1% of the shares of Laizanda, and I am afraid that he does not want to invest 100 million US dollars.

So far, Zenda has opened up the situation in many countries. I believe that as long as we persist for another 1-2 years, the market will definitely usher in a turnaround.

In addition, our company will definitely remember your kindness. It will definitely create great rewards for you in the future. ”

Zhang Yida pretended to be very entangled and said: "But 300 million euros is a lot of money! ”

"You don't need 300 million euros, you can get 300 million dollars. Bitnet quickly replied.

"In addition, this valuation is a bit too high. With such a serious loss in Zenda, I very much doubt that the $300 million we invested may not be enough for you to lose money this year.

The profitability of Zenda is still far away. In this case, it is impossible for us to accept your offer of 1.5 billion euros. ”

Bitnet gritted his teeth and said, "How much offer can Ruixiang accept?"

"$1.41 billion!"

As soon as he heard Zhang Yida's offer, Bitnet suddenly exploded, and he shouted angrily: "This offer is only equivalent to the valuation of Ruixiang after he bought shares a few months ago!"

Bitnet shook his head repeatedly: "This is too low. I wouldn't sell my "child" so cheaply. ”

"I'm still considering that you may be subjected to the "ratchet clause" at the price of sincerity. I'm sure you've been in contact with other investors as well, are they willing to make a higher offer than Ruixiang?

If so, then I take back my words and apologize to Mr. Bitnay. ”

Zhang Yida said fearlessly, he saw through Bitner's stubble.

At present, in the entire venture capital market in Southeast Asia, there are basically very few institutions that can invest hundreds of millions of dollars.

With the exception of sovereign wealth funds such as Temasek and Malaysia's Treasury Investment, other local investment institutions are basically playing small, investing in hundreds of thousands, millions of dollars, mainly around early-stage projects.

Since the last round of Zanda received Ruixiang's G+ round of financing, plus this round, it is the 9th round of financing.

Ordinary investment institutions really can't afford this money.

In the Southeast Asian venture capital market, the main players who play the role of late-stage investment are Wall Street giants and domestic BAT and other institutions.

JP Morgan and Temasek joined in the first few rounds of investment in Zanda, but Bitnet asked Zhang Yida to come, and it was obvious that the early investors had rejected Zenda.

At present, BAT has not entered the Southeast Asian market in a big way, and in this case, Ruixiang is naturally a strange commodity.

Bitnet heard Zhang Yida say the "ratchet clause", and a trace of panic flashed across his face.

For entrepreneurs, the ratchet clause is still terrible, and the valuation of the next round of financing is lower than the valuation of the previous round, which triggers the ratchet clause, and the founding team compensates the shares of the previous round of investors.

If this happens, Bitnet can't accept it.

After 8 rounds of financing, his stake has been reduced to single digits, and if it is diluted, he may not have the motivation to struggle.

Isn't it just to make money by working hard to start a business? When he becomes a part-time job for a venture capital, he will definitely have to pick and choose.

In addition, Zhang Yida is right, Laizanda contacted all the previous rounds of investors, and none of them were willing to give a valuation of 1.5 billion euros.

Temasek, a Series G investment institution in the previous round, is even more hateful, and is only willing to give a valuation of 1.2 billion euros.

Bitnet directly rejected the other party, what are you kidding, after the completion of Ruixiang's G+ round of financing, the valuation of Lai Zanda has reached 1.29 billion euros, which is equivalent to a valuation of about 1.41 billion US dollars.

If he agrees to Temasek's terms, he will inevitably trigger a ratchet clause to compensate Series G+ investors for their shares.

He had a bottom line in his heart that he couldn't trigger the ratchet clause no matter what.

And Zhang Yida's offer has just met his bottom line, which not only raises the much-needed development funds, but also does not weaken the equity of the management.

Looking at Bitner with a hesitant face, Zhang Yida knew that he had basically impressed the other party with this condition.

As a fellow entrepreneur, Zhang Yida naturally knows what the founder of a company that has gone through 8 rounds of financing is worried about.

Corporate control, equity ......

Corporate control is easy to say, and there is an AB share model. But if the founder's equity is too small, even if the company goes public, it won't be able to get too much of the cake.

So he offered Bitnet such a price that was hard to refuse.

"Okay, Mr. Zhang, I accept your conditions. But the 300 million euros must be paid in one go. Bitnet said firmly.

"That's no problem at all. Zhang Yida said with a happy face, "I said that Ruixiang will be the most solid backing for you to come to Zanda." ”

"Of course!" said Bitnet, who was no longer on the edge of his sword just now, and boasted with a smile on his face, "Your generosity will surely be rewarded with satisfaction in the future." ”

Then the two chatted about the details, and the preliminary agreement was reached: Ruixiang invested 300 million euros ($330 million) in Zanda according to the pre-investment valuation of 1.29 billion euros ($1.41 billion), bringing the post-investment valuation of Zenda to $1.74 billion.

After the completion of the investment, Ruixiang's shareholding in Laizanda will also increase from 7.1% to 24.72%, and become the company's largest shareholder.

Lerzanda has gone through 8 rounds of financing, and the total stake of the management, including Bittene, is less than 20%, and the other shares are scattered in the hands of 15 large and small investment institutions except Ruixiang.

......

"Lao Cai, where do you think our Ahri's next international expansion goal should be?"

In the office of Ahri Group, Jack Ma and CFO Cai Xin chatted about Ahri's international strategy.

Cai Xin is undoubtedly the second person under Jack Ma in the Ahri Group, and his shareholding ratio in the management is second only to Jack Ma, and he is regarded by Jack Ma as his right-hand man.

Cai Xin replied without hesitation: "Southeast Asia!"

"Why?" asked Jackma again.

Cai Xin sorted out his language and said slowly: "Southeast Asia is close to China, and our country is the most influential in the region. ”

Jack Ma glanced at him and said in his heart, "What is our country!" Are you a foreigner, Canadian nationality?

But Jackma wouldn't say that, so he nodded in agreement, "I see it that way, too." Is it better for us to build our own branch or to acquire?"

Cai Xin pondered for a long time before he spoke: "In my spare time, I have observed the Internet industry report in Southeast Asia. Locally, a number of e-commerce unicorns have emerged.

In my opinion, it is best for us to acquire a local e-commerce company as a starting point.

It not only saves time, but also facilitates localization. ”

"Hehe", Jackma laughed, "e-commerce unicorns, right? The shallow pond in Southeast Asia can't raise any big dragons. ”

Cai Xin nodded in agreement, and said, "That's true." The scale is not particularly large, and it has only been developed for a few years. And the market is so big, it really can't go up. ”

"Do you see a suitable target?" asked Jackma again.

Cai Xin said: "At present, the four fastest-growing and largest e-commerce companies in the Southeast Asian market are Laizanda, Shopee, Tokopedia, and Bukalapak.

The first two are headquartered in Singapore and the latter in Indonesia. E-commerce companies in other countries are either not large-scale, or their technology content is too low, and their development is slow.

Singapore has a technological advantage, and Indonesia has a population advantage, so the four largest e-commerce companies in Southeast Asia were born in these two countries. ”

Jackma nodded in agreement and said, "Then you can send someone to inspect these four companies and find out the most suitable acquisition target." ”

Cai Xin shook his head and said with a wry smile: "Shopee is owned by Sea Group, and Penguin is the largest shareholder of Sea, holding nearly 40% of the company's shares.

Therefore, we can just give up this one. ”

Jack Ma smiled coldly and said: "Penguin's e-commerce heart is not dead, the domestic cultivation of dog Dong, Vipshop will forget it, even Southeast Asia has their layout." ”

"Yes, I didn't do it back then, and Bonima regretted it for life! haha!" Cai Xin said with a smile.

"Then let's talk about the other three!" Jackma motioned for Cai Xin to continue.

"In terms of the other three, Lai Zanda is the largest and has entered the market of 6 countries in Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines.

According to their recent G+ round of funding, the valuation should be in the billions of dollars.

Tokopedia is a little smaller, valued at nearly $1 billion......

Bukalapak is the smallest and should be valued at around $100 million......"

Cai Xin analyzed the other three e-commerce companies one by one, and Jackma pinched his chin and said, "Bukalapak is too small to be excluded directly."

I'm most inclined to come to Zanda because it's big enough to be there, and we've entered the market in 6 countries, and we've acquired them, so we can speed up our business layout in Southeast Asia.

Tokopedia is fine, but it's the first priority to come to Zaanda!"

Cai Xin sighed and said: "In fact, the above four companies all have sharp shares. ”

"Ruixiang?" Jackma looked puzzled, and asked again, "Zhang Yida?"

Cai Xin nodded and said, "Yes, it's him." A lot of investments have been made in Southeast Asia last year. ”

Jack Ma smirked and said, "This Yida is not doing his job for a day! It seems that the pressure on them is still too small." ”

Cai Xin said seriously: "No matter which company you acquire, you have to deal with Ruixiang." The bottom line is, are they willing to sell their shares?"

Jack Ma naturally knew about the hostile relationship between them, and he also had a little headache, sighed, and said, "Let's get in touch first! They are also financial investors, mainly trying to make money." If it really doesn't work, just give a certain premium!"

"I'm afraid that they will open their mouths!" Cai Xin also felt very aggrieved at this time, no matter which e-commerce company he acquired, he couldn't get around Ruixiang at all.

"As long as they're willing to talk, it's all easy. Don't care about the gain or loss of money, strategic layout is the most important.

Even penguins are doing e-commerce in Southeast Asia, but we don't. ”

Cai Xin looked ashamed and said, "Blame me for this, I made a mistake." ”

"It's okay, it's too late to remedy it. Jack Ma reassured.

Jack Ma looked into the distance, and said in his heart, this carelessness, Ruixiang has grown to this point, and it has begun to become a roadblock.