The next day, Xu Xiaoming and Shen Beipeng came to the door together, and Zhang Yida received the two of them in the office of Huimin Bicycle.

He Qingxuan made tea for the two investors, cautiously exited the office, and closed the door.

Xu Xiaoming looked at Zhang Yida with a smile and said:

"You kid is not shallow, you are all young and beautiful female secretaries. ”

Zhang Yida shook his head again and again, this hat is too big to bear. It's not good to give an impression of a lustful impression on investors, and it will affect the overall evaluation of you as a person.

Investing, that is, investing in people, and of course, evaluating the strengths and weaknesses of the founders.

Shen Beipeng helped his glasses and said:

"The little girlfriend family in your family is not simple, you can take it easy. ”

Don't underestimate the investor's news channels, many things about Zhang Yida have been investigated by them, including family background and girlfriend......

Zhang Yida had a headache, some time ago he gave more than a dozen companies for He Qingxuan to choose from, and as a result, she fell in love with Huimin Bicycle at a glance.

She is a professional in broadcasting and hosting, and Yimin Bicycle is an operation post in addition to the R&D post and an offline dispatcher.

It's not quite suitable for it, so I let her be my assistant for the time being.

Xu Xiaoming said to Zhang Yida earnestly:

"You must not be inflated when you become famous at a young age! You must learn to restrain yourself! You are now fledgling, and your focus is still on your career.

Wait until several of your companies have matured and gone public. When the time comes, no one will say anything about you, no matter how chic you are. ”

Shen Beipeng said solemnly:

"Don't look at the current valuation of several companies under your umbrella, which are in the billions, tens of billions. Before it was listed, it was all paper.

If you slack off, others will eliminate you. Entrepreneurship is not a playhouse, you can do it yourself!"

Xu Xiaoming played a round and said:

"Yida, don't blame us for being too talkative. Beipeng's words are more straightforward, but this is also the truth.

There is a fire in the backyard, and the Internet CEO who is finished is not one or two.

Why Tudou was acquired by Youku is not because the CEO divorced and Youku was listed first.

missed the best time to go public, and finally could not escape the fate of being acquired. ”

Zhang Yida knew that Tudou submitted a prospectus one step ahead of Youku, and as a result, the founder was divorced, resulting in the freezing of equity, and the instability of the VIE structure and company control.

The divorce lawsuit lasted for more than a year, and it dragged on for more than a year before it reached the market.

When it was listed, the market was not good, and it broke when it was listed, and its market value was less than half of Youku's. In the end, that's it.

A large number of late-stage PE institutions that bet on potatoes did not make money because of this.

This incident has sounded the alarm for the majority of investors, and they have also paid attention to the spouses of the founders of the invested companies.

Coincidentally, the ex-wife of the potato boss is also a broadcasting and hosting major at Beijing University of Communication and Communication, and she is also He Qingxuan's sister......

Zhang Yida was a little speechless, he was a little cautious, but this was not there.

Thinking so in his heart, but he couldn't show timidity on his face, Zhang Yida smiled:

"She's a good friend of my girlfriend, and we're all acquaintances. There's nothing like what you think!"

Zhang Yida said this, Shen and Xu couldn't continue to get to the bottom of it, and began to return to the topic.

Shen Beipeng asked:

"I researched the Huimin Bicycle a little bit and went to the street to find one to ride. After the experience, I feel that it is still very convenient.

I'm now focusing on the size cap and the management of the bike. ”

Zhang Yida Zhengsedao:

"The creation of this bike-sharing bike was also very deliberate by me. The bicycle has also undergone multiple rounds of testing from scanning the code to unlocking, billing, and parking.

The product is already very mature. Basically, there is no need for major changes.

After surveying, the scale of bicycles can accommodate tens of millions of vehicles in the country.

A bicycle can be ridden 3 times a day, 1 yuan each time, and it can also create tens of billions of revenue a year.

In addition, the car body can also be advertised, and the APP can also be advertised after it has hundreds of millions of users. Advertising can also generate billions in revenue.

As for operation management, we currently have a standard scheduling and operation system.

This system can be quickly replicated across the country, and the only thing that is needed is the money to build bicycles. ”

Shen Beipeng nodded, Zhang Yida's entrepreneurship is becoming more and more mature, launching a new project, operation management, and business realization have all been considered.

Xu Xiaoming interjected:

"The operation and management of tens of millions of bicycles is probably not a small cost. Have you accounted for the cost?"

Zhang Yida had already thought about these rhetoric and said directly:

"10 million bicycles, the manufacturing cost is 10 billion yuan. It is depreciated in two years, and the annual depreciation cost is 5 billion yuan.

Dispatchers need about 3-50,000 people, with an average salary of 100,000 yuan and a salary cost of 3 billion ~ 5 billion.

These are the two biggest costs!

The R&D investment of the headquarters and the salary of employees are at most hundreds of millions a year.

That adds up to about 10 billion dollars a year! That's just as much as the cost of cycling.

In the later stage, we will also cooperate with Ruixiang to carry out some financial cooperation with Yimin, such as deposit financial management to guide users to invest.

Huimin Bicycle will be a more frequently opened APP in the future, and the advertising value is needless to say!"

Shen Beipeng and Xu Xiaoming were silent and began to think.

Zhang Yida's blueprint is very grand, this is a bicycle company, but also an Internet company, and it may become an Internet advertising company in the future, and a mobile offline advertising company.

If there is a net profit of 2 billion a year, the valuation of 40 billion is based on the 20 times P/E ratio, and the valuation of 60 billion is 30 times the P/E ratio.

Opportunity to become a $10 billion company!

Shen Beipeng spoke and said:

"The blueprint is big, and it's certainly possible. But how can you be sure that the final winner is Huimin Bicycle?

The model of Huimin bicycle is too easy to imitate, find a bicycle foundry, build an Internet platform and start drying.

There are no commercial barriers, and if you attract followers, it will be a subsidy war.

Huayi Capital has also invested in Didi and Magnesium Group, and you must be well aware of their current situation.

Caught in this kind of subsidy war, let alone making a profit, it would be good not to burn billions a year. ”

Shen Beipeng is worthy of being an old fox, as if he saw the future all of a sudden.

However, this is the status quo, all Internet platforms are burning money to grab the market, and Huimin Bicycle is easy to fall into this quagmire.

However, Zhang Yida was very confident, stretched out two fingers, and said:

"Within two years, sweep away all opponents!"

Shen Beipeng motioned for him to continue, and Zhang Yida expanded and said:

"We have a first-mover advantage of a few months at the moment, and it would be our biggest advantage to use it wisely.

First of all, we can get financing, so we can build more cars and occupy more market share.

In this round of financing, I want to build 100,000 vehicles and put them in three other first-tier cities.

By the time we're done, the followers will almost come out. But it doesn't matter, we're always one step ahead of him.

My goal is to double the number of registered users and bicycles in three months.

Then launch a round of financing in 3 months, and the valuation of each round of financing doubles.

Starting from October 2014, 200,000 bicycles will be rebuilt by the end of December 2014.

In October 2015, the cumulative number of bicycles reached 2 + 10 + 20 + 40 + 80 + 160 = 3.12 million bicycles.

It is necessary to defeat all opponents through the continuous number of bicycles and the pace of financing.

One year to determine the balance of victory and defeat, and two years to sweep away all opponents.

When we have 10 million bicycles in 2 years, I believe that no capital dares to spend another 10 billion to fight with us. ”

Shen Beipeng understood that this was a blitzkrieg, occupying most of the market at the fastest speed. Then put on the toughest posture to all kinds of capital, so that they can give up unrealistic illusions.

The method is a little simple and crude, but it is indeed the most in line with the industry, and Huimin Bicycle also has this first-mover advantage.

Xu Xiaoming grasped the key point and asked: "The data doubled in 3 months, and the valuation doubled." It's a test of your operational skills!

If you can do this, no one will dare to compete with you in a year's time. ”

Zhang Yida smiled and said:

"As long as the ammunition supply keeps up, the doubling of data will only get faster and faster, not slow!"

Xu Xiaoming thinks about it, as long as the financing amount is getting bigger and bigger, and more and more bicycles are built, the average number of users corresponding to a bicycle will only increase.

Shen Beipeng said:

"Tell me! How much do you want to melt?"

"The angel round raised $2.5 million, and the post-investment valuation is $50 million. It's not too much for me to ask for $200 million now!" Zhang Yida glanced at the two of them and said lightly.

Xu Xiaoming pondered, the valuation has quadrupled in a month, which is not too much! However, considering the current popularity of Huimin Bicycle and its future business prospects, it is not particularly excessive.

Shen Beipeng touched his chin, in fact, his psychological price was between 100 million and 200 million US dollars. The pre-investment valuation of $200 million is in the high range.

But in the future, Huimin Bicycle will become a financing machine, now accounting for 20% of the shares, and a year later may be diluted less than 10%, which is a bit unacceptable.

Suppose you invest $50 million now and occupy 20% of the shares. According to Zhang, the company's valuation will increase 16 times to $3.2 billion in a year.

At that time, the stake was diluted to only 8%, which is worth $250 million. It can be regarded as a five-fold increase, but in terms of amount, he earned $200 million. The absolute value is not high.

At a valuation of $3.2 billion, the value of Huimin Bicycle is basically squeezed dry, and there is not much potential for future growth.

It's about making an investment, and it's definitely about maximizing profits. So he was a little unwilling.

Shen Beipeng glanced at Zhang Yida and said:

"The $200 million pre-investment valuation is acceptable, but I want to reverse the dilution clause or expand the Series A funding. ”

"How much to scale?" Zhang Yida said tentatively.

"30%!" Shen Beipeng's heart is very dark, and he plans to make more shares in the early stage, and he is not afraid of dilution in the later stage, which is called maximizing investment returns.

Zhang Yida shook his head: "30% is too much, and there will be multiple rounds of financing in the future." Now I'm putting out up to 20%. ”

However, Zhang Yida added: "I can give you an anti-dilution clause, only within the next year." And it has to be an AB share model. ”

Shen Beipeng smiled and said, "Of course. ”

Zhang Yida thinks that as long as it is an AB-share model, it is good to maintain control. He didn't care who owned the shares of the financing, and he understood that the black shirt wanted to maximize profits.

In this way, the three parties drafted the investment agreement.

Blackshirt Capital led the investment of US$40 million, Zhenke followed the investment of US$10 million, and invested US$50 million in Huimin Bicycle at a pre-investment valuation of US$200 million.

The shareholding ratio after the financing was changed to:

Zhang Yida: 68%

Option Pool: 8%

Huayi Capital: 4%

Blackshirt Capital: 16%

Zhenke Fund: 4%

The voting rights are 20 votes for 1 share of Zhang Yida, and the voting rights are firmly controlled at 97.7%

Unless the shares are diluted below 5% on a certain day, the voting rights will not fall below 50%.

This is also to prepare in advance considering the crazy financing rounds in the future. 1 share with 10 votes is not enough insurance, so it was changed to 1 share with 20 votes!