"Huimin Travel Group currently owns three sub-brands: Huimin Bicycle, BTP.bike, and Green Scooter.

The business spans North America, Asia, China, the United States, and New Zealand.

The purpose of this financing is: partly to complete the sinking layout of domestic shared bicycle in third- and fourth-tier cities, and continue to consolidate the leading position in the market;

Part of it is to accelerate the occupation of the Southeast Asian market and the market expansion in North America......"

In the conference room of Huimin Travel Group, Zhang Yida began to advocate the global strategic layout of Huimin Travel Group to investors.

As the time entered August, the North American operation center of the Green scooter also pulled up the shelves and is vigorously engaged in research and development.

Domestic bike-sharing is inextricably linked, and foreign countries must continue to invest in research and development.

Seeing that the funds in the account are getting smaller and smaller day by day, Zhang Yida upgraded Huimin Bicycle to Huimin Travel Group, and launched a B+ round of financing at the same time.

"In your imagination, Mr. Zhang, what kind of state will Huimin Travel Group be in three or five years?"

The question was asked by the investment representative of GIC, Singapore's sovereign wealth fund.

"In three to five years, Huimin Travel Group will become the world's largest short-distance transportation group.

In Asia, we mainly operate bike-sharing. In Europe and the Americas, we mainly operate shared electric scooters.

There are at least 200 million users in China and at least 200 million users overseas.

Annual revenue reached more than $7 billion, and annual net profit reached more than $2.1 billion......"

Anyway, the question is three or five years later, Zhang Yida began to paint a bright future.

"Is there any supporting material or basis for this development goal?"

The investment representative of SoftBank Capital asked.

"Yes!" Zhang Yida nodded solemnly, opened the PPT projector in the conference room, and directly turned out a few data reports, saying:

"At present, there are more than 20 million registered users of Huimin Bicycle in China, and it is growing at a rate of 3 million per month.

Without continuing to launch bicycles, it is expected that the target of 200 million registered users will be achieved in 60 months.

But in fact, with the increase in the number of bicycles, the growth of this user will definitely accelerate, or less than five years, maybe two or three years to reach the goal of 200 million.

China accounts for only one-fifth of the world's population, and its overseas market is four times that of China.

We can achieve 200 million users in China, and I think we can definitely achieve this goal overseas, or even surpass.

After nearly a year of operational demonstration, we have basically identified the two pillars of short-distance shared travel revenue - cycling revenue and advertising revenue.

With 200 million registered users in China, I think the number of cycling orders per day will not be less than 40 million.

The average customer unit value is 1 yuan/1 order, the daily revenue will reach 40 million yuan, and the annual revenue will reach 14.6 billion yuan, equivalent to nearly 2.4 billion US dollars.

We calculate the orders of foreign business as 20 million orders per day, a single order of 0.5 US dollars, the daily income will be 10 million US dollars, and the annual income will be more than 3.6 billion US dollars.

Combined, the total revenue of domestic and foreign cycling business is $6 billion.

Our domestic advertising business is currently generating nearly $8 million per month and nearly $100 million per year.

With the simultaneous growth of domestic and foreign business, it will not be too difficult to reach more than $1 billion in advertising revenue.

According to our internal calculations, the operating profit margin will reach more than 30% after the user subsidy is stopped and the business development enters a stable state.

With an annual revenue of $7 billion, net profit will be more than $2.1 billion. ”

A group of investment representatives exchanged views with each other.

Zhang Yida's "pie" is too big, and most investors don't believe this data.

Make a discount, and then make a discount, multiply the data calculated by Zhang Yida by a quarter, and there is a high probability that it can be achieved.

For example, there are 50 million domestic users and 50 million foreign users, with an annual revenue of $1.75 billion and an annual profit of $525 million.

There is also a 20-30 times price-earnings ratio, a proper market value of 10 billion.

If Zhang Yida knew what they were thinking, he would definitely scoff at it.

In the previous life, after 28 months of operation, FOF exceeded 32 million orders in a single day.

As long as Huimin Bicycle can get rid of Baimo and completely occupy the vast majority of the market share, there is still hope for a stable daily order of 40 million.

What makes Zhang Yida really bottomless is the overseas market, after all, the product has not yet been launched, there is no reference basis, and it is difficult to say what it will develop.

No, the investment representative of Silver Lake Capital in the United States spoke:

"Mr. Zhang, there is no doubt that Huimin Bicycle is the king of China's short-distance travel market.

But on the other side of the ocean, in the United States, the cultural beliefs and business environment are completely different.

The Green scooter has not yet been launched, and it is still uncertain whether it will be able to mix well in the United States. ”

"Yes, we at Warburg Pincus agree with what the Silver Lake Capital representative said.

We can only value based on the existing domestic business of Yimin Travel Group, and will not give any other premium. ”

Warburg Pincus's representative, Smith, said in a resolute tone, in a non-negotiable tone.

Warburg Pincus is also a private equity company in the United States, and Zhang Yida guesses that the two foreigners colluded to lower the price together.

"Then what do you think is the valuation of Yimin Travel?"

Although financing is imminent, Zhang Yida still looks calm.

As the co-chairman of a company valued at $10 billion and a company with a market value of $6 billion, he has proven his ability many times in the entrepreneurial circle.

In terms of valuation, it is impossible for him to make too many concessions.

Investing is also investing, and he knows that he is now a piece of sweetness.

To put it bluntly, he alone is worth hundreds of millions of dollars.

That's how confident!

"The valuation of Huimin Travel Group's last round of financing is $1.8 billion, and we are willing to give a pre-investment valuation of $2 billion. ”

Warburg Pincus' representative Smith said such a sentence, and he saw several cold eyes on him, with mockery and displeasure in his eyes.

Shen Beipeng, Xu Xiaoming, and other old shareholders will definitely quit! The last round of financing was $1.8 billion, and after five months, the valuation has risen by $200 million?

Who are you fooling?

"Mr. Smith, Huimin Mobility Group has always been a fast-growing company.

From angel rounds to Series A, Series A+, and Series B financing, the valuation of each financing has increased several times.

$2 billion is definitely not worthy of Yimin Travel's current value. ”

Shen Beipeng spoke, from his point of view, the valuation of Huimin Travel Group is, of course, the higher the better!

To maintain valuation is to safeguard one's own interests.

"However, it is also an indisputable fact that the competition in the bike-sharing market is becoming more and more fierce, and the losses of Yimin Travel Group are also getting bigger and bigger.

As far as I know, the bike-sharing market in your country has emerged as a free-to-ride operation strategy.

Millions of bikes, free to ride.

Hehe, is this a commercial project or a public welfare project? ”

Smith sneered, he was very well prepared for this financing negotiation, and collected a large stack of various materials, all of which were used to reduce the price of Yimin travel.

"The national conditions are different, and the market is free of charge, which is a typical way of playing the Internet in our country.

Didn't Ahri beat EABY for free? Can you say it didn't work out?

If you want to take it, you must give it first!

This is a famous quote from an ancient book "Tao Te Ching" in China more than 2,000 years ago.

What do you mean?

Let me explain it to a few foreign friends.

If you want to seize something, you must first pay the price to let the other party relax their vigilance, and then find an opportunity to seize it. ”

Zhang Yida gave a make-up lesson to several foreigners, and the other party was stunned for a while.

"Mr. Smith, if you sincerely want to invest in Huimin Travel, you should show your sincerity.

And not to pick a thorn here.

As the youngest CEO of NASDAQ, Mr. Zhang Yida is also a bit well-known on Wall Street.

The success of his career comes from his hard work, but also from his forward-looking strategic vision.

In addition to Warburg Pincus, I think other Wall Street capitals should be interested in Yimin Travel. ”

Xu Xiaoming came out to help, which made Smith's face turn blue, and he was silent and didn't say a word.

"With a pre-investment valuation of $3 billion, if you want to believe me, you can sign it now.

If you don't have enough confidence in me or Yimin Travel, I don't think there's any need to talk about it!

It's a waste of time, that's a crime. ”

Zhang Yida's words were not only for Smith, but also for several other investors.

Time is precious! If you can't negotiate, you should change your home as soon as possible.

Several investors were staring at each other, all of them struggling.

If you are not interested in Huimin travel, then you will not come here today.

Yimin Travel, just one year after its establishment, its valuation soared to $3 billion.

They are afraid that the bubble in the middle is too big!

However, there is a case of "Yimin Netfinance was successfully listed after 21 months of operation", and a group of investors feel a little more confident.

"Mr. Zhang, we, SoftBank, agree with your offer. But we have two requirements, the first is that we lead the round of financing, and the second is to add a VAM agreement. ”

The representative of SoftBank Investment did not know if he had consulted the leaders of the headquarters, and he was the first to jump out to break the calm atmosphere.

"What VAM agreement?"

Zhang Yida is now in debt, and he has signed one VAM agreement after another.

But he is not afraid and has the confidence to accomplish the goal.

"In one year, we will settle the bicycle-sharing war in China. ”

This sentence of the representative of SoftBank Investment is very interesting, and basically everyone here has heard another meaning - to completely consolidate the hegemony of the industry and digest the valuation bubble.

"What are the specific criteria for settling the war?"

Zhang Yida continued to ask, he must distinguish clearly. If he is allowed to monopolize the domestic market 100%, it will be a fool's dream and a whimsical dream.

"It occupies 80% of the market share in the industry. Or let Huimin Travel's China business achieve revenue balance.

One of the two conditions is sufficient. ”

After hearing this condition, Zhang Yida did not reply in a hurry, and frowned and thought about it.