"Split Ruimin Finance?"

Zhang Yida rubbed his hair and scolded with a smile: "Who brought this up?

But he is destined to regret it, the valuation after the split is so low, I don't know what to do with them?"

After a pause, Zhang Yida said again: "If they don't accept the $3 billion valuation, how much can they accept?"

"Ruimin Wealth Management was compared with the clap loan, the size of the matching loan is twice that of others, but the net profit margin is only one-sixth of others.

Last year's revenue was 1.209 billion yuan and the net profit was 502 million yuan, while Ruixin Group's revenue last year was 5.07 billion yuan and the net profit was 355 million yuan. ”

Speaking of this, Fang Yuhan flashed a trace of regret in his heart, if only all the funds raised more than 50 billion last year were released by his own assets.

The company's revenue may exceed 10 billion, and the net profit is at least seven or eight billion.

However, Mr. Zhang decided to do something, and she didn't want to do it anymore.

Therefore, they do not agree with the valuation of $2.8 billion of Swiss Finance, believing that it is at most at the same level as the valuation of Clap Loan.

And the valuation of the clap loan, according to them, is currently around $1 billion to $1.2 billion.

I think this valuation is on the low side. ”

"It's definitely on the low side!"

Zhang Yida took over and said, "The revenue and net profit of Miao Installment are slightly higher than those of Clap Loan, but the valuation is at least $3 billion.

Don't listen to their nonsense, the $1 billion valuation of the clap loan is the time for the last round of financing.

At that time, it was 15 years, and it had been two years, and the valuation had already risen.

Compared with Miao Installment, the current real valuation of the lap loan should be around $2.5 billion.

As the two major cash loan trump cards in China, the net profit margin of Clapping Loan and Miao Installment is terrifyingly high, both above 40%. ”

Zhang Yida shook his head and sighed, "None of the three companies of Yimin Net Finance, Yimin Loan, and Ruimin Wealth Management can match their net profit margins. ”

"Their interest has already trampled on the 36% legal red line, and it is just a sideline, which is not worthy of praise. ”

Fang Yuhan said with a smile again: "Our overdue rate and bad debt rate are better controlled than them!"

In addition, user stickiness is also higher than theirs. Most of the customers on the investment side of Ruimin Wealth Management have an investment period of 6-24 months.

The investment period of the average P2P platform customer is only 1-3 months!"

"Yes," Zhang Yida agreed, "thanks to the credit endorsement provided to us by Huimin Bicycle." When the people saw the Huimin bicycles on the streets and alleys, they felt that it was more practical to invest in our platform.

After all, there is industry there, giving people a sense of strength. ”

"The loan period is very short, most of them are 1-3 months;

Unlike Xinglong Loan and Yimin Net Finance, most of the targets published on the platform are medium and long-term loans of 6-36 months.

From this, we can also see the differences and gaps between us and them.

What can short-term loan customers do if they borrow for a month or two?

Most of the medium and long-term loan users use it for business turnover, house decoration, etc., and the use is more reasonable.

Most of the customers of both companies are young people in their twenties who are aware of early spending, but many of them do not have stable jobs and stable cash flow.

And our customers are mainly young and middle-aged people in their thirties and forties, who have a family, have strong control over their consumption desires, and the bad debt rate is much better than theirs. ”

Zhang Yida still agrees with the other party's words, and thoroughly analyzes the differences between Ruimin Wealth Management and Miao Installment and Clap Loan.

"Mr. Zhang, I didn't believe all the predictions you made before. But now that I see the heat and chaos of domestic consumer finance, I am beginning to believe it. ”

Fang Yuhan said very seriously, "If it continues like this, it is possible that the bad debts of the platforms such as clap loan and wonderful installment will suddenly usher in a big explosion."

It doesn't matter if they die, don't pass on the risk to the entire industry and affect your peers. ”

Zhang Yida nodded secretly, it seems that Fang Yuhan's observation is still very meticulous, when everyone is advocating Internet finance, but she gradually noticed the signs of wrongness.

However, it is a pity that many peers have died, but these two have persevered by relying on early accumulation, and they are living a nourishing life.

"Ruixin Group's valuation is at least $2.7 billion, and it will stick to this bottom line.

I'll let Lan Lan, on behalf of Ruixiang Industrial Investment Fund, also join in the fun!"

After the order, Zhang Yida made another call to Lan Lan and asked her to participate in the B round of financing of Ruixin Group.

The arrival of Lan Lan made several investment institutions suspicious.

What does that mean? Find a trust?

Lan Lan noticed the reactions of other investors, so he explained with a smile: "For the market of corporate credit and corporate finance, Ruixiang has been having a layout, and it has also cooperated with Ruixin Group.

Take Mung Bean Credit as an example, it has been cooperating with Ruixin Group in big data analysis to build a full credit map covering domestic B-end enterprises and C-end users. ”

Other investors didn't believe that things were so simple, but by coincidence, Lan Lan appeared when the negotiations were deadlocked.

"Mr. Lan, you're really in a hurry!"

Long Yu's words made Lan Lan frown slightly, she hid her emotions well, and smiled faintly, "Mr. Long said that he was laughing, I also just got the financing news from Ruixin Group."

On the way, I was still a little worried, but don't the daylilies are cold. It's not too late. ”

Long Yu was a little displeased, isn't this a joke about their inefficiency?

But she can climb to her current position, and she is not a stupid woman.

A little verbal dispute, there is no need to make enemies for yourself.

She didn't continue to provoke Lan Lan, but set her eyes on Fang Yuhan, "Mr. Fang, continue to negotiate!"

"Good!"

Fang Yuhan briefly recounted what Zhang Yida told her to the investors present.

"The valuation of Miao Installment is $3 billion, and the valuation of Auction Loan is $2.5 billion.

Except for the lower net profit margin, Ruixin Group's data in other aspects are not inferior to them.

The net profit margin has been explained before, so I will not repeat it here.

At the expense of a part of the profits, we have a stable source of funds and an asset side with zero bad debt rate.

This is much safer than some platforms cutting off heads and violently collecting money.

Therefore, the pre-investment valuation of $3 billion is very fair, and there is also a factual basis and reference. ”

Long Yu shook his head, "If Mr. Fang continues to insist on a pre-investment valuation of $3 billion, then we at Bertelsmann Asia can only say sorry, we have to withdraw." ”

Long Yu's other two allies also spoke out.

Mi Qun said with a serious expression, "It's really too high, except for the P2P volume, I can't see any other outstanding achievements of Ruixin Group at present." ”

"Yes," Zheng Wei nodded in support, "3 billion US dollars is not a small amount, such a high valuation, but if you can't get strong results to support it, the LP can't explain it."

Based on Ruixin Group's current annual profit data of $50 million, the price-to-earnings ratio is as high as 60 times. ”

"Good projects are scarce resources, and naturally the price is higher. Ruixin Group's goal is to become the largest corporate credit information platform in China and the largest corporate financial platform in China...... The first P2P platform in China.

If these corporate visions can be realized one by one, shareholders will also reap satisfactory returns. ”

Lan Lan said with a smile: "What about the scale of financing?"

"$300 million!" Fang Yuhan said lightly.

"It can be led by Ruixiang Industrial Investment Fund, or it can be invested alone. ”

Long Yu and the others didn't look very good-looking, and they really came to be a trust.

But giving up didn't achieve what they wanted.

Yimin Wangjin has a market value of 10 billion US dollars, and Yimin Loan is about to be listed, and Papa Loan and Miao Installment also have their own listing plans.

All of these news are well known to them.

The sweet fruit of Internet finance is ripe and ready to be picked.

Lan Lan didn't care about the reaction of a few of them, anyway, Ruixiang participated in this round of financing.

Corporate credit is a subdivision of finance, and Ruixiang has not been settled.

For Ruixin Group, no matter what, we can't let it go.

"$3 billion is really too high, and I think $2 billion is reasonable. ”

Long Yu, who was still very strong just now, clamoring to quit, suddenly relented and gave a valuation increase of hundreds of millions.

Fang Yuhan was very satisfied with Long Yu's reaction, and it seemed that Bertelsmann was still reluctant to give up investing in Ruixin Group.

She also slowly circled up, anyway, there is a sharp industrial fund to support her, and she is not afraid of not finding investors.

After several days of negotiations, Bertelsmann and other third-party investment institutions finally compromised and agreed to the conditions of Ruixin Group's pre-investment valuation of $3 billion.

This valuation is much higher than the $2.7 billion bottom line in Zhang Yida's heart.

However, Ruixin Group has a revenue of more than 5 billion yuan and a net profit of more than 300 million yuan, which is not outrageous.

The specific allocation of financing shares was led by Ruixiang with $150 million, followed by Bertelsmann Asia, Lightspeed China, and Northern Light Ventures with $50 million each.

The Series B round totaled $300 million, raising the post-investment valuation of Ruixin Group to $3.3 billion.

Zhang Yida's shareholding decreased from 63.66% to 57.87%, Yimin's shareholding decreased from 9.82% to 8.93%, and Ruixiang Industrial Investment Fund acquired 4.55% of the shares.

Including direct holdings and indirect holdings through two other companies, Zhang Yida's total shareholding ratio has reached 62.2%.

At the same time, Liu Chao also gave a reply.

agreed to sell the company to Ruixin Group at a price of 400 million yuan, and the specific transaction plan, he chose "70% cash + 30% equity." ”

That is, Ruixin Group paid 280 million in cash, plus an additional equity acquisition worth 120 million yuan to acquire Tianyancha.

In March 2017, the exchange rate of RMB against the US dollar was 6.887 to 1, and the valuation of Ruixin Group of 3.3 billion US dollars was converted into RMB 22.73 billion.

The additional issuance of 120 million yuan of equity is only 0.525% of the share.

Liu Chao holds about 60% of Tianyancha's shares, and through this merger, he received nearly 170 million yuan in cash, plus 0.315% of Ruixin Group's shares.

Zhang Yida's stake was diluted again, and his personal shareholding in the Cayman company fell by 0.3 percentage points from 57.87% to 57.57%, and the stake of other shareholders was also diluted in this proportion.

"Senior Brother Liu, we will be a family in the future, be close to each other, and don't see anything outside. ”

After the acquisition of Tianyancha, Zhang Yida continued to appoint Liu Chao as the CEO of the subsidiary Tianyancha, and also served as the vice president of Ruixin Group, which can be regarded as reuse.

Liu Chao, who was free of wealth, was full of spring breeze, and he said with a smile: "Senior Brother Zhang, don't worry, I will definitely be as meticulous as before for the work of Tianyan Cha, and there will be no slackness." ”

Speaking of this, he frowned, looking like he wanted to say something.

"Senior Brother Liu, I just said don't see outside, just say what you have to say!"

Liu Chao nodded, "I think Ruixin Group can contact the National Small and Medium-sized Enterprise Development Fund."

After learning that we were going to be acquired by Ruixin Group, they were very disappointed and asked me if Ruixin Group would accept investment.

"Oh," Zhang Yida nodded after a little thought, "You can accept investment." ”

This kind of opportunity to hug his thighs, how could he miss it.

This fund is a fund of funds established by the Ministry of Finance, with a total of four sub-funds and a total management scale of 19.5 billion yuan.

It was Zhang Yida who heard that this fund mainly invests in growing small and medium-sized enterprises in the seed stage and start-up stage.

Ruixin Group's current size, I am afraid that it will make them feel embarrassed.