"Ruixiang is my first career, it is the place where my dream set sail, I will not sell it! I understand Sister Lei's kindness, I'm afraid I'm going to let you down!"

Zhang Yida said with a smile. It's impossible to work part-time in this life!

Just now the economic accounts are calculated, and the company still has to run and leave.

A trace of disappointment flashed on Pang Lei's face, and she smiled reluctantly, and said:

"It's okay! Everyone has the right to pursue their dreams! In the future, everyone should work hard!"

"Everyone works hard!" I'm afraid it's "Let's see the real chapter under your hands!" Zhang Yida said secretly in his heart.

Pang Lei got up to say goodbye, and before leaving, she and Zhang Yida added WeChat to each other.

For Pang Lei, she thinks Zhang Yida is still very talented. But if you don't want to be a friend, then be an enemy from now on!

As for taking a stake in Ruixiang, that is, to support the enemy's weapons to fight yourself.

Ruixiang is an AB share model, with 20% of the shares, all of which are A-shares without voting rights, which does not work at all.

The overlap between Ruixiang and Leech Financial Services is too high, and if you can't merge and merge, you have to be an enemy.

Looking at Pang Lei who pushed the door out, Zhang Yida did not regret his choice. The belief in my heart has become firmer, and I must surpass the leech gold service.

There were not a few bigwigs at the first Internet Conference, just Ding Sanshi and Cao Guowei, chairman of Xinlang.

A group of bigwigs above were giving keynote speeches, and Zhang Yida listened to the lecture honestly.

There is no way, the strength does not allow it! I don't even have a chance to come to power.

However, it cannot be said that there is no gain, and the business cards of CEOs of all sizes in the venue have received a lot.

After three days in Wuzhen, the first Internet conference ended successfully, and Zhang Yida flew back to Beijing.

The penguins have sent another notice that they are going to start a third round of negotiations.

"Hehe!" Zhang Yida smiled inauthentically, he quietly revealed the matter of entering the conference room with Pang Lei.

No, did the penguins react?

……

"Penguins are willing to value Ruixiang at $7.5 billion!"

Liu Zhiping rose by $200 million when he came up, which made Zhang Yida feel that it was worth chatting with Pang Lei that day.

The news of Zhang Yida's secret meeting with Pang Lei at the Internet conference spread quickly, and the penguins soon received the information.

Liu Zhiping hurriedly reported to Ponima, who was very angry.

Rui Qianjiao still had a good talk with his side, and the back foot went to hook up with the leech Jinfu.

What does that mean? Bonima wanted to quit. But reason triumphs over sensibility, and if Rui Xiang throws himself into the arms of the Ahri system, it won't add strength to the opponent.

Especially in the mobile payment battlefield, the penguin is temporarily below, if Ruixiang throws himself into the arms of the Ahri system, it will be even worse to be sandwiched.

So there is this third negotiation.

Liu Zhiping was instructed to sign a contract with a pre-investment valuation of no more than $8.3 billion, and quickly became a shareholder.

But Liu Zhiping is cunning and cunning, and he thinks that this matter can be talked about again, and it is a little bit to save it.

Zhang Yida didn't want to delay any longer, he had already offended the Ahri family, and if he offended the penguin, it would be the old birthday star eating arsenic.

With both parties interested, the negotiations moved quickly and finally reached a consensus on a pre-investment valuation of $8 billion.

But the financing method is stuck again.

"$1 billion in cash + $1 billion in traffic resources?" Zhang Yida said in his heart, it won't be WeChat Jiugongge!

"Yes, Penguin is very sincere and willing to open the first-level entrance of WeChat to Ruixiang to settle in ......"

Liu Zhiping began to talk about how good WeChat is and how huge the traffic is, and it is because of the traffic entrance that Goudong has obtained the traffic entrance, the business volume has skyrocketed, and the valuation has skyrocketed......

"I didn't dislike the entrance of WeChat Jiugongge. That's the price, it's too expensive. ”

Zhang Yida shook his head, the penguin is slaughtering himself as a wronged leader.

When Pindoduo went public, the prospectus valued the WeChat Jiugongge entrance at $2.852 billion, which was a five-year usufruct valuation starting in 18 years.

But that was the WeChat of the next 18 years, and the number of WeChat users now is four or five hundred million, and it only reached 1 billion in 18 years.

And in terms of commercial value, WeChat is a desert now, and its value is far less than a few years later.

The most critical thing is that when Pyridox went public, it was estimated at $2.8 billion. That is to go public to raise the market value, facilitate more financing, and cut more leeks!

When Penguin took a stake in it, it must have been valued at $2.8 billion.

Zhang Yida is very angry, the penguin is bullying himself and doesn't understand the market!

Zhang Yida shook his head and said:

"When you invested in Goudong in the first half of the year, more than 200 million US dollars, plus Paipai.com, QQ online shopping, Yixun, QQ and WeChat first-level traffic entrances, only exchanged a total of 15% of Goudong's shares.

Why did the price increase so much for me?"

Liu Zhiping patiently explained:

"The post-investment valuation of Goudong at that time was $15.7 billion, and 15% of the shares corresponded to $2.355 billion.

Do you calculate, how much do we value the traffic entrance to him?"

Fool me? Zhang Yida secretly laughed to himself. Said:

"Mr. Liu, this is a cognitive error!

Goudong was valued at $8 billion before the investment, but when it merged a series of Penguin's businesses, the valuation nearly doubled.

Based on your stake at the time, the value of the resources you invested in was around $1.4 billion.

Goudong's pre-investment valuation is $8 billion, and the post-investment valuation is $9.4 billion.

After deducting the cash part, the resources you gave are about 1.2 billion US dollars, and most of them are also reflected in Paipai.com + QQ online shopping + Yixun.

As for the post-investment valuation of $15.7 billion, everyone will carry the sedan chair!"

Liu Zhiping was secretly frightened, this is a very thorough study of the transaction between the dog and the penguin! This data is very accurate.

Other investors like Shen Beipeng, Xu Xiaoming, and Li Hengbo also spoke:

"Mr. Liu, since we have decided to cooperate, let's be honest!"

"Yes, if you choose to take resources as a shareholder, give a fair and just price. At least it's the same as the valuation of Goudong!"

Liu Zhiping was a little embarrassed, found an excuse to go to the toilet, and then went out to make a call to Bonima, saying:

They made the details of the dog dong's transaction very clear. ”

Bonima was also a little upset, because he didn't take advantage of the valuation, and he didn't raise the price of the resource stake. sighed and said:

"That's okay! Let's calculate it for them according to the price of the dog owner!"

Liu Zhiping returned to the conference room, did not immediately relent, and continued to argue with a group of investors, and after reducing the flow resources from 800 million US dollars to 500 million US dollars, he no longer let go.

That's pretty much the price, and other investors are no longer dwelling on it.

Under the witness of a group of investors, Zhang Yida and Liu Zhiping initialed a shareholding agreement.

The agreement is as follows:

First, Penguin invested $2 billion in Ruixiang with $1.5 billion in cash + $500 million in resources, accounting for 20% of Ruixiang Group's shares according to the post-investment valuation of $10 billion.

Second, the $500 million resource includes the QQ client and the first-level traffic entrance of WeChat Jiugongge, which will be used for 5 years. From December 1, 2014 to November 30, 2019.

After the expiration of the 5-year use period, Ruixiang Group has the right of first refusal. The specific price is constant according to the market price at that time.

Third, when signing an anti-dilution clause, when Rui issues new shares to follow-up financing or transfers equity to existing shareholders, under the same conditions, Penguin has the right of first refusal or transfer on a pro-rata basis, so as to ensure that its shareholding ratio will not be reduced due to the issuance of new shares or share transfer through follow-up financing.

……

Other than that.

Lin Zhenyang transferred 0.67% of the equity, and the Zhenke Fund represented by Xu Xiaoming also reduced its 1.33% equity and gave up co-investment.

Blackshirt Capital and Temasek jointly acquired 2% of the shares transferred by Lin Zhenyang and Xu Xiaoming, 1% each, and gave up co-investment.

SBI, GGV, and Qiming neither follow nor reduce their holdings, allowing them to be diluted.

Penguin led the US$2 billion investment, while Blackshirt Capital and Temasek each contributed US$100 million to acquire a total of 2% of the shares transferred by Lin Zhenyang and Xu Xiaoming at a consideration of US$200 million.

Penguin's $1.5 billion in cash + $500 million in resources is directly into the account of Ruixiang Group.

Lin Zhenyang transferred 0.67% of the diluted equity of the C round of financing to obtain $67 million, which was put into his pocket after deducting personal income tax.

After the C round of Zhenke Fund, the equity was diluted to 2.66%, and then half was cashed out at 1.33%, and $133 million was recorded in the account, while half of the equity was left, which was retained to continue to increase in value.

Zhenke Fund is small in scale, and it is understandable that it wants to be part of it. Everyone understands that Blackshirt Capital and Temasek would even wish he had all been transferred.

But Xu Xiaoming is not stupid, leaving half of the equity to continue to wait and see.

Ruixiang Group's shares were finally changed to:

Zhang Yida: 42%

Lin Zhenyang: 4.67%

Ruixiang Enterprise Management (Option Pool): 5.34%

Penguins: 20%

Blackshirt Capital: 15%

Temasek: 7.67%

Zhenke Fund: 1.33%

SBI：1.33%

GGV：1.33%

Qiming Venture Partners: 1.33%

Zhang Yida remains the largest shareholder, with 80.77% of the voting rights.

Penguin jumped to the second largest shareholder with 3.85% of the voting rights.

Lin Zhenyang became the sixth largest shareholder, with 9% of the voting rights.

Zhang Yida and Lin Zhenyang hold a total of nearly 90% of the voting rights, and the control of the company is still stable.

Penguin invests sharply, and does not pursue holdings, the main purpose is to unite vertically and horizontally, like a shareholder of the dog, to jointly fight against the Ahri family.

At the celebration banquet in the evening, Liu Zhiping pulled Zhang Yida to drink, and said with a smile:

"Yida, this time Penguin and Ruixiang have joined forces, and they will definitely create a new situation......"

Zhang Yida recognizes this very much, with the support of QQ and WeChat's traffic resources, the business of the entire group is expected to climb to a new level.

Needless to say, the old businesses of wealth management, loans, funds, and insurance will also roll as long as the number of users increases.

You don't have to worry about being blocked, you can rest assured that you can boldly share the link in WeChat.

"Also, next year is a critical year, and the battle for the mobile payment market will definitely start. Don't be stingy with the money you get, be sure to spend it. ”

Liu Zhiping said earnestly, Ruixiang is also his own person now, and some news still needs to be shared.

"However, we need to communicate well with Tenpay. Burning money also burns in the right direction, and our common enemy is leeches. Don't take it first. Then let Ahri see the joke!"

Liu Zhiping specially told Zhang Yida that if he took the penguin's money and turned his head to beat the penguin, it would be a beep dog.

Zhang Yida nodded, he definitely won't fight penguins now. Leech Financial Services occupies more than 7% of the market share, and it will definitely seize the market of Leech Financial Services first.

If the leech gold suit lies down, it will be time to fight the penguin......

What's wrong with the shareholders?

Thinking of this, Zhang Yida couldn't help but chuckle. If that's the case, don't off Ponima.

But Zhang Yida can think of things, how can the penguin not think of it.

Now Ahri's side is the enemy, and Rui Xiang is the target of wooing.

If you really beat the leech suit, you don't need to move first, it is estimated that the penguin will also turn the muzzle of the gun to aim at the sharp direction.

A matter of priority, in addition, the enemy of the enemy is the friend.

Zhang Yida will not be completely interested in penguins because of the penguin's shareholding.

Penguins will not really regard Ruixiang as their own family because they have a 20% stake in Ruixiang.

Unless Ruixiang is merged into the Penguin system, or becomes a holding subsidiary of Penguin.

Zhang Yida thought again, is it too much to think?

In 2019, the rebirth of the previous life, the market share of Alibei is still higher than that of WeChat Pay.

Penguins want to lie on the leech in gold?

In the e-commerce or new retail scenario, the compatibility between buying and selling things and payment business is naturally high.

In comparison, the social scene of penguins is still weaker. Therefore, I have been pushing the collection code offline, trying to save the situation with more users and higher APP usage time and frequency.

Where is the scene that belongs to Ruixiang?

Hey, I'm so hard!