"After two years of development, Pindodo achieved good operating results of 70.9 billion GMV last year. The number of registered users reached 298 million, and the number of monthly active users was 112 million.

This year, our goal is to exceed 100 billion GMV and establish our position as the third largest e-commerce platform in China.

According to the combined calculation of the data of Shake and Shake, the global registered users have reached 882 million, with 245 million daily active users and 521 million monthly active users.

You can take a look at this map. ”

Zhang Yida called up a three-dimensional map of the world, and in a huge screen of several meters by meters, a blue planet was rotating at a uniform speed.

Zhang Yida's fingers slid lightly on the screen behind him, and like sliding a globe, Asia appeared on the front.

Zhang Yida's rooster territory in East Asia was lightly touched, and the map was automatically enlarged, and a line of data appeared at the same time: "165 million daily active users." ”

Zhang Yida clicked on "Beijing" on the map, and a set of data appeared "5.16 million daily active users".

Click on "Magic Capital", and the data will pop up: 5.72 million daily active users.

Click on "New York", and the data will pop up: 450,000 daily active users.

Click on "São Paulo", and the data will pop up: 620,000 daily active users.

......

Zhang Yida made a demonstration of Shake and the number of daily active users in major cities around the world.

Dongfang Yu in the audience opened his mouth widely, looking at the continents with different shades of color on the map, and said in disbelief: "This is shaking and covering North America, South America, Europe, and part of Asia?"

"Yes," Zhang Yida nodded, "At present, except for the African market, Asia has not been fully covered, and the rest of the world and countries have been covered. ”

Dongfang Yu nodded and smiled: "Your map is very interesting, is the data updated in real time?"

"Of course. ”

Zhang Yida clicked on the lower right corner of the large screen behind him to switch to another page.

It's still a global map, but the map is equipped with more data, including online users in various countries and cities, today's uploaded videos and other data indicators.

The numbers are beating wildly, up and down.

"Do you make this software yourself? When will you also help us make a set of New Oriental, let me also see the number of students in class every day and in each city. ”

Zhang Yida smiled at Dongfang Yu, "Yes, give a discount to senior brother, 8.88 million sets." ”

Dongfang Yu waved his hand again and again, "It's so expensive, then we can't afford it, how many students do we have to make up lessons to earn it back?"

Ma Dongmin chuckled, "Senior Brother Yu, you can't be too rich and rich, you have to take the initiative to embrace technological innovation." ”

"New Oriental Online attaches great importance to technology, and we have launched a learning management system with independent intellectual property rights, an APP, and a live teaching website......

Hearing Liu Zhiping coughing on the side, Dongfang Yu reacted, smiled apologetically at the investors around him, and waved his hand to Zhang Yida to continue.

Zhang Yida continued: "At present, Douyin has 165 million daily active users, and overseas has 80 million daily active users.

There are 245 million daily active users worldwide, and more than 100 million short videos are uploaded every day.

These data all prove that Shake is leading in the field of short videos. ”

"OK, we all understand the fundamentals of Zhonghe Group. ”

A middle-aged man with a high nose and deep eyes answered, "Now please ask Mr. Zhang to talk about the valuation of Zhonghe Group, I believe that the investors here are a little impatient like me." ”

This person's name is Bao Zheyu, and he is the head of the Asia Pacific region of BlackRock Group.

BlackRock's Asia-Pacific headquarters is set up in Hong Kong, so foreigners like to choose a Chinese name.

After Zhonghe Group released the news of the B round of financing, BlackRock immediately expressed its investment intention.

BlackRock is the world's largest asset manager, with more than $6 trillion in assets under management.

Considering the energy of the other party, and the possibility of encountering various difficulties in developing overseas.

Zhang Yida also agreed to BlackRock's request and invited Bao Zheyu to participate in the B round of financing of Zhonghe Group.

"Okay," Zhang Yida smiled, "Pindodo's valuation is $10 billion, and Doushi's valuation is $20 billion."

The combined value of the equity of Bilibili and the equity of Canxing Culture is more than 500 million US dollars.

Therefore, the pre-investment valuation is $30.5 billion. ”

"How did you come up with a $10 billion valuation?" said Bao Zheyu with a look of great surprise.

"Benchmarking Ahri and Goudong, there is also the GMV valuation method as a reference. ”

Bao Zheyu, who works for BlackRock in the Asia-Pacific division, is no stranger to Ahri and Goudong, which are the two poles of China's e-commerce, one with a market value of more than $300 billion and the other with a market value of more than $50 billion.

SoftBank and Gaoling, which invested in these two companies, have made a lot of money.

"Today, China's e-commerce pattern has been formed, is there still a chance for Pindodo?"

Bao Zheyu's tone was full of suspicion, and he sighed: "Mr. Zhang, I know that you are a very good entrepreneur.

But sometimes, being good isn't everything. It is not an easy task to snatch food from the mouths of the two giants. ”

Zhang Yida was not angry, he smiled faintly, "Mr. Bao, you may not understand China's national conditions.

China is still a developing country, although tens of millions of middle-class families travel around the world, buying and buying.

But that's not all there is to China!

80% or even 90% of Chinese have a monthly salary of no more than 35,000 yuan, have a mortgage and car loan to pay, and have wives and children to support their parents.

They don't have too high a pursuit of quality of life, they just get by.

In other words: love good and cheap things!

The C2M model, Customer-to-Manufactory, is abbreviated as "customer-to-factory".

The intermediate links are reduced, the manufacturer can make small profits but quick turnover, and users can get cheap and easy-to-use items, which can be regarded as a win-win situation for both parties.

This kind of factory that cooperates with Pindodo, we call it a spelling factory, a spelling factory.

Pindodo uses the same play-like spelling mode to gather orders.

The specific performance is: in order to enjoy greater discounts, users call friends and come together for group buying.

Pindoduo has a long-term strategic cooperation with Penguin, China's largest social platform, and can enjoy the massive traffic of Penguin.

This provides a great help for spelling, and users can quickly complete the information on social platforms.

Even, users will spontaneously form a group, see their favorite products, and send the link to the group in the group, and everyone will fight together.

I want to tell Mr. Bao that China also has a folded world, called "Outside the Fifth Ring Road". ”

"Outside the Fifth Ring Road?" does it mean a suburb or a rural area far from the city?"

Zhang Yida said with a smile: "Mr. Bao is worthy of being a China expert, and he said the heavenly opportunity in one word.

There is no e-commerce company in this market that has been vigorously explored, and Pindoduo is the first to eat crabs.

As long as we eat the entire market, it is only time to surpass Goudong, and we can compete with Taobao!"

Bao Zheyu carefully chewed the content of Zhang Yida's words, the world outside the Fifth Ring Road.

As BlackRock's head of Asia-Pacific, he's seen too many reports about China.

China does have a lot of people, but there are also a lot of people who are engaged in low-end manufacturing and inefficient agriculture.

As the world's leading asset manager, BlackRock mainly serves affluent clients.

The strategy in China is much the same.

In China's vast rural areas and third- and fourth-tier cities, BlackRock can't provide services and can't make money from these people.

But when he heard Zhang Yida say this, it seems that it is not bad to make money from these people by investing in Doudodo.

Spelling Dodo does not need to reach the level of Ahri, surpass Goudong, reach half of Ahri's market value, and BlackRock's investment can be exchanged for more than ten times the return.

"For Pindodo, we at Blackstone Group are very optimistic about its development.

Blackstone Group has been laying out China's logistics real estate, and the development of Pindodo has reached a certain point, and it is definitely necessary to lay out logistics and express delivery.

Blackstone can provide some help in this regard, helping to improve the ecological layout. ”

Zhang Liping, senior managing director of Blackstone Group and chairman of Greater China, spoke.

He is over sixty years old and in good spirits, and he speaks with a lot of energy.

He is worthy of being a top celebrity who has served as CEO of Credit Suisse Greater China and director of investment banking of Merrill Lynch.

Zhang Yida sighed that it is very accurate to see the problem, and the link of logistics and distribution is something that must be faced and valued.

Blackstone, a top international PE with assets under management of more than $300 billion, is also very interesting.

I like to speculate on real estate, especially optimistic about Chinese real estate. The scale of real estate fund management is actually higher than that of private equity investment funds.

Logistics real estate is generally based on the requirements of customer supply chain management, providing customers with a full range of services including site selection consulting, planning and design, engineering construction and so on.

Find a suitable location in the designated area to "tailor-made" warehouses for customers, and provide long-term lease contracts and property management services.

Provide customers with logistics value-added, supply chain extension and property leasing services throughout the entire industry chain.

If you don't learn from Goudong and Suning to engage in self-owned warehousing properties, it is also a good choice to choose to cooperate with logistics real estate.

If you want to improve your own industrial layout, logistics and distribution are an indispensable part.

If you can't complete the closed loop, you will always lag behind others in the cost suppression.

In particular, Jack Ma has the ambition to control the three links and one reach, and when the time comes, I am afraid that I can only cooperate with Shunfeng and Goudong Logistics.

If you want to do logistics by yourself, Zhang Yida feels that cooperating with a third party is not a very safe approach.

High-quality warehousing is in the hands of a third party, which is not conducive to long-term control and reduction of logistics costs, and there is also a risk of being constrained by others.

However, if you invest too much in your own warehousing and continue to "burn money" with your own funds, there may be problems such as financing difficulties and long project payback periods, which will bring pressure to your operation.

Goudong's land acquisition was not expensive back then, and it was criticized by investors for a long time.

It's only now that I'm engaged in logistics, or the direct property model, it's not too difficult.

But it's not impossible, finance is a good tool!

The main task of Pindodo now is not logistics distribution, the top priority is to become an e-commerce platform with 100 billion GMV, lay the third place in the industry, and even surpass Goudong.

Zhang Yida put away his thoughts and smiled at Zhang Liping, "Yes, but at present, I still plan to take an asset-light model and put user growth and GMV growth first."

When the status and its own advantages are established, it is not too late to make heavy assets. ”