Zhang Yida and the others had a very hot chat, and Xu Xiaoming began to think about publishing a book.

Su Hua's side is also not calm.

The three of them went to another intimate room arranged by the high-class private club.

"I think I can promise that this $10 billion can be called a certainty. ”

Chen Yixiao rubbed his hands and said with a smile: "Zhang Yida is such a smart person, how can he make such a stupid move?"

"Are you sure?"

Zhang Fei looked at Chen Yixiao, shook his head and smiled, fortunately he found Su Hua back then, otherwise how could there be today's fast hand.

Although Chen Yixiao and Su Hua are both from technical backgrounds, the latter is far stronger than the former in marketing, operation, and even understanding social sinisters.

Chen Yixiao is good everywhere, but he is too sincere.

Otherwise, when Su Hua was introduced and asked to take out 40% of the shares, he would not have agreed without blinking an eye.

This matter is put on other entrepreneurs, I am afraid that it has been torn up a long time ago.

"You can't look at it that way, Zhonghe Group is merging with us with the valuation in one year or two years. ”

Zhang Fei spread his hands, "For example, Zhonghe Group is a real estate development company, and we Kuaishou are demolition households.

Now the developer is telling us, the demolition household, that we should agree to the demolition immediately, give us the land, and return you a beautiful house in two years, and give you some cash compensation. ”

Chen Yixiao touched his head and said with a smile: "Then should we agree to the demolition, or continue to be a nail household?"

He smiled at Zhang Fei again, and he patted Chen Yixiao's shoulder, "I give this example mainly to tell you a truth."

The profits obtained by real estate developers from demolishing and building houses must far exceed those of the demolished households. ”

"This is nature," Chen Yixiao nodded, "How can ordinary people compare with real estate tycoons?"

"That's right," Zhang Fei saw that Chen Yixiao was finally on the same channel as him, and continued happily: "Then are we ordinary people?"

We are a unicorn company with more than 500 million registered users, 90 million daily active users, and 190 million monthly active users.

So we can't be like the common people, being fooled by black-hearted real estate developers.

If you want to demolish our house, at least pay me one building!"

"Mr. Zhang, has your hometown been demolished?"

Zhang Fei glanced at Chen Yi and said with a smile: "Not yet, there is really a boss who wants to demolish it, not to mention one building, I will at least ask for one more house." ”

Chen Yixiao laughed, and he rushed to Zhang Fei's more serious attitude, as well as the identity of a well-known investor, he felt that he could really get it.

"Okay, okay, let's get down to business. ”

Su Hua attracted the attention of the two and began to talk about his opinion.

"I think we can agree to the bet, because after the equity exchange, we are also shareholders of Zhonghe Group.

Zhang Yida's commitment to a valuation of 80 billion yuan is also an insurance policy for our equity property.

If there is no such gambling guarantee, if the development of Zhonghe Group is not as expected, and the valuation falls to $40 billion or $20 billion, aren't we dumbfounded?"

Zhang Fei shook his head, "There is a risk of a decline in valuation, but looking at the development momentum of Zhonghe Group and the popularity of the short video industry, the probability of this risk occurring is very small."

In the short video industry, I think it will be popular for at least another five years. ”

"Then shouldn't we agree to Zhang Yida's plan?" Chen Yixiao asked.

"Yes, but with a few strings attached. ”

......

"First, the VAM time is set at one year, and Zhonghe Group will reach a valuation or market value of $80 billion within one year.

At the same time, this valuation must not be mixed with any water, and the investment institution must be a well-known investment institution at home and abroad, with a financing amount of not less than 2 billion US dollars;

After listing, the average market capitalization within half a year is not less than 80 billion US dollars.

Second, the $2 billion in cash must be delivered in a lump sum, and the equity transfer must be completed at the same time.

Third, retain the Kuaishou brand and operate independently.

......”

Zhang Fei opened the conditions discussed by the three of them to Zhang Yida one by one.

"Everything else is fine, the first one is a bit problematic. ”

Zhang Yida said: "One year is too short, Zhonghe Group has only raised $4.5 billion, and it will not refinance for a long time.

And you have to raise $2 billion for this clause, which is a bit too deliberate.

If Zhonghe Group is not short of money in the future, will it have to go to a round of financing to prove its valuation?

This one-year time is more appropriate to change it to three years.

In addition, the market value fluctuates greatly, and Ahri and Penguin have also developed for so many years before the stock price gradually stabilized.

Who can guarantee that the market capitalization will stay above $80 billion?

Except for Ahri and Penguin, there is no third Internet company in China to do it.

This article should be changed to a maximum market value of $80 billion within half a year of listing. ”

Su Hua said with a smile: "If it is changed to three years, won't Zhonghe Group use the valuation in three years to merge with us?"

This is a little unfair to Kuaishou!

Otherwise, Kuaishou also made a bet with Zhonghe Group, for a period of three years, and after completing certain indicators, the company valuation was recalculated. ”

Zhang Yida looked at Su Hua and said seriously, "Are you sure?"

Su Hua was about to speak, but Zhang Fei kicked him under the table, and said first: "Two years, the betting time is set at two years, this is okay!"

Within two years, the completion of a round of financing of more than US$2 billion, with a post-investment valuation of not less than US$82 billion, is regarded as the completion of the VAM;

If it is listed within two years, the market capitalization will be based on the highest point within two years, that is, before August 2019.

How about Mr. Zhang? Are you satisfied with this condition?"

Zhang Yida got up and handed out his right hand, "Deal!"

On the way back.

Su Hua asked Zhang Fei: "Why don't you let me bet against Zhang Yida?"

"There's no need!" Zhang Fei shook his head, "What if you win the bet?"

"If you win the bet, maybe Kuaishou will be valued at $30 billion or $50 billion?"

Zhang Fei laughed, "Won't the valuation of Douduo and Doushi go up?"

You go up, he goes up, and the effect is still the same. And there is a high probability that someone else will rise faster than you.

Have you ever thought about losing a bet? Or that Kuaishou is not developing as expected? ”

Su Hua was silent, and when he thought about it carefully, he was indeed a little impulsive.

In M&A cases, the target of the M&A is generally required to make a performance commitment or VAM.

Zhang Yida didn't mention it, he was good and took the initiative to send it to the door.

However, even if Zhang Yida mentions it, if it is still valued at $10 billion, he will definitely not sign the agreement.

The risk is not proportional to the gain!

Zhang Fei said lightly: "Everything is too much, Kuaishou sold 10 billion US dollars, even if 3 billion US dollars can be really obtained in two years, it is worth it!"

Why put yourself in danger again?"

Su Hua nodded, he had learned.

Zhang Fei seems to be a bargain, but he knows how to make trade-offs and know how to advance and retreat.

......

Liu Zhiping walked into Bonima's office with Ren Yu, and the first thing he said was: "Zhonghe Group has won Kuaishou!"

"So fast?"

Ponima was also a little surprised, from the first meeting to the deal, it was less than two weeks!

However, when all the due diligence is completed, the big and small agreements are signed, and the various tasks are handed over, it will be at least a month or two later.

Large-scale mergers and acquisitions have always been like this, the boss moves his mouth, and the people below break their legs.

"Where's the price?"

Liu Zhiping sold a pass, "You guess first?"

Ponima looked at his and Ren Yu's expressions, thought for a moment and said, "$6 billion!"

"That's not right!"

"$7 billion!"

"Still not right!"

Ponima rubbed his eyebrows, "It can't be $10 billion, right?"

"You guessed it!"

Liu Zhiping said with a smile: "It's 10 billion US dollars, 2 billion US dollars, plus 10% of Zhonghe Group's shares." ”

"Zhonghe Group is valued at $80 billion?"

Ponima looked at Liu Zhiping, his mouth opened slightly, and he looked very stunned.

"Are you sure you're not mistaken?"

Liu Zhiping nodded solemnly, "It's true!"

"Are the two companies here to be funny?

Ponima smiled and said: "In this way, it is better to sell Kuaishou to Zhonghe Group at a valuation of $6 billion, and the two companies will be valued at $48 billion after the merger."

Their current valuation of $80 billion accounts for at least 40% of the water. ”

Liu Zhiping said with a smile: "It's different, although the equity transaction part is an additional 10%, but the cash transaction part is 800 million US dollars. ”

Ren Yu also interjected: "Kuaishou's real purchase price this time is between 6.8 billion ~ 7 billion US dollars, 2 billion US dollars in cash, and the remaining 10% of Zhonghe Group's equity value is between 4.8 billion ~ 5 billion US dollars." ”

Liu Zhiping nodded in agreement, "Yes, the $2 billion cash part can't be faked, and I feel a little moisture for the rest of the equity part."

You must know that Zhonghe Group was saddled with a gamble in the previous B round of financing, and the real valuation is currently less than $40 billion. ”

"One bubble didn't digest, and the other bubble blew up again. ”

Bonima shook his head and smiled, "80 billion US dollars, I really dare to blow it, the stock price of Qiandu reached $233 a share two days ago, and the market value briefly rushed to $80 billion."

But it didn't hold up for a day, and the stock price fell back at the close, sliding off $80 billion again.

$80 billion is a threshold, and whoever stands firm on it will be the third largest Internet company.

Zhonghe, it's still far away! Say hello to Zhang Yida, don't mention $80 billion in the press release.

This is a complete joke! Not to mention the industry, even ordinary netizens don't believe that he has such a high valuation for a company that has been established less than three times!"

Liu Zhiping said with a smile: "Zhang Yida should be measured, and the VAM agreement says that it will reach a valuation of 80 billion US dollars within two years." ”

"Two years from now," Boniema nodded, "that's pretty much enough to digest the bubble." And Zhonghe Group has to make 80 billion or even 100 billion revenues. ”

"Yes, 80 billion, 100 billion revenue, Pony, where do you think this revenue should come from?" asked Liu Zhiping.

"Isn't it starting to be commercialized?

Kuaishou is live broadcasting, and Pinduoduo is e-commerce. It's probably made up of these three parts!"

Liu Zhiping nodded, "30 billion for e-commerce, 20 billion for live broadcast, and 50 billion for advertising."

Two years later, it is not difficult for Zhonghe Group to complete this goal, Doushi's revenue is set at 20 billion, Kuaishou's live broadcast revenue is already hundreds of millions per month, and the GMV of Pindoduo is also growing rapidly......"

After listening to Liu Zhiping's analysis, Bonima nodded thoughtfully, "According to this, Zhonghe Group is very promising to become the third Internet company in China with a valuation of more than 100 billion US dollars?"

"If nothing else, it should be inevitable. ”

Liu Zhi's face was heavy, "Zhonghe Group monopolizes the short video track and controls huge traffic, which will also have an impact on Penguin Group."

All-round impact!

In addition to financial and corporate services, the other three main revenue segments: gaming, digital content, and advertising will be directly or indirectly affected.

So, we need to re-examine Zhonghe Group's relationship with us.

Also, don't forget, there's also a Ruixiang Group.

Counting Ruixiang Group, our four main revenues are directly or indirectly in conflict with Zhang Yida's industry. ”

Ren Yu said: "Let me interject, the leech gold suit can't be underestimated, this is also our sworn enemy."

Fintech and enterprise services are growing rapidly and are now quickly replacing digital content revenue as the second largest pillar of revenue.

In the future, it is not impossible to surpass games to become the first pillar of revenue. ”

Ponima nodded, having been thinking about ToB strategies lately.

If the penguin wants to maintain an average annual revenue growth of tens of percent, it must constantly improve or change its growth engine.

The industrial Internet is a direction he is very optimistic about.

The outside world has always thought that social networking is the foundation of penguins, and games are penguins' cash cows.

That's true, but it's not the whole story.

Penguin's fintech and corporate services have not been listed separately, and they have developed obscenely in the dark, and they have only been mentioned in other businesses in their financial reports.

In fact, this is the real trump card in the hands of penguins.

Thinking of the fledgling Ruixiang Group, Bonima proposed: "You say, how about we merge Ruixiang?"