Acquisition of Ruixiang?"

The question thrown by Boniema made Liu Zhiping and Ren Yu stunned for a while.

Participated in the H-share private placement of Pacific Insurance, the cornerstone investment of Cinda Assets' IPO, etc.

In recent years, there has also been a lot of investment in China.

In 1976, the Abu Dhabi government-controlled International Petroleum Investment Corporation (IOC) set out to establish the Abu Dhabi Investment Authority (AIA) to invest the money earned from oil exports, with a portfolio spanning multiple asset classes.

However, the Abu Dhabi government, aware of the fact that oil resources will run out, is looking for a way to grow sustainably in earnings.

Its GDP in 1970 reached $898.5 million, and the per capita GDP was as high as $13,500 based on the population at that time, more than double the per capita GDP of the United States in the same period.

Until 1960, a large amount of oil was discovered in the UAE, of which more than 90% was in Abu Dhabi, and Abu Dhabi became an oil tycoon.

Before the 60s, Abu Dhabi was a small fishing village, and the locals made a living by digging for pearls and fishing because of their abundance of pearls.

Like Saudi Arabia's sovereign wealth fund, it has also invested a lot of money in Son's SoftBank Vision Fund.

The Abu Dhabi Investment Authority is the emirate's sovereign wealth investment fund, with $700 billion in assets under management.

Abu Dhabi is the largest emirate in the United Arab Emirates, the capital and the largest economy of the United Arab Emirates, almost equivalent to the royal family of the Zhou Dynasty and the largest prince in ancient times.

The United Arab Emirates is made up of seven emirates, including Abu Dhabi, Dubai, and Sharjah, and was established in 1971.

Mansour has investigated his industry very clearly, and he has also investigated the Abu Dhabi Investment Authority of the United Arab Emirates, which is behind Mansour.

He looked at Mansur as if he had seen a mountain of gold.

If you see it, you may be about to fall into the pit. Zhang Yida said in his heart.

"That's so interesting, you have to see it!" Mansour said happily.

Zhang Yida smiled: "Of course, Zhonghe Group also has a global map software, which can see the number of users in each city...... I'll show you when the time comes!"

"When the matter of Ruixiang Group is over, can you take me to Zhonghe Group to have a look?"

Zhang Yida smiled modestly, "How can I compare my industry with the Abu Dhabi Investment Bureau!"

Mansour muttered word by word, looked at Zhang Yida, and praised: "What a great company will be born under your hands." ”

"Short video, advertising, live e-commerce, social e-commerce, ......"

"At least that's the number. Zhang Yida said in a firm tone.

After listening to Zhang Yida's tirade, Mansour pinched his chin, "Listening to what you say, the valuation of Zhonghe Group may reach $200 billion in two years?"

In addition, there is also a company called Pindodo in the Zhonghe Group, which makes Ahri jealous......"

How much of an ad revenue can this contribute? At least not less than YouTube.

When our overseas layout is completed, Zhonghe Group's short videos will reach at least 2 billion monthly active users.

In the Chinese market alone, there are at least 7-800 million monthly active users.

They have more than a billion monthly active users, and we're almost there.

YouTube occupies the long video track, and we Zhonghe Group occupy the short video track.

Mansour spread his hands, "Does this have anything to do with the Zhonghe Group?"

According to analysts' speculation, YouTube's revenue this year should be no less than $15 billion, multiplied by 7 times the price-to-sales ratio, at least $100 billion in valuation. ”

As soon as he heard this, Zhang Yida knew that Mansur, who had made up for a while of knowledge, was still a layman after all.

Mansour thought about it, but shook his head and said, "It's hard to speculate, Google has hundreds of billions of dollars in market capitalization, and YouTube should occupy one-tenth of it, right?"

Zhang Yida asked again: "Then do you know how much he valuses?"

"You know, the world's No. 1 long video, Google has done a good business. ”

After speaking, Zhang Yida asked Mansur again: "YouTube, do you know?"

"Zhonghe Group has acquired Kuaishou, the biggest competitor of short video in China, and we have deserved to be the first in the domestic short video track. ”

"Do you know this?" Zhang Yida also paused for a moment, and it was normal to think about it carefully, after all, people have to invest a lot of money, and it is impossible not to do their homework in advance.

Mansour frowned, "Didn't you just complete a $4.5 billion Series B financing a few months ago, with a post-investment valuation of $40 billion?"

"$80 billion!"

Zhonghe Group is valued at $80 billion. ”

The rice group is mainly engaged in hardware, not counting; Didi...... The valuation is only close to $60 billion!

Zhang Yida sighed in his heart, but said seriously on his face: "The positioning of Leech Financial Services should be technology and finance, just like our Ruixiang, not a pure Internet company."

In these days, oil tyrants are not easy to fool!

Mansur glanced at Zhang Yida and said with a smile: "How did I hear that the Leech Financial Services Group, Didi Travel Group, and Rice Group are all qualified to compete?"

Isn't that your own company?

"Yes, there are many companies that are currently the third largest Internet company to compete, and the most hopeful is Zhonghe Group. ”

Mansour heard Zhang Yida talk about this and asked curiously.

"So, Qiandu has fallen behind, and the two largest Internet groups in China are Ahri and Penguin?"

Mansour listened very carefully, and before he came, he also did some homework, but the information seemed to be far less moving than the story told by Zhang Yida.

Sitting in the car, Zhang Yida didn't say anything else. Instead, he told Mansour about the history of China's Internet development and the current situation.

From time to time, there are roadside pedestrians and drivers who stop and wait for traffic lights to take pictures of the convoy. However, you can only shoot the outside, not the inside of the car.

14 cars, with a total value of more than 100 million yuan, are still very eye-catching on the road.

Zhang Yida's four bodyguards are all on duty today, in groups of two and two, each driving a Mercedes-Benz big G, guarding the Rolls-Royce team one by one.

It can be seen that the Abu Dhabi Investment Authority attaches great importance to this private equity investment, otherwise Mansour would not have stepped in personally, and also brought more than 20 relevant professionals.

All of them are professionals in the fields of legal, auditing, fintech, artificial intelligence and other fields sent by the Abu Dhabi Investment Authority to participate in the financing.

Zhang Yida got on the first Rolls-Royce with Mansour, and the next eleven Rolls-Royces sat in twos and threes with Mansour's entourage who came to the capital with Mansour.

In order to welcome Mansour and his party, Zhang Yida also specially rented twelve Rolls-Royces, and he did a lot of pomp and circumstance.

"Yes, we're friends!" Mansour echoed with a smile.

We're friends, and a little thing doesn't matter!"

Zhang Yida smiled, "We have an old saying in China: It is very pleasant to have friends from afar.

He shook Zhang Yida's hand with a smile, and added: "In addition, thank you very much for coming to pick me up in person." ”

Seeing Zhang Yida personally come to the airport to greet him, Mansour was happy that he had been treated.

"My friend, thank you for inviting me to participate in the E round of financing of Ruixiang Digital Technology Group. ”

Since it is not an official state visit, the dress code is more casual.

Instead of wearing a traditional Arab robe, the royal tycoon wore a suit.

Zhang Yida greeted Manchester City owner Sheikh Mansour, who was at the front.

"Mr. Mansour, long time no see!"

Zhang Yida received a group of oil tyrants from the UAE in the VIP private channel.

A white private jet landed at the capital airport in Beijing.

......

Liu Zhiping took over the task with a smile.

"Okay, leave it to me!"

Bonima smiled at Liu Zhiping, "Okay, then I'll leave this matter to you." ”

We're just talking about it now. The final decision will have to be made based on the results of the assessment. ”

"Let's evaluate it, ask professionals to conduct a comprehensive evaluation of market share, revenue, business synergy and other aspects.

The harvest season is approaching. In this case, Zhang Yida will sell the company?"

Ren Yu's voice changed, "And Ruixiang, there has been no financing for two years, and it has reached a revenue balance."

"It's different, Penguin didn't find the right profit model at that time, and in the face of the skyrocketing number of users, they couldn't even afford to rent a server. ”

Poniema laughed, "I almost sold the penguin! ”

"He can sell Huimin travel, why can't Ruixiang sell?"

"From what I know about him, it's probably not low. Liu Zhiping also interjected.

Ponima looked at Ren Yu, "You think he won't sell?"

"We're talking so much now, and the only thing we haven't discussed is Zhang Yida's attitude. ”

If the merger and acquisition can bring greater benefits, then he will not hesitate to promote it.

It mainly depends on whether it is worth it or not!

The issuance of more than eight additional shares is not unacceptable for Bonima.

"Although the equity has been diluted, the intrinsic value of the company has increased, and these benefits will eventually be reflected in the stock price, which will be paid by shareholders and friends. ”

After deducting the 18.18% stake we already hold, the acquisition of the remaining 81.82% of the stake will result in at least US$8 billion in cash, plus an additional 8.0% of the shares. ”

In this way, it is almost the same as Zhonghe Group's acquisition of Kuaishou, and it needs to dilute 10% of the shares.

At most, $10 billion in cash and $45 billion in stock.

Ren Yu frowned, "If you buy it with all cash, it's basically unrealistic, and we can't take out so much money."

Now you have to think carefully about acquiring a company with a valuation of at least $55 billion!"

said: "Our penguin's current market value has only exceeded 3 trillion Hong Kong dollars, and it is only more than 380 billion dollars when converted into US dollars.

Liu Zhiping nodded, he generally agreed with this number.

Ponima shook his head first, and then said: "Two years ago, it was $27.5 billion, and now it's time to double, $55 billion!"

"I haven't had financing for two years, and I can't estimate for sure!"

"Pony, do you know how much Ruixiang valuation?" asked Liu Zhiping very seriously.

On the contrary, half the work!

Make instant messaging software first, and then promote mobile payment, which will get twice the result with half the effort.

Ren Yu felt that Pony was too optimistic, which was like a story of chicken or egg.

"Difficult!"

I'm thinking, aggregating those overseas e-wallets on WeChat to promote, just like the relationship between WeChat and WeChat Pay, will this bring some breakthroughs to our overseas business?"

has been half-dead, except for the local Chinese who use it, basically did not enter the local market.

Ruixiang has achieved remarkable results in the mobile payment market in Southeast Asia and India, and compared with Leech Financial Services, it is not lagging behind at all.

Bonima shook his head, "You all underestimated Ruixiang, and you also underestimated Zhang Yida.

"That's right," Liu Zhiping nodded, "The acquisition of Ruixiang can only be exchanged for a limited increase in market share, but this is not enough for us to completely overpower Leech Jinfu." ”

Ren Yu asked first, and then put forward his own opinion: "Ruixiang has it, we all have it, and the acquisition of Ruixiang is just a simple addition, and it can't play the role of one plus one is greater than two." ”

"Is this necessary?"

The fund is relatively stable, with an average annualized return of only 5.4% over 20 years.

In private equity investment, there are not many large-scale projects.

However, the other party is willing to participate in the E round of financing of Ruixiang Group, and Zhang Yida guesses that he should also be dissatisfied with the return on investment.