The valuation of "$6 billion" shocked the investors present.

Especially Futukang, Zhang Quan, and CITIC Industry Fund Wei Cheng.

In their mouths, the valuation of Huimin Travel is only $3 billion.

That's twice as much!

"Mr. Huang, are you sure you're not joking?"

Looking at Zhang Quan, who was not good-looking, Huang Xiaofeng nodded stubbornly although he also felt that the valuation was a little empty.

He saw that Mr. Zhang usually fooled the venture capital like this, quoted a high valuation, and then the venture capitalist paid respect.

But he overestimated his influence, Zhang Yida said this kind of thing, and investors did not spray him on his past achievements and increasing wealth and status.

But when it was his turn Huang Xiaofeng, the result would not be certain!

"Mr. Huang, do you treat us as Kaizi?"

Wei Cheng sneered twice, "Financing is not like this. You have to trust each other.

With such an inflated valuation of your Huimin Daily, I don't think there's any need to talk about it!"

"That is, Huimin Travel used to rise several times and several times in valuation, but that was in the early days, and the base was low, tens of billions.

Now it's billions! and it's rolling up. It's too inflated!"

Zhang Quan also shook his head again and again.

Lan Lan knew that it was time for her to speak, and she said: "Mr. Huang, the amount of data in Huimin Travel has soared in the past six months.

Plus the launch of a ride-hailing platform. If you count Green, I basically agree with the $6 billion valuation.

Excluding Green, I think $5 billion is a good number. ”

Other investors felt that 5 billion was a bit inflated, and they all glanced at Lan Lan with strange eyes, and then looked at Huang Xiaofeng.

You two have a boss, don't play a double reed for us here, right?

Seeing that Lan Lan and Huang Xiaofeng both looked as usual, the other investors were also a little undecided.

In their opinion, the removal of Green, the addition of a taxi function, Huimin Travel increased and decreased, and the valuation was tenable on the basis of 4 billion.

In addition, considering the leading market share of Huimin Bicycle in China, it is also possible to give a premium to a certain leading enterprise.

In short, $4 billion to $5 billion is an acceptable valuation range.

It's just that if the price can be lowered to 4 billion, why pay 5 billion?

"Mr. Lan, I don't agree with your point of view. ”

Zhang Quan looked at Lan Lan and said this, and then said: "Don't say anything else, Huimin Travel is still burdened with a debt of 1 billion US dollars." ”

"Those debts can just be offset with bike-sharing assets, and our bicycle repair centers across the country, the trucks we dispatch, are net assets. ”

Huang Xiaofeng shrugged his shoulders and said, "Besides, who looks at the total assets of Internet companies?"

Mr. Zhang, maybe you have been in Futukang for a long time, and your concept is closer to traditional enterprises. ”

Zhang Quan was ridiculed by Huang Xiaofeng, and he was a little resentful in his heart, and he wanted to withdraw from this financing negotiation.

But reason told him that he had withdrawn from the financing, and he would go back without good fruit to eat.

So his fists were clenched tightly, but in the end, he didn't let out his anger, and exhaled a long breath, "We at Futukang only recognize the valuation of Huimin Travel of $4 billion." ”

"We at CITIC Industry Fund also think that $5 billion is too high, and $4 billion is more reasonable. ”

The penguin's Ren Yu sits firmly in the Diaoyutai, whether it is $4 billion or $5 billion, it has little impact on the penguin.

Originally, Penguin had a stake in Huimin Travel, and its share was quite large, with 7.68%.

The valuation is $1 billion more, and the penguin has an additional $76.8 million book return. But Penguin's current round of financing and equity investment have been "lost" back.

One increase and one subtraction is of little practical significance to penguins.

Therefore, he is very Buddhist in negotiations, and occasionally interjects a few sentences.

Huang Xiaofeng wanted to throw out the weapon of "gambling", but Zhang Yida told him that even if the valuation was lower, he could no longer sign a VAM agreement.

For shared bicycles, Zhang Yida is aware of the awesomeness, and now he has no confidence in betting.

Zhang Yida's bottom line for Huang Xiaofeng is $4.5 billion, and as long as it is not lower than this pre-investment valuation, he can sign a financing agreement.

But Mr. Huang knew it was a test for himself, and $4.5 billion was just a passing grade.

Strive for an extra $100 million, and you will earn an extra performance.

Therefore, Huang Xiaofeng behaved very restrained, and slowly began to raise prices with a few investors.

"In addition to aggregating taxis and ride-hailing, Huimin Travel will also consider launching a special car business in the future.

In addition, Ruixiang's investment and financing will open the traffic entrance to Huimin Travel.

Plus the Huimin travel app with hundreds of millions of users.

We are not weaker than Didi in terms of traffic. ”

Huang Xiaofeng knows that the story of "shared bicycles" can no longer support the ultra-high valuation of Huimin Travel.

Therefore, the thinking of investors is brought to the field of "big travel".

Of course, the effect is very effective.

Wei Cheng of CITIC Industry Fund came to the scene and asked: "Will Huimin Travel launch its own brand of online car-hailing in the future?"

It's not an aggregate taxi, it's a Didi express car. ”

Didi currently has 250 million users and is also connected to WeChat Jiugongge. In addition, after the merger of Didi and Kuaidi last year, Kuaidi's shareholder Ahri also became a shareholder of Didi.

So Didi is connected to Paybe.

In turns, Huimin Travel is actually slightly weaker than Didi Travel.

However, Wei Cheng saw Didi's valuation of more than $20 billion. If Huimin Travel can sit firmly in the second place, the valuation can definitely reach more than 10 billion US dollars!

In particular, Uber is still rampage in the Chinese market, and Didi has not yet fully established its dominant position.

Therefore, Weicheng believes that there are some opportunities for Huimin to travel. As long as you seize the opportunity, you will definitely eat a part of the online car-hailing market.

As soon as he thought of this, Wei Cheng's heart was a little hot, and he couldn't figure out that he was going to hit a big fish this time.

However, Wei Cheng still has to pretend to be relatively calm on his face, so as not to be knocked off by Huimin Travel.

Huang Xiaofeng also raised the question raised by Wei Cheng to Zhang Yida.

Huang Xiaofeng served as the general manager of Uber Shanghai in 2014, so he is no stranger to online car-hailing and has always had feelings for this industry.

However, Zhang Yida does not agree with the launch of his own express car brand, so he only wants to be an aggregate taxi platform.

Zhang Yida thought about it a lot, Didi had become a general trend last year, that is, from the moment the merger was fast, there began to be the support of the two giants of Ahri Penguins.

The pits of the shared bicycle have not been filled yet, and Zhang Yida does not want to continue to open the pit.

In particular, he knows that Didi is going to merge with Uber again this year, and then start the road of annual losses of 10 billion that has lasted for many years.

Zhang Yida thinks that he has made too many enemies, and he can't continue to expand so unlimitedly, and he must learn to make trade-offs.

Huang Xiaofeng replied ambiguously: "The launch of its own express car brand will inevitably have a fierce collision with Didi.

Internally, we plan to start with the aggregation of ride-hailing platforms and ride-hailing business, and slowly cultivate user habits and accumulate operational experience.

Then launch a special car and drive on behalf of you.

As for the express train, it will have to be done later. Because this is the hardest and the most competitive. ”

Wei Cheng nodded, guessing that this was Zhang Yida's strategic layout.

He has long heard comments from others such as "Although Zhang Yida is young, his strategic vision is very advanced".

Today I have seen what it means to work step by step, steadily and steadily.

It has three 100 million-level traffic platforms such as investment and financing, WeChat, and Huimin Travel, but it is not arrogant, and it does not blindly open an all-round competition with Didi Travel.

Instead, they used their own advantages to cut into online car-hailing from Didi's ride-hailing business, which has a slightly weaker control.

Then gather a group of online car-hailing brothers to make an aggregate taxi platform.

Wei Cheng guessed that this must be Zhang Yida's conspiracy.

When these little brothers raise the user traffic of Huimin Travel, they will definitely be kicked out, and he will launch his own online car-hailing brand!

Typical borrowed chicken lays eggs!

High!

Wei Cheng felt that he was too smart, and through some clues, he analyzed Zhang Yida's comprehensive strategic layout.

He guessed that he was going to tell Chen Wei now, and the latter would not be able to treat him with the courtesy of a national soldier.

But Wei Cheng knew that he wouldn't do that. After all, I am a manager of a venture capital institution with professional ethics.

In fact, Wei Cheng was afraid of informing, CITIC and Zhang Yida blocked themselves and stinked themselves.

Since you can't tell the truth, you must seize the Huimin travel that is about to take off.

Wei Cheng thought for a while and said, "Mr. Huang, let's do it! CITIC Industrial Fund has raised the valuation of Huimin Travel to $4.5 billion.

In addition, we have a small request, this round of financing is led by CITIC Industry Fund. ”

Zhang Quan secretly scolded Wei Cheng for being a "fool", didn't he say that he would lower the price together? Why did you suddenly increase the price and lead the investment? Did you take the wrong medicine?

But how did Zhang Quan know that Wei Cheng had a flash of inspiration, and he felt that he had made a major discovery. Desperately fighting to rise in valuation, it is also necessary to win more shares of Huimin Travel.

Huang Xiaofeng also breathed a little easier, lowering the valuation by $500 million, but still holding on to the price of $5.5 billion.

Wei Cheng's tone changed very strangely, and Lan Lan guessed that what Huang Xiaofeng said must have moved him somewhere.

Add $500 million in one go, and lead the voting rights, which shows that I am very optimistic and want to get it.

Lan Lan decided to give him a good assist, and she said: "Mr. Huang, $5 billion, Ruixiang can give this offer at the highest, but we must lead the investment." ”

Then Lan Lan pretended to be a little angry and looked at Wei Cheng and said, "Mr. Wei, you are a little inauthentic. Didn't you say that you Rui has always led the investment?"

Wei Cheng laughed dryly, "Mr. Lan, you are a big family, you don't have to care about one or two projects!"

This time, you let CITIC Industrial Fund lead the investment, and we will accept your favor. ”

"Okay, since Mr. Wei said so, then I will also sell you a favor.

It's better to have half of each of our shares. ”

Speaking of this, Lan Lan looked at Huang Xiaofeng again and said, "But the final decision is still made by Mr. Huang, and he has to say it." ”

"I still say the same thing, with a valuation of $5.5 billion, this round of financing only raised $500 million.

Shared bicycles are almost saturated, and if special cars are not launched later, this is almost the last round of financing for Huimin Travel. ”

If Lan Lan and Wei Cheng share the financing share equally, other investors will not be able to sit still.

Ren Yu of the penguins was the first to jump out and said: "The penguins have to get involved, and we also have a $5 billion valuation." ”

Temasek and Phu Tu Kang saw that everyone had done it, and they also raised their prices, saying that they could not be excluded.

Seeing that everyone had raised the price, Wei Cheng gritted his teeth and raised the valuation from 4.5 billion to 5 billion US dollars in order to seize the financing share.

He believes that the valuation of $500 million is nothing, and at 5% of the shares, it is only $25 million.

As long as Huimin Travel grows into the second largest travel platform after Didi, sooner or later the money will be earned back.

Huang Xiaofeng is still a little dissatisfied, and has been biting on $5.5 billion and not letting go.

Other investors, including Lan Lan, were reluctant to raise the price, and after another good talk, Huang Xiaofeng pretended to be very reluctant and agreed.

The valuation was negotiated, and everyone began to talk about the share again.

The financing share of only 500 million US dollars, based on the post-investment of 5.5 billion US dollars, is less than 10%, which is not enough at all.

Wei Cheng demanded that CITIC Industrial Fund must lead the investment, and Lan Lan also said that it should not be less than CITIC Industrial Fund, at least 5% of the shares.

Penguin wants to increase its stake to more than 10%, and Temasek has a lot of money and has said that it will spend hundreds of millions of dollars on it.

Futukang's sense of presence is relatively low, and the requirement is 1 to be satisfied.

Taken together, the $500 million financing line is simply not enough.

put pressure on Huang Xiaofeng again, asking for an increase in the financing limit.

In the end, Huang Xiaofeng called Zhang Yida again, and only then did he set the financing amount, $1 billion.

Ruixiang and CITIC Industrial Fund each led US$300 million, Penguin followed US$240 million, Temasek co-invested US$100 million, and Futukang co-invested US$60 million.

After the completion of the $1 billion Series C financing, Huimin Mobility's post-investment valuation will reach $6 billion.

Not counting the $1 billion in debt financing, the equity financing alone adds up to $1.98 billion.

A typical unicorn that eats capital ripening agents.

In addition, Zhang Yida's equity will decline again, to 29.78%;

Penguin replaced Blackshirt Capital as the second largest shareholder with a 10.4% stake.

In addition, Huimin Travel will reach a strategic cooperation with Futukang to hand over a new generation of light cycling bicycles, that is, the batch of bicycle orders costing 500 yuan.

The number of vehicles is 3 million, and the total order value reached 1.5 billion yuan.

Boss Guo still knows how to do business, and the $60 million invested in the shares is estimated to have been earned.

However, the order was not so easy to accept, and as a concession, Futukang also gave 1.5 billion yuan of interest-free loans for one year.

In other words, the payment for production can be deferred for one year.

In addition, Futukang also has to provide free shipping to help Huimin travel and deliver the produced bicycles to all parts of the country.

In this way, is Futukang still profitable?

Zhang Yida guessed that there must still be something, after all, Boss Guo is so good at doing business, and every employee can give full play to the maximum value, and no one can compare with it in terms of cost control.