Upon returning to China, Zhang immediately arranged for the family office's personal legal counsel to verify all the contracts that needed to be signed by him.

At present, he does not personally hold any shares in the two companies, and both are held by BVI Cayman Islands offshore companies.

With such a big deal, Zhang Yida is also very cautious. The lawyer found three of them and conducted a cross-review.

After confirming that there was no problem with all the agreements, Zhang Yida fell into the contract.

Zhang Yida originally held 58.64% of the shares of Zhonghe Group, but he only took 1% of the 1.36% shares that won the bet, and the proportion of all shares increased to 59.64%.

The other 0.36% was distributed to Lu Qi, Zhang Lan and other company executives.

This is all real equity, not an option. Although it is worth a lot of money, the efforts of the management also deserve this treatment.

Especially Zhang Lan, the commercialization of Doushi was single-handedly operated by her, and it was handed over to Su Hua later, and she contributed a lot to winning the bet.

On the side, Zhang Yida holds 34.36% of the shares, which has not changed since the completion of the $6.666 billion Series E financing last year.

According to the 1-to-1 share exchange, Zhang Yida will hold 47% of the shares of the merged "Xinruixiang" Group.

In addition, last year, Zhang Yida increased his capital to Zhonghe Group by 1.2 billion US dollars, and this part of the equity is held in the name of a family trust.

This is also Zhang Yida's deliberate doing, and gradually he will start to divide personal property and family property, build a few more holes, and also play a role in hiding property.

After subsequent rounds of financing dilution, the family trust also holds 1.88% of the equity of Zhonghe Group, which will be converted into 0.94% of the equity of Xinrui Group.

Ruixiang Industrial Investment Fund Phase III holds 3.12% of the equity of Zhonghe Group, which will be converted into a 1.56% stake in Xinruixiang Group.

This fund is also a special existence, and Rui Xiang holds one-fifth of the 1.56% equity interest in the original shareholders.

In addition, 20% of the fund's investment returns, as fund management expenses, are also attributable to the original shareholders of Ruixiang.

After the five-year lock-up period of the fund is reached, this part of the equity will be distributed to the original Ruixiang shareholders in the form of dividends in the form of currency or equity distribution, which has nothing to do with the shareholders of Zhonghe Group.

Roughly calculated, in this fund, Zhang Yida can get at least 0.1% of the equity of Xinrui Xiang Group.

Zhang Yida's equity is divided into three shareholding platforms, Cayman Company, Family Trust, and Ruixiang Phase III Industrial Fund.

The valuation of Xinrui to the group, according to the latest round of financing information of the two companies, is:

666.66+642 is equal to 130.866 billion US dollars!

According to the exchange rate of 1 US dollar to 6.4586 yuan in June, it is 845.2 billion yuan when converted into RMB.

However, this figure is obviously too conservative, Zhang Yida put forward his own proposal: to announce the valuation of Xinrui to the group of 160 billion US dollars, equivalent to 1,033.4 billion yuan!

According to the annual revenue of 95 billion yuan after the merger of the two companies, the price-to-sales ratio has actually reached 10.9 times, which is higher than that of penguins and Ahri.

However, the investors present felt that the valuation was not too high, and even conservative.

"If you want me to say, just announce the valuation of $200 billion and give the media and netizens some big news. Tong Shihao, as an activist, was the first to propose.

When Zhang Yida signed and the process was completed, the focus of a group of investors returned to valuation.

The valuation of Ruixiang and Zhonghe has not been discussed, and the valuation of the two companies is the same according to the method of 1-to-1 share exchange.

Whether it is more than 60 billion US dollars or 100 billion US dollars, it does not affect everyone's equity ratio.

However, in terms of external publicity, investors have expressed their different opinions.

Gan Renping also agrees with Tong's sentiments, saying: "The representative of GGV is right, the valuation does not necessarily refer to the actual value of the company now, but also includes some expectations for the future.

Xinrui Xiang Group is now the only company in China that challenges Ahri and Penguin in an all-round way, and we must build momentum!

We need to give the outside world confidence in us that the gap between us and their two companies is not unbridgeable. ”

"Isn't Ruixiang going to acquire the e-commerce company in Southeast Asia? We make the valuation a little higher, and everyone's equity ratio can be diluted a little less. ”

Xu Xiaoming said with a smile, and he also made a small calculation.

"Great idea, I couldn't agree more!"

"Teacher Xu still has a way, so you have to do it!"

"I heard that the e-commerce company in Southeast Asia is valued at $5 billion, and if you want me to say, the bubble is also a bit big, and it is also appropriate for us to increase our value appropriately!"

......

Zhang Yida felt that he still underestimated the shamelessness of these capitalists, but as the biggest profiteer, he was still very tempted by this plan in his heart.

"To make the valuation stand up to scrutiny, we might as well conduct another round of financing and push the post-investment valuation of Xinrui to $200 billion in one fell swoop!"

Hearing Zhang Yida say this, the investors who were still in high spirits and had a happy discussion just now suddenly quieted down.

Look at the table and look at the ceiling...... The scene is extremely embarrassing!

It doesn't matter how much you blow the wealth on paper, but if you really have to pay for it yourself, investors can't help but retreat in their hearts.

"The valuation is pushed too high all of a sudden, which is not conducive to follow-up financing!" Shen Beipeng said concisely and concisely, telling his thoughts.

"yes, or $160 billion, I think that's pretty good. ”

"Well, $160 billion is a lot, firmly sitting on the position of the third largest Internet company in China and the eighth largest technology company in the world!"

"Yes, after all, we haven't been listed yet, and the valuation is too high, and it's easy to be criticized. ”

......

The selfish side of capital has shown itself again, and it only wants to make others profitable, but it doesn't want to pay for itself, or it is called wanting others to pay.

Zhang Yida is not a rookie anymore, and his thoughts about this group of people couldn't be clearer.

waved his hand, "Let's stop fighting, another round of Pre-IPO financing, all our shareholders will increase their capital according to the proportion of equity, no one will suffer a loss, and the meat will be rotten in the pot." ”

Bao Zheyu's heart moved, "Then how much is the financing amount?"

Zhang Yida thought about it, the amount couldn't be set too high, he really couldn't afford to play.

The $1.2 billion that gritted his teeth and increased his capital last year basically spent a small half of the funds in his hands for various equity cash-outs.

The cash at his disposal now comes from cashing out the shares of Yimin Netfinance, Yimin Wealth, and Yimin Loan, as well as selling all the shares he holds in Huimin Travel, Green, and OYO Hotels.

These six companies brought him a total of $4.3 billion in cash after paying taxes or avoiding taxes.

This money alone cost $1.55 billion on Shake, Pindodo, and Zhonghe Group.

In addition, he acquired the Blue Hole, bought a private jet, a luxury mansion Li Palace, and borrowed 300 million euros from Li Yonghong...... A total of $1.45 billion was spent.

He now has only $1.3 billion in cash, and it is impossible to put most of it into running the company.

It's not just about diversifying investment risks, but the most important thing is that the return on investment is not too high.

With $200 billion in shares, if you want to double the return on investment, you have to be at least like a penguin or a beaver, and you don't know how long it will take.

"$1 billion, I'll personally lead the $470 million investment!"

After a little thought, Zhang Yida quickly made a decision.

"Isn't the amount too little?" Shen Beipeng asked with a frown.

"After the merger, Xinrui Xiang Group has more than $14 billion in cash reserves on its books, is it necessary to raise a large amount of money?"

Hearing Zhang Yida say this, other investors have also made up their minds and began to speak out in favor of this capital increase plan.

After the merger, in addition to Zhang Yida and the management, there are also 40 or 50 institutional investment shareholders.

An institution can contribute millions or tens of millions of dollars to make up the remaining $500 million, which is not too difficult.

The benefits of this are also obvious, first pushing the company's valuation to $200 billion, and at the same time taking advantage of the next equity acquisition.

As for whether it is worth $200 billion, there is financing information, and there are forty or fifty world-renowned investment institutions backing, black can also be said to be white.