"Mr. Zhang, Chewy's valuation offer is very high, at least $2 billion.

I've looked at their operational and financial data, and since their establishment in 11 years, they have been in a state of loss, and the proportion of losses is still expanding.

Pate Holding Group doesn't have much money now, and with the $250 million it just raised in its account, I think it's too risky to invest $100 million in Chewy!"

Lu Fenghai also came to the United States, and after inspecting several pet e-commerce companies, he came to Los Angeles to report to Zhang Yida.

2 billion US dollars, the valuation is higher than that of Peite.com, Zhang Yida couldn't help frowning, a little unaffordable!

asked Lu Fenghai again: "What about VetFirstChoice?"

Lu Fenghai nodded, "This company's Chinese name is "Veterinarian Preferred", which provides technical support for veterinarians to pet hospitals, and I think it can form a business complement with Pate Holding Group."

First of all, Pate Pet Hospital will use some of their technology.

In addition, if possible in the future, Peter.com can also establish a joint venture with them to serve pet hospitals and pet doctors in China using the advanced technology preferred by veterinarians.

And they don't have a high valuation at the moment, only $500 million!"

Zhang Yida thought about it, and he remembered that both companies were listed in '19, with the former having a market capitalization of up to $14 billion and the latter $4.5 billion.

Invest now, in three years, one will increase 7 times, and one will increase 9 times.

"In this way," Zhang Yida said, "invest $100 million in Chewy, and $50 million in veterinarians." ”

Lu Fenghai smacked his lips and said with some worry: "We only have $250 million in our accounts now, and we are still a start-up, will it be too much to spend 60% of the funds for strategic investment?"

Pete still needs to be developed, and supporting the expansion of Pete Pet Hospital requires a lot of money. ”

Zhang Yida nodded, "What you said has some truth! But isn't Pat Holdings about to acquire Dogfud?"

After the completion of the merger, there will be an additional cash cow, which can share tens of millions of dollars in net profit every year.

And the losses of Pete are already narrowing, and the only thing to consider is the pet hospital.

The remaining $100 million, plus tens of millions of dollars in dividends from Dogford each year, is enough for it to expand.

It's a big deal, it would be nice to raise another round of financing next year or the year after. ”

Lu Fenghai also wanted to dissuade Zhang Yida, don't be so desperate, what if the investment fails?

But Lu Fenghai thought about it, with the backing of Ruixiang Industrial Fund and Mr. Zhang's rich industry, even if the investment fails, it should be nothing, right?

"Okay then, then I'll do as you tell me to vote!"

Zhang Yida said again: "By the way, you can also negotiate Beckham's endorsement contract!"

"Okay," Lu Fenghai was a little surprised, "Mr. Zhang, how did you get Xiaobei?"

"What about Xiaobei?" Zhang Yida said with a smile, "Although he is a star, he still has to eat!"

"What about the endorsement price?" Lu Fenghai asked again.

Zhang Yida said: "Just go according to his market price! The signing time is set at ...... Three years!"

"Okay, okay, let's not talk about it!"

Zhang Yida stood up and said to Lu Fenghai: "I'll leave these things to you! I'm going to Singapore, and Yimin Wealth's acquisition of Barclays' Singapore wealth management business has finally come to an end!"

"Barclays, the second largest bank in the UK?"

Zhang Yida nodded, "Yes, that's it!"

Lu Fenghai was a little incredulous and asked, "Such a big bank can't do it?"

"It is said that it will focus on the business in Europe and the United States and shrink the business in other regions. ”

Zhang Yida spread his hands, "I'm afraid the real reason is that the old capital country is not good!"

He also sighed: "This bank was founded in 1690, when China was still 30 years old in Kangxi. After so many years, it has also begun to decline. ”

Lu Fenghai said with a smile: "In the 21st century, we have to look at China and Asia. ”

......

Marina Bay Sands Hotel, Singapore.

Witnessed by many media, Ding Siyao signed her name on the acquisition agreement, exchanged contract documents with Barclays Singapore President Cliff, and took a photo together.

The flash lights in the audience were lit up, and many reporters were taking pictures, many of them from China.

Although Yimin Wealth only acquired a small part of Barclays' business, it is also a very head-scratching news for domestic journalists.

They even thought of the title, which was called: "Yimin Wealth Acquires Barclays in Singapore", "Three-year-old company acquires Barclays with a history of more than 300 years", "British old banks withdraw from Singapore, and China's newly listed companies start overseas mergers and acquisitions......

Barclays Singapore President Cliff left after signing the contract, leaving the deputy and Ding Siyao to hold a press conference together.

Cliff's deputy is a Chinese-looking middle-aged woman named Sun Yanjia, who looks a bit like Sun Yanzi, who is popular all over the mainland.

In fact, she is the eldest sister of Stefanie Sun, born in 1975, originally from Shantou, and currently a vice president of Barclays Bank Singapore.

Sun Yanjia said to Ding Siyao: "Mr. Ding, President Cliff has left in advance, and I will attend the press conference next." ”

Ding Siyao nodded at her and took a seat on the stage with her.

A reporter raised his hand and asked, "Hello Mr. Ding, I am a reporter from the South China Morning Post."

Does the acquisition of Barclays' wealth management business in Singapore and Hong Kong just after Yimin Wealth was listed on the New York Stock Exchange mean that Yimin Wealth will fully start its international business?"

Ding Siyao nodded, "Yes, after Yimin Wealth was listed, it has obtained abundant development funds, and we will actively carry out international business."

While helping high-net-worth clients in Chinese mainland to carry out global asset allocation, it will also help overseas clients invest in Chinese mainland.

As we all know, China has achieved economic take-off in the past two decades, with a large number of wealthy people emerging, and at the same time, there are huge wealth opportunities.

Yimin Wealth is willing to become this investment bridge to help overseas customers invest in Chinese mainland. ”

Another reporter stood up and asked, "Hello Mr. Ding, I am a reporter from the Global Times.

How will Yimin Wealth help overseas users invest in Chinese mainland?"

Ding Siyao explained: "Yimin Wealth has Chinese public funds, securities private equity funds, equity private equity funds, trusts, insurance, industrial investment funds, real estate funds...... and other financial institutions.

We will customize a personalized and comprehensive wealth management plan according to each client's wealth situation and wealth management needs......"

Zhang Yida sat in the audience and asked the Yimin Wealth executives sitting next to him: "I heard that at the last minute of the second round of bidding, how many of them gave up on UOB?"

The executive nodded and replied, "Yes, Mr. Zhang." Maybe it was because we were bidding too high, and several other banks thought it was higher than they could afford the reserve price and eventually gave up. ”

"$320 million, buying 1,800 high-net-worth clients and $18.3 billion in assets under management, isn't that a high price?

Unlike China, which mainly provides wealth management product distribution channels to sellers, so as to earn commissions for consignment products.

The foreign wealth management model is to charge the buyer, that is, the client, an asset management fee.

$18.3 billion in assets, 1% management fee, and $183 million in annual income!"

The executive shook his head, "Mr. Zhang, it is true that there is such a high asset management income, but the expenses are also very large!"

For a team of financial planners of the same size, the salary in Hong Kong and Singapore is several times higher!"

Zhang Yida always felt that things were not so simple, but he couldn't say why, so he simply stopped asking.

The reporter asked Sun Yanjia again: "Mr. Sun, does the sale of Barclays' wealth management business in Singapore and Hong Kong mean that it will gradually shrink its business back to Europe and the United States and give up the Asian market?"

Sun Yanjia frowned, and replied lightly: "This is just Barclays' business adjustment, and the outside world doesn't need to interpret it too much."

Abandon some of the side businesses in order to focus more of the group's strength and resources on banking. ”

Another reporter asked: "According to reliable sources, Barclays Bank will announce the completion of the sale of its Italian retail business in the next few days, and its Iberian credit card business will also be sold.

Sun Yanjia replied bluntly: "Then you should ask my colleagues in the Italian branch, I am only responsible for the business in Singapore." ”

Barclays CEO Jess Stanley has pledged to complete the sale of £35 billion of assets by the end of 2017 to boost the bank's capital levels.

What is your opinion on this?"

......

Zhang Yida also laughed in the audience, Barclays' retreat was even more exaggerated than he imagined.

Selling wealth management business, selling retail business, all kinds of businesses are being sold anyway.

But the emaciated camel is bigger than the horse, and a bank of this level will not be able to collapse for a while.

After the press conference, Zhang Yida and Ding Siyao had a meal together.

At the dinner table, Zhang Yida asked: "Does Barclays require the purchase money to be settled in cash at once?"

Ding Siyao nodded, "Yes, they are very short of money now, and their assets and businesses are being sold all over the world!"

I heard that it was caused by low interest rates and regulatory pressures in Europe. Not only them, but many of Europe's established banks are selling off their assets.

If they want to live like our domestic cosmos, they can only live in the next life!"

"Well, the European economy is no longer working!"

Zhang Yida took a sip of red wine and asked, "When will the delivery start?"

"In three days, we can officially start, and Barclays will do the final docking with us. ”

Zhang Yida asked: "Have you understood the situation on the customer's side?"

Ding Siyao shook his head, "The company hasn't sold it to you yet, how can they provide you with customer information?"

Zhang Yida thought for a while and asked: "If there is a customer withdrawal and the asset management scale declines at the time of handover, how to deal with this situation?"

Ding Siyao said with a smile: "If that situation really happens, there will be a supplementary agreement."

Moreover, the remaining amount of the purchase money will be paid only after the completion of the transfer of customers and assets. ”

"Don't worry, the Chinese chaebols in Southeast Asia have invested in Ruixiang Industrial Fund, and Yimin Wealth is also the LP of Ruixiang Industrial Fund.

These high-net-worth clients, say they are rich, and they are indeed quite rich, with per capita assets of tens of millions of US dollars.

But it depends on who you compare to!

The Chinese chaebols, with assets of billions or tens of billions of dollars, all invest in Ruixiang Industrial Funds, and they can invest in common funds with the Chinese chaebols.

I don't think they'll appreciate it!"

Zhang Yida nodded, "That makes sense, I hope so!"