Ruixiang convened all shareholders, and in the large conference room, Zhang Yida personally announced the proposal to merge with Zhonghe Group.

This news is no less than dropping a bombshell in the crowd and thundering all the shareholder representatives.

Masayoshi Son, who was present in person, was overjoyed to hear that SoftBank was both a shareholder of Ruixiang and a shareholder of Zhonghe, and the merger of the two was exactly what he wanted.

"Mr. Zhang, this decision is very wise, I support it!"

With Son Masayoshi being the first to take the lead, Black Shirt Capital and Zhenke Fund also expressed their support for this decision.

The other shareholders don't have much of an opinion, they are only concerned about whether they will lose money in the process of merger.

Tong Shihao of GGV Capital said with a smile: "We are not against the merger, the key is how much to value Ruixiang and how much to value Zhonghe, this has to have a clear statement!"

Gan Renping of Qiming Venture Capital, who has a good relationship with Tong Shihao and often invests in the same project together, also spoke, "I agree with the statement of the representative of GGV that valuation involves everyone's vital interests and must be judged in a scientific, objective and fair manner. ”

Other investment representatives also echoed the proposals, some proposed to hire an independent third-party agency, some said that it was calculated according to the PE valuation method, and said all of them.

Zhang Yida pressed his palm, and after everyone was quiet, he slowly spoke: "I know what everyone means, rest assured, I, Zhang Yida, still have some reputation in the venture capital market, and I will never do those things that are greedy for small profits."

Ruixiang and Zhonghe do have many common shareholders, and I myself am the majority shareholder of the two companies.

Therefore, the proposal of Mr. Robert of Goldman Sachs just now is very suitable, let's hire an independent third-party agency to do the valuation calculation.

In order to prevent the data from being not rigorous, we can invite a few more, all of which are well-known institutions at home and abroad.

It's okay to spend a little more money, the main thing is to do things beautifully and make every shareholder satisfied. ”

Seeing Zhang Yida take his own suggestion, Robert was quite happy. In order to grab the qualifications of underwriters in the future, as well as the private placement and other businesses that may occur after listing, he has been befriending Zhang Yida.

Looking at it now, the effect is very good, and this Mr. Zhang still recognizes himself.

was preempted by Robert, and the representatives of several investment bank shareholders such as Bank of America Merrill Lynch Wang Zheng and Morgan Stanley Evans were a little unhappy.

They have just been overwhelmed by the huge news and are fantasizing about when this new group will go public, how much money it will raise, how much underwriting fees they will get, and how much bonuses they will get from it.

As a result, the old boy Robert put him in a position again, which made them very stressed!

It seems that the next step is to have a good relationship with this Mr. Zhang, and go public to drink soup later.

After all shareholders reached an agreement, Zhang Yida emphasized that the news must be kept confidential and the news must not be leaked.

All the shareholders nodded, not only because they signed a confidentiality agreement, but also because they were afraid that if they were stabbed out, their reputation in this industry would be ruined.

Followed by a high-level meeting, Zhang Yida convened the general managers, vice presidents, and CEOs of subsidiaries of each major business group to announce the merger decision made by all shareholders.

The shareholders all agreed, and their group of professional managers naturally had no opinion.

Although I was a little surprised, I didn't ask anything.

......

"Why? Mr. Zhang, I don't think it's a good time to merge. ”

A bit out of Zhang Yida's expectations, the biggest resistance to the merger did not come from Ruixiang, but from Zhonghe's side.

Zhang Yida, Xu Xiaoming, Shen Beipeng and others looked at Zhang Liping, chairman of Blackstone Group Greater China, puzzled, and couldn't understand what the old man was thinking.

"Zhang, isn't it a good thing to merge? In the old Chinese saying, this is called joining forces!"

Bao Zheyu, head of BlackRock Asia Pacific, turned his head sideways and looked at Zhang Liping sitting beside him in confusion.

"The monthly GMV of Pindoduo exceeded 40 billion yuan, the daily active users of Douyin exceeded 300 million, and the monthly turnover of Kuaishou's live broadcast exceeded 1 billion yuan, which swept the world......

Zhonghe Group's various businesses and revenues have been growing rapidly, and I haven't seen the specific financial reports of Ruixiang's revenue growth, but through some subtleties, one or two can be inferred.

With the tightening of financial regulatory policies, the sources of funds for Yongbei and Loanbei will be severely restricted, which is expected to have a serious weakening effect on Ruixiang Group's revenue growth rate.

IMHO, I think the merger is a bit of a loss now. ”

Zhang Liping glanced at Zhang Yida and other shareholders, and took in everyone's surprise, deep thought, entanglement and other expressions.

He continued: "One is a company whose growth is gradually slowing down, and the other is a company whose revenue has doubled several times a year, and you can compare it yourself.

It would be better if the merger was postponed until next year, or the year after.

For our shareholders, this is the real maximization. ”

Zhang Yida felt that he was underestimating this silver-haired old man, and his knowledge was extraordinary!

With the development of foreign credit card payments, coupled with, for example, the restrictions and resistance of countries led by the United States to China's mobile payment companies, it is difficult for Ruixiang's mobile payment to reach a new level.

Therefore, Ruixiang has been transforming into the field of science and technology, such as cloud computing and AI, etc., but it started late, the foundation is weak, and it has not achieved any good results so far.

And there are also leech financial services and WeChat payment in China, and the development has basically reached the top.

Many of Zhonghe Group's businesses are only now being commercialized, and there is still great potential for growth.

Zhang Liping, the old man, said that Zhonghe's development potential is greater, and he is not wrong at all.

But it is also true that Zhonghe is burning money soon, in addition to the blue hole making money, short videos can only be said to have reached a revenue balance, and large entertainment, digital content, e-commerce and other sectors still need long-term and large investment.

If Zhonghe Group wants to achieve a full revenue balance, I am afraid it will have to carry out one or two more rounds of financing.

Thinking of this, anyway, we have to dilute the shares, so it is better to merge Ruixiang into it, and there is no need for financing later, and it will be listed directly.

After 18 years in the previous life, the environment in the securities market was not very good. If we really have to wait for 2020 or even later, we may face a worse environment.

These are Zhang Yida's real thoughts, and he originally wanted to postpone the merger for another year and a half.

But then I thought about it carefully, after the merger, I still had to integrate the business, including the pre-IPO sprint, and it was a little too late.

The integration work must be completed this year, and it will be possible to fully sprint to the market next year.

There is no need to explain these truths to others, Zhang Yida knows what the shareholders headed by Zhang Liping think.

"Oh, by the way, April is coming to an end, Zhonghe's bet with BlackRock and Blackstone, isn't it time to settle the bill?"

Just now, I don't know whether Zhang Liping is intentional or unintentional, and he has not mentioned the advertising revenue of Shake, so Zhang Yida had to remind him.

The corners of Zhang Liping's mouth twitched, and he glanced at Bao Zheyu, who shrugged at him, who looked helpless.

"Mr. Zhang, we'll talk about this later, don't worry, our Blackstone and BlackRock are both world-renowned investment institutions, and they will definitely not pay their bills.

We're talking about the merger now, so let's settle this matter before we talk about anything else!"

Zhang Yida nodded, "Okay, then let's talk about the merger first." ”

Zhang Yida glanced at the investors sitting on both sides of the big conference table and said lightly: "Everyone is afraid that the valuation of Zhonghe Group will not be fully reflected, right?"

It's simple, let's just ask Ruixiang Group to give us a high price!"

Zhang Liping shook his head again and again, obviously disagreeing with Zhang Yida's statement.

said very seriously: "Mr. Zhang, I know that Ruixiang is also under your control, but Ruixiang also has many shareholders, so it is impossible to listen to you alone, right?"

You say $100 billion valuation, will people agree?"

Zhang Yida smiled, "I will agree! Wouldn't it be okay for all the shareholders of Zhonghe Group to participate in a round of gambling?"

Looking at the contemplative shareholder, he added: "If you want to sell for a good price, you have to pay something, right?

First of all, if you don't participate in the bet, you are not eligible to enjoy the fruits of victory!"

Zhang Liping and Bao Zheyu have bitter faces, and they are so familiar with the taste, exactly the same as last year!