According to the 65% cash plus 35 equity replacement plan given by Didi, all 30.57% of the shares held by Zhang Yida can be sold in exchange for $1,834.2 million.

Among them, cash is US$1,192.23 million, and Didi's equity is US$641.97 million.

If he follows this script, Zhang Yida can get 1.15% of Didi's shares.

This equity may not seem like much, but considering that Didi's acquisition of Huimin Travel will be valued at $56 billion, the real value is quite high.

But Zhang Yida gave up his stake in Didi and chose to sell his stake to SoftBank and Ruixiang Industrial Investment Fund.

Among them, Ruixiang won 0.46 at a cost of 260 million US dollars, plus 0.54% of the equity of Huimin Travel was exchanged for 0.54% of Didi's equity, and the total shareholding of Didi was just 1%.

SoftBank acquired the other 0.69% of Didi's shares in Zhang Yida's hands, spending a total of $381.97 million.

Therefore, Zhang Yida finally received a total of $1,834.2 million in cash.

Interestingly, many large investment institutions, including SoftBank, chose to replace all the shares of Huimin Travel with Didi shares.

To this end, they also started a transaction with the minority shareholders of Huimin Travel.

In other words, they used 65% of the cash they received to buy Didi's shares in the hands of other shareholders.

Didi has always been a pig on the tuyere, and there is no shortage of investors to seek after it.

However, Didi has developed to the present, with a volume of more than 50 billion US dollars, and when financing, in addition to looking at the price comparison, it also depends on the background and energy of investment institutions.

See if these backgrounds and energies can bring greater development opportunities to Didi, such as internationalization and so on.

Therefore, the general small and medium-sized investment institutions are excluded from the door of Didi financing at this time.

And the only opportunity they can invest in Didi and have a relationship with Didi is this merger and acquisition of Huimin Travel.

Most investment institutions hold the converted Didi equity tightly in their hands and will not sell it at all.

There are not many "fools" who are willing to sell their shares, except for Zhang Yida, there are only two institutions: Huayi Capital and Zhenke Fund.

Huayi Capital was instructed by Zhang Yida to do so.

The Zhenke Fund chose to cash out in full because Xu Xiaoming felt that Didi's valuation was too high, and even if he had the opportunity to become a giant of 100 billion US dollars in the future, the rate of return would not be very high.

With this effort, it is better to use the money to make some small angel investments.

For example, if you find the next Zhang Yida and the next Chen Ou, the rate of return is much higher than this.

Large investment institutions such as Black Shirt Capital and CITIC Industrial Investment Fund are shareholders of Didi, and they are still very optimistic about Didi.

They chose to continue to stud Didi, and they were greedy for Didi's equity.

The valuation of this round of shares is 56 billion US dollars, and the next reopening of financing will be 80 billion or 100 billion.

However, there are not many Didi shares privately flowing among shareholders of Huimin Travel, and most of them have been bought by Ruixiang Industrial Investment Fund and SoftBank.

Ruixiang Industrial Investment Fund increased its shareholding in Didi, because Zhang Yida wanted to maintain the relationship between Ruixiang and Didi.

If it weren't for the fact that the funds did not allow, Zhang Yida would have increased his holdings to 2% or 3%.

But at the moment, I can only want to take 1% of the shares, barely maintaining a little sense of existence.

The most distressing thing is the three institutional shareholders who cashed out some time ago.

Didi is okay, anyway, the successful acquisition of Huimin Travel is for them.

Being a little calculated by SoftBank is nothing.

On the contrary, SoftBank has contributed a lot in this merger and acquisition action, and the negotiations between the two sides are basically SoftBank matchmaking.

And Zhu Xiaohu of Jinshahe Venture Capital and Zhang Ying of Jingwei Global regretted their intestines.

In the A+ round of financing, the two institutions each contributed $50 million, and obtained 8% of the equity of Huimin Travel at a post-investment valuation of $625 million.

Later, it was diluted and also held a 4.38% stake.

These shares were sold to SoftBank by the two institutions at a valuation of $3 billion and for $131.4 million.

After the sale, the two of them still felt that the rate of return was not as high as they imagined.

But in fact, it is not bad, the key is that the exit time is short, only two years, and the annual rate of return is 80%.

For Huimin travel, the two of them have analyzed that it is difficult to solve the problem of profitability.

With the passage of time, it is very likely that it will not be able to raise capital, and the companies such as Ruixiang, Zhonghe Group, and Ruixin Group will take turns to give it blood transfusions.

For Zhang Yida's industry, Huimin Travel has a very good drainage effect, and its strategic position is very high, so it is impossible to give up.

But if the venture capital continues to play like this, it will be completely trapped.

So after SoftBank made an offer of $3 billion, the two agreed after a little bit of probing.

At that time, they thought that Softbank people were stupid and had a lot of money, and after investing in Yahoo and Ahri, they slowly began to float.

But looking at it now, I have to admire SoftBank's ability to integrate capital.

He and others were completely toyed with by others, and if he jumped out of the car for another month, he could earn an additional $130 million in returns.

But there is no regret medicine in the world, and they can only be willing to gamble and lose.

As the shareholders of Didi, the investment institution behind the two was also invited to attend the signing ceremony of the merger and acquisition.

Looking at Zhang Yida and Chen Wei, who were signing various contracts on stage, Zhu Xiaohu muttered, "How do I feel that Didi has lost money?"

"Hehe, capital pays, no one is a loser. ”

Zhang Ying chuckled, he thought that Zhu Xiaohu hadn't figured out the matter of being cheated by Softbank.

The thoughts are not clear, and it is normal to complain about two sentences.

In fact, the thing that caused the two to have a big mess was also Didi's merger and acquisition of Huimin Travel.

If it weren't for this, they wouldn't have been able to survive two years, and they would still have a good reputation of "having the foresight to successfully escape from the top".

But now, things have begun to spread on a small scale in investment circles.

SoftBank bigwigs use their wisdom and skills to integrate the travel field, and their two institutions have become negative teaching materials to set off others.

Peers laughed at their short-sightedness, while well-informed clients said they would not renew their contracts with the two agencies when they expired.

There are too many worries, and Zhang Ying can't be happy.

SoftBank did make a good move, first buying a stake in Huimin Mobility, and then convincing shareholders and management of the two companies to agree to the merger.

In fact, at the Didi shareholders' meeting, there were some hiccupes.

Ahri resolutely disagrees with the merger and acquisition of Huimin Travel, mainly because of the series of ancillary conditions, which can be said to be a serious infringement of the interests of Leech Financial Services in Didi.

Penguin and financial investment shareholders support mergers and acquisitions.

The penguins are more than happy to come in and share the leech cake. Because Rui never came to eat, the big head was eaten by the leech Jinfu.

Ruixiang came in and ate the cake, and the penguin, as an important shareholder of Ruixiang, can also share the profits.

Secondly, it can weaken the energy of the Ahri system.

The confrontation between Penguin and Ahri is not a simple confrontation between two companies, but a confrontation between the two camps of the Internet.

This confrontation is protracted and will not be decided all at once.

The successful listing of Mobao Pay on Didi can also be seen as a victory in a small battle.

As long as there are a few more small battles like this, the balance of victory and defeat will be tilted in favor of the penguins.

The financial investment shareholders want to see Didi stronger, and they don't have a payment company, so they have nothing to do with them, so they naturally won't support Ahri.

The meeting was at a stalemate, and SoftBank became the ultimate decisive force, and they favored the merger and acquisition of Huimin Travel.

Because most of the acquisition money came from SoftBank, as soon as SoftBank opened its mouth, the situation changed.

For the $5.5 billion financing that SoftBank is about to lead, all shareholders welcome and look forward to it.

Because the completion of this round of financing means that Didi will reach a new level, and even have the opportunity to launch an impact towards Qiandu.

Chen Wei is also very close to SoftBank's investors, who used to hug penguins and Ahri's thighs, but now they have changed to a richer one.

Chen Wei is greedy for the $100 billion fund size of the SoftBank Vision Fund.

In terms of giving money, Ahri and Penguin are not as happy as Softsilver.

Zhang Yida is definitely not a loser, cashing out $1.8 billion in cash, and Jack Matao's equity has never been so happy. ”

Zhu Xiaohu watched the signing ceremony in the audience and commented on his head.

Chen Wei is not a loser, after the merger and acquisition of Huimin Travel, Didi will reach a new height, and his career will also rise to a new height.

As for the dilution of his shareholding, it doesn't matter. It's not much diluted, and he doesn't even have a 3% stake in it.

For people like them, it's the corporate influence and the assets that can be controlled and influenced that matter.

Among the four small giants of domestic RDMT, Didi is temporarily ahead. ”

"Now there is a Zhonghe Group, the RDMTZ Five Small Giants. Ruixiang is not bad, and it has never stopped in international expansion, and it is not inferior to Leech Financial Services.

It's just that Ruixiang hasn't raised money for a long time, and the outside world can't judge its valuation.

Therefore, the outside world's fair valuation of it has been stuck at $27.5 billion in 2015, and it is difficult to say that it has doubled now. ”

Zhang Ying followed Zhu Xiaohu's words and also put forward his own views.

"Well, Ruixiang's strength is indeed unfathomable, and he has become the most important opponent of Leech Jinfu.

Both at home and abroad, I heard that the two companies are at war in India and Southeast Asia......"

Zhu Xiaohu told Zhang Ying about what he saw and heard when he went to Southeast Asia and India some time ago.

"Zhonghe Group, I think it's a little bit worse. can't afford to be called the Big Five. Before the merger, the two companies were billions of dollars. ”

Zhang Ying shook his head and said: "You are wrong, I found that everyone underestimated the potential of Zhonghe Group, especially the software called it, which has swept Europe and the United States, and has begun to sweep Asia."

Before you know it, its business territory is about to cover most countries and regions in the world......"

Zhu Xiaohu said "um" and looked at Xue Cunhe who was sitting in the first row.

said to Zhang Ying: "I think SoftBank's investment is too aggressive, and if Didi has something wrong in the future, it will not be able to make a profit like Huimin Travel."

Maybe SoftBank is going to plant a big heel!"

Zhang Ying was stunned, and said with a smile: "How could there be a problem with Didi, you are too worried." As for not being able to make a profit, I don't think so.

When the market is semi-monopolized, it is enough to cancel the subsidy. What Didi wants to do is a travel platform, by gathering traffic, and then extending to other fields.

For example, finance, unmanned driving, ......"

The two people in the audience commented on Zhang Yida and Chen Wei, and Zhang and Chen on the stage signed the contract, exchanged documents with each other, and finally shook hands and took a group photo together.

This is the end of the ceremony, and Huimin Travel is officially sold to Didi.

Before the signing ceremony was completed, the invited media released articles related to "Didi's acquisition of Huimin Travel".

This hot news directly topped the first hot search on Weibo, and countless people who eat melons began to speculate on the motives and details of the transaction.