"Just rely on the leech gold suit to be hung up and beaten by us in Southeast Asia!"

Tong Shijie of GGV Capital spoke very impulsively, with a height of more than 1.85 meters and a weight of nearly 200 kilograms, which suppressed the momentum of Zhonghe for a while.

He is an early investor in Rice Mobile Phone, and he has a high status in the domestic venture capital circle, and his words still have some weight.

"To be fair, SoftBank's e-wallets in Southeast Asia are indeed weaker than Ruixiang.

RPay and GrabPay ranked first and second respectively in the Southeast Asian market, and the third place was AirPay, which is controlled by Penguin Capital.

Several e-wallets such as Dana and GG supported by Ahri can only rank in the second echelon.

But in India, Paytm is the most stable and stable BBPay.

As for South Korea, Dongying, and Hong Kong, the gap between the two is not big, or Ruixiang is barely a little ahead.

As for Pakistan, Bangladesh, Nepal and several other countries, everyone has just opened their markets, and there is no gap. ”

Zhang Liping of Blackstone clapped his hands and applauded: "Mr. Xue said well, Ruixiang's overseas layout can only be said to be on par with Leech Jinfu."

However, in China, Leech Financial Services has to be on the top in many fields such as mobile payment, consumer finance, wealth management, and digital technology. ”

"This is just a fart, saying that the market share of mobile payment is lower than that of Leech Financial Services, I don't deny it. ”

Gan Renping of Qiming Venture Capital was very excited, "But we are not weaker than them in several sectors such as consumer finance and wealth management."

These business segments are very similar to financial supermarkets, and our business was launched earlier than that of Leech Financial, and we have more experience in operation.

The launch time of products including Mung Bean Credit, Tiance Technology ToB business, Yongbei, and Loanbei is concentrated in the second half of 13 years to the first half of 14 years, all of which are earlier than Leech Financial Services.

So we are the industry leader, and Leech Financial is just following the trend.

In addition, we launched a mini program in front of them, and cooperated with more than half of the licensed financial institutions in China......"

Xue Cunhe was sprayed, and he was also a little unhappy, and responded with anger: "What about the industry leader? Goudong Baitiao was launched in February 14, earlier than Ruixiang, earlier than Leech Financial Services, but what? What is the scale of lending?

You go out to inquire by yourself, look at the analysis of brokerage analysts, and Hurun's rankings, who ranks Ruixiang in front of Leech Financial?

In addition, SoftBank is both a sharp shareholder and a co-shareholders, so we will not favor anyone, just to be fair. ”

Xu Xiaoming and Shen Beipeng didn't speak on the side, they were similar to Softbank, they both had shares at both ends, and they spoke rashly, so they were easy to be suspicious of their positions, so they simply watched from the sidelines.

"Okay, big guys, stop arguing. I can understand that the biggest disagreement is still on valuation. ”

Although Bao Fan is not worth much, he is exquisite, and there is no interest in the company on both sides.

As he spoke, the crowd fell silent.

"Let's make bets on each other? Rely on the actual business performance in the future. ”

The investors present looked at each other, not to mention, this is really a good idea.

"How do you bet?" Lin Zhenyang asked.

Bao Fan smiled, "Don't ask me, the two of you should discuss it, and there is no call for revenue, profits, etc." ”

Lu Qi nodded, "Yes, Zhonghe is very confident in the future development." ”

He glanced at Ruixiang investors, who were sitting at the long table opposite, and said with a smile: "I just don't know if Ruixiang has confidence?"

Lu Qi's tone and expression fell in the eyes of Ruixiang and other investors, which was undoubtedly a provocation.

Tong Shijie seemed full of confidence and responded very decisively: "Okay, bet on it, bet on revenue or profit?"

"Betting on revenue, Penguin is 9 times the price-to-sales ratio, Ahri is 10 times the price-to-sales ratio, we will follow the exchange rate, 100 million revenue corresponds to 100 million US dollars valuation. ”

Lu Qi has a very clear understanding of the potential of various business segments of Zhonghe Group, and the revenue in the next year or two years can be estimated to be seven or eight out of ten, and he does not believe that Ruixiang's revenue can exceed Zhonghe.

The investors here were a little undecided, and set their sights on Lin Zhenyang.

Lin Zhenyang was also a little hesitant, he had read Zhonghe's financial report, and included all the acquired companies such as Blue Hole, Kuaishou, and Xiaohongshu, and last year's revenue was close to 40 billion yuan.

It is far from Ruixiang's revenue of more than 50 billion, which is a cut short of the boss.

If you compare profits, the sharp direction of revenue balance is even more of a public combination of hanging and losing into a dog.

"There's no point in chasing revenue excessively!"

Lin Zhenyang was very cautious, and did not easily agree to the revenue bet, but talked about the big truth.

"Isn't there a new media writing an article recently?

This year, there is also a heated discussion in the investment circle, and LPs are now not concerned about book returns, but about DPI cash returns.

Only when you get the dividends in hand, that is genuine.

Excessive competition and excessive cash burning are all unhealthy operating models. ”

Lin Zhenyang's words deeply attracted investors on both sides, and this kind of honest entrepreneurs are as scarce as pandas.

Ordinary entrepreneurs, who cares about the life or death of venture capital institutions? The money that should be burned and the money that should not be burned is never soft.

Many investment institutions present have encountered such a problem, the primary market valuation is very high, and the stock price plummets in the first to secondary market.

The $2 billion stock has fallen to hundreds of millions of dollars, so how can investment institutions withdraw? How to explain to LPs?

A large part of the reason for this valuation inversion is that startups are desperately burning money to build scale, and they will return to their original shape when they stop burning money.

Again, high revenue does not mean that you really make money! And entrepreneurship, in the final analysis, is a business.

Creating maximum returns for shareholders is the real intrinsic value of the company. ”

Rui took the lead in applauding the shareholders here, and Tong Shijie praised it even more: "That's a good point, if there are a few more entrepreneurs like you, our investors will be much easier." ”

Gambling on profits, Lu Qi will definitely not agree.

Because he knows that whether it is big entertainment or e-commerce business, it will not be profitable in three or two years, but it needs to continue to increase investment. Money-making businesses may be short videos and games.

In addition to cutting-edge businesses such as digital technology, other consumer finance, wealth management, and even mobile payment have begun to make money.

It's not that Zhonghe is worse than Ruixiang, it's just that the development stage is different.

Ruixiang has entered the mature stage, while Zhonghe is still in the start-up stage, and there are too many foundations to be improved.

"The world's top 500 rankings are all ranked according to revenue, how can it be worthless in Mr. Lin's mouth?"

Lu Qi said with a smile: "Let's take Goudong as an example, how did it grow and develop? It depends on its huge revenue that is larger than that of penguins and Ahri."

A large scale of revenue means a steady stream of cash flow. ”

Hearing this, everyone understood, they are no strangers to Goudong's model, which is to press people's payments.

As long as there is no problem in the business, there will be no problem in the capital chain.

Including retail malls, real estate, many companies are engaged in this.

"Yes, revenue is the first criterion for judging the scale of an enterprise, you can not make money, or even lose money, as long as the revenue continues to grow, future profits can also be expected. ”

Bao Zheyu is very supportive of this statement, and gave many examples, including real estate developers in Hong Kong.

"I'm not saying that revenue is not important, and let's continue to take Goudong as an example, a quarter of eight or nine billion yuan of revenue, but the profit is only more than 500 million yuan, and the market value is only more than 50 billion US dollars. ”

As soon as Lin Zhenyang's voice fell, Tong Shijie answered again: "That's right, it depends on the net profit margin." The net profit margin of several businesses of Ruixiang is quite high.

Take consumer finance as an example, Ruixiang's net profit margin is more than 60 percent. ”

"Hehe, the net profit margin of Zhonghe's game business can reach 80 or even 90 percent. ”

Zhang Liping said without showing weakness, thinking in his heart, don't think that just you have cash cows, we also have them, and the profit margin is higher than your lend.

No one has spoken to the investors here, which industry dares to compare with games? Unless Rui has always had some ultra-high interest rate loans.

But it is unrealistic, on the one hand, it is not compliant and legal, and on the other hand, it is not big, and it will not be long enough.

Lu Qi had a smile on his face, as soon as the game came out, who would compete?

Why are the penguins so stinging, it's not that the cash cow of the game gives him the opportunity to lay out the ecology, invest in this, and acquire that.

Slowly, the moat was erected.

Including Mi Talk, which defeated the first-mover advantage of WeChat, it is also because of Krypton that there are more servers across the country, which can give users a better product experience.

Being a company is the same as playing a game, if you don't want to be big, is there a system or black technology?

Lu Qi read a few online articles in order to understand the business, and as a result, he became obsessed, and at this moment he thought of some clips.

The scene was awkward for a while, and the negotiations simply ended. Both sides need to go back and think carefully and plan a more beneficial VAM plan for their own side.