"Based on this financial report, Bank of America Merrill Lynch can give Yimin Loan a valuation of 20 times the static price-earnings ratio. ”

Wang Zheng said with a smile: "Yimin Loan's net profit in the past year is 585 million yuan, which is 85.3 million US dollars at today's exchange rate of 1 to 6.8575 yuan against the US dollar.

A 20x P/E ratio is a valuation of $1.706 billion. ”

Chen Shaojie showed a reluctant but not rude smile and did not answer.

What are you kidding? A year ago, Yimin Loan was valued at $1.5 billion, and the valuation rose by $200 million in a year of co-authorship?

Revenue and profit growth don't stop there!

However, he didn't open his mouth to refute, and continued to listen to Yuan Zheng's speech: "As far as I know, including the period of operation before the split of Yimin Holding Group, Yimin Loan is only three years old!"

"Yes, that's right. Chen Shaojie smiled confidently, "A long history is not necessarily a capital to show off.

Taking advantage of the outbreak of the mobile Internet, Yimin Loan has achieved a hundredfold increase in loan scale and revenue in three years, and has also maintained a healthy profit for three consecutive years.

The growth is very good, and at the same time, the financial situation is also very healthy! This is a very high-quality and rare target in the loss-making Internet industry. ”

On the two phrases "high-quality" and "rare", Chen Shaojie is very heavy, just to remind these people that there is no shortage of followers for Yimin Loan.

"Mr. Chen," asked Robert of Goldman Sachs, "tell me about your psychological price!"

Chen Shaojie compared his fingers, "First, 30 times the price-earnings ratio, and it is dynamic; second, this pre-IPO financing only releases 10% of the share; third, the listing underwriting commission is 5%. ”

Robert shrugged his shoulders and looked exaggerated, "What? It's not April Fool's Day, is it?"

"Mr. Chen, are you serious?" Evans also emphasized.

"I'm not kidding, these requirements and conditions are very reasonable, and they also leave good profit margins for partners. ”

Wang Zheng shook his head and sneered: "I don't see any profit margins, all the benefits are occupied by the original shareholders and management. ”

Chen Shaojie didn't argue, turned his head to look at Robert and Evans, "Goldman Sachs and Morgan Stanley have both cooperated with our brother companies, and they have earned considerable returns through Pre-IPO and stock underwriting.

Bank of America Merrill Lynch is also a new partner brought in by the two of you, and the two gentlemen will explain it!"

Robert spread his hands and looked embarrassed, "The two investments of Yimin Net Gold and Yimin Wealth have indeed brought good returns to Goldman Sachs.

However, one yard to one yard, giving Yimin Loan a 30 times dynamic price-earnings ratio valuation, almost overdrawing the growth potential in the next one or two years.

After going public, there will not be much profit that really belongs to us. For this reason, those of us who invest in high-priced shares also bear a great risk of loss.

With thin margins and high risk, even if I had agreed to such a bad decision, the New York headquarters would not have approved the deal.

There are only 10 equity shares, our three investment banks, plus ......"

Robert slapped Wang Jingbo again, and said in a strange manner: "Plus Ms. Wang, these are four institutions, and they are not enough at all!"

Evans and Wang Zheng also spoke out one after another, refuting the "overlord clause" thrown out by Chen Shaojie one by one.

Wang Jingbo is as steady as Mount Tai, does not quarrel or quarrel, and only occasionally interjects two sentences.

Because she knows that although her company is also a 10 billion market value enterprise, compared with the three major investment banks, its strength is not half a star.

If the strength is weak, there is no right to speak, and I came here today purely to fight soy sauce.

After a long time of fighting, the two sides finally took a step back and reached a preliminary agreement.

The three major investment banks made concessions on the underwriting commission and agreed to the condition of 5% underwriting commission.

Yimin Loan has made concessions on the share of equity financing, expanding the proportion of equity financing from 10% to 20%. Among them, the additional issuance of new shares and the transfer of old shares each account for half of the share, 10% each.

As for valuation, both sides will give a step and set a static P/E ratio of 25 times.

According to this valuation method, the pre-investment valuation of Yimin Loan is US$2.1 billion.

Chen Shaojie informed Zhang Yida of the results of the negotiation as soon as possible.

"$2.1 billion~"

Mr. Zhang has repeatedly groaned that the valuation is technically a bit understated, up 40% from the $1.5 billion valuation a year ago.

However, valuation is not what he values most, what he values more is the proportion of old shares transferred.

This is the last round of financing before the listing, and it is also a good opportunity to cash out, which must be well grasped.

"Call the four shareholders of Heishan, Zhenge, China Merchants and CITIC to have a meeting and ask them if they want to cash out. ”

Then, Yimin Loan held a general meeting of shareholders.

Xu Xiaoming suffered a loss once, and on the eve of Yimin's listing, he liquidated all his shares at a valuation of $2 billion. Now watching the market value of Yimin Netgold exceed 10 billion US dollars, I feel uncomfortable!

So he didn't cash out until he was killed, and he had to stay up until he went public.

Shen Beipeng is also reluctant to sell the old shares in his hand, after the listing of Yimin Netgold and Yimin Wealth, the stock price has risen very well, and so far the black shirt capital has not sold a single share.

However, with the market value of Yimin Netgold exceeding $10 billion, he couldn't sit still and felt that the time to cash out was almost ripe.

However, Yimin Loan is different, he thinks that selling it at a price of $2.1 billion is too cost-effective and does not maximize the income.

CITIC Industrial Fund and China Merchants have been taking shares in Yimin Loan for a year, and if they sell their shares now, the investment income of 40 will be steadily received.

However, they have analyzed internally that now is not the most appropriate time to sell their shares.

Domestic Internet finance entrepreneurship is becoming more and more popular day by day, precisely because we have seen the vastness and infinite prosperity of the market.

So, the two of them also decided to wait.

"Uh...... Isn't everyone willing to sell their shares?"

Zhang Yida sighed, "That's it, the 10% of the old shares are still up to me!"

Xu Xiaoming was a little reluctant and persuaded: "Yida, or you wait, we will issue new shares for all the 20% shares." ”

Zhang Yida waved his hand, "Forget it, it looks like it's about to go public, and if you dilute everyone's shares by 20%, everyone's future earnings will be damaged." ”

Shen Beipeng glanced at Zhang Yida with some suspicion, you kid have such a good heart?

Was it by chance, twice, three times, or by chance?

Shen Beipeng found that Zhang Yida had to cash out a part of his shares before each company went public, which was the case with Yimin Netfinance, and Yimin Wealth was still like this, and he also cashed out a wave at the time of IPO.

Now Yimin Loan is still copying this method, is there no confidence in the future of the industry?

He sold a 9% stake for $200 million. If this 9% stake were held up by now, it would be worth more than $1 billion.

After suffering such a big loss, you still don't repent?

Yimin Loan completed a Series C financing of nearly $500 million at a pre-investment valuation of $2.1 billion, adopting a similar approach to Yimin Netfinance, first issuing an additional 10% of the shares, and then transferring 10 old shares.

Yimin Loan Company received $233.33 million in funding, and Zhang Yida personally received the same amount of equity transfer money.

His personal shareholding in Yimin Loan decreased from 57.6% to 41.84%.

Bank of America Merrill Lynch, Goldman Sachs, and Morgan Stanley each paid $140 million to obtain a 6% stake in Yimin Loan, while Wang Jingbo's Gopher Assets paid $46.66 million to obtain a 2% stake.

"Mr. Zhang, happy cooperation!"

After signing the agreement, Wang Jingbo shook hands with Zhang Yida with a smile.

"Happy working together!"

The entry of La Gopher's assets into the game was also Zhang Yida's temporary idea, but he didn't expect the other party to really take a fancy to Yimin Loan.

Then, Zhang Yida went to talk to Robert and the three again.

"Why do you want to invest in Yimin Loan?"

Shen Beipeng walked up to Wang Jingbo and asked in a low voice.

Wang Jingbo turned his head and said with a smile: "The black shirts are so optimistic about Yimin Loan, we naturally have to follow the general trend!"

"Haha!"

Shen Beipeng said with a smile: "The general trend is that the entrepreneurial wave of Internet finance is getting higher and higher! Not counting Yimin Wealth, Yimin Loan is the third listed Internet financial platform in China." ”

"Yes," Wang Jingbo nodded, "Zhang is always a capable person, except for Yiyin Loan, the other two listed mutual finance companies are owned by him." ”

"The successive listings of Yimin Netfinance and Yiyin Loan have greatly stimulated domestic Internet financial entrepreneurs. Many companies are starting to plan for a U.S. IPO.

Next year, it is estimated that a large number of domestic mutual fund companies will be listed. ”

Wang Jingbo nodded in agreement: "Yes, this is a big outlet. As the first listed Yimin Netfinance in China, no matter how many mutual finance companies are listed in the future, its position will be unshakable.

Even if you didn't spend a penny, you got billions of dollars worth of advertising.

Now when it comes to domestic P2P, the first thing that comes to everyone's mind is always Yimin Wangjin. ”

"Not only in China, Yiminbank, a subsidiary of Yimin Netfinance, has gone out of Indonesia and opened up markets in many countries in Southeast Asia.

In the future, it is likely to become the P2P hegemon of the whole of Asia. It will even expand to other continents. ”

Wang Jingbo said with a smile: "Congratulations to Mr. Shen, for investing in a company with infinite potential." ”

Shen Beipeng said again: "I heard that Gopher Assets is not operating well, and customers complain that the rate of return is very poor?"

"Yes," Wang Jingbo looked helpless, "There are so many good companies in the world, and it is impossible to invest in good projects all the time." ”

"Yimin Netgold has a plan to issue additional funds next, is Gopher Asset interested in getting involved?"

Wang Jingbo was a little moved, but she was worried, she frowned and said: "Now that the market value has exceeded 10 billion US dollars, will there be water?"

"Fortunately, the stock price is now $49, which is almost double the issue price of $25.

The company's business fundamentals are very good, and its net profit has more than doubled compared with the same period last year. I think the stock price is still undervalued.

If you look at the ratings of various Wall Street investment banks, it is either recommended to buy or to hold.

Aren't you always complaining that you can't find a good project? ”

Wang Jingbo was a little moved, but she was not a novice, and said that she would find a professional researcher to study it when she returned to the company, and then give a reply.

Shen Beipeng stopped at the point and didn't persuade anything more.

The black shirt capital is about to get off the bus and sell directly in the open market, I am afraid that the stock price will be beaten to a miserable point.

Gopher Asset Investment Yimin Loan made him see that the former seemed to be quite interested in the mutual finance industry and was a suitable target for the offer.