"Mr. Liu, I want to talk to you about the future of the bike-sharing industry today. ”

In a private club in Beijing, Zhang Yida and Liu Dahai, a partner of Happy Capital, drank tea and chatted.

"Bike sharing: the future of the industry?"

Liu Dahai was a little confused, yesterday the king of venture capital, Shen Beipeng, brought him a message: Zhang Yida wanted to ask him to meet.

Liu Dahai didn't think much about it, in his mind: he and Zhang Yida didn't know each other, and it was definitely a business-related thing for him to find himself.

The company in Zhang Yida's hands, whether it is Ruixiang, Yimin Net Finance, Huimin Travel...... All of them are fragrant!

Shen Beipeng and Xu Xiaoming, next to Zhang Yida, the God of Wealth, have made a lot of money.

Could it be that Zhang Yida wants to find himself to attract investment?

There is no need, he wants financing, and when the news is released, the threshold will be broken by venture capital institutions......

After receiving a new round of financing of $1.5 billion, Huimin Travel Group intends to integrate industry resources and reshape the industry order. ”

Zhang Yida nodded slightly, revealing the next move of Huimin Travel.

"Integrating the industry...... Do you want to buy Bymo Bicycle?" Liu Dahai exclaimed, remembering that the only place where he and Zhang Yida had anything to do was this Bymo Bicycle.

"Yes. The bike-sharing industry has entered the second half and will inevitably usher in a reshuffle.

Isn't it better to merge with Huimin Bicycle and seek common development?

Mr. Liu, what do you think?"

Zhang Yida picked up the teacup, took a sip lightly, and observed Liu Dahai's reaction.

The topic raised by Zhang Yida made Liu Dahai startled, but he quickly regained his composure and replied quietly:

"I respect the opinion of the founding team. As an investor, it's not convenient for me to say anything about this. ”

Zhang Yida didn't believe that he was not moved, how long had he been a shareholder of Baimo Bicycle?

In such a short period of time, the projects invested will pay off, which is something that many venture capital institutions can't ask for.

There are many ways to exit venture capital: IPO, share buyback by the founding team, and mergers and acquisitions.

Zhang Yida knew: Doesn't this Liu Dahai just want a memorial arch! Just set up one for him.

Looking at Liu Dahai, Zhang Yida continued: "The bike-sharing industry has now entered a state of vicious competition.

Bikes are free to ride and are free of charge. In the future, who will pay for the operation and maintenance costs of the bicycle, the remuneration of employees, and the launch of new bicycles?

Is it possible to burn VC money all the time?

It's long overdue to return to the essence of business, and if it goes on like this, everyone has to be buried together.

Mr. Liu, you have been a venture capitalist for so many years and have rich experience, and you must be able to distinguish between the good and bad business strategies.

I heard that Happy Capital invested 30 million US dollars in Baimo, which is not a small amount, and the sunk cost is too high. ”

Liu Dahai was silent, he knew what Zhang Yida said.

Happy Capital invested $30 million in Series A financing, and after dilution in Series B financing, it also holds a 22.5% stake in the company.

It's a bloody investment in this project.

After a year of development, he also saw clearly the future development direction: it will be an era of large capital investment and large capital operation.

Can Baimore become the ultimate victor? This is not a good idea, there is some hope, but there is not much hope.

The gap with Huimin Bicycle is already there, and it will get bigger and bigger.

Smoothing the gap? Catch up with Huimin Bicycle?

Let's raise 10 billion at one time!

Otherwise, Baimo then raised a round of financing of $100 million or 200 million, and Huimin backhanded another $12 billion in financing......

How to fight this battle? Shared bicycles that don't have money to play.

Now that you sell your body, you should still be able to sell it at a good price, and everyone happily takes the money and leaves.

If it's late, I'm afraid it won't be able to sell at a high price......

Sighing, Liu Dahai said, "Mr. Zhang, tell me what you think!"

When Zhang Yida heard this, his eyes lit up, and there was a door. hurriedly said: "Mr. Liu, I think so. The acquisition proceeds can be divided into two parts, one is the additional equity of Huimin Bike, and the other is cash ......"

After listening to Zhang Yida, Liu Dahai frowned slightly: "Mr. Zhang, the purchase price of 250 million US dollars is a bit low!"

With such a low price, I can't convince Fu Weiwei of them. ”

Zhang Yida glanced at him and said in his heart: 30 million US dollars in admission, which has nearly doubled in most of the year, is not satisfied.

You can't be too greedy, it's the king to accept when you see a good thing.

Zhang Yida thought about it for a while before saying: "That's it! Give Mr. Liu a face, and increase the price to 300 million US dollars." ”

Liu Dahai was about to speak, but Zhang Yida interrupted him and said: "I have a friend who said that it is better to spend half the price to defeat the opponent than to buy them."

But he is a foreigner, a foreign business society, and interests are paramount.

We Chinese are different, and we pay attention to harmony and wealth. There is no need to play this trick unless it is absolutely necessary. ”

Zhang Yida is talking about Chen Bingyao, who was reluctant to buy GoJek in his previous life, and when the reporter asked him, he replied to the reporter.

Liu Dahai thought about it, if the purchase price is 300 million, Happy Capital can hold 22.5% of the shares can be worth 67.5 million US dollars, and the return on investment is more than doubled, which is not bad.

Although this is a bit far from the tenfold and eight-fold return he wants, it is not a decent ending considering the situation is pressing. So he replied:

"I don't dare to give Mr. Zhang a ticket, I can only say that I try my best to convince the founding team. ”

"It's okay, just do your best!"

Zhang Yida said very generously.

......

"Brother Bin, Zhang Yida has gone too far, inciting other shareholders to force us. ”

Fu Weiwei came to Li Bing's office and began to complain.

"Don't worry, come, drink saliva first. ”

Li Bing poured a glass of water for Fu Weiwei and comforted with a smile.

"Can I not be in a hurry? Our backyard is on fire, and if it goes on like this, the people will not be aligned, and the team will not be able to take it.

This Zhang Yida is really despicable, and he can play any indiscriminate means.

That day, he smiled and negotiated with us, and he stabbed you in the back.

People are not big, but bad water is a stomach. ”

Fu Weiwei looked puffed up, and she kept counting Zhang Yida there.

"Shopping malls are like battlefields, and it's normal to use these methods. ”

Li Bing looked at Fu Weiwei and said in his heart: You are still too young!

"Flies don't bite eggs, and those shareholders are originally venture capitalists who only focus on commercial interests.

Now that Zhang Yida promises some benefits, he will naturally go with him!"

Li Bing has nearly 20 years of entrepreneurial experience, and he has seen a lot of venture capitalists, and he has long been surprised.

"Liu Dahai and several investors in our B round of financing have come to help Zhang Yida say good things.

Say things like "the situation is grim", "we must make a decision early", "choice is greater than effort".

In the past, when the company was doing business, I didn't see them so concerned.

Now there is an opportunity for mergers and acquisitions to exit, one more attentive than the other. ”

Fu Weiwei continued to turn on the spit mode and "sprayed" investors.

"Normal operation. How many successful exits can these small investment institutions have in a year?

If you go public, you may not be able to exit perfectly? Break, the stock price is sluggish, and there are more.

Now there is an M&A project, and they naturally grasp it tightly. ”

Li Bing is very calm, and he couldn't be clearer about the little Jiujiu of those venture capital institutions.

Fu Weiwei pursed her lips and said aggrievedly:

"But they can't collude with Zhang Yida to force our founding team?"

Li Bing smiled, shook his head and said:

"You can't say it's colluded. Actually, they are on our side.

We all have a common interest: to sell the company for a good price. ”

Fu Weiwei paused, and quickly reacted, this is indeed the reason!

Brother Li Bing is worthy of being a big man, he is so rational in analyzing problems, he is still too rookie, and he has to learn more.

Li Bing continued: "Now venture capital institutions are the middlemen between us and Huimin.

We need to make good use of it. In fact, it is good that there is a rumor in the middle, and we and Zhang Yida will not collapse, there is always a step to go down. ”

Fu Weiwei nodded, very much in agreement with these words, and said: "But this is very inefficient! Our 7-day agreement with Pang Lei will expire in two days."

In case the talks on Huimin's side collapse, Ahri's investment will also miss ......"

Li Bing's fingers tapped on the table, this problem is really tricky, if one is not handled well, Bai Mo may die without a place to be buried.

Suddenly, Li Bing thought of a good way and said, "In this way, you talk to Pang Lei." Let's just say: the shareholders of the company have a disagreement, and they need to discuss it again, so that they can give them another week of grace.

On the Huimin side, speed up the negotiations. There must be results within a week.

If you can't talk about it for a week, then you should stop thinking about it! ”

Fu Weiwei felt very embarrassed, if she finally negotiated the acquisition with Zhang Yida, wouldn't she be playing Ahri?

If you offend such a giant, it will be difficult to start a business in the future......

Li Bing saw that Fu Weiwei didn't speak, and his face was entangled, he knew that this girl had a habit of moral cleanliness, and persuaded again:

"Don't worry. What about Ahri? Their venture capital department also plays entrepreneurs like that.

If you negotiate with Zhang Yida, you ask him not to disclose the merger and acquisition news first.

Ahri's side, you politely refuse the other party.

A giant like Ahri, as long as you help him take care of his face, it won't be good.

Even if you suffer a loss, you won't spread it. ”

Fu Weiwei was entangled for a while, but nodded and agreed to Li Bing's plan.

"Brother Bing, what is our psychological price?"

Li Bing thought for a few minutes before he said: "Zhang Yida has now offered 300 million US dollars, which is 50 million higher than when he negotiated with us.

I guess it certainly doesn't hit his bottom line.

His bottom line is estimated to be between $350 million ~ $400 million.

Let's talk about it as such, and don't let go until the last minute. ”

"Okay!

Fu Weiwei nodded, she was also quite satisfied with this valuation range and could accept it.