At the end of the shareholders' meeting, the news of Didi's acquisition of Qingju Technology quickly spread to the outside world, causing heated discussions.

Even in the middle of the meeting, news leaked out one after another.

It was clear that some shareholders were unhappy with the meeting, but the rules are the rules.

Chen Dongcheng has the greatest right to speak, even if they are dissatisfied, they can only accept it.

Didi can't wait to announce the news to the outside world.

"We are very pleased that Didi Chuxing has signed a wholly-owned acquisition agreement with Qingju Technology.

Qingju Technology will officially join Didi and become a member of our big family.

In the future, the two companies will maintain their own independent operations, and Didi Chuxing will continue to invest in Qingju Technology.

Explore more travel scenarios, thank you for your attention from media friends......"

Journalists are more concerned about the inside story of the transaction, and some well-informed reporters know some of the inside story.

It seems that Didi got the largest shareholder before bringing Qingju Technology under its umbrella.

However, when it comes to the most critical people, even those dissatisfied investors are tight-lipped one by one.

Although they were dissatisfied with the acquisition, Chen Dongcheng gave them very good conditions.

Qingju Technology has not raised many times, except for the A round of investment, which only doubled the liquidation right.

Both Series B and Series C investors received twice the liquidation preference and 20% annual dividends.

The liquidation preference is usually useless, just an inconspicuous provision in the terms of investment.

When it comes time for the company to be sold, this rule is very crucial.

For example, several investment institutions that came in the C round of Qingju Technology invested 300 million US dollars, with 2 times the preferential liquidation right and 20% annual dividend.

Generally speaking, the later the investment institution, the earlier the priority sequence will be enjoyed when the company is sold.

Therefore, when the C round of investment institutions sell, they can get back the principal and their interests first.

After the C round of research, Qingju Technology's investment institutions intend to exercise their preferential liquidation rights, rather than converting their preferred shares into ordinary shares.

If only according to the calculation of their common shares, several institutions in Series C can only share $370 million according to the selling price.

Compared to their investment costs, they only made $70 million, which is not interesting.

But if they exercise the right of first refusal, they can get twice the liquidation amount of $300 million, which is $600 million.

In addition, there is an annual dividend of $60 million for one year.

All in all, it took less than a year for several investment institutions to enter the C round.

Not only did he get back the principal, but he also doubled his earnings.

At this point, the investors in the C round have made a lot of money, but this is not particularly satisfactory to them.

Chen Dongcheng has always adhered to the bottom line and resolutely refused to let them add a participation in the distribution clause.

The so-called participation in the distribution clause refers to the fact that these investment institutions exercise the right of preferential liquidation and get the agreed multiple principal and dividends.

They will convert their preferred shares into a percentage of their common shares, and then continue to share the residual value with other shareholders.

To put it bluntly, entrepreneurs can lose, but they must earn.

In the industry, there are many companies that are more strange than the terms signed by Qingju Technology.

For the sake of high valuations, higher financing amounts, even three or four times the liquidation multiple, they dare to promise.

When the company goes bankrupt or is merged, these investors will show their cold-blooded and ruthless side.

After the cake was divided by them, it would be good if the founder could have some scum left.

The money given by Didi first fed all the three rounds of investment institutions in ABC, and the rest was shared by Chen Dongcheng.

The investment institution in Series B chooses to be the same as Series C, after the exercise of the liquidation preference of twice as much.

took $400 million, plus an annual dividend of $80 million for two years, for a total of $480 million.

The rest of the Series A investment institutions are simple, and they will certainly not exercise the right of first refusal.

When they sign the contract, they only need to double the right of liquidation.

If you really exercise the right of first refusal, you can only take 100 million US dollars, plus 60 million annual dividends.

Without any suspense, they converted their preferred shares into common shares, and then distributed the remaining money with Chen Dongcheng and several of their founding shareholders.

If Didi hadn't swallowed Uber Huaxia not long ago, it would definitely be reluctant to acquire Qingju Technology by issuing additional shares.

Didi's equity is very valuable, which is not only clear to Chen Dongcheng, but also to others.

Series B and Series C basically take the money away, and the rest of the employee stock ownership is easier to handle.

Chen Dongcheng directly asked Li Changqing and them to come forward to negotiate.

At Didi's purchase price, the options previously issued to these employees were repurchased.

Employees are naturally satisfied with nothing to say, when many companies are acquired, the option agreement they signed at the beginning is a piece of waste paper.

In contrast, Chen Dongcheng can still respect them.

The price offered to them was also the same as Didi's purchase price, and they all signed the repurchase agreement quickly.

After getting rid of the employees, only Ding Baoshan, Zhao Yin and the two investment institutions of the A round are left.

Ding Baoshan planned to settle down and sign the repurchase agreement to transfer his equity to Chen Dongcheng.

"Tsk, a hundred million dollars, you really didn't lie to me!"

Ding Baoshan looked at the contract with a smile, and Fa Xiao's promise to him was really fulfilled.

Although there have been times in the past few years, it has been sprayed by netizens brainlessly, but it does not prevent Ding Baoshan from becoming a billionaire at all.

Chen Dongcheng smiled and patted Ding Baoshan on the shoulder: "Don't forget to pay taxes." ”

"Don't worry, I know in my heart, I won't feel distressed about the money I should spend!"

Ding Baoshan grinned and began to persuade Zhao Yin for Chen Dongcheng.

"Lao Zhao, we have also worked together for more than two years, and you have indeed contributed to Qingju Technology.

But now that everyone has decided, let's not regret it.

Now that Dongcheng wants to buy your equity, you might as well give face.

In the future, we will continue to cooperate, if you start your own business, I will definitely vote for you. ”

Zhao Yin glanced at Chen Dongcheng and hesitated for a while.

He wasn't sure whether he should ask for Didi's equity or just ask for cash.

Since Chen Dongcheng has put on a position to acquire shares, it means that he must be very optimistic about Didi's prospects.

But think about your own equity, even if it is converted into Didi's equity, there is not much.

Zhao Yin sighed: "When Chen Dong was most short of money, he lent us 50 million, I have always remembered this feeling, and this time it can be regarded as a clear relationship with Chen Dong." ”

After Zhao Yin finished speaking, he signed the contract neatly and walked out of the office.

The remaining two investment institutions can't afford to make any waves.

After they signed the contract, Chen Dongcheng sent them out of the conference room with a smile.

When everyone left, Chen Dongcheng could finally breathe a sigh of relief.

After acquiring all the shares of these people, Chen Dongcheng asked Li Changqing to contact several investment institutions in the C round.

At some cost, they bought back a portion of their shares, increasing the value of their shares to exactly $2.7 billion.

Li Changqing and they have been busy all day, and it can be said that they have worked hard for this acquisition.

"Boss, it's all done, you need to pay a total of $937 million.

All the shares issued by Didi this time will be included in your name. ”

Chen Dongcheng nodded, indicating that he knew.

This time, Didi acquired Qingju Technology, Chen Dongcheng didn't make a penny, and he had to pay 937 million US dollars.

This does not include the taxes generated by the transaction, but these will be calculated by Li Changqing and them, and finally handed over to Chen Dongcheng a total amount.

If it weren't for Tottenham's good performance last season, they provided Chen Dongcheng with more than 600 million pounds.

Where did Chen Dongcheng get the money to buy the equity of these people.

Thinking about Didi's valuation, it can at least double, Chen Dongcheng feels that his hard work is still worth it.

At the post-merger celebration reception, all the investors gathered together to talk.

Many people's eyes looked at Chen Dongcheng, especially the executives of Didi Fang, with a particularly strange expression on their faces.

They never dreamed that Didi would have something to do with Chen Dongcheng, and in this way.

"Welcome Mr. Chen back to the Didi family!"

The expression on Liu Qing's face was very frank, and as for the seat on the board of directors, it was also prepared for Chen Dongcheng this time.

At least among Didi's shareholders, Chen Dongcheng's shareholding ratio ranks second.

The ranking is second only to Uber, which has just completed its merger with Didi.

Chen Dongcheng smiled and touched his glass with Liu Qing: "Mr. Liu, I am glad to meet." ”

Right and wrong, grievances, nothing more than a matter of position.

Even now, Chen Dongcheng doesn't take Didi too seriously, Didi is just a springboard for him to accumulate wealth.

If there is a suitable opportunity, he will choose to sell Didi's stake, provided that the price satisfies him.

Didi's listing was not completed until Chen Dongcheng was reborn, and Chen Dongcheng did not have the patience to wait.

The atmosphere of the reception was very harmonious, and there was laughter and laughter everywhere.

Didi's purchase price made everyone very satisfied.

None of the investors present did not leave with good returns.

At the time of the capital winter, such a dazzling performance can be achieved.

For these fund institutions, the next batch of funds raised will be smoother.

The only people who were sought after at the cocktail party were Chen Dongcheng and Cheng Wei.

One is at the helm of Didi, and the other is the biggest winner of this deal.

"Congratulations to Mr. Chen, Mr. Chen is really visionary, and I look forward to seeing Mr. Chen on the Forbes rich list this year. ”

"Mr. Chen is in the top 50 this year, so there should be no suspense. ”

"Mr. Chen is so young, and if he waits for a few years, Lao Wang will have to be pulled off by Mr. Chen. ”

......

After so much praise, Chen Dongcheng can still remain calm and calm, so that a group of old fritters who have been in the business world for many years can't help but admire.

If they were at this age, they would have been touted by a bunch of big people, and they would have floated a long time ago.

Cheng Wei laughed and said: "Don't brag about Mr. Chen, this time we Didi are the ones who bleed, and we have paid a lot in order to acquire Qingju Technology." ”

The people present were all human spirits, and they were all noncommittal to Cheng Wei's words.

No matter how you look at Didi's acquisition of Qingju Technology now, it is a stop loss.

It seems to have spent $3.7 billion, which is a bit painful.

But to strangle a potential competitor in the cradle, which is the most important thing for Didi.

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