"$2.5 billion to $3 billion?" Su Yu frowned slightly, "The market value is almost 20 billion, and the market premium given by General Atlantic Capital is really ruthless!" ”

Although the market value of this company is close to 2 trillion at the peak of the future market, the current market valuation of 20 billion is nothing.

However, at this moment, the Meituan website under the 'Sankuai Online Company' has just broken out of the encirclement, determined the business model, and the traffic fight in the future mobile Internet era has just begun, whether it can consolidate its dominant position in the field of group buying, expand its business scope, harvest more user traffic, and finally walk out of the road to profitability, everything is still unknown.

At this time, General Atlantic Capital dared to give a valuation of $2.5 billion to $3 billion, which is really outrageous.

You must know that the Meituan website under the "Sankuai Online Company" was valued at less than $200 million in the A round of financing two and a half years ago, and the valuation has increased by more than 10 times in two and a half years, of course...... In the past two and a half years, the company's development scale has been very rapid.

Liang Bin nodded and said: "It's really ruthless, it's nearly 30% higher than the valuation of relatively conservative investment institutions in China, of course...... This year, so far, the first quarter operating data of 'Sankuai Online Company' is still quite eye-catching, and there is also the increase in the traffic entrance of 'mobile Internet' in the follow-up, it can be expected that the future group buying market will expand more and more, and the development potential is still quite large, I think this is also the reason why General Atlantic Capital is willing to lead the investment even if it is at a large premium. ”

"In fact, in the current primary market, there are quite premium valuations, and there are not only 'three fast online companies'." He Qian also said, "The current general situation is that everyone expects that the arrival of the 'mobile Internet' era will usher in a blowout process for Internet user groups, so as long as it is a start-up network company and an emerging Internet company that has begun to take shape, the valuation is ridiculously expensive." ”

"It's very common when capital rushes into a field." Su Yu bowed slightly, "There is too much hot money in a field, and natural garbage will also be fired at a high price, from this investment logic, there is no essential difference between the primary market and the secondary market." ”

】

"The key is ......"

Su Yu paused and said, "The most important thing is that we have to find real gold in the tuyere." ”

"According to the results of our several surveys, as well as the prospect analysis of the entire domestic group buying market, as well as the evaluation data of users after using relevant functions, etc., the analysis results of various aspects......," He Qian said, "Mr. Su, the 'three fast online company' you named still has great investment potential." ”

When Liang Bin contacted and followed up the investment project of 'Weir Semiconductor'.

She is already conducting in-depth research on the company 'Yanjing Sankuai Online', so she still knows its basic situation very well.

It is......

She did not expect that during her in-depth research, General Atlantic Capital suddenly took the lead, contacted the other party who was eager to raise funds, and quickly gave quite favorable financing conditions and valuation levels, causing her to quickly fall into passivity in the follow-up of this investment project.

Su Yu said with a smile: "I have the right to speak only if I have used it, and I have also experienced it, so I suddenly discovered the future potential of this company and started to invest." ”

"If we're going to get involved, I want to...... We can't hesitate any longer. After Su Yu responded, He Qian continued, "According to some rumors in the industry, I heard that Hongshan Capital is also interested in participating in this project, and I also heard that Ahri Baba, who has participated in the 'three fast and three lines' A round of investment, also intends to continue to increase capital and participate in this C round of financing." ”

"Red Mountain Capital, Ahri Baba!" Su Yu muttered in a low voice and said, "They are all opponents with strong capital and very strong strength!" ”

"Ahri Baba should be on the market soon, right?" After a pause, Su Yu continued.

"It should be soon!" He Qian said, "In the past year, Ahri Baba's layout in the field of 'mobile Internet' has been quite frequent, and I think in the face of this round of financing of 'Sankuai Online', if the final agreement valuation is locked at 2.5 billion to 3 billion US dollars, they should not let go of this opportunity, and there is a high probability that they will still follow the investment." ”

"If the valuation of the agreement is between 2.5 billion and 3 billion US dollars, with our company's current capital reserves, I am afraid it will be difficult to compete with these giants!" Liang Bin pondered for a while and said, "Compared with these giants, our 'Yuhang Investment' is indeed too weak, whether it is financial strength or influence, it is not enough." ”

Su Yu thought about the cash flow of the current company's reserves, as well as the cash flow that he could use.

Compared with the investment methods of several giants with hundreds of millions of dollars, it is really not enough.

However, he holds more than 700 million real estate value, as well as 5.35% of Kumho Group, the current market value of nearly 12 billion shares, counting almost 260 million cash in his hand, in the short term, it is not difficult to make up 1 billion funds, if you count the company's venture capital department special investment fund, after deducting the 300 million funds of the 'Weir Semiconductor' investment project, the remaining 230 million available funds.

It is also possible to raise a total of 1.2 billion or 1.3 billion yuan.

In other words, if they don't have to occupy the lead position in the C round of financing of the 'Sankuai Online' company, and can accept the valuation conditions of 3 billion US dollars, it is not difficult to get a piece of fat in this investment project, of course...... If you want to directly compete with giants such as General Atlantic Capital, Red Mountain Capital, and Ahri Baba, it will be quite difficult to independently eat this round of investment projects of 'Three Fast Online'.

After all, according to the 10% equity of the shares that 'Sankuai Online' intends to release in the C round of financing.

If they want to win all 10% of the shares of 'Sankuai Online', they will have to pay at least $250 million to $300 million.

And the investment of this magnitude ......

In addition to settling the net value of the 'Yuhang No. 2' fund product in advance and withdrawing excess investment income, Su Yu could not make up such a large amount of cash.

"Don't worry too much about the funds." Su Yu pondered for a moment and said, "The key is that we have to find a way to cut into this project, and Mr. Huang of the 'Three Fast Online' company should be contacted, and Mr. Du of the Asia-Pacific Investment Area of General Atlantic Capital should also be contacted." ”

"Let's start on both sides, and we both probe each other's tone."

"If Redhill Capital and Ahri Baba have not yet formed a consistent co-investment relationship with General Atlantic Capital, then we have a great opportunity to participate in it, replace Redmountain Capital and Ahri Baba, form a joint investment relationship with General Atlantic Capital, and invest in the 'Three Fast Online'."

"Of course, if Redhill Capital and Ahri Baba have already confirmed their involvement ......"

Su Yu thought for a while and continued: "Then we can only impress Mr. Huang of the 'Three Fast Online' with more favorable financing terms, and squeeze out the joint investment opponents of Hongshan Capital and Ahri Baba, or Transatlantic." ”

"However, if things develop like this, we will definitely have more pressure on the cost of capital."

"But for the company 'Sankuai Online', for the 'Meituan', which has already fought its way out of the encirclement in the group buying war, has accumulated a certain reputation among the user group, and is expected to grow explosively in the future era of 'mobile Internet', the scale of users and business scale is expected to grow explosively, and it is still worth it for us to bear a certain pressure on capital costs!"

"Mr. Su is so optimistic about this 'three fast online' company?" Hearing Su Yu's analysis, Liang Bin always felt that all the company's reserve funds, and even all of Su Yu's current net worth, gambling on this project was not a small risk, and couldn't help asking, "The business model of 'group buying' is not particularly mature at present, and the 'Sankuai Online' company relies on this business model, and no one can predict how far it can go in the future in the era of 'mobile Internet', and as an early growth company, the valuation of $2.5 billion to $3 billion is really not low." ”

"Developing ...... upwards"

Liang Bin paused and continued: "Even if the company's business development goes smoothly, and the market share and user volume of the national business are increasing in both directions, the expected space will be 4 or 5 times at most...... It's not small! ”

"At most, 4 or 5 times?" Su Yu heard this, smiled, and said, "The cluster effect of Internet companies is very serious, a business model, the same competitive field, is usually 'winner takes all', 'Meituan' under the 'three fast online' company has determined the leading edge in the field of group buying, as well as the first-mover advantage, and then superimposed the" mobile Internet "era, the explosion of netizen user groups, in the case of the expected market share and user volume continue to increase in both directions, 4 or 5 times the growth space, which is quite conservative." ”

"The four largest categories of people's basic living needs are only clothing, food, shelter and transportation."

"And group buying is using Internet thinking to change people's traditional way of 'eating'."

"It is foreseeable that when the follow-up with the deepening of the 'mobile Internet', the netizen user group will shift from the PC end to the mobile terminal, and at the same time, with the full popularization of smartphones and 4G networks, in the case of the explosive growth of the netizen user group, once people accept this 'group buying' model, then in the huge field of 'catering' in the national trillion-level field, its development space is unimaginable."

"If we say that the 'mobile Internet' is under the wave."

"If the vast majority of start-ups and growing companies in the industry are telling stories, there is no doubt that the story of 'Sankuai Online Company' is the most charming and vivid."

"Transatlantic, Redhill Capital, Ahri Baba ......"

"These are well-known investment institutions in the primary market at home and abroad."

"When they are all eyeing the 'three fast online' at the same time, it shows that there is a high probability that there is a certain investment value and investment opportunity here."

"Good!" After Su Yu analyzed the advantages and disadvantages of this investment project, He Qian hurriedly nodded and responded, "Liang and I will follow up on this project as soon as possible." ”

Liang Bin saw that Su Yu's doctrine had been decided, thought about it, and said: "Since we have decided to participate in this project, and we can accept the valuation conditions of 2.5 billion to 3 billion US dollars, then I suggest that we contact and negotiate at the same time according to the two aspects you said just now. ”

"Since Mr. He has been following up on this project for almost a month."

"And there have been several contacts with the management of the 'Sankuai Online' company, so the line of contact and negotiation with Mr. Huang will be handed over to Mr. He to continue to follow up."

"I'm in charge of contacting General Manager Du of General Atlantic Capital to see if I can cut in from him."

"After all, the entire C round of financing of 300 million US dollars, considering the risk of concentrated investment, I think it is not easy for General Atlantic Capital to eat it in one bite, otherwise there will be some rumors in the industry that it will be led by General Atlantic Capital and jointly invested by multiple investment institutions."

"Yes!" He Qian responded.

Subsequently, she thought about it and said: "Mr. Su, with the financial strength of our company, we can eat the maximum share of the 'three fast online' company's C round of financing, this point, you still need to give an accurate word, so that Mr. Liang and I can accurately formulate a negotiation strategy, at the same time, we can maximize how high the market premium can we accept?" ”

Su Yu pondered for a moment and replied: "With a financing scale of 300 million US dollars, we will not have too much pressure to eat 100 million, of course, if there is an opportunity, we can eat all the investment shares of 300 million US dollars, so there is no limit on the question of how much share you can eat to the maximum, you do your best to talk about as much as you can." ”

"As for the maximum market premium ...... acceptable"

Su Yu thought for a while and continued: "50%, I think that once the asking price of the C round of valuation of 'Sankuai Online' is higher than this standard, there will be few institutions in the domestic and foreign markets to follow. ”

"Okay, I see!" He Qian responded, already having an idea in her heart.

Next, the three of them talked about some small project investment and follow-up situations that the venture capital department has contacted recently, and then they dispersed.

The next day, early in the morning.

He Qian and Liang Bin each led the team, belonging to two directions, and rushed to different destinations to continue to follow up and negotiate the investment project of 'Three Fast Online'.

According to the previous agreement, one of the two went north and the other went south.

He Qian went straight to Yanjing to interview Mr. Huang from 'Three Fast Online', and Liang Bin went south to Hong Kong City to interview Mr. Du, the head of Asia-Pacific investment at 'General Atlantic Capital'.

And in the two of them acting separately......

At this time, in the secondary market, after the positive stimulation of external trends and internal news, the bullish sentiment has once again revived.

And under this mood brewing.

When Monday, May 26 arrived, the market was back in the moment of trading time.

Several major indices in the market continued to open slightly higher in the case of last week's closing results were not ideal, and the main funds were still flowing out sharply, and the market money-making effect continued to be sluggish, creating a sign of short-term prosperity.