The investment era of rebirth

"US$25 billion to US$30 billion?" Su Yu frowned slightly. "The market value is almost 200 billion. The market premium given by General Atlantic Capital is really ruthless!"

Although the benchmark market value of this company is close to 2 trillion at the peak of the market outlook, the current market valuation of 200 billion is nothing.

But at this moment, the Meituan website under the "Sankuai Online Company" has just broken out of the siege and determined its business model, and the traffic struggle in the future mobile Internet era has just begun. Can it consolidate its dominant position in the group buying field? And expand the scope of business, 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 25 billion to 30 billion US dollars, which is a bit outrageous.

You know, the Meituan website under the "Sankuai Online Company" was valued at less than 2 million US dollars in the A round of financing two and a half years ago. In two and a half years, the valuation has increased by more than 2 times. Of course... the company has grown very rapidly in the past two and a half years.

Liang Bin nodded and said: "It's really ruthless. It's nearly 30% higher than the valuation of relatively conservative domestic investment institutions. Of course... this year, so far, the first quarter operating data of 'San Kuai Online Company' is quite impressive. Yes, and there will be an increase in the traffic entrance of "mobile Internet" in the future. It can be expected that the future group buying market will expand and expand, and the development potential is still quite large. , and the reason why he is willing to lead the investment.”

"In fact, in the current primary market, there are quite premium valuations, not just 'Sankuai Online'." He Qian also said, "The current general situation is that everyone expects the arrival of the 'mobile Internet' era. It will lead to a blowout process for the Internet user group, so as long as it is a start-up Internet company or a new Internet company that has begun to take shape, the valuation will be ridiculously expensive."

"It's very common when capital floods into a field." Su Yu nodded slightly, "There is too much hot money in a field, and naturally garbage will be fired at high prices. From the investment logic, the first-level There is no essential difference between the market and the secondary market."

"The key is……"

Su Yu paused for a moment, and said, "The most important thing is for us to find real gold in the wind."

"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 analysis results of users' evaluation data after using related functions..." He Qian said, "Mr. Su, call your name. The 'San Kuai Online Company' still has great investment potential."

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

She is currently doing in-depth research on the company 'Yanjing Sankuai Online', so she has a very good understanding of its basic situation.

Just ...

She didn't expect that during her in-depth research, General Atlantic Capital suddenly got ahead of her, contacted the counterparty who was eager for financing, and quickly gave them quite favorable financing conditions and valuation levels, which caused her to quickly fall into a trap in the follow-up of this investment project. Passive.

Su Yu laughed and said, "Only after using it can you have the right to speak. I also experienced it before I suddenly discovered the future potential of this company and became interested in investing."

"If we want to participate, I think... we can no longer hesitate." He Qian continued after Su Yu responded, "According to some rumors in the industry, I heard that Hongshan Capital also intends to participate in this project, and also I heard that Ali Baba, who participated in the A-round investment of 'Sankuaisanxian', also intends to continue to increase capital and participate in this C-round financing."

"Hongshan Capital, Ari Baba!" Su Yu murmured, "They are all opponents with strong capital and very strong strength!"

"Ari Baba should be listed soon, right?" Su Yu continued after a pause.

"It should be soon!" He Qian said, "In the past year, Ali Baba has made frequent deployments in the field of 'mobile Internet'. I want to face this round of financing from 'San Kuai Online'. If the value is locked at 25 billion to 30 billion US dollars, they should not miss this opportunity, and there is a high probability that they will follow the investment.”

"If the valuation of the agreement is between 25 billion and 30 billion U.S. dollars, with our company's current capital reserves, I'm afraid it will be difficult to compete with these giants!" Liang Bin pondered for a while and said, "Compared to these big Giants, our 'Yuhang Investment' is indeed too weak, no matter the financial strength or influence, it is not enough to look at."

Su Yu thought about the cash flow currently reserved by the company and the cash flow that he could use.

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

However, he holds a real estate value of more than 7 billion yuan, and 5.35% of Kumho Group. The current market value of shares is close to 12 billion yuan. Counting the cash in hand of almost 2.6 million yuan, in the short term, it is still possible to collect 10 billion yuan in funds. It's not difficult. If the special investment fund of the company's venture capital department is counted, after deducting the 3 million funds of the 'Weir Semiconductor' investment project, the remaining 2.3 million available funds.

It is also possible to collect a total of 12 billion or 13 billion funds.

That is to say, if they don't insist on taking the leading position in the C round of financing of 'San Kuai Online' company, and can accept the valuation conditions of 30 billion US dollars, they want to get a piece of this investment project. Fat meat is not difficult, of course... If you want to directly compete with giants such as General Atlantic Capital, Red Mountain Capital, and Ali Baba, and independently win the investment project of 'San Kuai Online', it will be quite difficult.

After all, it is calculated according to the 10% equity interest that 'San Kuai Online' intends to release in the C round of financing.

If they want to take all of the 10% stake in 'Sankuai Online', they will have to pay at least US$2.5 million to US$3 million.

And this magnitude of investment...

Except for the net settlement of the 'Yuhang No. 2' fund product in advance and the withdrawal of excess investment income, Su Yu couldn't make up such a large amount of cash at all.

"Don't worry too much about the funding." Su Yu pondered for a moment, then said, "The key is that we have to find a way to get involved in this project. Mr. Huang from the 'Sankuai Online' company needs to contact Mr. Huang, and the director from the Asia-Pacific Investment Zone of General Atlantic Capital. President Du, we need to contact him too."

"Let's start from both sides, and we will both probe into each other's tone."

"If Red Mountain Capital and Ali Baba have not yet formed a joint investment relationship with General Atlantic Capital, then we have a great opportunity to get involved and replace Red Mountain Capital and Ali Baba to form a joint venture with General Atlantic Capital. Investment relationship, and invested in 'San Kuai Online'."

"Of course, if Hongshan Capital and Ali Baba have confirmed their participation..."

Su Yu thought for a while, and continued: "Then we can only use more favorable financing conditions to impress Mr. Huang of 'San Kuai Online', and squeeze out Hongshan Capital, Ali Baba, or Transatlantic. Invest in opponents."

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

"However, for the company 'San Kuai Online', which has already broken through the group buying war and has accumulated a certain reputation among the user groups, and in the expected 'mobile Internet' era in the future, the scale of users and business scale are still low. With the expected explosive growth of 'Meituan.com', it is worthwhile for us to bear certain capital cost pressure!"

"President Su is so optimistic about this 'Three Fast Online' company?" Hearing Su Yu's analysis, Liang Bin always felt that it would be risky to gamble on this project with all the company's reserve funds, and even Su Yu's current net worth. I couldn't help but ask, "The business model of 'group buying' is not particularly mature at present. No one can predict how far the 'Sankuai Online' company can go in the future in the era of 'mobile Internet' with this business model. And as an early growth company, the valuation of US$25 billion to US$30 billion is really not low.”

"Developing upward..."

Liang Bin paused for a moment, and continued: "Even if the company's business develops and everything goes well, and the market share and user volume of the national business increase both ways, then the expected space will be 4 or 5 times at most. In the case of a relatively premium price, the investment risk of buying this project... is really not small!"

"It's 4 or 5 times at most?" Su Yu heard this, smiled, and said, "The cluster effect of Internet companies is very serious. A business model, in the same field of competition, is usually a 'winner' Take it all', 'Meituan.com' under the 'Sankuai Online' company has already established a leading advantage and a first-mover advantage in the field of group buying, and then superimposed on the 'mobile Internet' era, the surge in netizen user groups, With the expected market share and user volume continuing to increase in both directions, the growth space of 4 or 5 times is quite conservative.”

"People's basic living needs, the largest four categories, are nothing more than clothing, food, housing, and transportation."

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

"It is foreseeable that with the deepening of the 'mobile Internet', the netizen user group will shift from the PC terminal to the mobile terminal. Now, once people accept this 'group-buying' model, it is unimaginable for it to develop in the huge national trillion-level field of 'catering'."

"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, then the story of 'Sankuai Online Company' is undoubtedly the most charming and vivid."

"Global Atlantic, Red Mountain Capital, Ahri Baba..."

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

"When they are all eyeing 'San Kuai Online' at the same time, it shows that there is a high probability that there is a certain investment value and investment opportunities here."

"Okay!" After Su Yu analyzed the pros and cons of this investment project, He Qian hurriedly nodded in response, "Me and Liang will always follow up on this project as soon as possible."

Seeing that Su Yu's doctrine has been decided, Liang Bin thought for a while and said, "Since we have decided to participate in this project, and we can accept the valuation conditions of 25 billion to 30 billion US dollars, then I suggest following the two terms you mentioned just now, Mr. Su. contact and negotiate at the same time.”

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

"Also, I have had several contacts with the management personnel of the 'Sankuai Online' company, so I will leave it to Mr. He to continue to follow up on the line of contact and negotiation with Mr. Huang."

"I'm in charge of contacting President Du of General Atlantic Capital to see if we can get in from his side."

"After all, the financing scale of the entire C round of 3 million U.S. dollars, considering the risk of concentrated investment, I think it is not easy for General Atlantic Capital to take it all at once, otherwise it will not be rumored in the industry that General Atlantic Capital led the investment, and a number of investment institutions jointly invested There are some rumors of investment."

"Yes!" He Qian replied.

Afterwards, she thought for a while and said, "President Su, with our company's financial strength, how much of the C-round financing of the 'San Kuai Online' company we can take up to the maximum, we still need your confirmation on this point." , so that Mr. Liang and I can formulate an accurate negotiation strategy, and at the same time, how high a market premium can we accept as much as possible?"

Su Yu pondered for a moment, then replied: "With a financing scale of 3 million US dollars, we won't be under too much pressure if we take 1 million US dollars. Of course, if there is an opportunity, we will take all the investment share of 3 million US dollars. , is also possible, so there is no limit on how much share you can eat at the maximum, you do your best, and you can talk about as much as you can."

"As for the maximum market premium that can be accepted..."

Su Yu thought for a while, and continued: "50%, I think if the C-round valuation asking price of 'San Kuai Online' is higher than this standard, basically there will be very few institutions in the domestic and foreign markets to follow suit. "

"Okay, I understand!" He Qian replied, already having an idea in her heart.

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

The next day, early in the morning.

He Qian and Liang Bin led their respective teams to different destinations in two directions, and continued to follow up and negotiate the investment project of 'San Kuai Online'.

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

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

And in the actions of the two of them...

In terms of the secondary market at this time, after the positive stimulation of the external trend and internal news, the bullish sentiment has once again revived.

And under the brewing of this emotion.

When Monday, May 5, comes, the market will usher in the moment of trading time again.

Several major market indexes continued to open slightly higher after last week's closing results were not satisfactory, and the main funds were still flowing out substantially, and the market's profit-making effect continued to slump, creating a sign of short-term prosperity.