Winning the new financial era

Chapter 203 Can You Cut Me Down For Me?
"Yida, we meet again!"

Ren Yu from Penguin Industrial Investment Fund greeted Zhang Yida with a smile.

"Hey, Brother Ren, please take a seat. The honored guest is coming!"

Zhang Yida thought he was just joking with Ponima, but unexpectedly, Ren Yu was actually sent here.

"Yida, Mr. Ma told you about the WeChat Jiugongge!

We came here with sincerity this time, and we will definitely give Huimin Bicycle the most favorable cooperation price. "

Ren Yu's words made Zhang Yida very suspicious. Since when did Penguin be so kind, sending warmth to poor entrepreneurs?
After Zhang Yida thought about it, there was only one possibility. Penguin saw that the market structure of shared bicycles had become clear, and he was ready to bet on Huimin bicycles with the greatest chance of winning.

Zhang Yida's guess is very close to the truth.

Before Ren Yu left, Ponima warned: "Old Ren! The pattern of shared bicycles has basically been settled, and Huimin bicycles are the most king-like.

Yong'an Xing belongs to Ali, and Didi is still fighting Uber, let alone Xiaolan Bike.

Go and talk to Zhang Yida, if the price is right, let's finalize the cooperation!
Jiugongge is also idle when he is idle, why not use it to exchange some shares.

Our shares in Huimin Travel are too small, less than 5 points.

This time, be sure to increase the stake to more than 5%.

In addition, shared bicycles are destined to become a huge traffic portal, embedded in WeChat, and can also share some traffic. "

"How favorable is it? Don't come with 5 million US dollars in 5 years. Ruixiang is still criticized by other shareholders."

After Ruixiang is connected to Penguin Jiugongge, the drainage effect is still there, but because of the large size of Ruixiang, the effect is becoming less and less obvious.

Zhang Yida finally understood that the smaller the company, the more cost-effective it is to connect to Jiugongge, and there are not many overlapping users.

"Ahem!" Ren Yu laughed dryly, and said, "Well... this time there is a discount, 2.5% off, [-] million US dollars."

"It's too expensive! We are small businesses and we can't afford such an expensive service."

Zhang Yida pretended to be indifferent, but in fact he missed this Jiugongge very much.

Maybe Yongan Xing will launch an app. At this time, Huimin Bike must cooperate with Penguin!

It's not that he's afraid of Ari, the business model of sharing bicycles is the main business model, and Yong'an Xing can't be held down.

Don't make other bicycles useless, and keep fighting with you on price, it's disgusting.

Therefore, Zhang Yida does not want to miss any cooperation that is beneficial to Huimin Bicycle.

Ren Yu thought, if you are still a small business, the valuation of Huimin Travel Group is almost 40 billion US dollars!
When Penguin first went public, its market value was not as high as your valuation.

It is rumored that Huimin's valuation exceeds US$50 billion, but Penguin, as a shareholder, knows the details. Even if Baimo is acquired, the valuation will only climb to US$38.6 billion.

Ren Yu shook his head and smiled, "It's not really asking you to pay. Jiugongge is for you to use, and Huimin can issue some additional shares."

"How much additional issuance? There are too many, and I am not sure about convincing other shareholders."

Zhang Yida does not reject the issue of additional shares, after all, the company does not need to spend real money, and the internal friction value of the company has also increased.

Although the shares have been diluted, the valuation has also gone up.

The most important thing is to use the power of penguins to quickly defeat all competitors.

"Issuing a new share of 2.5 million US dollars! In this way, the valuation of Huimin Travel will exceed 40 billion US dollars."

"If it's not 5 years, let's sign for 3 years! Newly issued 1.4 million US dollars of shares, the valuation just reached 40 billion US dollars."

Zhang Yida will not sign a cooperation agreement as long as 5 years. In fact, in one or two years, the shared bicycle market will be able to tell the winners and losers.

But if the signing is too short, Penguin will definitely not agree.

"Alright, let's make it so! Inform the other shareholders and hold a board meeting!"

After a little consideration, Ren Yu agreed to Zhang Yida's conditions, and the discount was only 1000 million US dollars, which was not too much.

Then, Huimin Travel Group held a board meeting, at which the topic of "Penguin's resource exchange for shares" was proposed.

After a brief discussion, the resolution was quickly passed.

Huimin issued an additional US$38.6 million of shares to Penguin at a pre-investment valuation of US$1.4 billion.

The latter's shareholding ratio increased from 4.33% to 7.68%, and Zhang Yida's shareholding was diluted to 35.74%.

It is announced to the outside world that Penguin has invested hundreds of millions of dollars strategically in Huimin Travel Group.

The media called out: Huimin travel has become a financing machine without emotion.

At the same time, it also put more pressure on Xiaolan Bike and Yonganxing.

Huimin Travel Group has no shortage of funds, resources, and traffic...it lacks nothing. As long as it does not make mistakes, it may not be able to catch up with others in its lifetime.

……

Pinduoduo also launched a second round of financing, and the participants were Zhang Yida’s old friends Shen Beipeng and Xu Xiaoming.

"Pinduoduo has been in operation since April, and in four months, the GMV has exceeded 4 billion yuan, and the GMV in a single month has exceeded 4 billion yuan.

According to the GMV valuation method, the P/GMV (market value/transaction flow) value of Ali and Goudong listed is 0.6.

Based on this inference, Pinduoduo’s pre-investment valuation is US$9 million…”

Zhang Yida was still introducing, but Xu Xiaoming interrupted him and said, "OK, the valuation is 9 million US dollars, right! We accept it, Yida, just say, how much do you want to raise?"

Shen Beipeng also spoke, and he said: "The angel round financing is only 2 million US dollars, which has increased several times. If you don't get in the car early, you can't do it! If you delay it, I'm afraid you won't be able to afford it."

Now Xu Xiaoming and Shen Beipeng have great trust in Zhang Yida, and they have never missed so many projects.

Now Pinduoduo is supported by transaction data, and there is basically no deviation in valuation. They are not even ready to pay back the price.

Zhang Yida added: "Just raise 1 million U.S. dollars and make up the whole, just to become a unicorn. As for the share, the two teachers can discuss it!"

"It's only 10% financing? Yida, this doesn't look like your style."

Shen Beipeng felt a little too little, so he asked jokingly.

"E-commerce is a money-burning product, and there will be at least three or four rounds of financing in the future.

Therefore, the financing share will not be released too much in each round. "

Zhang Yida knew that in his previous life, after Pinduoduo went public, Huang Xing still held more than 40% to nearly 50% of the shares.

The reason why so many shares can be retained is not only because Pinduoduo is developing fast enough and its valuation has risen fast enough, but also because Huang Xing has a certain net worth.

Of course, the biggest reason is that Huang Xing has a good grasp of the fire, and each round of financing is just right.

This is just right, which means that the share released in each round of financing is just right, neither too much nor too little.More will weaken the founder's shares, and less will affect the speed of enterprise development.

Seeing Zhang Yida's resolute attitude, Shen Beipeng didn't try to persuade him much. He turned to look at Xu Xiaoming, and said with a smile, "Old Xu, it's still the old rules, two to eight points."

Xu Xiaoming poked his head like a rattle, and said, "No, you take advantage of me every time. This time, let me do it once. I'll be eight and you two."

"Hey, I heard that the first phase of the fund has been raised, is this rich?"

Shen Beipeng joked that he is different from Xu Xiaoming. Blackshirt Capital is headquartered in the United States. He has been engaged in venture capital since the 70s.

The Zhenke Fund is different, which is equivalent to Xu Xiaoming starting his own business.

In the early days, Xu Xiaoming, in addition to his own and Wang Qiang's investment, also invested with a few friends who were entrepreneurs.

Their money is not small compared to ordinary people.But in the venture capital industry, it is just a drop in the ocean.

In addition, Blackshirt Capital is also the LP of Zhenke Fund, and has invested a lot of money in the latter.

"That's right, I'm rich now. I'm not going to follow you as a younger brother. This time I want to be a big brother."

Xu Xiaoming is "shaking" now. He used to vote for Chen Ou, and he could brag to others for a long time.

Now that Zhang Yida has been voted on, he can't finish blowing for three days and three nights!

With the performance-supported Zhenke Fund, financing is getting smoother.Xu Xiaoming's hands are getting more and more generous.

I have invested in angel investments before, with hundreds of thousands and millions of dollars.When encountering tens of millions or hundreds of millions of big projects, he would wear a black shirt, and Zhenke alone couldn't afford it.

The purpose of doing so is also for the investment logic of diversifying investment and risk diversification.

But it’s different now. The “rich” Xu Xiaoming even dares to invest in big projects alone.

Shen Beipeng waved his hand and said, "Okay, okay! This time, I'll give you 40% of the sixty-four points, let's go to the head office!"

"Okay, that's what you said! Haha!"

Xu Xiaoming originally only planned to flirt, but he didn't expect that Shen Beipeng was really willing to release more shares to himself.Hastily nodded in agreement.

Blackshirt Capital led the investment of US$6000 million, Zhenke Fund followed up with US$4000 million, and a total of US$1 million in Series A financing was negotiated.

The shares of Pinduoduo were changed to:
Zhang Yida: 77.76%
Option pool: 8.64%
Sun Yutong: 3.6%
Blackshirt Capital: 6%
Zhenke Fund: 4%
It's better to be familiar than to be a stranger. The cooperation between Shen Beipeng and Xu Xiaoming and Zhang Yida has always been quite pleasant.

Therefore, whenever Zhang Yida has financing for a new project, he is always the first to call the two of them.

Another example is the financing of Pinduoduo. Both parties know the basics. When Zhang Yida mentioned the valuation of 9 million US dollars, the other party did not even pay back the price.

The communication cost is very low, and the work efficiency is very high. The A round of financing was finalized very quickly.

After obtaining the A round of financing, Pinduoduo continued to spend money on marketing and promotion.

In addition to providing a batch of shopping coupons for friends such as Ruixiang, Huimin Bicycle, Yimin Wangjin, etc., the other is to continue to adhere to the strategy of "competing factories".

Create high-quality and cheap explosive products, and attract users through explosive products.

Then, according to the active status of each user, the corresponding shopping vouchers are issued to promote activation.

In addition to group shopping, Pinduoduo has launched a "bargaining game".

Users can share shopping pages to major social software, invite multiple friends to bargain for themselves, and receive free pots and pans, paper towels, laundry detergent...

Although some users are disgusted with this marketing model, they like it more.

After all, you can buy things for free by moving your fingers and mobilizing some interpersonal relationships.

For a while, WeChat and other social platforms were turned into a mess, and the whole network was attracted by various hot spots and crazy promotion models.

Someone jokingly posted: "Are you there? Can you give me a knife?

This sentence can be called the touchstone of friendship.A kindergarten classmate whom I hadn't contacted for many years suddenly added me on WeChat, and the first thing he said was this. "

There is also a "dog head" emoji at the end of the sentence.

Someone also commented: "What are you doing? My ex-girlfriend who broke up with me for three years suddenly asked me "Are you there?"

I thought she wanted to get back together with me, and was trying to reject her with something without hurting her self-esteem.

Before I finished thinking about it, she sent me a Pinduoduo link and said: Can you cut me a knife?

Damn, my brain was congested at that time.I replied to her: Please be a human being! "

(End of this chapter)