Winning the new financial era

Chapter 206 Family Office

"Although the volume of Ruimin Wealth Management is only 80% of that of Yimin Wangjin, its business growth rate is more than 20% faster than that of Yimin Wangjin.

The market value of Yimin Wangjin is currently US$55 billion, and Ruimin Financial Management estimates it at US$50 billion, which is not too much! "

Wei Meng, senior investment manager of DCM Capital, said with a smile: "Mr. Zhang, you are joking again. Based on your valuation method, venture capital companies may not be able to continue."

Zhang Yida smiled, but didn't answer.He naturally knew that Ruimin Financial Management estimated that it was less than 50 billion US dollars, and the reason for throwing this price out was to test the other party's investment intentions.

Wei Meng was Fang Yuhan's former colleague, and the two had some friendship. Today, Fang Yuhan invited her to participate in Ruimin Financial Management's A round of financing.

Just because he didn't know Wei Meng well, Zhang Yida didn't plan to waste time, and tried to test him out first.

Relying on Huimin Bicycle, Ruimin Financial Management has developed very rapidly. It is estimated that it will surpass Yimin Wangjin in a short time.

Therefore, the A-round financing of Ruimin Financial Management is different from ordinary start-up companies, and the financing scale will be much larger.

When the scale of financing is large, it is easy to have differences.Zhang Yida hated wasting time on arguing.

Everyone has a good time, and if they can reach an agreement, they can talk, and if they can't agree, they don't waste each other's time and energy.

Fang Yuhan said to Wei Meng: "Mengmeng, tell me your quotation!"

"The development of Ruimin Financial Management depends too much on Huimin Bicycle. I read your cooperation contract, and 75% of the operating profit is distributed to Huimin Bicycle.

Ruimin Wealth Management estimates that its net profit in 15 will be at most 2 million yuan, based on 20 times PE, and a pre-investment valuation of 40 billion yuan.

Mr. Zhang, how are you doing?If it fits, we can finalize it now. "

Wei Meng is not a good stubble, and soon found out the flaws of Ruimin Financial Management, that is, the business is too dependent on Huimin bicycles, and the net profit margin is also very low.

Zhang Yida also knew the "cause and effect relationship" and adjusted too much profit to Huimin Bicycle, and the valuation of Ruimin Wealth Management was pulled down.

"The net profit is low, mainly because Ruimin Wealth Management has not done direct sales business. We are now involved in small and micro enterprise loans.

After the asset side is established, the net profit margin can be improved. "

Zhang Yida tried to refute that the valuation of 40 billion yuan, in his opinion, was still too low, far below his expectations.

"But the current situation is that Ruimin's asset side has not yet been established.

Therefore, our DCM can only give this quotation.

I hope Mr. Zhang can understand! "

"Okay! Let's do this today! Let's discuss it internally."

Zhang Yida asked Fang Yuhan to see off the guests, and sat in the office by himself and began to think.

"Yuhan, don't send it off, I'll go downstairs by myself!"

At the elevator door, Wei Meng said to Fang Yuhan.

"Okay, let's have dinner together another day. You have worked hard today."

Fang Yuhan nodded and said apologetically.She knew Zhang Yida very well, so this stake was basically a scam.

"It's okay. Disagreement is inevitable." Wei Meng showed no concern, and said:

"Let's be honest! In the contract you signed with Huimin Bicycle, the transfer of benefits is too obvious.

Even if I reach an investment intention with you, I may not be sure to convince the investment committee. "

Fang Yuhan was a little embarrassed. It was Zhang Yida's special request to adjust the profit to Huimin Bicycle. Now that it was exposed, it was really embarrassing.Quickly said:
"Mengmeng, listen to me. In fact, apart from this, Ruimin Financial Management is still very good in other situations, such as user activity and business growth..."

"Yeah, I understand. The elevator is here, let's go first."

Wei Meng waved to Fang Yuhan, turned around and entered the elevator.

"Mr. Zhang, we signed an "unequal treaty" with Huimin Bicycle! Now the valuation and financing have been greatly affected. What should we do?"

After seeing off Wei Meng, Fang Yuhan returned to the office, and kept sighing next to Zhang Yida.

"Hey, it's okay, it's okay! What a big deal!"

Zhang Yida thought of a good way, and said, "Let's do this! I'll ask Yimin Wangjin to invest in Ruimin Wealth Management."

"What about the valuation?" Fang Yuhan asked.

"Based on the pre-investment valuation of US$9 million! Invest US$1 million in Ruimin Financial Management."

Including the 8 million US dollars raised from the listing, Yimin Wangjin has more than 10 billion US dollars in cash in its account.

With so much money, there is no place to spend it, so investing in Ruimin Financial Management is not without investment logic. This is called the layout of the upstream and downstream industrial chains.

Of course, the US SEC is not vegetarian.Zhang Yida didn't dare to act recklessly, and valued Ruimin Financial Management too high.

It was related financing in the first place, and if it went too far, it might be sued by institutional investors.

Ruimin Financial Management was hatched from the earliest Yimin Financial Management. Apart from Zhang Yida, Fan Hongyang and Ding Siyao, Zhenke Fund and Heishan Capital also have shares in it.

After the financing is completed, the shares are changed to:

Zhang Yida: 64.8%
Fan Hongyang: 4.05%
Ding Siyao: 4.05%
Option pool: 8.1%
Blackshirt Capital: 7.2%
Zhenke Fund: 1.8%
Yimin Wangjin: 10%
Because Zhang Yida holds 47.51% of the shares of Yimin Wangjin, which is equivalent to indirectly holding 4.751% of Ruimin Financial Management. Counting the 64.8% of the direct shares, the total shareholding is close to 70%.

At the same time, Ruimin Wealth Management has also become the fifth unicorn in Zhang Yida's industries: after Ruixiang Jinke, Huimin Chuxing, Yimin Wangjin, and Pinduoduo.

Douvision is not considered a unicorn because it has not conducted public financing.

……

"Congratulations to Mr. Zhang! There is another unicorn under the flag."

Zhang Yida glanced at Ding Siyao and said:
"You are also a shareholder, do I have to congratulate you too!"

Ding Siyao laughed, and said, "Okay! It's rare to see you flattering, so hurry up and take a look."

"Congratulations to Mr. Ding, your net worth has increased by another 4000 million knives, and you are one step closer to the dream of a billionaire."

"A billionaire rich woman, haha, she's still far behind."

"It's not far away. When Yimin Wealth, Yimin Loan, and Ruimin Wealth Management are all listed, it will be almost there."

As an entrepreneurial veteran, Ding Siyao has shares in several other "Yimin" companies, except that Huinongdai's shares were replaced by Yimin Wealth's shares.

"Mr. Zhang, who will be the next one to go public?"

Ding Siyao asked.

Zhang Yida knew that she was asking about companies from the Yimin Department, and said, "Both you and Yimindai are fully profitable. Get ready to go public next year!"

Ding Siyao smiled wryly, and said, "Then we may be delayed. The profit margin of the wealth management industry is not as high as that of the lending industry."

Zhang Yida asked, "Is there hope for a net profit of 2 million yuan this year?"

Ding Siyao thought for a while and said, "If you work hard, there should be hope."

Zhang Yida frowned a little. With this net profit, based on 30 times PE, the market value was only 60 billion yuan, and he had just touched the unicorn threshold.

Zhang Yida is not satisfied with this size, he continued: "You look for one or two peers in the wealth management industry, and make a wave of mergers and acquisitions before going public to increase profits."

Ding Siyao shook her head, not approving Zhang Yida's proposal, she explained: "The wealth management industry is a mixed bag, and it's not easy to find clean assets.

With this free time, we might as well do more business layout. "

"What layout?" Zhang Yida asked.

Ding Siyao said slowly: "Yimin Wealth currently has multiple business lines such as fund sales, high-end insurance brokerage, overseas asset allocation, and high-end education.

But these businesses are not particularly high-end!
I want to start a "family office" business! "

"Family office? The national conditions are different, so it's not easy to carry out business!"

Zhang Yida knew that this family office was basically dedicated to serving billionaires and tens of billionaires.

The family office originated from the big "Domus" (family director) in ancient Rome and the big "Domo" (chief steward) in the Middle Ages.

In 1882, John D. Rockefeller established the first family office in modern times.

Starting from the consideration of wealthy families, family offices provide various professional management consulting and operational services, including: lawyers, certified public accountants, investment management, stock brokers, insurance agents, banks, and independent trust entities.

The role of family "assistant" has also been taken up by the family office. Services such as planning the education of family offspring, considering family security, charitable arrangements, and estate planning also belong to the scope of family office services.

A private bank can manage your net worth of $100 million; but a family office can manage your net worth of more than $[-] million.

Private banks have now become the main financial institutions for wealthy people in the mainland, but they cannot provide perfect services. In Europe and the United States, family offices are the best choice for the rich and super rich.

"It's okay. I've found a business breakthrough!"

Ding Siyao looked confident.

"You mean, you have already found a client?"

The threshold for a family office is US$1 million in net assets, and Yimin Wealth has been developing for two years. Zhang Yida also thinks it is quite normal to have three or five such clients.

"Yes, we have found a client." Ding Siyao kept looking at Zhang Yida.

Zhang Yida felt that his gaze was strange, and said, "You are not talking about me!"

Ding Siyao nodded and said with a smile: "You are the chairman, of course you lead by example!

You are a super rich man yourself, if you do the case, it should be easy to open up the market. "

Zhang Yida was dumbfounded, shook his head quickly, and said, "No way. I'm not even married yet! This is all about family property planning, and wealth is passed on."

"Mr. Zhang, listen to me first. Your career is getting bigger and bigger now, and you really need a "housekeeping team" to help you.

Think about it, if you are taken down, will Lin Zhenyang and Fan Hongyang follow suit?
Your partners alone can basically support the basic business of my family office. "

Zhang Yida felt that Ding Siyao had changed a lot, she was still a simple girl before.

Now that I am a CEO and have an MBA, I have learned how to kill.

"let me consider it!"

Ding Siyao was not at all surprised by Zhang Yida's reaction.

It is really not that easy to make a decision to hand over tens of billions of dollars of assets to others.

　A little Calvin.another chapter tomorrow

　　
　
(End of this chapter)