Winning the new financial era

Chapter 213 Ten Billion Credit Grant
"Brothers, what's the matter? Why do you look listless!"

In the office of Yimin Loan Central Plains Branch, the business director Qi Xiaoming asked several subordinates beside him with a smile.

"Hey, Brother Ming, don't mention it, I'm getting bored to death recently.

Another training school has been lost. "

An employee of Yimindai complained to Qi Xiaoming.

"Missed again? Brother, do you still eat this month? How many orders have you lost!"

Qi Xiaoming shook his head again and again, the decline in performance is too severe, and his team commission for this month may be greatly affected.

"Brother Ming, I don't want to be lost! But Qiandu Youmo spends more rebates than us, and those training schools have cooperated with them."

The subordinate glanced at Qi Xiaoming and said very unconvinced.In his view, this is a crime other than war, and the responsibility is not his own.

Qi Xiaoming rubbed his forehead, it's not easy!If the performance continues to decline like this, I am afraid that my position will not be stable, so I turned my head to the other employees and asked, "What's your situation?"

"We are similar, too many companies have popped up on the market recently.

Cooperating merchants have learned to be smart now, and they have to compare interest rates and cooperation commissions.

Whichever one has the lowest interest rate and the highest commission, we will cooperate with it. "

"That's right! Travel agencies, decoration companies, and training schools are always a group of colleagues.

Brother Ming, report it to your superiors!If we don't adjust the policy, this work will not be able to be carried out. "

Hearing the complaints from his subordinates, Qi Xiaoming remained silent.

"Okay, let's all go to work! I see, I'll report to Mr. Yang right away."

Qi Xiaoming thought about it for a long time, and felt that he still couldn't sit still and had to report it to the provincial general manager.

"Bang bang" knocked on the door, Yang Pengfei put down his phone and said, "Please come in!"

Qi Xiaoming pushed the door open, and said with a smile, "Mr. Yang!"

"Oh, Xiao Qi is here! Sit down, I'm looking for you."

Yang Pengfei was very kind and waved for Qi Xiaoming to sit down and chat.

After Qi Xiaoming sat down, Yang Pengfei straightened his body, with a straight face, and said solemnly:
"Xiao Qi, I value you very much. I was the one who promoted you to be a supervisor in spite of all the arguments.

Look at your performance this month, is this how you repay me? "

Yang Pengfei's tone became more serious as he spoke, and Qi Xiaoming felt a little restless, and said with a bitter face: "Mr. Yang, don't be angry. There is also a reason for the poor performance this month."

"Let me tell you, when young people do things, don't always think about evading responsibility.

It is inevitable to encounter some difficulties when doing work.Faced with difficulties, we must find a way to overcome it.

Find the reason more from yourself, don't always blame this or that. "

Yang Pengfei tried his best to talk to him in a pleasant manner. Although he was over 40 years old, he knew young people very well.

Knowing that the post-90s employees are not easy to take care of this year, and there are omissions in the work of the employees, he tries his best to focus on gentle education.

Those born in the 90s have a bad temper, and if they feel a little bit wronged, they might have to resign.

If the employee turnover rate is too high, it will greatly affect the performance of the branch company, and it will also affect its own year-end bonus and management options.

For Qi Xiaoming, he still values ​​it very much. He is young, only in his early twenties, but he is indeed a good hand in business.

Except for the poor performance this month, it has firmly occupied the top sales position in the past few months.

For generals like his subordinates, he still holds them in high regard.asked again:

"Then tell me, why?"

Qi Xiaoming then told Yang Pengfei about the experiences of several of his employees.

After hearing this, Yang Pengfei frowned and muttered to himself, "You have also encountered this situation."

"Who else met?" Qi Xiaoming subconsciously asked.

Yang Pengfei glanced at him, thought for a while, and said to him: "In addition to our Central Plains Province, I also chatted with several other provincial presidents, and they also encountered malicious competition."

"Uh... so what should I do? Do you want to report it to the headquarters? If this continues, all the customers will run out."

Yang Pengfei waved his hand and said, "Okay, don't worry about it. Naturally, I will reflect on it.

Go ahead and get busy!During this difficult time, let's get over it first. "

Chen Shaojie, the CEO of Yimindai, has almost turned gray with worry.

The company's performance has stagnated, and even declined, and the general managers of branches all over the country are complaining to him.

It is said that encountering malicious competition requires the headquarters to tilt resources and increase some subsidies.

After Yimindai was spun off from Yimin Financial Services Group, it has never raised funds.

Although it has entered a state of profitability, the profitability is not high, and at the same time, expansion must be taken into account.

When it comes to subsidy wars, Chen Shaojie is really overwhelmed.

In desperation, Chen Shaojie turned to Zhang Yida for help.

"You said Qiandu, Ctrip is increasing the subsidy for consumption installments?"

Zhang Yida's worries turned out to be a reality, and these local tyrants sacrificed the most commonly used artifact in the Internet industry - user subsidies.

"In addition to subsidizing users such as interest-free and interest-reduced rates, they also increase commission rebates for cooperative merchants.

This approach is to exchange strategic losses for the market. "

Chen Shaojie was rather resentful. These big companies bullied people because of their wealth.

Zhang Yida didn't speak, he was thinking, how long will this subsidy war last?Should Yimindai follow up?If you follow up, who pays for it?

Chen Shaojie didn't interrupt Zhang Yida's thinking, but kept silently looking at the ground, waiting for Zhang Yida's reply.

"What do you think? Stick to scenario installment or cash loan without consumption scenario?"

Zhang Yida was going to test Chen Shaojie to see his understanding of business.

"In the short term, cash loans are definitely the most profitable. But in the long run, considering regulatory policies, I think we have to move closer to the scene in stages, so that the foundation will be more solid and the business will be more compliant."

Chen Shaojie was very accurate in judging the direction of the future, Zhang Yida nodded repeatedly.

Scenario installment is a loan with consumption scenarios and specific uses, such as: education installment, travel installment, decoration installment, rental installment, medical beauty installment...

The characteristics of cash loan are: no scenario support, no designated purpose, no customer group restriction, and no mortgage.

Among the online loans in the previous life, cash loans were the most mixed and regulated.

"Well. Since you have a clear understanding, I won't say much.

Since they are going to fight the subsidy war, we have to bite the bullet and take the fight.

Start a funding round! "

Zhang Yida also said helplessly, wouldn't it be good for everyone to make money together happily?

Relying on two stinky money, he insisted on muddying the water.

Since I don't want to make my life easier, then everyone should not think about it.

Zhang Yida judged that the subsidy war will not become the norm.

These shit stirrers are just high-profile when they enter the market. After a while, when the losses are serious, they will be much more honest.

Yimindai is to resist their three axes, and it will be fine if it survives.

It's not that they deliberately targeted Yimindai, they targeted the entire consumer installment industry.

……

“益民贷14年度的营收是9700万元，净利润是2250万元；15年度前三季度营收是16.8亿元，净利润是2.8亿元。

Compared with 14, the net profit margin has declined.

This is so for two reasons.First, we have been setting up branches in various places this year to expand more consumption installment scenarios;

The second is that the cost of funds is too high. The cost of funds wholesaled by Ruimin Wealth Management to Yimindai is 15%.

However, the situation will improve next year.We have already expanded many consumption installment scenarios, and the pace of expansion will slow down.

In terms of capital cooperation, bank funds and trust funds have been gradually introduced, and ABS bonds will be issued in the future.The cost of capital will drop from 15% to 7%-8%, or even lower..."

In the office of Yimindai, Chen Shaojie is introducing the business of Yimindai to several investors present.

"Mr. Zhang, China Merchants is very optimistic about the fundamentals of Yimindai.

When the valuation is reasonable, we are very willing to buy a share. "

A certain leader of the China Merchants Bureau turned to look at Zhang Yida and said with a smile on his face.

Now more and more state-owned enterprises and central enterprises have established investment departments or investment funds, all of which are embracing the Internet era.

It's not easy for China Merchants to catch a rare profitable Internet company, and they won't miss it easily.

"Mr. Zhang, what is the valuation of Yimin Loan? Please quote a price, and our CITIC Industrial Investment Fund is also very interested in investing."

The person in charge of the investment department of CITIC Industrial Fund also jumped out to express his opinion. He had heard about the big four banks buying shares in Ruixiang.

CITIC is just a joint-stock bank, not as rich and powerful as the big four banks, but there is no problem in investing in Yimindai, which is much smaller in size.

"Yimindai will continue to cooperate with China Merchants Bank and CITIC in the future.

I will also give the two a preferential price, based on 30 times PE, the pre-investment valuation is 112 billion yuan, equivalent to 18 billion US dollars. "

"Mr. Zhang, wait a moment, we will ask for instructions."

People from CITIC Industrial Fund and China Merchants left the office and called for instructions, and they came back soon.

"Mr. Zhang, we reported it to the superiors. They think that 30 times PE is too high. If it is 20 times PE, we can sign the contract now."

Said the investment director of CITIC Industrial Investment Fund.

Seeing that Zhang Yida frowned and said nothing, he added: "If Mr. Zhang agrees to this condition, China CITIC Bank can grant 50 billion yuan in credit to Yimin Loan.

However, Yimindai still needs to pay a certain risk deposit or pledge shares. "

"The same is true for China Merchants. China Merchants Bank can grant 50 billion credits to Yimindai."

The person in charge of the investment department of China Merchants also looked at Zhang Yida with a smile on his face.

Zhang Yida thought about it for a moment, then agreed.

With the 100 billion credit line from the two major banks, Yimindai's capital cost will be reduced by half, and its profitability will be greatly improved.

The two major investors have calculated this correctly, so they have the confidence to bargain with themselves.

Of course, this is also a win-win solution.The two major banks have more lending channels, and Yimindai has also obtained cheaper funds.

The pre-money valuation of US$18 billion was what Zhang Yida yelled, so he didn't expect him to agree to it outright.

In addition, if you don't hold on to these two thighs, when financial regulation comes in two or three years, no one will want Yimindai's valuation cut to the instep.

After a series of due diligence, Yimindai received a strategic investment of US$20 million from two major investors based on a PE of 12 times and a pre-investment valuation of US$3 billion.

CITIC Industrial Investment Fund and China Merchants each invested US$1.5 million, bringing the post-investment valuation of Yimindai to US$15 billion.

Shares are also changed:

Zhang Yida: 57.6%
Option pool: 7.2%
Fan Hongyang: 3.6%
Ding Siyao: 3.6%
Blackshirt Capital: 6.4%
Zhenke Fund: 1.6%
CITIC Industrial Investment Fund: 10%
China Merchants: 10%
(End of this chapter)