Winning the new financial era

Chapter 287 Pre-IPO Financing

Zhang Yida stepped on a vacant piece of land in the high-tech zone of Rongcheng, and looked around the desolate land that the city government was going to sell to him.

In fact, it’s not that desolate. There is a bustling software park a few kilometers away, but the land is currently bare and looks rather barren.

The software park had been planned more than ten years ago, but there was really no vacant land that Zhang Yida was satisfied with.

He looked down on some corners and corners, and finally fell in love with this 158-acre vacant land not far from the software park.

Twelve companies including Ruixiang will build a science and technology park here, including 6 buildings and their subsidiary podium buildings, and the rest of the area will be used for greening.

Lan Lan followed Zhang Yida and said with a smile: "The land in Rongcheng is really cheap. It costs more than 200 yuan per square meter, and the 158 mu of land is only 1.3 million yuan."

Zhang Yida smiled, "That's why so many Internet companies build second headquarters in second-tier cities!

Build a science and technology park, repair a few buildings, and rent out the unused floors.

In addition to collecting rent to subsidize the household, you can also enjoy the bonus of real estate appreciation.

Real estate is so profitable, Internet companies are also very jealous! "

Lan Lan chuckled, Mr. Zhang pointed out the real reason why the Internet company built the second headquarters in these few words.

"Mr. Zhang, our science and technology park has a planned construction area of ​​20 square meters. It is fully completed and can accommodate tens of thousands of employees to work here."

Lei Dongming paused, and then said: "The total investment is about 20 billion yuan. How do you divide this investment?"

Zhang Yida looked at Fan Hongyang, Ding Siyao and others who were walking behind, and asked, "Talk about it! Rui Xiang's family, or should you share it together?"

Lan Lan said with a smile: "We Ruixiang would like to fully invest, but I'm afraid you will have opinions."

Among the twelve companies, Huayi Capital and Dogford are just going through the motions. Only Ruixiang, Yimin Wangjin, Huimin Travel and other companies have the real investment strength, and each of them can afford 20 billion yuan RMB.

"What are you talking about? What are you looking at me for?"

Zhang Yida saw that all the executives were looking at him, so he asked aloud.

"Building a science and technology park is a good business, but taking Yimin Wealth as an example, the number of employees is not large, and our main customers are concentrated in Beijing, Shanghai and Pengyang.

We may put a branch here, with dozens of employees, it's almost the same.

Brother companies such as Ruixiang, Huimin Travel, and Yimin Wangjin need to transfer more employees, so let them invest more! "

Ding Siyao's words were endorsed by senior executives of several small companies such as Petnet Lu Fenghai, Dogford Gu Bin, etc. They are still in the development stage, investing tens of millions or hundreds of millions in building buildings, which is too inefficient in the use of funds up.

Even if they approve, investors will oppose it.This money is used to subsidize users and seize the market, which is the most "correct" way to spend money.

"so!"

Zhang Yida signaled everyone to listen to his point of view, and everyone turned their attention to him, and he continued: "Ruixiang invested 51%, and the other 49% is divided, let Ruixiang have the naming rights of the science and technology park! "

The others had no objection, after all, Rui Xiang was the biggest and richest among them, and they all nodded in agreement.

After taking a look at the site with the executives, and discussing the investment ratio of each company in the science and technology park, the matter of the second headquarters in Rongcheng has come to an end.

Zhang Yida went back to Jinyu County again, and after having a meal with his parents, he was ready to return to the capital.

Guzhi County gave him another call. The Yunding Stone City, which he donated tens of millions of dollars to restore, was finally completed, and he was invited to contribute to the completion ceremony of the project.

At the ceremony, the Guzhi County praised Zhang Yida to the sky, saying a lot of things like "drinking water and remembering the source, not forgetting the original heart, and returning home".

Not only this donation project, but also the fact that Zhang Yida invested billions of dollars for the second headquarters in Rongcheng, the Guzhi County also knew about it.

For this reason, the mayor of Luo has already greatly praised him as the "number one hero", and also said that there is a suitable opportunity in the organization to give him, a capable old comrade, an additional burden.

Therefore, Guzhi County thanked Zhang Yida from the bottom of his heart, not only for the people in his hometown, but also for himself.

Zhang Yida took the stage to accept the donation certificate issued by the government of Guzhi County on behalf of him, and made another speech, and the ceremony ended smoothly.

Declining the interview from Rongcheng TV station and the banquet reception from Guzhi County, Zhang Yida rushed to the airport and returned to the capital that day.

……

Yimin Wealth Company.

conference room.

Ding Siyao received a group of blond foreigners in suits and leather shoes. They were staff members of two major investment banks, Goldman Sachs and Morgan Stanley.

Lei Dongming was also present, and Huayi Capital, which has not yet harvested an IPO project, is ready to take the ride of Yimin Wealth.

As soon as he heard that Yimin Wealth was going to open the Pre-IPO round of financing, he rushed over immediately.

"Yimin Wealth's revenue in 2014 was 2.58 million yuan, and its net profit was 7620 million yuan;

15年的营收环比增长354%，达到了11.71亿元；净利润环比增长421%，达到了3.97亿元……

At present, the basic business of Yimin Wealth includes: consignment sales of public funds in mainland China, private equity fund management, high-end insurance consignment sales in Hong Kong, overseas asset allocation, investment immigration, high-end education, family offices, etc.

At present, it has held 4 financial licenses for private equity funds in mainland China, public equity fund sales, insurance brokerage in mainland China, and insurance brokerage in Hong Kong. "

Ding Siyao wore a black lady's slim-fit suit with a straight waist, and confidently introduced the financial data and various basic businesses of Yimin Wealth to the investors present.

Robert of Goldman Sachs asked: "Ms. Ding, I think Yimin Wealth's business is mainly concentrated in mainland China, including Hong Kong insurance, which is also sold to mainland tourists.

In the future, will you consider expanding your business overseas like Yimin Wangjin did? "

"This is for sure!"

Ding Siyao smiled sweetly, and said, "At present we have an office in Hong Kong, and we will consider opening branches to Southeast Asia in the next step."

Evans of Morgan Stanley said: "Ms. Ding, I am very satisfied with Yimin Wealth's basic business data and growth rate. But I have a question?"

"Please speak!"

Evans nodded and asked: "In addition to cooperation with offline companies such as ultra-luxury car 4S stores, yacht clubs, and golf clubs, Yimin Wealth relies heavily on Ruixiang Group for online customer acquisition.

If, I mean, if Ruixiang Group stopped cooperating with you one day, will it cause serious damage to Yimin's wealth?Do you have any precautions? "

Ding Siyao frowned, the question asked by the foreigner was so paradoxical, how could Ruixiang Group and Yimin Group stop cooperation?Unless Zhang Yida is crazy.

Compared with Evans, Robert has more dealings with Chinese people, and knows that in this land, favors are more important than anything else.

He made a supplementary explanation, "Ms. Ding, what Evans means is that Yimin Wealth's customer acquisition relies heavily on Ruixiang Group.

This situation is always a relatively big hidden danger after listing, which greatly affects the investment judgment of investment institutions on Yimin Wealth.

We know that Ruixiang Group and Yimin Wealth have the same actual controller, that is Mr. Zhang Yida.

To be exposed to this hidden danger, it is best not to use verbal agreements.It would be great if Yimin Wealth could sign a five-year or even ten-year long-term cooperation agreement with Ruixiang Group. "

Ding Siyao finally knew how powerful the elites of international investment banks are. He wanted to bind Ruixiang to death and completely eliminate hidden dangers.

"This is no problem, we can come forward and sign a written long-term cooperation agreement with Ruixiang."

Ding Siyao asked again: "Are there any other questions?"

Both Robert and Evans spread their hands and said it was all right.

"Okay, then let's talk about valuation and financing share in detail."

Ding Siyao dug out the materials in duplicate, and handed one to Evans and the other to Robert.

"This is the financial statement of Noah Wealth Management in recent years. It is also a third-party wealth management institution, and our business overlaps with theirs.

At present, Noah’s price-earnings ratio is 30 times. If Yimin Wealth is based on 30 times PE, the valuation is 119.1 billion yuan, which is 18.47 billion U.S. dollars when converted into U.S. dollars. "

Evans shook his head, "After all, Noah Wealth is the leading stock in China's third-party wealth industry. It has been listed for six years, and its revenue and net profit have been growing steadily.

Therefore, they have enjoyed a certain market premium. Yimin Wealth has been established for less than 3 years, and there are still many uncertainties in the future.

If it is valued at 30 times PE, I am sure that I will be fired by my superiors when I return to the United States. "

Robert looked at the financial report of Noah Wealth, and said: "30 times PE is really too high. On Wall Street, a mature and large financial company will not exceed 10 times earnings.

I think the valuation of $18.47 billion should be multiplied by one-third, and $6.15 million is a more reasonable valuation. "

After more than two years of training, Ding Siyao has also studied for an MBA. She is no longer a rookie. She knows that these two are working together to lower the price?
She got up and turned on the projector in the meeting room, played a set of PPTs, and introduced: "We can see through this set of PPTs:

In 2015, the total global private wealth reached 158.2 trillion US dollars, a year-on-year increase of 5.3%.

Among them, the growth rate of the Asia-Pacific region leads the world, reaching 9.5%.

As a regional leader, China's private wealth market grew by 2015% in 13.

This growth rate is more than twice the global average.In regions such as the United States and Europe, where stratification is serious, the growth rate of private wealth business may be lower than 2%.

And China's growth rate may reach 3 times their, or even exceed.

The Chinese market will surely become a new engine for global wealth growth, and it contains new opportunities for the development of the wealth management industry.

So this is why Noah Wealth can obtain 30 times PE, while the price-earnings ratio of Wall Street financial companies is less than 10 times.

Goldman Sachs Gao Hua, Morgan Stanley Huaxin, I believe you are no strangers!

They were born precisely because the companies behind the two took a fancy to the super-high growth rate of China's economy and the huge wealth opportunities contained in it, so China initiated the establishment of these two joint ventures. "

Lei Dongming looked at the two foreigners who had been rendered speechless by the argument, laughed, and took the lead in applauding.

Before coming, Zhang Yida got angry with him and asked him to take care of his own people.

18.47 billion US dollars, Lei Dongming believes that the valuation is still very reasonable. With the rapid development of Yimin's wealth, the valuation may double in one or two years.

Lei Dongming didn't want to make too much money, he mainly took a ride and broke the IPO to zero.

(End of this chapter)