Winning the new financial era

Chapter 390 Who Is The Loser

According to Didi’s 65% cash plus 35% equity replacement plan, Zhang Yida’s 30.57% equity will be sold in exchange for US$18.342 billion.

Among them, cash is 11.9223 billion US dollars, and Didi equity is 6.4197 million US dollars.

If this script is followed, Zhang Yida can get a 1.15% stake in Didi.

This amount of equity may not seem like much, but considering that Didi’s valuation will reach 560 billion U.S. dollars after the acquisition of Huimin Travel, the real value is quite high.

But Zhang Yida gave up Didi's equity and chose to sell the equity to Softbank and Ruixiang Industrial Investment Fund.

Among them, Ruixiang won 2.6% at a price of 0.46 million US dollars, plus the 5% obtained by exchanging Huimin Travel’s 0.54% equity for Didi’s equity, the total shareholding in Didi is just 1%.

Softbank acquired the other 0.69% of Didi’s equity held by Zhang Yida, at a total cost of US$3.8197 million.

Therefore, Zhang Yida finally received a total of 18.342 billion US dollars in cash.

Interestingly, many large investment institutions, including Softbank, chose to replace all the equity in Huimin Travel with Didi equity.

For this reason, they also started a transaction with the minority shareholders of Huimin Travel.

That is to say, they use 65% of the cash received to buy Didi shares held by other shareholders.

Didi has always been a pig on the wind, and there is no shortage of investors to pursue it.

But Didi has developed to the present, with a volume of more than 500 billion U.S. dollars. When financing, in addition to looking at the price comparison, it also depends on the background and energy of the investment institution.

See if these backgrounds and energies can bring greater development opportunities to Didi, such as internationalization and so on.

Therefore, general small and medium-sized investment institutions are excluded from Didi's financing gate at this time.

And the only chance for them to invest in Didi and have a relationship with Didi is this merger and acquisition of Huimin Travel.

Most investment institutions hold the converted Didi equity tightly in their hands and will not sell it at all.

There are not many "fools" who are willing to sell their shares. Apart from Zhang Yida, there are only two institutions, Huayi Capital and Zhenke Fund.

Huayi Capital was instructed by Zhang Yida to do this.

Zhenke Fund chose to cash out the full amount because Xu Xiaoming felt that Didi's valuation was too high. Even if he had the opportunity to become a billionaire in the future, the rate of return would not be very high.

With this skill, it is better to use more money to make some small angel investments.

For example, finding the next Zhang Yida, the next Chen Ou, the rate of return is much higher than this.

Large investment institutions such as Blackshirt Capital and CITIC Industrial Investment Fund are themselves shareholders of Didi, and they are still very optimistic about Didi.

They chose to continue to stud Didi, and they were greedy for Didi's equity.

The valuation of this round of share swap is 560 billion U.S. dollars, and the next round of financing may be 800 billion or 1000 billion.

However, there are not many Didi shares that flow privately among the shareholders of Huimin Travel, and most of them have been bought by Ruixiang Industrial Investment Fund and Softbank.

Ruixiang Industrial Investment Fund increased its stake in Didi because Zhang Yida wanted to maintain the relationship between Ruixiang and Didi.

If it weren't for the lack of funds, Zhang Yida wanted to increase his holdings to 2% or 3%.

But right now, I can only want to take 1% of the shares and barely maintain a sense of existence.

The most distressing thing is the three institutional shareholders who cashed out some time ago.

Didi is okay, anyway, the successful acquisition of Huimin Travel is a profit for them.

It is nothing to be calculated by Softbank.

On the contrary, Softbank contributed a lot in this merger and acquisition, and Softbank was basically the bridge between the two sides in the negotiations.

However, Zhu Xiaohu from Jinshahe Venture Capital and Zhang Ying from Jingwei Global are both regretful.

In the A+ round of financing, the two institutions each invested 5000 million US dollars, and obtained 6.25% of Huimin Travel's equity based on a post-investment valuation of 8 million US dollars.

After dilution later, it still holds 4.38% of the shares.

These shares were sold to Softbank at a price of US$30 million by their two institutions at a valuation of US$1.314 billion.

After the sale, both of them felt that the rate of return was not as high as expected.

But in fact, it’s not too bad. The key is that the exit time is short, only two years, and the annual rate of return is 80%.

As for Huimin travel, the two of them have analyzed that the profit problem is difficult to solve.

With the passage of time, it is very likely that it will not be able to raise funds, and companies such as Ruixiang, Zhonghe Group, and Ruixin Group will take turns to provide it with blood transfusions.

For Zhang Yida's industries, Huimin travel has a very good drainage effect, and its strategic position is very high, so it is impossible to be abandoned.

But if the venture capital continued to play like this, they were completely locked in.

So after Softbank offered a price of 30 billion US dollars, the two agreed after a little trial and error.

At that time, they still thought that Softbank had a lot of money. After investing in Yahoo and Ali, they slowly started to drift away.

But looking at it now, I have to admire Softbank's capital integration capabilities.

I and others were completely played and applauded by others. If I jumped off the car for another month at night, I could earn an extra 1.3 million US dollars in return.

But there is no regret medicine in the world, so they can only be willing to admit defeat.

The investment institution behind the two, as a shareholder of Didi, was also invited to attend the merger signing ceremony.

Looking at Zhang Yida and Chen Wei who were signing various contracts on the stage, Zhu Xiaohu muttered, "Why do I feel that Didi lost money?"

"Hehe, capital pays the bill, no one is a loser."

Zhang Ying chuckled, he thought Zhu Xiaohu hadn't figured out how he was tricked by Softbank.

It is normal to make complaints about the lack of thought.

In fact, it was Didi's acquisition of Huimin Travel that caused the embarrassment of the two.

If there is no such incident, maybe in two years, they will still have a good reputation of "foresight and successful escape from the top".

But now, things have begun to spread in the investment circle on a small scale.

Softbank bosses use wisdom and skill to integrate the travel field, and their two institutions have become negative teaching materials to set off others.

The peers laughed at them for their short-sightedness, and the well-informed clients said that they would not renew their contracts with the two agencies when they expired.

There are too many troubles, and Zhang Ying can't be happy.

Softbank has indeed made a good move, first acquiring the equity of Huimin Travel, and then persuading the shareholders and management of the two companies to agree to the merger.

In fact, there were some small episodes at Didi's shareholder meeting.

Ari firmly disagrees with the acquisition of Huimin Travel, mainly because of the series of subsidiary conditions, which can be regarded as a serious violation of the interests of Leech Financial Services in Didi.

Penguin and financial investment shareholders support the merger.

Penguin was very happy to come in and share the leech cake.Because Rui Xiang didn't come to eat, the big head was eaten by the leech Jinfu.

Ruixiang came in to eat the cake, and Penguin, as an important shareholder of Ruixiang, can also share one or two of the profits.

Secondly, it can weaken the energy of the Ahri system.

The confrontation between Penguin and Ali is not a simple confrontation between the two companies, but a confrontation between the two camps of the Internet.

This kind of confrontation is protracted, and the winner will not be decided all at once.

The successful listing of Mobao Pay on Didi can also be regarded as a victory in a small battle.

As long as there are a few more such small battles, the balance of victory and defeat may be tilted towards the penguin.

Financial investment shareholders want to see Didi become stronger, and since they have not paid the company, they have nothing to do with them, so naturally they will not support Ali.

The meeting was deadlocked for a while, and Softbank became the final decisive force. They tended to merge Huimin Travel.

Because most of the acquisition funds come from Softbank, once Softbank opened its mouth, the situation changed.

All shareholders welcome and look forward to the US$55 billion financing that SoftBank is about to lead.

Because the completion of this round of financing means that Didi will climb to a new level, and even have the opportunity to launch an impact on Qiandu.

Chen Wei is also very close to Softbank's investors. He used to embrace Penguin and Ali's thighs, but now he has changed to a richer one.

Chen Wei is greedy for the $1000 billion fund size of the SoftBank Vision Fund.

In terms of giving money, Ari and Penguin are not as happy as Softbank.

"Zhang Yida is definitely not a loser. He has cashed out 18 billion US dollars in cash, and Jack Ma has never been so happy to take Ali's equity."

Zhu Xiaohu watched the signing ceremony in the audience, while making comments.

"Chen Wei is not a loser either. After the acquisition of Huimin Travel, Didi will climb to a new height, and his career will also rise to a new height.

As for his equity being diluted, it doesn't matter.The dilution is not much, and he himself does not even hold 3% of the shares.

For people like them, corporate influence and assets that can be controlled and influenced are the most important.

Among the four domestic RDMT giants, Didi is temporarily ahead. "

"Now there is Zhonghe Group, the five small giants of RDMTZ. Ruixiang is not bad. It has never stopped in terms of international expansion, and it is not inferior to Leech Financial Services.

It’s just that Ruixiang has not raised funds for a long time, and the outside world has no way to judge its valuation.

Therefore, the outside world's fair valuation of it has remained at 2015 billion US dollars in 275, and it is hard to say that it has doubled now. "

Following Zhu Xiaohu's words, Zhang Ying also raised his own point of view.

"Well, Ruixiang's strength is indeed unfathomable, and he has become the most important opponent of Leech Financial Services.

Whether at home or abroad, I heard that the two companies are fighting in India and Southeast Asia..."

Zhu Xiaohu told Zhang Ying what he saw and heard when he visited Southeast Asia and India some time ago.

"Zhonghe Group, I think it's a little bit worse. It can't be called the title of the five small giants. Before the merger, the two companies were only billions of dollars in size."

Zhang Ying shook his head and said: "You are wrong, I found that everyone underestimated the potential of Zhonghe Group, especially the software called Musical.ly, which is not only popular in Europe and America, but also in Asia.

Unknowingly, its business map has almost covered most countries and regions in the world..."

Zhu Xiaohu said "hmm" and looked at Xue Cunhe who was sitting in the first row.

He said to Zhang Ying: "I think Softbank's investment is too aggressive. If there is something wrong with Didi in the future, or it will not be profitable like Huimin Travel.

Maybe Softbank is about to suffer a big somersault! "

Zhang Ying was stunned, and said with a smile: "Why did Didi have a problem, you are worrying too much. As for not being able to make a profit, I don't think so.

Once the market is semi-monopolized, the subsidy can be cancelled.What Didi wants to do is a travel platform, through gathering traffic, and then extending to other fields.

For example, finance, unmanned driving..."

The two people in the audience commented on Zhang Yida and Chen Wei, while Zhang and Chen on the stage signed the contract, exchanged documents with each other, and finally shook hands and took a photo together.

The ceremony ended here, and Huimin Travel was officially sold to Didi.

Before the signing ceremony was completed, the invited media released articles related to "Didi's Acquisition of Huimin Travel".

The news of this fire directly appeared on Weibo's hot search No. 1, and countless people who eat melons began to speculate on the motives and details of the transaction.

(End of this chapter)