Winning the new financial era

Chapter 396
"Split Ruimin Financial Management?"

Zhang Yida rubbed his hair and cursed with a smile: "Who came up with this? It's quite accurate to see the question.

But he is destined to regret it. The valuation after the division is so low. I don’t know how to invest by myself, so why should I ask them? "

After a pause, Zhang Yida continued, "If you don't accept a valuation of US$30 billion, how much can they accept?"

"Ruimin Wealth Management was compared with Paiphoudai. The volume of matching loans is twice that of others, but the net profit margin is only one-sixth of others.

Last year, Paipaidai’s revenue was 12.09 billion and its net profit was 5.02 million; Ruixin Group’s revenue last year was 50.7 billion and its net profit was 3.55 million. "

Speaking of this, a trace of regret flashed in Fang Yuhan's heart. It would be great if all the funds raised over 500 billion last year were released from their own assets.

The company's revenue may have exceeded 100 billion, and its net profit is at least [-] to [-] million.

But it's not easy for her to comment on what Mr. Zhang has decided.

"So, they don't approve of Ruimin Wealth Management's valuation of US$28 billion, and think that it is at most at the same level as Paishdai's valuation.

According to them, the valuation of Paipaidai is currently around US$10 billion to US$12 billion.

This estimate, I think, is on the low side. "

"It must be low!"

Zhang Yida took up the conversation and said, “Miaofenqi’s revenue and net profit are slightly higher than Paipaodai’s, but its valuation is at least US$30 billion.

Don't listen to their nonsense, it's time for the last round of financing when Paipaidai is valued at US$10 billion.

At that time, it was 15 years, and it has been two years, and the valuation has already risen.

Compared with Miaofen, the current true valuation of Paipaidai should be around US$25 billion.

Paipaidai and Miaofenqi are the two major cash loan brands in China, and their net profit margins are both terribly high, above 40%. "

Zhang Yida shook his head with emotion, "None of the three companies, Yimin Wangjin, Yimindai, and Ruimin Wealth Management, has a net profit margin comparable to theirs."

"Their interest has already trampled on the 36% legal red line, and it's just a side ball, which is not worthy of praise."

Fang Yuhan smiled and said: "Our overdue rate and bad debt rate are better controlled than theirs!
In addition, user stickiness is also higher than them.The investment period of Ruimin Wealth Management clients is mostly within 6-24 months.

The general P2P platform customer investment period is only 1-3 months! "

"Yes," Zhang Yida agreed, "We are also grateful for the credit endorsement provided by Huimin Bicycle. People see Huimin Bicycle in the streets and alleys, and feel that investing in our platform is more practical.

After all, there is an industry there, giving people a sense of strength. "

"Miaofen installments, clapping loans and the like, the loan period is very short, most of them are 1-3 months;
However, Xinglongdai is different from Yimin Wangjin. Most of the targets posted on the platform are medium and long-term loans of 6-36 months.

From this point, we can also see the difference and gap between us and them.

Short-term loan customers, what can you do with a loan for a month or two?It must have been used to eat, drink and have fun with the money.

For medium and long-term loan users, most of them use it for business turnover, house decoration, etc., and the purpose is more reasonable.

Most of the customers of their two companies are young people in their twenties with a sense of early consumption, but many of them do not have stable jobs and stable cash flow.

Our clients, on the other hand, are mainly young and middle-aged people in their 40s and [-]s. Those who have a family and money have a relatively strong control over their consumption desires, and their bad debt rate is much better controlled than theirs. "

Zhang Yida still agrees with Fang Yuhan's words, and he has thoroughly analyzed the differences between Ruimin Financial Management, Miaofenqi, and Pashoudai.

"Mr. Zhang, I didn't believe all the predictions you made before. But now that I see the popularity and chaos of domestic consumer finance, I begin to believe it."

Fang Yuhan said very seriously, "If this goes on like this, there is a possibility that the bad debts of platforms such as Pashoudai and Miaofenqi will suddenly explode.

It doesn't matter if they die, but don't spread the risk to the entire industry and implicate the peers. "

Zhang Yida nodded secretly. It seems that Fang Yuhan's observation skills are still very meticulous. When everyone is advocating Internet finance, she gradually noticed something wrong.

But it is a pity that many colleagues have killed many people, but these two have survived relying on their early accumulation, and they are living a very nourishing life.

"Ruixin Group's valuation must be at least 27 billion US dollars, and we will not let go of this bottom line.

Let me ask Lanlan, representing Ruixiang Industrial Investment Fund, to join in the fun! "

After finishing the order, Zhang Yida called Lan Lan again and asked her to participate in the B-round financing of Ruixin Group.

Lan Lan's arrival caused several investment institutions to panic.

What does it mean?Looking for a support?

Lan Lan noticed the reaction of other investors, and explained with a smile: "For the market of corporate credit investigation and corporate finance, Ruixiang has been planning and cooperating with Ruixin Group.

Take Mung Bean Credit as an example. It has been cooperating with Ruixin Group on big data analysis to jointly build a full credit map covering domestic B-end enterprises and C-end users. "

Other investors didn't believe that things were so simple. It was a coincidence that Lan Lan appeared when the negotiations were deadlocked.

"Mr. Lan, you are really in a hurry!"

Long Yu's words made Lan Lan frown slightly, she concealed her emotions very well, and smiled lightly, "Mr. Long was joking, I just got the financing news from Ruixin Group.

On the way here, I was still a little worried, but don't let the day lily be cold.Looking at it now, it's not too late. "

Long Yu was a little displeased, isn't this a joke about their inefficiency?
But she is not a stupid woman who can climb to the current position.

There is no need to make enemies for yourself with a little verbal dispute.

Instead of continuing to provoke Lan Lan, she turned her attention to Fang Yuhan, "Boss Fang, let's continue the negotiation!"

"it is good!"

Fang Yuhan briefly told the investors present what Zhang Yida had said to her.

“Miaofenqi is valued at US$30 billion, and Paishdai is valued at US$25 billion.

Apart from a slightly lower net profit margin, Ruixin Group's data in other aspects are not inferior to them at all.

The net profit margin has already been explained before, so I won't repeat it here.

By sacrificing part of the profits, we got a stable source of funds and assets with zero bad debts.

This is much safer than beheading and violent collection on some platforms.

Therefore, the pre-money valuation of US$30 billion is fair and has factual basis and reference. "

Long Yu shook his head, "If Mr. Fang continues to insist on a pre-money valuation of US$30 billion, then Bertelsmann Asia can only say sorry and we have to withdraw."

Long Yu's other two allies also spoke out one after another.

Mi Qun said with a serious expression, "It's really too high. Apart from the P2P volume, I haven't seen any other outstanding achievements of Ruixin Group."

"Yes," Zheng Wei nodded in support, "30 billion US dollars is not a small amount, such a high valuation, but if there are no strong results to support it, LP can't explain it.

Taking Ruixin Group's current annual profit data of US$5000 million as a reference, the price-earnings ratio has reached 60 times. "

"Good projects are scarce resources, and naturally the price is higher. Ruixin Group's goal is to become the largest domestic enterprise credit platform, the largest domestic corporate financial platform...the first domestic P2P platform.

If these corporate visions can be realized one by one, shareholders can also reap satisfactory returns. "

Lan Lan said with a smile: "What about the financing scale?"

"3 million US dollars!" Fang Yuhan said lightly.

"The investment can be led by Ruixiang Industrial Investment Fund, or it can be a solo investment."

The faces of Long Yu and the others were not very good-looking, and they really came to act as trustees.

But giving up at this point did not achieve their desired goal.

Yimin Wangjin has a market value of tens of billions of dollars, Yimindai will be listed soon, and Paishoudai and Miaofenqi also have their own listing plans.

All these news are well known to them.

The sweet fruit of internet finance is ripe and ready to be picked.

Lan Lan didn't care how they reacted, anyway, Ruixiang was determined to participate in this round of financing.

Enterprise credit investigation is a subdivision of finance, and Ruixiang has never settled.

For Ruixin Group, it cannot be let go no matter what.

"30 billion is indeed too high, I think $20 billion is more reasonable."

Just now he was extremely strong, Long Yu, who clamored to withdraw, let go of his mouth all of a sudden, and raised his valuation by hundreds of millions.

Fang Yuhan is very satisfied with Long Yu's reaction, it seems that Bertelsmann is still reluctant to give up investing in Ruixin Group.

She also slowly went around in circles. Anyway, with the support of Ruixiang Industry Fund, she is not afraid that she will not find an investor.

After negotiating for several days, Bertelsmann and other three-party investment institutions finally compromised and agreed to the conditions of Ruixin Group's pre-investment valuation of US$30 billion.

This valuation is much higher than Zhang Yida's bottom line of $27 billion.

However, Ruixin Group has a revenue of more than 50 billion yuan and a net profit of more than 3 million yuan. This valuation is not outrageous.

The specific allocation of financing shares will be led by Sharp to invest US$1.5 million, and Bertelsmann Asia, Lightspeed China, and Northern Light Venture Capital will each follow up with US$5000 million.

The B round of financing totaled 3 million U.S. dollars, and the post-investment valuation of Ruixin Group rose to 33 billion U.S. dollars.

张益达持股比例从63.66%下降到57.87%；益民网金持股比例从9.82%下降到8.93%；锐向产业投资基金获得4.55%股份。

Counting direct holdings and indirect holdings through two other companies, Zhang Yida's total shareholding ratio reached 62.2%.

At the same time, Liu Chao also gave a reply.

Agreed to sell the company to Ruixin Group at a price of 4 million yuan. The specific transaction plan, he chose "70% cash + 30% equity."

That is to say, Ruixin Group paid 2.8 million in cash, plus an additional equity purchase worth 1.2 million yuan to acquire Tianyancha.

2017年3月的人民币兑美元汇率是6.887比1，睿信集团33亿美元估值换算成人民币就是227.3亿。

The additional issuance of 1.2 million yuan of equity is only 0.525% of the share.

Liu Chao holds about 60% of the shares of Tianyancha. Through this merger, he received nearly 1.7 million yuan in cash, plus 0.315% of the shares of Ruixin Group.

Zhang Yida’s equity was diluted again, and his personal Cayman company’s shareholding dropped by 57.87 percentage points from 0.3% to 57.57%, and the equity of other shareholders was also diluted in this proportion.

"Senior Brother Liu, we will be a family from now on, get close to each other, and don't see outsiders in everything."

After the acquisition of Tianyancha, Zhang Yida continued to appoint Liu Chao as the CEO of the subsidiary Tianyancha, and also served as the vice president of Ruixin Group, which can be regarded as reuse.

Liu Chao, who was free of wealth, was full of happiness. He said with a smile: "Junior Zhang, don't worry, I will definitely be as meticulous as before in the work of Tianyancha, and I will not slack off in any way."

Speaking of this, he frowned, looking hesitant to speak.

"Senior Brother Liu, I just said not to meet outsiders, just say what you have to say!"

Liu Chao nodded, "I think Ruixin Group can contact the National Small and Medium Enterprise Development Fund.

After learning that we were about to be acquired by Ruixin Group, they were very disappointed, and asked me to ask Ruixin Group if they would accept investment? "

"Oh," Zhang Yida nodded and agreed after thinking for a while, "I can accept the investment."

How could he miss this opportunity to hug his thigh.

This fund is a parent fund established by the Ministry of Finance, with a total of four sub-funds and a total management scale of 195 billion yuan.

It was Zhang Yida who heard that this fund mainly invests in growing small and medium-sized enterprises at the seed stage and start-up stage.

The current size of Ruixin Group may embarrass them.

　Thanks to book friend 160612185034994 for the reward

　　
　
(End of this chapter)