Winning the new financial era

Chapter 434 Liuliu Dashun
The 27 projects invested in the first phase of Ruixiang Industrial Investment Fund are all leaders in their respective segments.

The equity held by the fund has a combined value of US$29.77 billion. Compared with the initial investment of US$2.99 million, the return on investment is nearly 10 times.

But Zhang Yida knows that the value has not yet reached a high level.

Many projects have to wait until 18 or even 19 before the project truly matures and the valuation reaches its peak.

Take Bitmain as an example, No. 1 mining machine share in the world, and it has just entered the ranks of unicorns, with a valuation of US$10 billion.

Zhang Yida knows that the highest valuation of this company has reached more than 100 billion US dollars, a high of nearly 200 billion US dollars.

The projects invested in the second phase of Ruixiang Industry Fund are much inferior to those of the first phase.

Because the fund was established relatively late, the investment time is later. At this time, there are no good choices in the market, so we can only choose some mid-to-late projects to invest in.

For example: India’s TAL Byju’s, which invested at a post-money valuation of US$2 million, rose to US$8 million after receiving investment from Penguin this year.

In one year, the valuation has quadrupled, and it still looks good.

All the investors in the audience nodded repeatedly, their eyes full of approval, thinking that Ruixiang's second-phase industrial investment fund is also operating very well.

The second phase of the Industrial Investment Fund totaled US$5 million and invested in 8 Internet companies in South Korea and India.

Among them, Mobikwik, the predecessor of BBPay in India, has successfully withdrawn.

As a core subsidiary, Zhang Yida also does not allow this company to be controlled by Ruixiang Industrial Fund II.

A few months after the acquisition, the project improved, and Zhang Yida used Ruixiang's own funds to repurchase all the shares held by Ruixiang Industrial Fund II at a price of US$1.5 million.

At present, Ruixiang Industrial Fund II also holds shares in 7 Internet companies, 2 in South Korea and 5 in India.

The equity value reached 15 billion US dollars, compared with the investment of 3.95 million US dollars, the return on investment is nearly 4 times.

As for the shares of Grab, GoJek, and Sea, several Southeast Asian Internet companies, they are directly held by Ruixiang Group.

Originally, Zhang Yida planned to invest in the second-phase industrial investment fund, but found that the fund was not large enough, and Ruixiang had a little more of its own funds, so he simply let Ruixiang Group directly hold this part of the equity.

Ruixiang Phase III Industrial Investment Fund, that is, the fund with a scale of 25 billion US dollars.

The acquisition of Bilibili cost 3.005 million US dollars, launched the Cultural Renaissance Fund 1.98 million US dollars, invested 5 million US dollars in Douyin, and 1.5 million US dollars in Pater Holdings...

"Has the 5 million US dollars invested in Douvision increased to 24.048 billion US dollars?"

An investor in the audience looked at the PPT released by Zhang Yida and was surprised.

"Yes!"

Zhang Yida nodded with a smile, "It has doubled nearly five times in one year! This project alone has recovered the cost of the third phase of the fund."

Robert asked: "I see that Ruixiang Phase III Industrial Fund only holds 3.006% of Zhonghe Group's equity. So, based on this calculation, Zhonghe Group's valuation is 800 billion U.S. dollars?"

"That's right!"

Zhang Yida was very calm and didn't blush at all when he said these words.

Robert frowned. Zhonghe Group was only valued at 400 billion US dollars a few months ago. How could it double?
Thinking about the underwriter's qualifications, he felt that there was no need to get to the bottom of it, so as not to turn against Zhang Yida.

Seeing that Robert was silent, Mansour thought that the other party also recognized Zhonghe Group's valuation of US$800 billion.

I made up my mind that when Ruixiang's financing was completed, I would pay a visit to Zhonghe Group.

If appropriate, you can vote again.

Seeing the performance of the third phase of the industrial investment fund shown by Ruixiang, he now has no doubts about Zhang Yida's vision.

This Chinese must be blessed by Allah.Otherwise, how could it be possible that none of the dozens of projects invested in died?How can this be explained?So are the well-known investors in Silicon Valley!

Even Sun Zhengyi, people only remember that he voted for Yahoo and Ali, but forgot a lot of other failed projects.

Of the dozens of projects invested by Ruixiang, none of them died, and they all went through several rounds of financing, and each developed better than the other.

The investors present also recognized the equity value of these companies. Some investors asked: "How much of the equity of these companies belongs to Ruixiang Group?"

Zhang Yida pressed the controller in his hand again and turned the PPT page.

What appeared on the large electronic screen was a form that clearly recorded the equity value of each company.

"The third phase of the industry fund belongs to Ruixiang's part of the equity value of 32.5 billion U.S. dollars. In addition, it holds Xingwang Bank, Hantai Fund, Hanzhou Securities, Jincheng Xiaojin, Yi'an Insurance, Lefenqi, Sea Group, GoJek , Grab and more than a dozen companies have a total value of 17.5 billion U.S. dollars, a total of 50 billion U.S. dollars.”

It turned out to be only US$50 billion. Many investors were relieved and thought it was worth tens of billions of US dollars!
But when they think about it carefully, 50 billion US dollars is actually a lot. The actual investment of Ruixiang Group is only a few hundred million US dollars, and the rest are all earned from investment.

If these companies were all invested with their own funds, the equity value would definitely reach tens of billions of dollars.

But Zhang Yida could only think about it. At that time, Ruixiang couldn't afford so much money.

If he had waited until now, the money would have come out, but the opportunity had already been missed!
So there is no other way but to borrow other people's money to make money.

Of course, LPs like Blackshirt Capital are not losing money, and none of the projects selected by Zhang Yida are bad.

Shen Beipeng had been inquiring about the Phase IV Fund a long time ago, which shows his enthusiasm.

In fact, it is incidental to obtain investment income.

The most important thing is that through investments in South Korea, Southeast Asia, and India, Ruixiang has formed a local network of relationships.

In addition, many Internet companies that provide local life services have been attracted to invest in local e-wallets, which is also very beneficial to the promotion of mobile payment in the local area.

In fact, if there is no industrial investment fund to open the way ahead.If Mobao Pay wants to fight alone in the local area, it will be impossible to achieve the current results, and it may even be difficult to gain a foothold.

There is a very useful saying passed down from our ancestors: A strong dragon does not overwhelm a local snake!
Investors communicated for a while, and basically recognized Ruixiang's equity assets worth US$50 billion.

This thing cannot be faked, and will be reviewed again during due diligence.

Therefore, the attending investors stopped delaying and began to ask Zhang Yida about the valuation of Ruixiang's main business.

Compared with Ruixiang's mobile payment and financial technology businesses, the investment business is indeed not the main business.

"$1000 billion!"

Zhang Yida's lion's mouth really surprised the investors present.

"Mr. Zhang, how did you get this number?"

The investor who asked the question smiled, and said, "You know, last year, the financing of Anthlete Financial Services was only valued at US$600 billion."

"Ant Financial is Ant Financial, and Ruixiang is Ruixiang. We are two companies and should not be confused.

And that was all a year and a half ago. Do you know what the current valuation of Leech Financial Services is? "

The investor spread his hands, "It's the figure you mentioned, Mr. Zhang, $1000 billion?"

Zhang Yida remembers that in his previous life, Leech Financial Services completed a huge financing of US$140 billion in the middle of next year, with a post-investment valuation of US$1555 billion.

However, in this life, because of the existence of Ruixiang, the domestic market of Leech Financial Services has been eroded a lot, and it is not known whether it can achieve such brilliant achievements.

"The number of registered users of Ruixiang is no less than that of Leech Financial Services. In South Korea, Japan, and Southeast Asian markets, we even surpass Leech Financial Services."

"Mr. Zhang, you have neglected the most important market in mainland China. In terms of mobile payment, your market share is nearly 2.5 times lower than that of Leech Financial!"

"Yes, Mr. Zhang, the mainland China market is the foundation of everything, and it is also the main source of revenue and profit for Ruixiang."

……

Each investment representative expressed his own opinion.

The opinions are the same, that is, Ruixiang is not worth 1000 billion US dollars.

"If we strip off digital technology and enterprise services, our annual net profit can reach 200 billion yuan, which is 30 billion yuan when converted into US dollars.

This net profit figure is fully double that of PayPal.

PayPal only has 2 million users, and its net profit is only half of ours.

Both of them can reach a market value of nearly 1000 billion US dollars, and Ruixiang is certainly no worse than it. "

Investors shook their heads and did not agree with these words.

Some investors who spoke directly said: "PayPal can reach that market value because it is a western company with users and companies in Europe and the United States, while Sharp is not.

Mr. Zhang, if you compare the price-earnings ratios of Ali and Amazon, Qiandu and Google, you will know. "

The words are a little irritating, but the truth is what it is.

Zhang Yida had no choice but to talk about cloud services again. Although Ruixiang's cloud services lag behind Ali, Penguin, and Huawei in China, they have been catching up.

Moreover, Ahri Cloud and Penguin Cloud are both included in the listed company system.

Leech Financial Services has one less cloud service than Ruixiang!

Investors obviously don't buy it, because Rui Xiangyun is still too weak, and can only pick up some leftovers and small orders.

The big orders were taken away by Penguin and Ali, and Ruixiangyun’s market share was not even among the top five in China.

"At most, Ruixiang can only give a valuation of US$500 billion for its main business, plus the US$50 billion in equity assets, for a total of US$550 billion."

The proposal of the representative of General Atlantic Investment has been unanimously approved by other investors.

"The pre-money valuation of US$550 billion is no worse than last year's Leech Financial."

"Ruixiang's valuation was 275 billion US dollars two years ago, and now it has doubled, which is not bad!"

"Ruixiang has only been established for four years, right? It is very rare to reach a valuation of 550 billion U.S. dollars in such a short period of time."

……

Zhang Yida calmly looked at this group of investors who were pretending to be stupid and full of drama.

After Didi acquired Huimin Travel, they all shouted the slogan that the valuation exceeds 600 billion US dollars.

550 billion US dollars, isn't it even worse than a broken dick?

"According to the price-earnings ratio of 30 times, the main business part of Ruixiangguang should be valued at 900 billion U.S. dollars, plus the equity investment part. The valuation should be at least 950 billion U.S. dollars!"

Some investors refuted Zhang Yida: "It is unreasonable for Sharp to calculate net profit by divesting R&D investment.

I admit that Ruixiang's annual R&D investment is indeed a bit too exaggerated, even a bit outrageous.

Assuming that the normal R&D investment is 10 billion U.S. dollars per year, Ruixiang’s net profit is only 20 billion U.S. dollars, which is 25 billion U.S. dollars based on 500 times the price-earnings ratio. "

Mansour became a little impatient, and waved his hand and said: "Stop arguing, 30 times the price-earnings ratio, and a pre-money valuation of 600 billion U.S. dollars."

He looked at Zhang Yida again, and said with a smile, "My friend, this valuation is more sincere!"

Zhang Yida looked very embarrassed, struggled for a long time, then sighed and said, "Okay! Who told us to be friends!"

Other investors looked helplessly at Mansur, who looked like a local tyrant.

They all know Mansour, and know that he is the younger brother of the sheikh of the United Arab Emirates, the owner of Manchester City, has oil at home, and does not regard money as money at all.

A valuation of US$600 billion is not outrageous!Anyway, they were just following the vote, and after discussing it, they agreed.

In the end, Abu Dhabi Investment Authority led the investment of US$33.333 billion, and 17 other investment institutions shared the remaining US$33.333 billion.

According to the pre-investment valuation of US$600 billion, 18 investment institutions invested a total of US$66.666 billion in Ruixiang.

Sharp’s post-money valuation reached US$666.666 billion.

Zhang Yida was also very satisfied.

This is six or six Dashun, a good sign!

(End of this chapter)