Winning the new financial era

Chapter 557 Clearance Dealing with Unicorns

Ruixiang was the first to launch the facial recognition payment device "Eagle", which really caught Ali and Penguin by surprise.

The development of these two products is almost completed, but they have not yet been officially launched.

Stimulated by Sharp, the two giants also adjusted the product launch time in unison.

The market share of mobile payment has maintained a market structure of 40% for Alipay, 30% for WeChat Pay, and 20% for Mobao Pay in the past year.

The three companies have divided up more than 90% of the domestic mobile payment market, while the rest of the payment companies only have a few points of market share.

Regarding this situation, Ruixiang and the other two giants also maintained a tacit understanding, and did not rashly engage in a subsidy war, and still focused on making money.

Nets Union was established last year, which is a unified clearing platform for online payments led by the central bank.

In the past, third-party payment institutions were directly connected to banks, and "customer reserve funds" also existed in various banks, and interest was also regarded as hidden income by third-party payment institutions.

Now there is an extra network union in the middle, and the central bank requires that the payment institution should deposit the customer's reserve fund in a certain proportion to the designated institution's special deposit account, and the funds in this account will not be calculated and paid for interest.

Last year, the 20% reserve was required to be turned over for the first time, and this year it has been required to gradually increase the deposit ratio on a monthly basis, and 2019% centralized deposit will be achieved by January 1.

This is all right, I have worked hard to subsidize the market for many years, I thought I could harvest it, but my dream was shattered.

As a result, Alipay and WeChat Pay began to charge a 0.1% handling fee, both for cash withdrawal and credit card repayment.

Ruixiang originally wanted to hold out for a while, so as to attract some users.

After persisting for two months, I found that users have become accustomed to using their usual payment methods.

So I stopped holding on and started charging a 0.1% handling fee.

This is the current situation in the payment market. It has been stalemate for a long time, and no one can do anything about it.

If there is no technology or model subversion, this pattern should be in place for a long time.

"Swiping face payment" looks a bit like trying to subvert the existing payment pattern, Erma is naturally very vigilant.

Regardless of whether it can be done or not, at least it cannot fall behind Ruixiang.

Just when Ruixiang began to spread machines all over the country through large and small service providers, the programmers of the two giant companies complained incessantly. Usually 996 is fine, but now 007 has come.

There are often some store owners on DouTV who shoot short videos to show off their face-swiping payment devices.

While promoting the eagle, it also increased the anxiety of Ahri and Penguin.

In fact, Zhang Yida didn’t have high expectations for facial recognition payment, and it’s impossible for this to become a nuclear bomb like the “WeChat red envelope” that wiped out Ali’s ten-year effort in a week.

Ruixiang ran first this time, but it could not grab much market share from the other two giants.

The main issues are "usage habits" and "popularity".

……

Bitmain’s B round of financing was completed very quickly, and a round of financing of US$140 million was quickly finalized at a pre-investment valuation of US$5.6 billion, with a post-investment valuation of as high as US$145.6 billion.

The investment institutions who heard the news all sighed and got in the car one step late.

This is also a star start-up company in the past two years, and its valuation was only US$10 billion a year ago.

A year later, the valuation has doubled by nearly 15 times.

The reason for such earth-shaking changes is that the world's number one mining machine manufacturer caught up with the fiery currency market last year.

Bitmain is equivalent to a merchant who sells water on the gold rush road. No matter how the currency circle fluctuates, the mining machine is sold for money.

17年的营收是25亿美元，净利润12.5亿美元；18年第一季度营收是18.7亿美元，净利润11.4亿美元。

Even Zhang Yida felt ashamed after reading this financial report, it was simply a money printing machine.

After completing this round of financing, Bitmain will submit a prospectus to the Hong Kong Stock Exchange, which is expected to be officially listed at the end of this year or early next year.

The outside world predicts that the IPO fundraising will reach 180 billion US dollars, and the company's market value will be 400-500 billion US dollars.

This is also the reason why many investment institutions regret it. Why is it too late to invest in such a good company?

Fortunately, Zhang Yida posted a hero post, expressing his intention to transfer his 13.55% stake in Bitmain.

The first reaction from the outside world was that Ruixiang’s capital chain was broken.

Otherwise, how do you explain that you have transferred the shares of such an awesome company?

And Bitmain is going to be listed soon, can't we wait another quarter?
Although there is a lot of discussion, the outside world gives various interpretations.

But Zhang Yida didn't waver at all, he had to transfer the shares.

From the bottom of my heart, the reason why I invested $500 million in Bitmain is also for today.

This is a financial investment, and the business synergy between Sharp and Bitmain is not strong.

In addition, the blockchain is also ebbing. If you don’t transfer it, what should you do if you drop it in your hand?
In the end, it was because of the two founders. In his previous life, Zhang Yida had heard a lot of news about their rivalry.

The black shirt capital behind Shen Beipeng invested in Bitmain for two consecutive rounds, and was a little puzzled by Zhang Yida's behavior, so he specially called for an inquiry.

"Yida, the outside world doesn't know about Ruixiang's financial situation, but I do.

There is so much money in the account, and you want to buy shares in the mainland?Can't wait for months? "

Zhang Yida said with a "haha" smile, "It's mainly due to the impact of this year's general environment. I have food in hand, so I don't panic."

Shen Beipeng persuaded: "Bitmain currently holds 74.5% of the global mining machine market share. Last year, the total revenue of ASIC chips accounted for 7% of the market share of the ASIC design industry, second only to Huawei HiSilicon in China.

In addition, this month also announced the launch of a self-developed new 7nm chip, with a single chip integrating as many as 10 billion transistors..."

"I admit that this company has such a certain technical content, but in the current state, I don't think they can successfully go public."

Zhang Yida didn't bother to explain too much, directly expressing that he was not optimistic about Bitmain's successful listing.

In fact, the Hong Kong Stock Exchange also rejected Bitmain’s listing application on the grounds of “single income”. It is too dependent on the income of mining machines. The so-called “AI chips” account for less than 10% of the income.

The total revenue in the first half of this year was 28.45 billion US dollars, which can almost challenge the chip giant Nvidia, and the scenery is unlimited.

But once the bear market comes and the price of the currency plummets, the mining machine can only be regarded as scrap copper and rotten iron.

Although Zhang Yida's words are very direct, it seems a bit too arbitrary at present.

But Shen Beipeng knew how sensitive his sense of smell was, and the Hujin companies all cashed out at high positions, which can be called a textbook method.

"Then we have suffered. Two months ago, we followed up with a round of 140 billion US dollars after the investment?"

Zhang Yida laughed and said, "It's okay, didn't Blackshirt Capital invest 4000 million US dollars in the first phase of the fund?

What we earn is enough to hedge the risk. "

Now that Zhang Yida has made up his mind, Shen Beipeng no longer persuades him.

Bitmain founder Wu Jihan also called to confirm the authenticity of the news about Zhang Yida’s transfer of shares.

Zhang Yida didn't talk about it, and told the other party directly that he really wanted to transfer the shares.

If investment institutions want to withdraw, and they are selling old stocks, as long as they are not sold to competitors, then there is no problem.

Wu Jihan did not persuade, but his attitude became much colder, urging Zhang Yida to act faster, so that they can revise the prospectus in time without affecting the listing plan.

Zhang Yida was not surprised either. After all, he made a surprise transfer of shares before someone went public, and he almost shouted with a loudspeaker: I am not optimistic about your listing.

It has to be said that with Zhang Yida's current popularity and influence, the transfer of Bitmain's shares is a very bad news for the company.

I am afraid that if it is successfully listed, the amount of funds raised and the market value will be greatly reduced.

After Wu Jihan, several investment institutions that invested in Bitmain called.

The purpose is only one, to persuade Zhang Yida not to sell the shares.

Zhang Yida had no choice but to politely decline the "good intentions", he was definitely selling the stake.

The investment institutions were naturally very angry, feeling that Zhang Yida was too shameless, but they couldn't do anything about him.

Sharp holds a 13.55% stake in Bitmain, which is worth $145.6 billion based on the latter’s valuation of $19 billion.

The amount is not small, and it took six investment institutions to eat it.

These unlucky ghosts didn't catch up with Bitmain's last round of fundraising, and when they heard that Zhang Yida had old stocks for sale, they rushed here.

The negotiations were not very smooth, mainly due to Zhang Yida's sudden transfer of equity before listing, which made people very suspicious.

As a result, the six major investment institutions started bargaining with Zhang Yida, asking for a [-]% discount or a [-]% discount.

Zhang Yida "seeed off the guests" directly, which calmed down the group of people.

In the end, the stock price was transferred at par, without discount or premium.

The investment of 500 million US dollars has turned into 19.7288 billion US dollars in three and a half years, a 395-fold increase!
Not long after completing the transfer of Bitmain’s share price, Ruixiang started the rhythm of the big sale.

A series of unicorns such as the shared office Ucommune, the new car-making force Singularity Automobile, rural e-commerce Huitongda, and Goudongdaojia-Dada, one of the top three instant delivery companies in the same city, have all been put on the shelves.

These companies have been relying on not being listed, and they have not reached a revenue balance, and rely heavily on external financing for blood transfusion.

Zhang Yida couldn't stand it any longer, and decided to change to RMB or US dollars to feel more at ease.

In addition, Ari and Goudong are also crowding out Ruixiang. For example, Huitongda was invested 45 billion yuan by Ari Zhan in the first half of this year. It focuses on the sinking market and has irreconcilable conflicts with Pinduoduo.

After Goudong Daojia and Dada merged, they never forcibly drove Ruixiang away.

Until the [-] billion subsidy came out some time ago, Brother Ruoxi couldn't stand Zhang Yida anymore.

Zhang Yida discussed with Lu Qi and Lin Zhenyang all day, and finally figured out the relationship around the future direction of business development and the capital behind the invested companies.

There are two long lists, one for equity increase or mergers and acquisitions, and the other for all sales.

Ruixiang's "big hand" shocked the Internet circle again, and a person familiar with the matter said: This is a new round of reshuffle and a new division of the Internet sector.

There are also some investment institutions gearing up to pick up bargains at the "Unicorn Special Session" opened by Ruixiang.

(End of this chapter)