Winning the new financial era

Chapter 560
"Mr. Zhang, is this kind of merger unreasonable?"

Mi Wenjuan shook the coffee spoon in her hand, and after hearing Zhang Yida's explanation of her visit, she replied lightly.

Zhang Yida said with a smile: "Why is it unreasonable? Now everyone is fighting on their own. Whoever can control more resources and funds will have the last laugh."

Mi Wenjuan said with a smile, "Is that our acquisition of Yuanfudao, or Yuanfudao's acquisition of us?"

Zhang Yida was already prepared for this question, and instead of answering directly, he talked about Meituan, Dianping, Didi and Kuaidi.

After hearing this, Mi Wenjuan shook her head again and again, and said with a smile: "Mr. Zhang, I don't study much, so don't lie to me.

See who is still on stage and who has retired to the world, and you will know who has acquired whom. "

Mi Wenjuan dropped out of high school in her second year of high school and went to work at an English training institution run by her uncle at the age of 17.

I have been working for 15 years, and it was not until 2014 that I founded VIPKID on my own.

Although she doesn't even have a high school diploma, she has become the youngest board member in the history of Beijing University of Foreign Studies.

Therefore, she often teases herself, saying that she has little education and no education.

Zhang Yida didn't expect to convince the other party easily, and said: "TAL has always been eyeing this track. Their market value is 160 billion U.S. dollars, their revenue is more than one billion U.S. dollars, and they have sufficient operating profits and financing capabilities. Compete with competitors from all walks of life.

The most important thing is that their business growth is not slow, and they don't seem to have touched the ceiling at all.

If things go on like this, the gap between startups and them will only widen. "

Mi Wenjuan smiled and shook her head, "Mr. Zhang, you may not be familiar with the K12 education market, which is a trillion-dollar market.

At the top of the pyramid are educational giants and large institutions, with a large number of small and medium-sized institutions in the middle, and the largest ones at the bottom are individual teachers and studios.

Individual teachers and studios across the country account for more than 70% of the entire one trillion yuan. Renting a classroom for a teacher can become the most microscopic form of tutoring and training.

TAL and New Oriental only accounted for about 3% of the market share.

The top ten K12 education and training institutions all add up, and their market share does not exceed 5%.

If anyone occupies more than 10% of the market share in the industry, it must be a company worth hundreds of billions of dollars.

But the current situation is that Jinshan is in front of you, and everyone still has to continue digging.

It doesn't mean that we merged with Yuanfudao, and with two shovels, we can occupy this golden mountain.

It simply doesn't exist in this industry.

The biggest enemy is actually ourselves, forcing ourselves to infiltrate, from first- and second-tier cities to lower-tier cities, to eliminate small workshops! "

Zhang Yida frowned, and Bonima was right. The two most difficult industries in Internet plus, one is medical care and the other is education.

The former has complex diseases, while the latter is interdisciplinary and cross-group, and there is no way to provide standardized services.

Including online schools and online education, the Internet is just a tool, and it mainly depends on the teacher.

Seeing that Zhang Yida was silent, Mi Wenjuan said again: "In fact, I am not against the merger. If we occupy 3% of the market share and Yuanfudao also occupies 3% of the market share, after our merger, we will directly occupy 6% of the industry's market share. Steady on the future, New Oriental is leading the way.

In this case, the merged company may approach a market value of [-] billion U.S. dollars, and can rely on brand, capital, channels, and teachers to capture the largest market dividend.

But now, it is obviously too early to talk about mergers. "

Zhang Yida took a long breath, "You're right, I'm the one in charge who has lost his mind."

What Mi Wenjuan said made Zhang Yida wake up.Ruixiang is not a headline, and there is no pressure of [-] billion revenue. It is indeed too long to go to the muddy water of education.

And if the two parties are brought together to merge, at most they will cultivate a good future or New Oriental will come out, and then stage the Three Kingdoms Killing.

It is indeed too early, and it is not yet time for track dominating players to appear.

Having made up his mind, Zhang Yida will not forcefully promote the merger.

After chatting with Mi Wenjuan for a few more words, he left directly.

After returning to the company, Zhang Yida called in consultants from McKinsey Consulting and had several days of discussions with the company's executives.

The topic of discussion is whether to enter the field of education.

The result of the final discussion is, give up!
Although this industry is very eye-catching, the cross-border is too big.

Ruixiang lacks relevant talents and background. If it is promoted with the idea of ​​holding high, traffic is king, and advertising is king, it may end up in a mess.

Zhang Yida doesn't know whether Toutiao has implemented online education in the end, but the environment is different.

The cards that Rui Xiang is holding at this time are obviously much better than Toutiao in his previous life.

After a few days of discussion, the discussion was not in vain, and some development directions for the future were discussed.

Cutting-edge technology continues to increase investment, e-commerce and content are listed as the next key development direction, financial business is affected by policies, and the current pace will continue to move forward steadily.

Next, Ruixiang's strategic investment department focused on the upstream and downstream content.

First, RMB 10 billion was invested in Hupu.com, and then it invested in Kuaikan Manga, Sound and Movie Animation, and several novel websites.

Compared with the unicorn sale of up to 50 billion US dollars some time ago, Ruixiang invested no more than 20 billion yuan, which is a bit of a small fight.

……

Lan Lan and Ding Siyao made a new round of reports. The acquisition layout of Digital Domain has basically been completed, but Zhang Yida still needs to make the final decision.

"That is to say, apart from Li Jiacheng, other major shareholders are willing to sell their shares?"

Zhang Yida frowned, he didn't want to owe Li Jiacheng a favor.

Compared with Er Ma and the two big men, he rarely visited these so-called business bigwigs.

Almost all the entrepreneurs who started from the mobile Internet are like this.

Young people, there is no such thing as visiting the pier and making connections.

For them, this is called meaningless social interaction.

"Mr. Zhang, we have absorbed 4.99% of the shares from the secondary market, and we have reached 43.85% of the shares through verbal agreements with other major shareholders.

That's just 50% away from crossing the line of 1.16% unconditional mandatory cash offers. "

Ding Siyao laughed, "Actually, there is no need to go to Li Jiacheng, we can handle it ourselves."

"Then why hesitate, let's take action!"

Zhang Yida didn't want to wait any longer. A small company with a market value of billions of dollars had been dragging its feet for more than a month.

On October 10, Digital Domain (25·HK) announced that the fourth largest shareholder, Softbank China, sold its 00547% stake to Ruixiang Digital Technology Group at a price of HK$8.57 per share;

The fifth largest shareholder, CITIC Group, sold its 8.57% stake...

The sixth largest stock, Tokyo Base Group, sold its 6.34% stake...

Through multiple transactions, Ruixiang already holds 50.1% of the shares of Digital Domain and made an unconditional mandatory general cash offer to acquire all the issued shares of the company.

The highest stock price on that day was 0.25, and the closing price was 0.21, a full 0.15% higher than the offer price of HK$40 per share.

(End of this chapter)