Winning the new financial era

Chapter 636 Buying a Track

As a businessman, Zhang Yida naturally thinks about maximizing profits.

But Li Bing, Shen Beipeng, and Zhang Sanshi have all talked about this point, and it must be bad to refuse coldly.

Especially Li Bing, who has been fooling himself into investing since 15, but he rejects the other party every time.

I rejected the other party this time, what if I don't come to find myself in the future?
Therefore, it is necessary to invest a little to maintain the relationship, and test the penguin's reaction by the way.

"How many convertible bonds are going to be issued? Coupon rate? Time? The price at which debts are converted into Class A ordinary shares of the company?"

After Zhang Yida made up his mind, he began to ask about the conditions for issuing bonds.

Li Bing's spirit came at once, and he didn't have much hope for this trip.

But Zhang Yida gave him a big surprise!

Li Bing quickly reported his conditions, "We are going to issue a long-term convertible bond of US$5-10 million, with a coupon rate of 2% and a term of three years.

Before the bond matures, the bondholder has the right to convert all or part of the company's Class A common stock at a price of $3.5/ADS. "

After finishing speaking, Li Bing looked at Zhang Yida with a smile.

Zhang Yida rubbed the back of his head, he has a big appetite!
"Three years is a bit long, it would be more appropriate to change it to one year."

Li Bing smiled and shook his head, "If it's a short-term bond, if you don't convert it into shares at that time, the pressure to repay the debt will be too great."

Zhang Yida nodded. Convertible bonds are very interesting. If the company develops smoothly and the stock price rises, bondholders will generally choose to convert them into stocks, which is equivalent to changing from a borrower to a company shareholder.

If the development is not as expected and the current stock price is too much lower than the debt-to-equity swap price, then I'm sorry, and I can only ask you to pay back the money.

Zhang Yida thought for a while and said, "Why don't you issue an additional short-term bond, or issue additional stocks? I'll subscribe for 1 million."

Hearing this number, Li Bing always felt a little unmotivated, and Shen Beipeng and Zhang Sanshi also felt that it was a little low.

It's just a small goal, isn't it plausible?
"Yida, you have subscribed for more than 22 billion US dollars in Tesla, and Weilan has only subscribed for such a small amount, which is a bit inconsistent with your status!"

As soon as Zhang Sanshi finished speaking, Shen Beipeng also yelled: "Yeah, why don't you have to take ten or eight points of stock! Too little, and this hedging effect has no effect at all."

Zhang Yida was blocked by one sentence, "Funds are tight, if I issue bonds or additional shares later, I will subscribe again!"

"That's fine, thank you, Junior Brother Yida."

Although Li Bing felt that it was a little lacking in his heart, but people said that this was the case, so he couldn't keep pestering him.

$1 million for $1 million is better than nothing at all.

As soon as Zhang Yida got on his big boat, hehe, it would be very difficult to get off the boat.

Two days after Li Bing and his party left, Huang Xin came again with Li Xiang.

It's over! It's over!

Zhang Yida knew that he was a favorite in the eyes of Cheng Xin's car-making forces, and everyone wanted to come to make a fortune.

"Mr. Zhang, hello!"

Li Xiang smiled and shook hands with Zhang Yida. He was not very familiar with Zhang Yida, so he had to ask Huang Xin to introduce him.

Looking at this young man in his early twenties and the terrifying worth of the other party, Li Xiang felt a little envious.

If I had so much money, it wouldn't be so difficult to build a car.

Li Xiang is the founder of Paopao.com and Autohome. Later, he sold Autohome to Anping Insurance. He founded Chehejia in 15 and started three startups. He is also a well-known serial successful entrepreneur.

Chehejia also makes new energy electric vehicles, and now it is renamed Lixiang Automobile, which is a homophony of Li Xiang's name.

Zhang Yida knew the other party's identity very well, so he basically guessed that he was here to solicit investment.

Huang Xin said directly, "I heard that you have successively invested in Tesla and Weilan. This is to make a big bet on the new energy vehicle track!
How about it, are you interested in investing in the B+ round of Li Auto, or joint investment in the C round? "

Zhang Yida laughed and said, "Why do you know everything all at once?"

Huang Xin picked up the coffee on the coffee table and took a sip, slowly said: "You are so high-profile, now people all over the country know that you are planning electric vehicles.

Even the stock prices of Weilan Automobile and Tesla have risen a lot, and it has become much easier for the entire industry to raise funds and issue bonds. "

Zhang Yida laughed, chatting with Huang Xin was not too restrained, the two companies did not compete much, and there was almost no collision except for the fresh food track.

"It's all random passing, so I just cast blindly!"

While talking, Zhang Yida greeted Li Xiang who was sitting next to him and laughed and said nothing: "Mr. Li, you're welcome, drink coffee!"

Li Xiang replied with a smile, "Okay!"

He never got to the point, and it was not easy for him to sell the company right away.

But he was not in a hurry, Huang Xin patted his chest with him, and he must pry some money from Zhang Yida, a local tycoon.

"Li ONE, the first mid-to-large range-extended SUV under Li Auto, was officially launched last month, and the subsidized price is 32.80 yuan."

Huang Xin finally got to the point and asked Zhang Yida: "What do you think? At this price, is it possible to compete with Tesla and Weilan?"

Zhang Yida didn't answer this question, but asked Li Xiang who was sitting next to him: "I heard that Lixiang's main selling point is the range extender?"

Li Xiang nodded, "Yes, at present, the full popularization of new energy vehicles will take a long time, and the weak battery life of electric vehicles is a very big pain point.

And charging piles are not popular enough. I think the range extender mode will definitely impress a large number of car buyers. "

The so-called range extender, in layman's terms, is equipped with a small auxiliary generator set on the basis of a pure electric vehicle to charge it when the battery is low. This small auxiliary generator set is called a "range extender". ".

In fact, to put it bluntly, it is equivalent to adding a mobile power bank.

The advantage is that it can be used as a pure electric vehicle in an environment where charging is convenient, without refueling, and the use cost is low.

And it has all the characteristics of electric vehicles such as quiet driving and fast speed-up.

Compared with pure electric vehicles, since there is an engine for charging, they can use a "range extender" to obtain energy when they cannot be charged through a charging pile. That is to say, as long as there is a gas station, this type of vehicle can Can drive all the way.

In addition, the extended-range electric vehicle does not require a large-capacity battery, and the cost can also be controlled.

Of course, there is no perfect thing in the world, and there are advantages and disadvantages.

Since the engine and generator do not directly drive the wheels, energy is wasted, such as high fuel consumption.

Zhang Yida always feels that this model can only be a transitional product. Once car batteries make breakthroughs in energy storage and volume reduction, pure electric vehicles will definitely beat these gasoline-electric hybrids, plug-in hybrids, and this Extended range electric vehicles.

However, there is still no hope in this regard, otherwise many automakers would not be foolish to develop these obsolete technologies.

It seems that the spring of full-scale pure electric is coming, but it is also possible to die in the winter night before spring comes.

Since Ideal Auto was established in 2015, one year behind the trend, it was very difficult to raise funds in the early stage, so it has been desperately saving costs, and the purpose is to survive first.

In this capital-intensive and technology-intensive industry, war is really a bit cruel. Ten to twenty billion is invested, and the cars produced have various troubles such as spontaneous combustion.

It is estimated that the domestic car manufacturers will have to suffer for two or three years if they want to really usher in the harvest.

Zhang Yida thought for a while and said, "Well, let's invest $1 million in the B+ round first!"

Huang Xin looked at Zhang Yida with a look of disgust, and said, "Do you want to do this? Show your courage to invest in Tesla?"

Zhang Yida really can't show that much courage. Tesla has been established for more than ten years and has been listed for almost ten years. Last year, it made profits for two quarters, but it was still a loss for the whole year.

But in general, according to this sales volume, Tesla has basically reached the break-even line, and its prospects are much clearer than that of China's new car manufacturers.

With so many new car-making forces in China, it shouldn’t be a big problem for one or two to survive, but I don’t know who can "remain king".

Li Xiang didn't expect Zhang Yida to think highly of Li Auto and himself so much, and invested [-] million U.S. dollars in direct comparison with Weilan's treatment.

Li Xiang was also an early investor in Weilan Automobile. Seeing Li Bing's success in starting a business, he came to build the car himself.

Although the loss of Weilan is exaggerated, in terms of brand awareness and sales, it is stronger than the ideal, and it is firmly ranked No. 1 among the new car manufacturers in China.

Li Xiang was very aware of these situations, so he hurriedly thanked Zhang Yida with a smile.

Huang Xin was just talking about it, and Zhang Yida's investment of 1 million US dollars exceeded his expectations, so he didn't continue to tease.

Like Weilan, this investment was made through Yanhuang Investment.

The pre-investment valuation of Ideal Auto is 24 billion US dollars, and Yanhuang Investment invested 1 million US dollars, which can take 4% of the shares.

This shareholding ratio is a little higher than that of Weilan Automobile, which only holds about 3% of the shares after the convertible bonds are converted into shares.

After sending Huang Xin and Li Xiang away with 1 million US dollars, Zhang Ying, GGV Tong Shijie, Zhang Sanshi, and Lei Jun from Jingwei Worldwide brought He Xiaopeng to beg for alms.

He Xiaopeng, the co-founder of UC Browser, was later acquired and joined Ali. Now he is the founder and CEO of Xiaopeng Motors, worth more than 200 billion yuan.

There are also a series of star shareholders behind Xiaopeng Motors, including Ali, Gaoling Capital, Rice Group, CICC, etc. The shareholder team is slightly inferior to Weilan and stronger than Li Auto.

Zhang Yida also didn't expect the Ari people to come to him for financing.

After communicating with He Xiaopeng, Zhang Yida took out another 2.78 million US dollars to acquire 36% shares of Xiaopeng Motors, with a post-investment valuation of [-] billion US dollars.

Then, Byton Motors, Leap Motors, Bordrin Motors, and Sailin Motors who came after hearing the news... were not so lucky.

Zhang Yida stopped buying track!Close the door to investment.

This makes many entrepreneurs of new car-making forces come back disappointed!

They thought that the richest man would have a sunny day this time, and they would invest in ten or eight companies.

Facts have proved that they did think too much.

Buying a track is not a random purchase. After careful analysis, Zhang Yida and his team believe that the three companies they invested in have a high probability of success.

Ideal Auto is actually a little bit worse, but Huang Xin also made it clear to Zhang Yida that he will pledge his Meituan stock to invest in Ideal Auto with a loan of 3 million U.S. dollars, and will increase it depending on the situation in the future.

The real intention is to enter unmanned driving through Li Auto, and launch services such as "unmanned delivery" in the future.

There is also a WM Motor, Zhang Yida and his team are also more optimistic about it, it is a Qiandu company, and Penguin and Heishan Capital also have investments.

The current market structure is like this, top venture capital and Internet companies are investing in the track.

Just betting on a company is not very stable, and it is easy to overturn!
(End of this chapter)