Chapter 313: Round B financing, a bid of 22 billion US dollars! The night before the Internet Conference!
Before the World Internet Conference was held in Wuzhen, the China Internet Conference, hosted by the Internet Society, has been held for ten sessions since its first session in 2002.
Tomorrow is the date for the 11th China Internet Conference! Qiandu, Penguin, Sina, Sohu, 360, NetEase and several subsidiaries of Senlian Capital are all on the invitation list, with more than 100 leading companies.
For Chen Yansen, attending the conference is not the point; the key is to enhance industry influence, reach target customers and explore business opportunities.
An elegant way of putting it is connecting business resources, gaining insight into industry trends, and shaping the corporate image; a popular way of putting it is establishing a personal image, seeking investment, and building relationships.
Even Li Yanhong, Ma Liyun, Ma Wenteng and others were not immune to this, so Chen Yansen naturally would not refuse.
Whenever there is something beneficial, he will take the initiative to do it without being asked.
September 10th, 2 p.m.
In a Boyin passenger plane bound for Yanjing, Chen Yansen leaned back in his business class seat, flipping through a book titled "Photonic Crystals: Shaping the Flow of Light" to kill time.
Zhou Shouzhi, Huang Zheng, Liang Bo, Gao Weilin and Song Yuncheng were sitting nearby.
Lao Gao was looking at Pinbei's financial statements with his iPad, Zhou Shouzhi was reading a book called "Commercial Law Examples" with great interest, and Huang Zheng and Liang Bo were chatting about Toutiao's e-commerce advertising business.
Song Yuncheng turned sideways, glanced secretly at Chen Yansen, pursed his lips, and casually flipped through the magazine in his hand.
Except for Zhang Yinjia of Orange Pay who did not come, Orange Technology, Pinbei Mall and Today Technology all sent representatives to attend the meeting.
In addition, Kuaipao, Kuaidi Taxi, Amap, Yunsu Express and ByteDance were also among the invitees.
It can be seen from this that although Senlian Capital does not have a listed company, each subsidiary plays an important role in its respective field.
After an unknown amount of time, Gao Weilin put down his iPad, yawned subconsciously, and looked at the time. There was still an hour before landing.
He secretly looked at Zhou Shouzhi, Huang Zheng, Liang Bo and others, and couldn't help but feel lucky that he was smart enough at the time and did not refuse to join FoxTao because of the simple office environment.
Otherwise, with the current capital scale of Senlian Capital, if he missed the best opportunity, he would never get the chance to be the CFO.
"Lao Gao, have you arranged the drinking party tonight?"
At this time, Chen Yansen suddenly spoke, interrupting Gao Weilin's thoughts.
"Boss, I have invited Mr. Yu from Huake, Mr. Gao from Huaxin, Mr. Ma from Penguin, and Mr. Cai from Goldman Sachs. The venue is set in the banquet hall on the top floor of the hotel."
Gao Weilin replied quickly.
"Old Huang, stay with me tonight." Chen Yansen nodded slightly and gave instructions to Huang Zheng.
"Okay, boss." Huang Zheng replied.
He immediately understood that these four companies were all the investors in Pinbei's Series B financing. Penguin provided additional traffic resources, Huake and Huaxin acted as official endorsements, and Goldman Sachs was brought in to layout overseas markets.
Although there are few investment institutions involved, each of them is very strong.
Time flies. The plane landed at Yanjing Airport at 4:50 and finally stopped after taxiing for ten minutes.
Chen Yansen handed the suitcase to Song Yuncheng and strode into the fast lane. Zhou Shouzhi, Huang Zheng, Liang Bo and Gao Weilin followed closely behind him. Song Yuncheng pushed two suitcases and followed silently behind.
As soon as I walked out of the airport pick-up gate, I saw the driver and security personnel prepared by Xiao Jun standing not far away, holding the pick-up sign.
"Hello, boss. I'm Mr. Xiao's assistant Liu Yi. Please follow me. The car is parked in the B2 parking area of Terminal 2."
Liu Yi, who was about 30 years old and dressed in a suit, hurried over to greet him after spotting Chen Yansen.
"Um."
Chen Yansen responded calmly.
Surrounded by bodyguards, the group came to the B2 parking area. Liu Yi led them to a Maybach 62S and opened the left rear door for Chen Yansen.
Chen Yansen got in directly, Song Yuncheng sat on the right side of the back seat, and Lao Gao sat on the passenger seat quite consciously.
Zhou Shouzhi, Huang Zheng and Liang Bo got into a Mercedes-Benz AMG CLS63, and the remaining security personnel got into a seven-seater commercial vehicle.
Three luxury cars drove out of the airport together and sped along the Beijing-Pinggu Expressway.
The dusk scene outside the car window is like a quiet oil painting, with slanting sunlight and mottled light and shadows.
"Boss, Meituan's headquarters is in that building."
When passing the North Fifth Ring Road, Lao Gao pointed to a building in the distance and said with a smile.
“It’s a good opponent.”
Chen Yansen turned his head to take a look and commented calmly.
At present, Kuaipao Takeaway has entered the South China market and established branches in the provincial capital cities in the Northeast region. It is currently busy selecting sites and setting up stations. The marketing, operations and human resources departments are also promoting the local takeaway business in an orderly manner.
Before the people from Meituan Waimai arrived, Kuaipao had already established a firm foothold.
Wang Xin wanted to repeat the fighting style of the Thousand Regiments War, but Pei Yi certainly wouldn't give him the chance.
Half an hour later, the car stopped in front of the Marco Polo Yanjing Hotel, which is adjacent to the International Conference Center and only a few minutes' drive away.
As soon as they entered the first floor lobby, Cheng Weixing, Pei Yi, Liao Wei, Xiao Jun and Zhang Yiming in the rest area stood up in unison.
The five people walked up quickly and greeted with a smile: "Hello, boss!"
Chen Yansen nodded slightly, his eyes swept over everyone, then turned to Liao Wei and instructed: "It's rare that everyone is gathered together like this, let's book a private room tomorrow night and chat slowly."
"No problem, I'll arrange it." Liao Wei said with a grin.
"You guys continue."
Chen Yansen waved his hand, signaling them not to bother with him, and walked towards the front desk with Gao Weilin and Song Yuncheng.
Zhou Shouzhi, Huang Zheng and Liang Bo stayed and sat together with Xiao Jun, Liao Wei and others, slowly chatting about business cooperation.
Under the influence of Chen Yansen, the fate of several people changed dramatically.
For example, Liao Wei, his Yunsu Express, probably did not survive the golden age of e-commerce in his previous life and was eliminated by SF Express, YTO Express and STO Express.
Now, with the support of Chen Yansen, it has successively acquired Quanfeng, Yunda, Zhongtong, STO and Yuantong Express, with an average daily business volume of 10 million tickets. After establishing the Yunsu Express Alliance and launching electronic waybills, it has undoubtedly become the overlord of the private express delivery industry.
Once Yunsu’s cargo aircraft transformation is completed and its air cargo business is launched, it will be the beginning of Yunsu Express’ entry into the high-end express delivery market.
In addition, Zhou Shouzhi was supposed to be the co-founder of Dahua region at DST, and joined Xiaomi Technology two years later, but now he is the CFO of Orange Technology.
After completing the check-in procedures, Chen Yansen took the elevator to the 26th floor, followed the house number, swiped his card to unlock and open the door.
Standing in front of the floor-to-ceiling window, you can overlook the entire Olympic Park and see lush greenery. The venue for tomorrow's meeting is at the intersection of Beichen East Road and North Zhonghuan Middle Road.
Thinking of the drinking party in the evening, Chen Yansen took off his suit jacket and unbuttoned his shirt from top to bottom.
“Beep-ah-ah!”
A quick incoming call rang! Chen Yansen stretched out his hand and the phone on the table automatically flew into his hand. After seeing the caller ID, he pressed the answer button.
"We went out for a drink in the evening. I booked a table at VICS CLUB and also invited Ding Lei, Lei Yijun and He Xiaopeng," Zhang Chaoyang said on the phone.
"I'm afraid not. I have a drinking party and can't leave." Chen Yansen laughed and refused politely.
Who said Zhang Chaoyang suffers from depression?
This is simply nonsense! Among all the entrepreneurs in Yanjing, it is hard to find a boss who lives a more comfortable life than him.
He usually goes hiking, swimming, singing karaoke, drinking, filming movies and picking up girls. He has also recently appeared on several variety shows.
"Drinking party? No problem! We agreed to meet at 10 o'clock in the evening." Zhang Chaoyang said indifferently.
Now that things had come to this, Chen Yansen couldn't refuse any longer and simply agreed.
After hanging up the phone, he picked up a towel and walked towards the bathroom.
…
…
At seven o'clock in the evening, at the door of a small banquet hall on the top floor.
Chen Yansen stood outside the door with a handsome figure, accompanied by Gao Weilin, Zhou Shouzhi and Huang Zheng.
“I didn’t expect that Yuri invested in Orange Technology and Kuaidi Dache, and even involved his right-hand men.”
Cai Yongjin, general manager of Goldman Sachs Asia, held Chen Yansen's right hand and looked at Zhou Shouzhi and joked.
After all, the last time we met, Zhou Shouzhi was still the head of DST Capital’s Greater China region.
"If Mr. Cai has reliable talents to recommend, I am willing to accept them all."
Chen Yansen smiled faintly and said jokingly.
"So what do you think of me, Mr. Chen?" Cai Yongjin put away the smile on his face and asked seriously.
"Senlian's temple is small and cannot accommodate a big Buddha like you." Chen Yansen replied with a smile.
Who is Cai Yongjin?
He started working at the World Bank headquarters 20 years ago and later went to Morgan Stanley's financing department. Although the title of Managing Director of Goldman Sachs Asia is impressive, it is far from his career limit.
The other party was just joking, so Chen Yansen naturally didn't take it seriously.
"Senlian is a big temple! The Internet Association has invited eight holding subsidiaries of Senlian Capital to attend the meeting. Mr. Chen, your people can sit in a row tomorrow."
Cai Yongjin continued to tease.
In his opinion, perhaps only Facebook's Mark Zuckerberg is qualified to compete with Chen Yansen's business talent.
"Please take a seat, Mr. Cai." Chen Yansen said to Huang Zheng without saying anything else.
"Mr. Cai, please come in and take a seat." Huang Zheng led Cai Yongjin into the banquet hall.
After the people left, Zhou Shouzhi whispered, "Cai Yongjin submitted his resignation to Goldman Sachs headquarters. The Pinbei investment case is probably his last project at Goldman Sachs."
"What benefits did the Liu family give him?" Several pieces of gossip flashed through Chen Yansen's mind, and he instantly guessed the truth about Cai Yongjin's resignation.
"Boss, how do you know it's the Liu family?" Zhou Shouzhi asked in disbelief.
You know, this insider information has just spread in the financial circles of Europe and the United States.
"Zhu Nanli of Legend Capital wanted to push Liu Yiqing to the position of Didi Dache CEO, but Li Yanhong disagreed. The eldest daughter of the Liu family has worked at Goldman Sachs for more than ten years. If she wants to go further, Cai Yongjin is her biggest obstacle. In terms of ability, connections and relationships, Liu Yiqing is far inferior to Cai Yongjin, so Cai Yongjin has to take the initiative to give up the position."
Chen Yansen analyzed with clear logic.
Zhou Shouzhi swallowed and nodded heavily.
He finally understood the gap between a genius and a monster. Based on just a few pieces of information that were difficult to tell true from false, Chen Yansen was able to deduce the real reason why Cai Yongjin left Goldman Sachs. The other party's analytical ability was so strong that it made him afraid.
"Yes, that's true. Cai Yongjin will be joining the International Finance Corporation of the World Bank Group as CEO next month. He gave up the position of managing director to Liu Yiqing, saying it was a favor, but the Liu family must have contributed behind the scenes."
Zhou Shouzhi explained slowly.
If the Liu family had not given up some of their interests, Cai Yongjin would most likely have recommended his confidant instead of Liu Yiqing.
This is good news for Chen Yansen.
After Liu Yiqing advances further at Goldman Sachs, it is very likely that he will lose interest in Didi Dache.
It is possible that Legend Capital will withdraw from Didi Dache’s next round of financing.
In fact, even if Liu Yiqing did not become the managing director of Goldman Sachs Asia, Legend Capital had no intention of investing in Didi Dache.
The online car-hailing market is too expensive! Who can afford the marketing cost of 300 to 400 million yuan a month?
Not long after, Yu Heng, general manager of the investment department of Huake Capital, and Gao Huiyi of Huaxin Investment arrived one after another. After a brief greeting, Zhou Shouzhi led the two to sit down.
Ma Wenteng and Liu Zhiping from Penguin arrived late. As soon as they met, they smiled and apologized, saying, "Mr. Chen, I'm sorry, there was a traffic jam on the road."
"Boss Ma, Boss Liu, please come in."
Chen Yansen smiled and pulled the two of them into the banquet hall.
The time was set at 7:30, and it was only 7:20, so it couldn't be considered late.
There were five representatives sitting in the room. Except for Chen Yansen, Huang Zheng, Zhou Shouzhi and Gao Weilin, the others were potential investment institutions of Pinbei.
Pinbei was founded on September 14, 2011, started its research and development work on October 1, and was officially launched on November 18. In all, it took only one year to become the second largest e-commerce platform.
The speed of development is far beyond the imagination of the investment community.
Ma Wenteng smiled. A year ago, he only spent 300 million US dollars to acquire 15% of Pinbei's equity. This investment made him earn a lot of money.
The shareholders who questioned him at the board meeting last year now kept their mouths shut and dared not say a word.
"Mr. Chen, Mr. Gao and I have discussed the valuation of Pinbei in advance on the phone. Huake has no objection to the offer of 22 billion U.S. dollars."
Yu Heng from Huazhong University of Science and Technology spoke first.
In fact, since mid-August, Gao Weilin has been communicating frequently with Huake, Huaxin and Penguin. Only after reaching an agreement did they choose to meet in Yanjing and sign an investment intention contract.
Only Cai Yongjin of Goldman Sachs learned of Pinbei’s valuation bottom line a week ago.
Last year, Ali completed a private equity transaction with a valuation of US$32 billion. Ali's annual GMV in 2011 exceeded 600 billion yuan, and Pinbei's annual output in 2012 was estimated to be around 300 billion. Using the peer comparison method, Pinbei's valuation is more reasonable at US$16 billion.
However, Ma Liyun conducted the private equity transaction in order to raise funds for Ali’s equity. The premium implied in the valuation was extremely low. In addition, Pinbei was in a period of rapid growth, so the final bid price increased from 16 billion to 22 billion US dollars.
Of course, if the price-to-sales ratio valuation method is used, Pinbei’s valuation can reach around 20 billion US dollars.
"Goldman Sachs has no objection either." Cai Yongjin immediately expressed his opinion.
The price has been negotiated long ago, so there is no need to haggle over every penny and lose the best investment opportunity.
(End of this chapter)
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