Chapter 553: Dongfang’s transaction volume is 280 billion, Pinbei’s is 608.3 billion, can the merger surpass Ali?
In the depths of winter, it gets dark very early in Yanjing.
A faint afterglow curled up in the cold wind and finally reflected on the floor-to-ceiling windows of the Dongfang headquarters.
Liu Qiangdong waved his hand, signaling Xu Lei to stay.
Shen Haoyu and Wang Yaqing looked at each other and consciously left the boss's office.
"It seems that things are going to change in Dong!"
As soon as Wang Yaqing went out, he couldn't help but sigh.
Although he comes from a technical background and holds the position of CTO, he is not stupid and his overall view is far beyond that of ordinary technical personnel.
Just now in the office, Liu Qiangdong's respectful attitude towards Chen Yansen, and the undisguised "Brother Sen", were like two stones thrown into a calm lake, causing ripples in his heart.
He knew Dong Ge too well. He was a man with arrogance in his bones. The fact that he could lower his posture like this showed that the cooperation between Dong and Pinbei, or to be more precise, between Dong and Senlian Capital, would continue to deepen.
Considering that the boss seemed to be in a bad mood after the company submitted its IPO prospectus, Wang Yaqing gradually began to understand what was going on.
Dong Ge wants to use the resources of Senlian Capital to make another attempt before going public!
Shen Haoyu listened from the side and nodded slightly, but his brows were slightly furrowed. It was obvious that he was also thinking about the pros and cons behind this "change of the sky".
Both of them are senior executives of Dongfang and hold a considerable amount of equity.
"What do you mean, Brother Dong?" Shen Haoyu was silent for a few seconds and then asked Wang Yaqing.
“Mr. Shen, don’t ask questions with the answers.” Wang Yaqing knew that Shen Haoyu had probably guessed Dong Ge’s thoughts, so he smiled and joked.
"Okay, I understand." Shen Haoyu smiled awkwardly.
"It won't be a bad thing anyway. I have a friend who works in investment banking on Wall Street. I heard that Dong Ge approached several securities firms for underwriting, but after evaluating various financial indicators, they only gave him a valuation of 22 billion US dollars."
Wang Yaqing pulled Shen Haoyu to the balcony, and when he saw that there was no one around, he lowered his voice and spoke.
22 billion US dollars?
Shen Haoyu frowned slightly. Isn’t this price bullying?
Pinbei's transaction volume in 2013 was 680.3 billion yuan, and its market value hovered around 106 billion US dollars.
In 2013, Dongfang achieved sales of 280 billion yuan. Based on the proportion, it would be unreasonable to be less than 40 billion US dollars.
"Compared to Pinbei, we have our own logistics system and higher delivery efficiency. Logically, this should be a plus."
Shen Haoyu said indignantly.
"Mr. Shen, in the capital market, people only look at revenue and profit margins. Pinbei's net profit last year was probably no less than 20 billion yuan. What about us?"
Wang Yaqing sighed softly. He actually disagreed with many of Liu Qiangdong's decisions.
Indeed, due to the existence of Yidong Logistics, Yidong has the ability to deliver within the next day or even within half a day in first- and second-tier cities and third- and fourth-tier cities.
But the cost is too high!
For example, the Asia No. 1 Central Warehouse in Kunshan cost more than 1 billion yuan in land, equipment and construction costs alone.
And Dongdong has several such warehouses in East China and North China.
In addition, more than 40,000 couriers are also a heavy burden.
Hillhouse Capital, Tiger Fund, DST, Sequoia Capital, Today and OTPP Fund initially invested in Yidong because they were aiming for the "Chinese version" of Amazon.
However, Dongfang has been unable to make a profit for a long time, and the investors behind it have long been dissatisfied.
From 2013 to 2014, Liu Qiangdong had been busy seeking financing and going public. The underlying logic was simple: the pressure from investors was too great.
If OTPP had not supported Yidong last year, Liu Qiangdong would either have to go public at a loss or accept Ma Wenteng's harsh conditions and take on a bunch of crappy projects to get traffic entrances for Yidong.
“Mr. Shen, wait for the boss to notify you.” Wang Yaqing touched his pocket, took out a pack of cigarettes, and handed one to Shen Haoyu.
The two stood on the balcony, smoking and thinking about their own things.
Shen Haoyu believes that no matter whether Senlian Capital is engaged in mergers and acquisitions or investments, the options in his hands may shrink.
Not only did he not feel uncomfortable about this, but he was full of anticipation.
A man's reputation is like the shadow of a tree.
Chen Yansen's business management ability is well-known. If he follows Senlian Capital, are he still afraid of not getting any benefits?
Take Yunsu Express for example, what was its performance like before it was acquired by Senlian Capital?
In terms of business volume, it cannot even compare with second-rate express delivery companies such as Tiantian and Guofeng.
There are only 300 express delivery points across the country.
The total value is less than 300 million yuan.
As a result, in just three years, the valuation reached 30 billion US dollars!
It increased 600 times!
It's not that he is unfaithful to Liu Qiangdong, but loyalty is not worth that much money.
In fact, if the company was not about to go public and they were reluctant to give up tens of millions of shares, including Wang Yaqing, Xu Lei and others, they might have jumped ship long ago.
After all, in the Internet industry, talent mobility is already frequent. Who doesn’t yearn for a platform that can bring them greater development space and more benefits?
Especially when they see the speed of Pinbei's rise and the expansion momentum of companies under Senlian Capital, they can't help but feel fluctuating.
The reason I stayed in Yidong was, on the one hand, because of the friendship I had with Liu Qiangdong, and on the other hand, I saw the potential of the company.
But compared with Pinbei, Liu Qiangdong's ability is obviously far inferior.
Others successfully went public in less than three years and were valued at hundreds of billions of US dollars!
Yidong didn’t even make a profit!
It is suppressed by Yaomiao and Pinbei in front, and chased by Suning, Gome and Yixun from behind.
Dangdang.com would occasionally pop up to disrupt the situation.
Coupled with the capital market's pessimism, it is only natural for Liu Qiangdong to choose to rely on Senlian Capital.
The other side.
Liu Qiangdong picked up the teapot, poured tea and water for Chen Yansen first, and then poured a cup for himself.
He looked at the emerald green and yellow tea, but had no intention of tasting it. After pondering for a moment, he slowly said, "Brother Sen, I have no objection to the cooperation plan you proposed last time."
"Lao Gao, leave a business card for Lao Liu. Tomorrow, find Liao Wei and ask him to come to Yanjing to discuss the merger with President Liu in person."
Chen Yansen nodded slightly, raised his hand and gave Gao Weilin some instructions.
"Okay, boss." Gao Weilin replied.
Liu Qiangdong raised his head and couldn't help but look at Gao Weilin again.
CFO of Senlian Capital, CEO of Semir Online, Chen Yansen’s chief steward, nicknamed “Gao Qiandai”, specializes in investment and acquisition work.
The first battle after joining Senlian Capital was to bring together Augusta Capital, Lotte Capital and Ali to complete the sale of Fox Tao.
Judging from his performance in charge of Semir Online, Gao Weilin's management level is not bad.
Thinking of this, Handsome Dong secretly complained: Chen Yansen is really lucky to be able to dig out such a master from Hong Kong Island.
He understands investment and business, and I heard he is also proficient in listing operations on the Hong Kong stock market.
But he had no idea that although Gao Weilin had good abilities, he still needed Chen Yansen to give him opportunities and projects, as well as teach him by example, to train him to be able to stand on his own.
"As for the shareholding, I have discussed it with several important shareholders. 20% is too high. The maximum is 15%."
Liu Qiangdong then added.
He met with several investors including Hillhouse Capital, Tiger Fund, and DST Capital last week, and no one objected to Sunlink Capital's investment.
Frankly speaking, he didn't know whether to be happy or sad.
Fortunately, the strength of Senlian Capital is obvious to all, and it has been unanimously recognized by these discerning investors, which is enough to prove that the introduction of this investment will be of great benefit to the development of Dongfang.
But the sad thing is that these shareholders who once fully supported him are now showing a subtle distrust in his abilities.
Chen Yansen picked up the teacup on the table, blew away the foam, and then said slowly: "Lao Liu, whether it is 15% or 20%, the higher the proportion, the greater the support of Senlian Capital for Dong.
When Senlian Capital comes in, it not only brings money, but also the resources of the entire ecological chain.
Think about it, the logistics network of Yunsu Express, the traffic pools of Toutiao, Lingxi Browser, and Douyin—the growth these invisible resources can bring to Yidong is not something that can be measured by a few percentage points of equity.”
Liu Qiangdong holds an 18.4% stake and, thanks to the advantageous characteristics of Class B shares, has 40.4% of the voting rights.
Tiger Global Fund holds a 22.1% stake.
Hillhouse Capital holds a 15.8% stake through HHGL 360Buy Holdings.
DST holds an 11.2% stake and OTPP holds a 9.5% stake.
As long as Chen Yansen gets 20% of the shares, he will become the largest shareholder of Yidong.
Although we cannot gain control for the time being, there is no such thing as achieving everything in one go.
He has plenty of time and patience.
In his opinion, if Liu Qiangdong is obedient, he will be allowed to continue to sit in the position of CEO; if he is disobedient, he will be replaced if possible, and if not, he will sell his shares to cash out.
He can lift him up, but he can also step on him.
"Brother Sen, give me three more days. I'll talk to the investors first."
Liu Qiangdong pondered for a while and then gave a reply.
"Then I'll wait three more days."
Chen Yansen picked up the teacup and took a sip slowly.
He stayed at Liu Qiangdong's headquarters until 6:15, and then the two of them left in the same car, speeding towards Jingzhao Yin.
Several reporters who were waiting in the interview car happened to capture the scene of Liu Qiangdong getting into Chen Yansen's car.
They originally wanted to film Liu Qiangdong and Milk Tea Sister, but unexpectedly they got a surprise.
"Liu Qiangdong and Chen Yansen are getting a little close!"
"Business people always break up and get back together. Two years ago, Pinbei and Yidong had a lot of arguments online."
"Pinbei's market capitalization is now hundreds of billions, and Dongfang is a bit behind. Do you think the two companies will consider merging?"
"Hey! Brother Cai, you're really talented! These two platforms, one has a low customer order, the other has a high customer order. Given Chen Yansen's style, he might have thought of taking over Yidong and competing head-on with Ali."
Several reporters from The Paper huddled in the car and discussed the situation.
The most important thing is that the valuation of Yidong is not high, and with Boss Chen's strength, he can definitely afford it.
Two hours later, when Chen Yansen, Liu Qiangdong, Zhang Chaoyang, Zhou Hongyi and others were toasting in a private room, a piece of news became popular.
"The second and third largest e-commerce companies are riding in the same car. Do they have the intention to merge?"
The news title is particularly eye-catching, and the accompanying picture is a picture of Chen Yansen and Liu Qiangdong coming out of the Dongfang headquarters together and getting into the same car. The angle of the photo is tricky, and the scene of the two people's intimate conversation is captured very clearly.
The content exaggerated the analysis, saying that there have been multiple reports recently showing that Senlian Capital and Yidong have been in frequent contact. Combined with the appearance of the two big guys together this time, it is not ruled out that Pinbei and Yidong will carry out in-depth cooperation at the capital level, and may even merge to jointly fight against Ali, the leader of the e-commerce industry.
What you said makes sense!
Many netizens responded in the comment section: "Our company is a distributor of Unilever and we use Pinbei. The last time we delivered goods to the warehouse, we actually went to the central warehouse of Dongfang. Can you believe it?"
"It's nothing new. Everyone in the industry knows that the two companies share the same logistics and warehousing systems."
"Holy crap! They really need to merge!"
"Last time I placed an order at Yidong, the delivery was made by a courier from Yunsu."
There were already signs of cooperation, and with the confirmation from netizens, it seemed that the rumors of the two companies' impending merger were confirmed for a while.
at the same time.
Ma Liyun, who had just recovered from a fever in Davos, was lying on the big bed in the hotel, looking listless.
He picked up his phone and casually flipped through the latest domestic news.
"Dong's transaction volume is 280 billion yuan, and Pinbei's is 608.3 billion yuan. If the two merge, will they surpass Ali?"
merge?
Ma Liyun woke up instantly, forced himself to get up, leaned against the headboard, and clicked on the news details page.
(End of this chapter)
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