Chapter 1693 Fusion

For unlisted IT companies, the actual value is difficult to judge.

In general, look at earnings, peers, and assets.

But in the same way, there are few comparisons in Yuanfang e-commerce now, but the income and assets can be seen.

However, e-commerce also needs to be calculated with future expected benefits.

The 70 billion valuation proposed by people like Shen Guojun before was not a data given for no reason, but calculated by using the discounted cash flow method.

But this calculation model is not objective enough for today's Yuanfang Mall.

At this moment, Yuanfang Mall is still in a period of grabbing the market before defeating Baobao, and the cash flow generated is not much.

70 billion, naturally unsatisfactory.

Whether it is Teng Xun or Yuanfang, it is unlikely that they will agree.

Of course, Shen Guojun and the others did not expect Yuanfang to agree.

But no one would accept the 250 billion that Tan Haiying said.

If the valuation is really 250 billion, the shares they hold will be diluted by more than half.

...

When Li Dong reported "150 billion" as if inadvertently, there was no one in the meeting room for a long time.

Is 150 billion worth it?

More than 20 billion US dollars, this valuation is definitely not low.

But now that the listing is imminent, Yuanfang Mall alone may not be inferior to Amazon, and the gap between the two is actually not too big.

One lies in the wide coverage, and the other lies in the large room for improvement.

If it can match Amazon, the value of Yuanfang Mall is expected to exceed the $40 billion mark.

Of course, it is not objective to use the post-listing earnings as a comparison when it is not listed.

Otherwise, Yuanfang Retail can also calculate in this way.

Li Dong reported 150 billion, and everyone was thinking about the gains and losses, and no one spoke for a while.

I don't know how long it has passed, but Xu Shengzhe, who hasn't spoken much, said with a smile: "150 billion is not low, especially not counting treasures.

Plus Dibao, you said this valuation, I agree.

But now, Dibao still needs to wait for the mall to integrate before purchasing.

If the 4.5 billion US dollars of Dibao is added, the value of Yuanfang's e-commerce system will be as high as 180 billion.

Li Dong, don't you think this valuation is a bit too high? "

Tan Haiying hesitated to speak, but Li Dong didn't let her speak, and said with a smile: "150 billion is really high?

I don't even talk about how much money I can make after IPO, it's all about nothing, and it doesn't make sense to talk about it.

For now, it is a certainty that the revenue of Yuanfang Mall will exceed 300 billion this year, and the transaction volume of Wanjia.com has also exceeded 100 billion.

For self-operated business, the gross profit should exceed 12%.

The next investment in logistics and warehousing will be made by the logistics group and will no longer be associated with Yuanfang Mall.

In this way, the net profit of the mall will soar.

More than 10 billion yuan, this is the benefit that Yuanfang Mall can bring to everyone every year.

At this time, do you think 150 billion is really high? "

In the early stage of e-commerce, the laying of logistics and warehousing channels cost a lot of money, and the investment was huge.

But here in the distance, the split is now going on, and the mall has not taken the account.

In this way, the profit margin of the mall is very high.

Otherwise, logistics and warehousing will be spent through the mall channel, and the mall will lose money every year.

Li Dong continued: "Actually, I have talked with some global evaluation agencies, including some investment banks, and the valuation of Yuanfang E-commerce is far more than 20 billion US dollars.

Everyone should know that now we are number one in the world, not number one in China.

And we are now mainly concentrated in the country, which is a disadvantage, but it is also an advantage.

The advantage is that we still have a lot of room for development.

Of course, the disadvantages are also more obvious, and the limitations are somewhat large.

Based on the combination of advantages and disadvantages, it is considered to be equal, and the value of Yuanfang is still greater than that of Amazon.

150 billion is the valuation I have considered for a long time.

As I said before, in the distance now, more is to share.

The sharing of interests is also the basis of our cooperation.

If you really find it unacceptable..."

Li Dong said lightly: "At this time, you can choose to quit.

For Yuanfang Retail, the Group has given a valuation of 222 billion, which exceeds the actual value.

Compared with when everyone bought shares, the increase has exceeded 100%.

At this time, you feel that the valuation of e-commerce is too high. I will buy back the shares in everyone's hands at a value of 222 billion. I should not treat anyone badly.

In less than a year, I will give you a 120% return. I don't think anyone will think that I, Li Dong, are sorry for you, right? "

In the crowd, someone immediately laughed and said: "Mr. Li is joking, who doesn't know Mr. Li's benevolence, we follow Mr. Li to make money, how can we say that we are sorry to anyone."

If Li Dong wants to repurchase the shares, he should repurchase at the current price, which is indeed righteous enough.

In fact, Li Dong only gave them two choices at this time, either agree or quit.

Quit now and everyone will make a fortune.

There is no need to take risks. After all, how is the listing? Although the expectations are very good, it is really hard to say how it will be.

But there is no risk now, but it does not mean that there will be no risk in the future.

Withdrawing from Yuanfang now also means withdrawing from the alliance, and Yuanfang Investment still holds 20% of their company's shares.

Li Dong didn't say that these shares would be returned. At that time, they would lose Yuanfang's protection, and Yuanfang would control some of their channels.

The distant place wants them to be finished, and it is not far from the end.

Alliance companies are not easy to annex from afar.

Non-alliance companies, facing such a behemoth as Yuanfang, will be annexed in an instant.

Someone spoke, and immediately someone answered: "We can accept 150 billion..."

The speaker doesn't care what other people think of him. Facing the distance, they have no room to bargain.

In addition to accepting now, that can only be withdrawn.

But after quitting, his business is not far from being finished.

When there is no way out, accepting the concept of the strong is the best choice.

Some people chose to accept, and soon many people compromised.

This year's cooperation with Yuanfang, everyone has also tasted the sweetness, no longer need to worry about other companies' invasion, and don't have to think about many things.

For small and medium-sized enterprises, relying on the strong is an instinctive choice.

As for ambitious people like Shen Guojun, it's useless even if they don't want to be reconciled.

If you are not reconciled, you can only withdraw, but once you withdraw at this time, you must guard against invasion from afar.

Although Intime is strong, it also depends on who the opponent is.

It was not a distant opponent before, let alone now.

Once it withdraws from the alliance system, Yintai occupies a large retail market share in Jiangsu and Zhejiang, and I am afraid that it will soon usher in suppression from afar.

Considering these, Shen Guojun finally sighed and nodded in agreement with Li Dong's plan.

As for Xu Shengzhe, after saying one sentence, he stopped talking.

It's not that he doesn't know Li Dong's character, so it's useless to object at this time.

If you continue to object, Li Dong may even kick him out.

Anyway, it is normal to clean up minority shareholders when going public. At this time, there are few minority shareholders, and no one will say that Li Dong is wrong.

...

With Li Dong's suppression, each family quickly reached an agreement.

This time, Li Dong did not mention Dongyu Real Estate.

Anyway, the actual value of Dongyu's real estate is there, and it is easier to calculate the value than the mall. Let's wait for Qi Yunna to come back to appease the person who lives in Dongyu, so as not to cause trouble.

After reaching an agreement, the integration is much simpler, and the equity structure of Yuanfang Retail has also undergone new changes.

By this time, Yuanfang Holdings held 78% of the shares of New Retail Group.

Teng Xun holds a 4% stake in New Retail Group.

Other alliance companies hold 12% of the shares.

The shares held by Xu Shengzhe were diluted to 3%.

Sun Tao's shareholding was diluted to 1.8%, and the shareholding ratio of other Yuanfang executives was diluted to 1.2%.

The shares of Yuanfang Holdings all belong to Li Dong, and Li Dong's shareholding ratio in New Retail Group has reached 78%, which is an extremely high ratio.

Dongyu Real Estate is currently all owned by Li Dong, and once integrated, his shareholding ratio will increase again.

After Xu Shengzhe signed the agreement, he couldn't help but glance at Li Dong. This guy is getting more and more terrifying.

He still holds 78% of the shares of such a huge retail group, which is extremely scary.

Moreover, Teng Xun holds 4% of the shares. In fact, Li Dong also owns a large number of shares in Teng Xun. In fact, he himself now holds more than 80% of the shares in Yuanfang Retail.

Xu Shengzhe didn't even want to think about it. If Yuanfang Retail went public, it would really reach trillions in market value as the outside world said.

Doesn't it mean that Li Dongguang's personal wealth will reach 800 billion in this regard?

Of course, it must be diluted when it is listed.

But judging from the current situation, the listed Yuanfang Retail is also limited in issuing additional equity, after all, the system is too large.

There are too many additional issuances, and the market may not be able to digest them.

...

After this meeting, the integration of Yuanfang retail and Yuanfang e-commerce has entered a formal process.

As for the merger and acquisition of Taobao, a second contract was signed in the name of the new retail group.

Yuanfang Retail's acquisition of Dibao as a whole, plus various expenses, cost 31 billion.

After the acquisition of Taobao, Yuanfang Retail sold the logistics systems of Cainiao and Morning Star Express to Yuanfang Logistics at a price of 4 billion.

In fact, Yuanfang Retail incorporated Dibao into the retail group at a cost of 27 billion.

The three parties began the fusion phase.

At the same time, Qi Yunna in the north also acquired a controlling stake in Dashang through the secondary market and acquisition of shares from minority shareholders.

Niu Gang almost watched helplessly as the other party nibbled away the retail sales of the big business bit by bit, but there was nothing he could do.

In the end, Niu Gang knew that since the moment he was brought into the distance, he had actually been powerless.

In desperation, they had no choice but to agree to Yuanfang's plan. Dashang announced the suspension of trading, carried out privatization and reorganization, and waited for Yuanfang Retail to go public.

...

late December.

Dashang completely chose to compromise. Some of Dashang’s shareholders chose to withdraw, and some of them chose to exchange the shares of Yuanfang Retail in the same amount.

At the same time, Auchan, who has been entangled for many days, saw that the big merchants also completely surrendered, and Wal-Mart chose to go dormant. In desperation, they finally agreed to the merger and acquisition plan of Yuanfang Retail.

Selling 51% of Sun Art shares, Yuanfang offered a purchase price of up to 20 billion yuan.

...

Just before Christmas, on Christmas Eve, Auchan and Yuanfang signed an agreement.

So far, in the Huaxia retail field, apart from Yuanfang, there are only three remaining large groups, Bailian, Wal-Mart, and Sulin.

A state-owned enterprise, a foreign-funded enterprise, and a private enterprise.

The distance seems to have forgotten them, and it seems that three families have been deliberately left behind. In short, they did not take action against them.

On December 25th, Qi Yunna, who had just won the big business, received a new appointment.

Go back to the headquarters, take over the position left by Wu Shengnan, and become the chairman of Dongyu Group.

From the executive president of Yuanfang Retail to the chairman of Dongyu Group, although there are leapfrogs, the leapfrogging is not too high.

After all, Dongyu is now in a weak situation, and the retail group has grown explosively.

It is acceptable for the number three person in the retail group to become the top leader of Dongyu.

This is also Li Dong paving the way for Qi Yunna, using Dongyu as a transition, otherwise with Qi Yunna's current qualifications, she will be criticized for leaping from the executive president to the chairman in one step.

Now jump out of the retail group system, start with Dongyu, and then return, even if the time is shorter, at least it can enrich the resume.

...

Many people are not sure about Dongyu's merger into the retail group.

But when Qi Yunna's appointment was announced, many people understood.

Sun Tao, who had just returned to Pingchuan after his honeymoon, had a complicated expression when he saw this new appointment.

His wife, Liu Hui, who was beside her, asked curiously when she saw this: "What's wrong? Are you in a bad mood?"

Sun Tao shook his head slightly, with a faint smile on his face, and said softly: "No, I just didn't expect that Mr. Li chose her in the end."

As Sun Tao's wife, Liu Hui naturally knew Yuanfang very well. Hearing this, she couldn't help but said, "You mean, Mr. Li wants Qi Yunna to take over?"

Sun Tao shook his head again, and said with a smile: "No, he is taking over the position of Mr. Chen.

In fact, do you think the chairman of Yuanfang's board of directors is Mr. Li's successor?

If you really want to think so, then you are wrong.

The chairman and president of Yuanfang are just the decision makers of the group, but the decision makers do not necessarily represent Mr. Li's will.

The chairman of the board of directors and the president are more likely to implement their own will, and they only represent the distance and themselves.

The real foundation of Yuanfang is Yuanfang retailing.

Whoever takes over the current retail group will be the supervisor and spokesperson left by Mr. Li. "

Liu Hui understood a little bit, and couldn't help saying: "You mean, whoever is the chairman of the retail group is the person Mr. Li trusts the most?"

Sun Tao laughed and said, "You can also say that."

"and you……"

Liu Hui couldn't help but glanced at her husband. In the outside world, almost everyone knew that Sun Tao was the pioneer of entrepreneurship in the distance.

But now, Sun Tao said that Qi Yunna was Li Dong's most trusted person.

This made Liu Hui a little worried.

Sun Tao didn't care either, and said with a light smile, "It's not surprising, I have my own thoughts, and he has his own. This is also the path I chose."

It's easy to say, but Sun Tao understands that from now on, the old friendship will no longer work.

At that time, if he makes another mistake, there will be no special treatment.

But as he himself said, this is the path he chose.

What he has to do now is to strive for the position of chairman of the board of directors as much as possible.

Some layouts in the distance are now in the later stage. Sun Tao, who is familiar with Li Dong, knows that it will not be too far away from Li Dong.