Chapter 1693: Fusion

For unlisted IT companies, the actual value is difficult to judge.
Under normal circumstances, look at earnings, look at similar, look at assets.
But similar, now there are few comparisons of distant e-commerce, but the income and assets can be seen.
However, e-commerce also needs to add the calculation of the expected benefits in the future.
The 70 billion yuan valuation proposed by Shen Guojun and others was not based on unprovoked data, but was calculated using the discounted cash flow method.
But this calculation model is not objective enough for today's distant malls.
At the moment, the remote mall is still in a period of market seizure before crushing the treasure, and the cash flow generated is not much.
70 billion, naturally cannot be satisfied.
Neither Teng Xun nor a distant place is likely to agree.
Of course, Shen Guojun did not expect far-off consent.
But Tan Haiying said the 250 billion, no one will accept.
Really want to value 250 billion, their shares will be diluted by more than half.
...
When Li Dong seemed to inadvertently report "150 billion", the meeting room was silent for a long time.
Is it worth 150 billion?
Over $ 20 billion, this valuation is definitely not low.
But now the market is on the way, the remote mall is listed separately, and may not be inferior to Amazon, the gap between the two is actually not too big.
One is the wide coverage, and the other is the large ascent space.
If it can be compared with Amazon, the value of distant commercial cities is expected to exceed the $ 40 billion mark.
Of course, it is not objective to use post-listing earnings for comparison when not listed.
Otherwise, remote retailing can do the same.
Li Dong reported 150 billion, everyone was thinking about the gains and losses, no one spoke for a while.
Xu Shengzhe, who didn't know how long it had been, said with a smile: "150 billion is not low, especially if the treasure is not counted.
Plus digging treasure, you say this valuation, I agree.
But now, the treasure still needs to wait for the mall to integrate, and then go to buy.
If you add $ 4.5 billion in treasure, the value of the remote e-commerce system is as high as 180 billion.
Li Dong, do n’t you think this valuation is a bit too high? "
Tan Haiying stopped talking, and Li Dong did not let her speak, smiling with a smile: "150 billion is really high?
Not to mention how much you can earn after going public, this is nothing, and it makes no sense to say it.
Let's just say that the revenue of this mall has exceeded 300 billion this year, and the transaction volume of Wanjia.com has exceeded 100 billion.
For self-operated businesses, gross profit should exceed 12%.
And the next investment in logistics and warehousing will be invested by the logistics group, and will no longer be associated with the remote mall.
As a result, the net profit of the mall will soar.
More than 10 billion yuan, this is the benefit that Yuanfang Mall can bring to you every year.
At this time, do you think 150 billion is really high? "
In the early stage of e-commerce, laying logistics and warehousing channels cost a lot of money and a lot of investment.
But on the far side, now the split is done, and there is no account of the mall.
In this way, the profit margin of the mall is very high.
Otherwise, logistics and warehousing will go to the mall channel, and the mall will lose money every year.
Li Dong continued: "In fact, I have talked to some global assessment agencies, including some investment banks, and the valuation of distant e-commerce companies is far more than US $ 20 billion.
You all know that we are now the world's first, not China's first.
And we are now mainly concentrated in China, 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 more obvious, and the limitations are somewhat greater.
Under the overall pros and cons, the calculation is flat, and the value in the distance is still greater than that of Amazon.
150 billion is a valuation that I have considered for a long time.
As I said before, now in the distance, more is still shared.
The sharing of interests is also the basis of our cooperation.
If you really feel unacceptable ... "
Li Dong said lightly: "At this time, you can choose to quit.
For distant retail, the group gave a valuation of 222 billion, which is more than the actual value.
Compared with when everyone took a share, the increase was more than 100%.
At this time, you feel that the valuation of e-commerce is too high. I will repurchase the shares in everyone's hands at a value of 222 billion, and I should not treat anyone wrong.
In less than a year, I will give you a 120% return. I do n’t think anyone will think that I ’m sorry Li Dong, right? "
Someone in the crowd immediately smiled and said: "Zong Li laughed, who doesn't know Mr. Li Renyi, we are making money with Mr. Li, how can anyone be sorry."
Li Dong wants to repurchase shares, or buy back at the current offer, which is indeed justified.
In fact, Li Dong only gave them two choices at this time, either agree or quit.
Now quit, everyone will make a fortune.
There is no need to take risks, after all, how to go public, although the expectations are good, it is really difficult to say how.
But there is no risk now, does not mean there is no risk in the future.
Now withdrawing from the distant place also means withdrawing from the alliance, and Yuanfang Investment also holds 20% of the shares of their enterprise.
Li Dongke didn't say that these shares would be returned. At that time, he lost his asylum from afar, and he controlled some of their channels.
The distance wants them to be finished, not too far away.
Alliance companies are not easy to annex from afar.
Non-alliance enterprises, in the face of behemoths from afar, will be annexed in an instant.
Someone spoke, and someone immediately answered, "We can accept 150 billion ..."
No matter what other people think of him, the person who speaks has no room for bargaining in the distance.
Now in addition to accepting, that can only withdraw.
After you can quit, your business is not far away.
When there is no way to go, accepting the strong man's idea is the best choice.
Someone chose to accept, and soon many people compromised.
Working with distant places this year, everyone has tasted the sweetness, no longer have to worry about other companies intruding, and do not have to think about many things.
For SMEs, relying on the strong is an instinctive choice.
As for the ambitious people like Shen Guojun, even if they are not reconciled, it is useless.
If you are not reconciled, you can only withdraw, but once you withdraw at this time, you must prevent the invasion from afar.
Although Yintai is strong, it also depends on who the opponent is.
It was not a distant opponent before, let alone now.
Once withdrawing from the alliance system, Intime has occupied a large retail market share in Jiangsu and Zhejiang, and I am afraid that it will soon be suppressed from afar.
Taking these into consideration, Shen Guojun finally sighed and nodded in agreement with Li Dong's plan.
As for Xu Shengzhe, after saying one sentence, he did not speak again.
He is not ignorant of Li Dong's character. It was useless to object at this time.
If we continue to oppose it, 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 not.
...
When Li Dong cracked down, the families quickly reached agreement.
This time, Li Dong did not mention Dongyu Real Estate.
Anyway, the actual value of Dongyu Real Estate is there, and it is easier to calculate the value than the mall. This person who waits for Qi Yunna to come to appease Dongyu will not be confused.
After reaching an agreement, the integration will be much simpler, and the shareholding structure of Yuanfang Retail will also see new changes.
By this time, Yuanfang Holdings held 78% of the shares of the new retail group.
Teng Xun holds a 4% stake in the new retail group.
The other alliance enterprises 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 other remote executives' shareholding ratio was diluted to 1.2%.
All shares held by Yuanfang belong to Li Dong. Li Dong's shareholding in the new retail group reaches 78%, which is extremely high.
Dongyu Real Estate is currently all owned by Li Dong. Once incorporated, his shareholding ratio will increase again.
After Xu Shengzhe signed the agreement, he couldn't help but glance at Li Dong. This guy became more and more terrified.
The huge retail group now holds 78% of its shares, 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 currently holds more than 80% of the shares in distant retail.
Xu Shengzhe didn't want to think down, if the remote retail listing, it can really reach the trillion market value as the outside world said.
Does it mean that Li Dongguang is in this respect, and his personal wealth will reach 800 billion?
Of course, you must dilute some of them when you go public.
According to the current situation, the additional share capital of listed remote retail is also limited, after all, the system is too large.
There have been more issuances and the market may not be able to digest it.
...
The integration of Yuanfang Retail and Yuanfang E-Commerce entered the formal process after this meeting.
The M & A of Dibao also made a second contract in the name of the new retail group.
Yuanfang Retail's overall acquisition of Treasures, together with various expenses, cost 31 billion yuan.
After the acquisition of Treasure, Yuanfang Retail sold the logistics systems of Cainiao and Xingchenjibian to Yuanfang Logistics at a price of 4 billion yuan.
In fact, Distant Retailing has included Dibao into the retail group at a cost of 27 billion yuan.
The three parties began the integration phase.
At the same time, Qi Yunna in the north, through the secondary market and small shareholder acquisitions, won the controlling stake in the big business.
Niu Gang almost looked at each other a little bit and ate big business retail, but there was no way to do it.
In the end, Niu Gang knew that since the moment when he was introduced into the distance, he was unable to return to the sky.
In desperation, had no choice but to agree to the plan of the distant place, big business announced the suspension of trading, privatization and reorganization, waiting for distant retail listing.
...
Late December.
Dashang completely chose to compromise. Some shareholders of Dashang chose to withdraw, and some chose to replace the shares of distant retail stores equally.
At the same time, Auchan, who had been struggling for many days, saw that the big business had completely surrendered. Wal-Mart chose to stay dormant. In desperation, he finally agreed to the merger and acquisition plan of distant retail.
For the sale of 51% of the shares of Sun Art, Yuanfang offered a purchase price of up to RMB 20 billion.
...
On the eve of Christmas, Christmas Eve, Auchan and the distant place signed an agreement.
At this point, in the retail sector of China, apart from the distance, there are only three large groups remaining, including Bailian, Wal-Mart and Surin.
A state-owned enterprise, a foreign investment, and a private enterprise.
The distance seems to have forgotten them, and it seems that they left three of them deliberately.
On December 25, Qi Yunna, who had just won the big business, received a new appointment.
Back at the headquarters, he succeeded the position left by Wu Shengnan and became chairman of Dongyu Group.
From the CEO of Yuanfang Retail to the chairman of Dongyu Group, although there is a leapfrog, the leapfrog is not too high.
After all, Dongyu is weak now, and the retail group has grown explosively.
It is acceptable for the No. 3 person in the retail group to become the leader of Dongyu.
This is also what Li Dong helped Qi Yunna to pave the way, using Dong Yu as a transition, otherwise Qi Yunna's current qualifications, one step from the executive president to the chairman, will be criticized.
Now jump out of the retail group system, start with Dongyu, and then return, even if the time is shorter, fortunately, the resume will be fuller.
...
Many people are not sure about Dongyu's merger with the retail group.
But when Qi Yunna's appointment came, many people understood.
Sun Tao, who had just returned to Pingchuan after his honeymoon, had a complex face when he saw the new appointment.
The wife beside her, Liu Hui, was curious and said, "What's wrong? Are you in a bad mood?"
Sun Tao shook his head slightly, a light smile appeared on his face, and said softly: "No, I just didn't expect that President Li finally chose her."
As the wife of Sun Tao, Liu Hui also knows nature from afar, and can't help but say: "You mean, President Li will let Qi Yunna take over?"
Sun Tao shook his head again and said with a smile: "No, it is taking over the position of President Chen.
In fact, do you think that the chairman of the board of directors in the distance is Mr. Li's successor?
If you really want to think so, then you are wrong.
The chairman and president of the board of directors from far away are only the decision makers of the group, but the decision makers do not necessarily represent President Li's will.
The chairman of the board of directors and the president, more often implement their own will, and only represent the distance and themselves.
The real foundation of Distant Location is Distant Retail.
Who takes over the current retail group and who is the supervisor and spokesperson left by Mr. Li. "
Liu Hui understood something, and couldn't help saying: "You mean, who is the chairman of the retail group and who is the person Mr. Li trusts most?"
Sun Tao smiled and said, "You can say that too."
"then you……"
Liu Hui couldn't help but glance at her husband ~ EbookFREE.me ~ In the outside world, almost everyone knows that Sun Tao is the veteran of the venture.
But now, Sun Tao says that Qi Yunna is the person Li Dong trusts most.
This made Liu Hui worried.
Sun Tao didn't care either, and said with a chuckle: "Actually, I'm not surprised, I have my ideas, he has his considerations, and this is my own choice."
His words were easy, but Sun Tao understood that from now on, the sentiments of the past will no longer work.
At that time, once he makes another mistake, there will be no special treatment.
But as he himself said, this is his own choice.
What he has to do now is to strive for the position of chairman of the board of directors.
Some layouts in the distance are now in their later stages. Sun Tao, who is familiar with Li Dong, knows that Li Dong will not be too far away.