Chapter 1250 Is It Worth It?

Money is not all powerful.

At Li Dong's level, with a net worth of over 100 billion, sometimes it's ridiculous to talk about money.

However, even if you become the head of state, you have to mention money.

The head of state needs to talk about money for the development of the country and economic construction.

Li Dong himself is naturally not short of money, but the development of the enterprise still needs money.

Now, in order to acquire Gome, to develop online, to expand logistics and after-sales channels, to open up overseas markets, and to realize his big plan...

Without exception, all of these require money.

At this moment, Yuanfang Group with a level of hundreds of billions seems a bit too weak.

According to statistics in November, Yuanfang Group's total assets are close to 200 billion, including liabilities and cash flow.

Among them, the debts of banks and other parties amounted to nearly 60 billion, and the payment for goods was also embezzled by distant parties of nearly 20 billion.

According to this calculation, the total debt ratio of Yuanfang Group has reached 40%.

In business, the debt ratio is so high, which is actually not low.

Of course, it is mainly the two major industries of logistics and real estate, which have increased Yuanfang's debt ratio.

All in all, in the distance, the most commonly heard sentence is: no money!

In less than five years, it expanded again and again, expanded, expanded...

From the opening of the first store with a total asset of one million yuan to the current total asset of hundreds of billions, the span is not usually large.

It is also because it is too fast that the funds from far away frequently cannot keep up with the rhythm.

Even if Li Dong went around to raise money, loans, including financing, the funds still couldn't keep up.

In fact, the current Yuanfang has been able to barely maintain a balance of payments.

Supermarkets have started to make profits, logistics has also made some profits, and the Internet industry has gradually begun to make profits...

These profits are invested in the operation of the group, and it is barely enough without expansion.

Of course, the Yuanfang City project still lacked a lot of funds, but these funds can be resolved through loans.

According to Yuan Chengdao's thinking, before the end of the year, everyone should not worry about money.

No one expected that as soon as Li Dong came back, he was about to do something big.

Invest in Gome!

If only this is the case, Yuanfang can actually squeeze out more than one billion yuan of funds.

Before Li Dong came back, Yuan Chengdao and the others actually knew the news and began to prepare for the funds.

The funds of less than 2 billion can be transferred from the Yuanfang City project or the supermarket.

But when Li Dong sent away the others and left Yuan Chengdao behind, he suddenly said, "Prepare me 5 billion first."

"5 billion!"

Yuan Chengdao and the others looked at each other, a little dazed for a moment.

After a while, Sun Tao said softly: "Mr. Li, are you preparing for Gome?"

Li Dong nodded.

Sun Tao frowned slightly, paused before saying, "Then you mean that 8% is not our bottom line, and we still want to hold it?"

Today, we are no longer the former store manager.

Sun Tao has experienced a lot in these years, and after hearing Xian's understanding, he quickly guessed Li Dong's purpose.

If it is only 8% of the shares plus Gome's online channels, the total investment is less than 2 billion. According to the plan given to them by Bai Su, 1.8 billion is enough.

Now Li Dong asked them to raise 5 billion funds, obviously not just for these.

In front of the president and vice president of the group, there was no need to hide some plans. If they couldn't even trust them, the group would hardly be able to operate.

Li Dong took out a few cigarettes, handed one to each of them, and then said: "I declare to the outside world that we only need online channels, and the offline channels are for everyone to operate, but that is relative.

I said a long time ago that small and medium-sized enterprises can ignore it, but giant enterprises must not let it go.

In particular, in the home appliance industry, we don't have a branch company that can afford it.

Retail mainly consists of department stores and home appliances. Today, we have achieved top-notch department stores, and with the addition of online, many things can go with the flow.

But the home appliance industry is not good. We don't even have a store specializing in home appliances.

With such strength, how could it be possible to become an industry leader relying solely on online?

Therefore, we must increase our control in this regard.

If we want to increase our control, we have only two ways to go, self-construction and mergers and acquisitions!

And self-built..."

Li Dong shook his head and sighed: "Building a store by yourself is too time-consuming and labor-intensive, and it's thankless.

When our supermarket chose to build itself, there was no way to do it. We had no foundation, so we had to do it this way.

But in order to complete the national layout, it took us five years, during which we also acquired many companies, including Carrefour.

Even so, we still haven't fully covered the western and northern regions.

This is a supermarket. In terms of home appliances, if we still rely on ourselves, it will be another five years!

So, we have only one way left, mergers and acquisitions!

Mergers and acquisitions of ordinary companies are not enough. Today's domestic home appliance retailers are respected by five companies: Suning, Gome, Five Star, Best Buy, and Hongtu Sanbao.

The latter three are actually much weaker. Only Gome and Suning can really exert influence and shake and change the entire home appliance retail field.

A few months ago, I actually had no such plan.

On the one hand, we do not have this opportunity, on the other hand, we do not have the strength.

Even when Huang Guangyu first came in, I didn't consider merging Gome.

But not long ago, I saw an opportunity! "

Li Dong emphasized his tone. Before that, his layout had always been in the department store industry.

The opportunity he mentioned was the appearance of the Cheng family.

It was precisely because he knew of Beverly's existence and that the Cheng family had offended him that Li Dong started to get Gome's idea.

Otherwise, Li Dong really might not find Gome at this time.

It is possible to cooperate, and it is possible to hold shares, but Li Dong would not think of holding shares.

Fukang's 8% stake has a great impact.

For a listed company, 8% of the shares are enough to change many things, including Li Dong's decision.

Therefore, before Li Dong went to the capital, after hearing Tan Yong talk about Cheng Gang, he had the idea of ​​​​merging Gome.

Sometimes, decisions are often made at that moment.

The acquisition of Gome is not only not in Yuan Chengdao's plan, but it is also not in Li Dong's plan.

Back then when Qi Yunna talked about home appliances, all the executives, including Li Dong, said take it easy, take it easy.

But if you really see an opportunity, if you don't seize it, you'd be a fool.

Slow down in front, because there is no chance, so I have to slow down.

Now that there is, of course Li Dong will do everything possible to seize all of this.

"Merger and buy Gome?"

The pupils of Sun Tao and the others shrank!

They all know the rumors from the outside world, but they always treat it as a joke.

Yuanfang's cooperation with Gome is true, and even they imagined that they would swallow Gome.

But everyone understands that it is impossible now.

So when rumors appeared on the Internet and experts began to analyze them, Sun Tao and the others actually took them as a joke.

These people are really good at scaremongering. We didn't even have this plan, so you just analyze that we are going to annex Gome?

Even if they don't believe it, it can be seen that the so-called experts are actually scaring other people.

Does Du Juan believe it?

Needless to say, at least not now.

Among the shareholders and the board of directors of Gome, Cheng Gang is the one who really believes that Li Dong will do this.

Even if Li Dong didn't say anything, Cheng Gang didn't think so.

Nowadays, in the entire business world, except for those people who follow others, no one really thinks that Li Dong will now have the idea of ​​annexing Gome.

Even if he had this intention, Li Dong might not have such a plan within three to five years.

And now, what did Yuan Chengdao and the others hear?

Li Dong wants to acquire Gome!

There is no questioning and vetoing like before. In the past few years, Li Dong has often turned the impossible into the possible. Everyone has been slapped in the face again and again. Now everyone has learned to be smart.

Ask first, then say if it's possible.

Don't subconsciously feel that it is impossible before you ask, and then continue to be slapped in the face. The number of slaps in the face has increased, and it is time for them to leave.

Chen Lang, who was sitting on the outside, took a puff of cigarette, and then asked: "Mr. Li, are you sure? Have you planned the specific plan?"

Li Dong said with a smile: "On Gome's side, Du Juan and the board of directors should all agree with our plan.

Now the Huang family holds a 38% stake in Gome. This time they sold 3%, leaving only 35%.

The remaining 5% was sold by several investment banks. Among them, JPMorgan Chase and Morgan Stanley, the two investment banks with the largest shareholdings, also sold 3% and continued to hold 15%.

Next, there is Fukang, which holds 8% of the shares.

After the plan is reached, we also hold 8% of the shares.

The five of us hold a total of 66% of the shares. In addition, the Yongle Department holds about 10% of the shares, and other large and small investment banks and venture institutions also hold about 10% of the shares.

What is left is the tradable shares in the secondary market.

At present, if we want to overtake the Huang family and complete the control conversion, we must hold at least 35% of the shares. "

Everyone nodded, Yuan Chengdao frowned while flicking the cigarette ash and said: "I think, Mr. Li, you should give your idea to several investment banks.

Both JPMorgan Chase and Morgan Stanley have cooperation with us.

Several companies including Citigroup also cooperate with us.

If we are willing to give up part of the benefits and want to obtain the shares in their hands, it is still possible.

Many investment banks now hold at least 25% of Gome's shares.

I think it is impossible to win all of them. If you pay some price, there is still hope for about 18%. Mr. Li, am I right? "

Li Dong smiled and said: "That's right, that's my plan.

At least for now, investing in Weibo is more profitable than investing in Gome, and everyone knows this.

The purpose of several major investment banks is to make money, and there is no reason not to agree.

Of course, according to the agreement they signed with Gome, Gome has the right to repurchase their shares.

And now, it happened to be a rare opportunity. Gome had no money, and the Huang family couldn't raise so much money in a short time.

Taking advantage of this time difference, we can quickly complete the share transfer.

If we can get about 18% of the shares, plus our existing shares, it will be 26% of the shares.

And in the future, I can get another 10% of the shares. At this time, my shareholding ratio will be as high as 36%, surpassing the Huang family! "

The faces of several people changed slightly. 10% is not a small number. Gome is currently suspended, and the secondary market is temporarily unable to trade. In other words, Li Dong did not purchase from the secondary market.

At present, if Li Dong wants to obtain so many shares, he has only two options!

First, Yongle Department!

Second, Beverly!

The Yongle Department is not alone. Although Cheng Xiao is the leader of the Yongle Department, Li Dong really wants to negotiate with the Yongle Department.

That is to say, Li Dong and Beverly reached an agreement!

Thinking of this, Chen Lang's eyes moved slightly and he said, "Mr. Li, are you really sure?"

Li Dong smiled and said: "It's a matter of certainty!

However, this 10% requires a total of 2.1 billion in funds, plus 1.8 billion from Gome, which is 3.9 billion.

At this time, we only hold 36% of the shares, which is a little bit more than the Huang family. The attitude of the Yongle department is questionable.

And at this juncture, the Huang family is likely to choose to inject the remaining unlisted stores into the listed part.

Once so, the shares will be diluted.

According to my estimation, once these industries are injected into the listed part of Gome, our equity will be diluted by at least 20%.

At that time, only about 29% of our 36% is left.

On the Huang family's side, with an increase of 20% of the share capital and the previously diluted part, the shareholding ratio is about 48%, which is almost able to control.

And we have no way to prevent them from injecting. After all, Gome is integrated. If they do not allow it and they separate, the value of Gome will be greatly reduced, and loopholes will appear in the layout.

So not only can't stop them, but also encourage them to inject.

In this way, the gap between us and the other party has widened again, and the difference is very large.

The only thing that can offset this change is the batch of convertible bonds issued by Gome.

The Huang family injected unlisted assets. If we take this batch of bonds and convert them at the same time, there will be little difference in value between the two sides.

The bond is nearly 5 billion, and the value of their unlisted part is probably also this amount.

According to the current market value of Gome, it is about 20 billion.

After the full injection and conversion, the market value will be as high as 30 billion. With two dilutions, we can obtain about 40% of the diluted shares with the bond part and the original 36% of the shares.

On the Huang family's side, the ratio is almost the same.

After the remaining shares of the Yongle Department and the investment bank are diluted, they account for about 10%, and the rest is the circulating part.

At this time, the circulating part is too small, we can choose to issue new shares, as long as we win the Huang family in the secondary market, we can even reach the point of absolute control!

Overall, the previous 3.9 billion, plus the bond part of nearly 5 billion, requires nearly 9 billion funds.

In addition, if we want to repurchase part of the equity in the secondary market, we must prepare at least 2 billion to 3 billion funds.

Be careful, 3 billion is the most suitable, that is to say, with a total investment of 12 billion, we have hope to take control of Gome, which has repurchased convertible bonds and injected unlisted assets.

This deal is definitely a bargain. Gome, which has repurchased bonds and injected some industries, will definitely have total assets of more than 30 billion yuan, and that is still based on the current value.

In fact, Gome will inject all of it as a whole, and if it can rise in the later stage, 50 billion is an absolute value. "

Sun Tao coughed lightly and said, "Mr. Li, it's not 12 billion. The 18% from the investment bank is not counted. I want to get so much equity from these cannibals.

At least, we have to use about 4 billion Weibo shares in exchange for it.

Calculated, the investment is more than 16 billion.

Even so, it is still uncertain whether it can obtain a controlling stake.

In my opinion, even if we can hold a controlling stake in the end, the investment will probably be close to 18 billion.

Of course, if you really want to be able to hold shares, the money is worth it.

With less than 20 billion funds, Gome is a controlling shareholder, including their unlisted industries. I agree with it.

Now I am worried about two points. First, we may not be able to succeed, and the risks involved are huge. Mr. Li should be aware of this.

Second, even if it succeeds, the Huang family's shareholding ratio is too high, and if they are not careful, they may be overturned.

Leaving aside the investment banks and the secondary market, the Paradise Department is actually a problem.

The best way is to kick out the people from the Yongle Department and obtain the equity in their hands. In this way, it will not be so easy for the Huang family to turn around.

Of course, this is my personal opinion. After all, Cheng Xiao and his gang have been in business for a long time, and it is difficult to kick them out. "

Yuan Chengdao tapped on the table lightly, and said: "To be honest, I didn't expect Mr. Li to have reached this point before.

At present, the Huang family's external worries and internal troubles are indeed an opportunity.

If they issue new shares, it will be difficult for them to raise funds for repurchases, and our chances of winning are still very high.

I am afraid that someone will help the Huang family on the way.

After all, we want to control Gome, not just related to Gome.

It's nothing if it's someone else who makes the move, it's just a different owner. It's a common thing in the industry, and no one cares about it.

We are different!

In the field of department stores, even if we are not number one at the moment, we are not much different from Bailian. In addition to online, we are well-deserved number one.

If I become number one again in the field of home appliances, even I feel terrible, let alone other people.

Enterprises like Suning will not just watch us holding Gome. Once we start to support the Huang family, or simply enter the market and fight with us, we will need to spend more funds.

Generally speaking, we must at least ensure that the available funds on hand are close to 20 billion.

Of course, the 4 billion from several investment banks will be put aside, that is to say, at least 16 billion must be prepared. "

Others nodded their heads, but Li Dong said, "One more thing, don't forget that almost all bond holders are investment banks, so you can actually consider exchanging Weibo shares.

In this way, a little over 10 billion is enough. "

Yuan Chengdao smiled wryly: "But in this way, we may lose the controlling stake in Weibo.

We have sold nearly 9 billion Weibo shares before and after. Our shareholding ratio in Weibo, even with option shares, is only a little over 65%.

According to the valuation of the second round of financing, even if it is a little higher now, after the sale, our shareholding ratio may only be about 30%.

In the future, we will carry out the C round of financing, and then go public to dilute..."

Yuan Chengdao couldn't go on talking. In this way, Yuanfang, the final big owner of Weibo, may hold around 20% of the shares.

Is it worthwhile to exchange Weibo for Gome?

Of course, it doesn't mean that Yuanfang has completely given up on Weibo, holds 20% of the shares, and may still be the largest shareholder, but there is a risk of changing owners after all.

Now, it depends on what Li Dong thinks.

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