Chapter 1377: Billions at a Stroke of the Pen

Distant canteen.

Keep absolute silence at this moment, everyone is looking at the documents sent from afar.

In fact, the content of the file is not much, it is very simple.

Yuanfang New Retail Group!

Cut out the online Yuanfang Mall, go out independently, integrate into the new Gome system, and form a brand new offline retail group.

And the brand new offline retail group, a collection of Yuanfang, Carrefour, Gome, Times, Suguo, Wing On, Kelong... this series of retail enterprises.

As early as September 2008, Yuanfang and Longhua exchanged shares.

The total assets of Yuanfang Retail Group, without Gome and Online, exceeded the 40 billion mark.

After that, Yuanfang continued to expand and invest continuously.

In addition, in the later stage, Yuanfang has more actions, its reputation is getting bigger and bigger, and its fixed industry and brand value have increased. In the past six months, the value has increased a lot again.

Today's Yuanfang retail, without online and Gome, definitely has 50 billion.

Last year, just offline, the revenue of Yuanfang Supermarket reached 110 billion.

Although revenue is not a measure of enterprise value, it is enough to roughly estimate something.

The revenue is 110 billion, and the profit is close to 10 billion.

At this time, if Yuanfang Supermarket goes public, even if it is based on a price-earnings ratio of 10 times, it is still no problem to go public with a market value of about 100 billion.

Of course, market value does not represent assets, but market value is also a reflection of value.

Now Yuanfang Supermarket and Gome are integrated, and the total revenue is nearly 200 billion.

This is an authentic offline retail giant group!

Last year, Suning, which ranked second, and Bailian, which ranked third, together, had a revenue of about 200 billion.

In any industry, the value of the first and second can never be equated.

If the retail business of Suning and Bealead is worth 100 billion, although the revenue of the two is similar, the value cannot be equal.

Just like PP in the distance, although it is weaker than QQ, it is not much weaker until now.

However, number one is number one. Tencent's current main business is instant messaging, but Tencent's market value is as high as 20 billion US dollars.

And Yuanfang PP is now listed separately, let alone 20 billion US dollars, 10 billion US dollars will be the sky.

Therefore, after the restructuring of the offline system of Yuanfang Retail Group, including Gome, the total assets will be worth about 100 billion.

Among them, the liabilities are close to 40 billion, and the net assets are about 60 billion.

When purchasing Gome, Li Dong still owed a lot of money, which was included in the liabilities of the offline retail group.

The total assets of 100 billion and the net assets of about 60 billion are not underestimated.

But at this moment, the document given by Yuanfang gave a new valuation.

Including Gome, Yuanfang’s offline retail system with a total of 2,108 stores, Yuanfang’s valuation is 100 billion!

Net assets!

This is 170% higher than the actual assets!

Enterprise value is not calculated in this way!

The reason why net assets are calculated with net assets is the actual value of the enterprise.

It is simply a joke that Yuanfang gave such a high asset statistic now.

Chu Dequn looked at it for a while, and seeing that other people were silent, he couldn't help frowning and said: "President Li, this is a bit of a joke.

We admit that Yuanfang has a great influence, and it is not an exaggeration to say that China is the first.

But in fact, Yuanfang's retail system has not yet merged, and Gome and Yuanfang have not produced the effect that 1+1 is greater than 2.

If you have completed industry complementarity and resource integration.

You said that Yuanfang’s offline retail is worth 150 billion yuan, and its net assets have exceeded 100 billion yuan. I agree.

But not now!

The stores of Carrefour and Gome have been divided up to now, which has not resulted in actual industrial expansion, and your profits have not reached a balanced state.

At this time, if you give such a valuation, let us approve it,

Don't Mr. Li think it's a little too much? "

Shen Guojun also said with an ugly face: "Mr. Li, what Mr. Chu means is not only what Mr. Chu means, but what all our companies mean!

We can agree with some of your points of view, and even give up our channels for you to master from afar.

However, in terms of fundamental interests, Yuanfang still wants to maximize its interests, which is beyond our expectations.

100 billion net assets, to put it bluntly, plus Yuanfang Mall, we barely admit it.

Now excluding Yuanfang Mall and giving such a valuation, Yuanfang has no sincerity, I cannot accept it! "

"That's right, Mr. Li doesn't really want to use the estimated value of this asset to talk to us about cooperation, does he?

It is estimated that it is estimated, Mr. Li, you said that Yuanfang Retail will be worth 1 trillion yuan in three years, and I have no objection.

But now, we still speak according to the facts.

It should be as much as it should be.

The same is true for us, as much as we should, the big deal is that we make some concessions in terms of brand value.

No matter how much you make concessions, you won't be able to make it to this point.

Mr. Li, if you eat meat, you always give us some soup, don't you?

The benefit sharing you proposed yourself, but now you are offering such a plan, it is also difficult for me to accept it. "

"..."

There was a heated discussion among the crowd, and everyone had a look of disapproval.

Li Dong said calmly, "Everyone, everyone should know whether the value of Yuanfang's offline retail system is 100 billion or not.

On the far side, there are many self-owned industries and a high proportion of fixed assets.

There are more than 2,000 stores, and our own properties account for more than 12%.

This part of the property was originally planned to be handed over to Dongyu Real Estate. In this way, some debt disputes can also be avoided.

The management of Yuanfang has proposed several times before, but I rejected it.

Why do I downvote this?

It is because of maintaining the integrity and competitiveness of remote retailing!

More than 12% of self-owned properties, complete supply chain channels, and you actually have to add the added value of warehousing and logistics.

Although these two are not in the retail industry of Yuanfang, and the online industry is not in it, does the added value really not exist?

Faraway retail does not exist in isolation, it is just a part of the whole link.

As long as other industries in Yuanfang are still there, Yuanfang retail can enjoy special treatment and added competitiveness.

If I simply only calculate the value of fixed assets, then I will suffer a blood loss.

You are weighing your interests, I can understand that.

But everyone should think about it from my point of view!

As an integrated industry, do you think Yuanfang Retail will be separated from the entire group system by me?

Now that you enjoy it, that is where the value lies.

Is the total assets of 140 billion really high?

The debt ratio of Yuanfang is not high, which is also one of the performances of high-quality enterprises..."

Li Dong was bragging, but no one would agree.

With just a few words from Li Dong, the value of the entire group has increased by 40 billion. That money is really not money!

No matter how great the added value is, it will be less than 40 billion!

Does a distant logistics have an investment of 40 billion so far?

According to Li Dong's calculation, the Yuanfang retail offline group alone was worth as much as his total assets in November last year.

So Yuanfang Technology, Yuanfang Mall, Yuanfang Logistics, Dongyu Real Estate, Weibo and other industries are all earned by him in a few months?

Having earned so much in a few months, Li Dong simply went to grab it.

No, grabbing is not so fast.

Of course, everyone also subconsciously ignored Li Dong's reduction in Weibo's shareholding. This is Li Dong's business, and they will not consider it.

Everyone was discussing, and several executives in the distance were also discussing in low voices.

Sun Tao whispered: "Who made the valuation of 140 billion?"

Wang Yue shook his head, Chen Lang coughed lightly and said, "I did it, but let me explain first that the estimated value I gave was 120 billion, and then I went to the chairman's office for a tour, and that's all."

"A sum of 20 billion..."

Sun Tao said with some emotion: "If this is true, if you write, half of Gome will be earned back.

You add a sum, he adds a sum, and one Gome comes back. "

Wang Yue rolled his eyes at him, and said angrily: "You talk a lot of nonsense, don't you understand bargaining?

Give 100 billion directly now?

How will the price be lowered later? "

"It won't be 40 billion, right?" Sun Tao said in a low voice, "Follow this guy, don't look at the specific statistics in the future, anyway, it's right to blow up.

The last time Weibo raised funds, what did you think would be the result?

We valued it at 2 billion U.S. dollars, and he came up with 3 billion U.S. dollars in a blink of an eye. In the end, it was accepted by everyone at 2.5 billion U.S. dollars.

These days, the face is really worth eating. Guess how much it will be accepted by everyone in the end? "

Wang Yue was also a little curious at this time, and said in a low voice: "120 billion total assets, I think it is indispensable."

Chen Lang muttered, "I think a little more is right."

"How about a gamble?"

"What bet?"

"..."

A few people were chatting, Li Dong suddenly turned his head to look at them, and said with a dark face: "It's none of your business, right? Go and explain the content of the document to everyone, and analyze with you why we dare to give this value! "

Several people looked at each other in blank dismay, and then dispersed in a rush, and hurriedly communicated with the heads of various companies.

Although Li Dong kept saying that there were a lot of people, it was impossible for him to take care of everyone.

Li Dong, who is in charge of some larger companies, communicates in person.

And some small businesses have to rely on them to fool them.

While everyone was arguing, there was a sudden noise outside the door.

Immediately afterwards, the staff from afar trotted in, and whispered a few words to Li Dong.

Li Dong's face was a little ugly, but he recovered quickly, and smiled at Shen Guojun and the others: "Don't worry, I know what you are thinking, but everyone is in business, and no one wants their children to be valued by others." underestimated.

Over the years, people who have underestimated people from afar have their faces swollen from beatings.

Now I dare to give an asset estimate of 140 billion. In a few months, it is not an estimate, but a fact.

In a few years, there is nothing surprising about the ups and downs.

I don't say anything else, just say Wal-Mart.

The annual revenue is only more than 300 billion U.S. dollars, but the market value is as high as 220 billion U.S. dollars.

And their debt ratio is much higher than that of Yuanfang, about 60%.

Think about it, even according to this ratio, if we go public, we will have a revenue of more than 200 billion yuan, a lower debt ratio, and a market value of more than 150 billion yuan, right?

Although the market value does not represent everything, it cannot explain other issues.

But at that time, if you really feel that you have lost money and sold the shares in your hands, do you think you will make a lot of money?

The net asset value we are giving you now is only 100 billion. I think Yuanfang Retail is worth 200 billion when it goes public. Even if you are diluted a little because of the listing, there is at least a 150% rate of return.

All in all, I definitely didn't pay a cent's worth of extra.

And now it's just the valuation of the distant side. We haven't done any statistics on your side. Maybe the result may exceed your own expectations.

Everyone is in a hurry to deny the distance now, isn't that denying yourself?

Think about it for yourself, Mr. Sun, you can chat with everyone for a while, and I will go out for a while. "

Seeing this, Sun Tao hurried over, while Shen Guojun and the others were still in a daze, Li Dong is really good enough!

Comparing yourself with Wal-Mart is fine, Yuanfang hasn't been listed yet, so I dare to fool them with this now.

If you are able to go public in the distance, our company cannot go public?

Once the listing is successful, which company's market value will not rise?

Of course, it is enough for the industry to not increase much, and generally the gap with the actual value of the enterprise is not too big.

...

When there was a lot of discussion inside, Li Dong walked out of the cafeteria.

Staring at the two people in front of the door, he snorted: "I said you two are a bit too much, right?

We are in a meeting, and you just barged in, isn't it a bit inappropriate?

What's the matter, let's talk after the meeting. "

Ma Yun smiled and said: "Sorry, sorry, we really didn't know that you were in a meeting, didn't you mean a dinner?

I was thinking, how could we be absent from the dinner party, don't you think so? "

"Come on, don't pretend to be confused.

Just a word, go as far as you can, don't try to make trouble for me, it's useless to make trouble.

I said in advance that it is useless for you to make trouble now, we have reached an agreement and are signing the contract, if you are willing to help them pay liquidated damages, I will be happy to make a lot of money for nothing. "

Ma Yun sneered and said: "You ghost, even if your family's efficiency has surpassed the sky, others are not so fast.

Do you think that everyone else is like you, that you are alone, that you can be the master alone?

I don't go in now, but when they come out later, I can still chat.

Li Dong, you must give me a chance in fair competition.

What you can give, we can too! "

Li Dong sneered, and said contemptuously: "Do you think that we, who are in the industry, will take you in the eyes of those who are in the Internet?

So what if the market value is hundreds of billions of trillions?

When the stock market is in turmoil, you will cry for your father and mother when it falls. If you have the ability, don't delist.

Still fighting with me, what are you fighting with me for?

How much cash flow do you have?

Count on Bailian?

Bailian can't even take care of itself. After taking down Nongshang and Yonghui, do you think the government will continue to invest tens of billions in them?

Don't think too much, I'm just telling you clearly, what can you do if I exchange the shares of Yuanfang Retail for their shares.

If I can really take away a few, I have to thank you.

I still have a headache now. There are still 50 or 60 companies left. I estimate that 30 companies will be enough. Isn't this causing me trouble?

If you can really pull away ten or twenty, I have to thank you for letting me breathe a sigh of relief. "

The faces of the two people on the opposite side were dark at this time, and Ma Yun said speechlessly: "What you said is as if you don't do the Internet, and you said this yourself, don't regret it!

If we take away the backbone of these companies, even if you form an alliance, it won't make much sense. "

Li Dong smiled and said: "Then you should try it out, I still believe that small businesses are not determined.

If you really have the ability, Lao Shen will stay here and talk about this with me?

You haven't seen that old Shen's impatient look just now, he can't wait to sign a contract with me right away.

There is me, Li Dong, in the distance, that is the embodiment of interests, whoever walks is stupid.

Follow your two horses?

what?

The performance on the mixed line?

Just kidding!

How big is it online now?

We occupy more than half of the distance, what capital do you have to fight with me?

Come on, I'm too lazy to beat you, now you go back to your respective houses and find your mothers, tomorrow I have something important to discuss with you.

Let me say in advance that it is a serious matter.

The offline retail alliance is nothing compared to this.

IT companies should do what IT companies should do. If you mix offline, it is crossing the line. If I say it or not, then it is not necessarily true. "

Ma Yun and Ma Huateng looked at each other, and after a while, Ma Huateng said slowly: "Okay, then I would like to hear what you have to say tomorrow.

Li Dong, it's not that we want to stop it this time, it's that other retail companies will not agree!

If there is no accident now, they should all rush this way.

I really want to see if you can successfully complete this affiliate program. "

Li Dong smiled and said: "Then don't worry about it, brother Ma, I think my reputation, Li Dong, should be a little better than others."

When I said this, although there was a bit of pretense, Er Ma showed helplessness.

It's true, Li Dong's reputation is not comparable to that of the heads of other companies.

It is hard to say whether Bailian and the others can fulfill the conditions they promised.

Ma Yun let out a breath, thought for a while before saying: "Have you considered the cooperation between Yuanfang Retail and Ali?"

Ma Huateng was taken aback for a moment, this guy is really capable, he can bend and stretch, and if he fails to make trouble, he immediately proposes cooperation, this change is really fast enough.

Li Dong on the opposite side also pondered for a while before saying: "Not at the moment, you didn't show anything that I value.

You can’t do it in China. If you can open up the online market abroad, I don’t mind cooperating with you once. "

Ma Yun snorted: "You think beautifully, and you have taken advantage of it, what good do I have?

What I’m talking about is that in China, Ali has the foundation. If you want to complete the online and offline integration strategy, you will spend at least three more years if you leave Ali! "

Li Dong cut, looked at the time and said: "I don't have time to talk to you about this, I still have things to do, if you don't go back, just wait here, I have to go in.

Also, we are holding a confidential meeting, if you forcefully break in, I will call the police. "

After leaving these words behind, Li Dong returned to the cafeteria again.

Ma Yun, who stayed where he was, shook his head and said, "This guy won't even let us in. Maybe he just wants to finish the cooperation tonight."

"Is it so fast?" Ma Huateng was a little suspicious.

Ma Yun touched his chin and thought for a while, "It's hard to say, let's go back first, I'm not interested in blowing cold wind here.

But tomorrow will be a lot of exploration. In addition, from now on, we have to be prepared.

To avoid being caught off guard by this guy, the last is the issue of mobile strategy. Let's discuss and discuss, one person counts the short and the other counts the long, and figure out what he is going to do next. "

Ma Huateng nodded. Originally, he and Ma Yun didn't have so many interactions, but now, under the threat of Li Dong, they naturally became an alliance.

An enemy of an enemy is a friend.

Now it's good to go back and listen to Ma Yun's judgment. Everyone in the industry says that besides being able to fool around, this guy's ideas are also wild enough, maybe he can collide with a little spark.

If you really want to feel Li Dong's pulse, maybe you can fight back.

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