Chapter 790 How Much Is the Faraway Mall Worth?

As soon as the news of Li Dong's financing came out, the entire business world became a sensation.

There are many reasons for the sensation.

As a private group, Yuanfang's shareholding composition is not uncommon.

Many private companies are family-owned.

However, private enterprises with a scale of more than 10 billion and still in the state of sole proprietorship are almost invisible.

The current valuation of the famous Laoganma in later generations is probably less than one-tenth of Yuanfang Group.

As for the giant Wahaha among the private enterprises, the equity is actually extremely complicated. It is said that it is a private enterprise, but in fact it is just a name, no different from a state-owned enterprise.

Calculated, Yuanfang should be the only privately-owned enterprise with a scale of more than 10 billion yuan in China.

In addition, Boss Wang, the richest man in the future, is still busy clearing the equity in the hands of employees at this time, and has not yet completely completed the privatization.

After counting and counting, Yuanfang Group is still the one with the simplest equity in the echelon of tens of billions of groups.

The simpler the shareholding structure, the greater the operability, and the greater the profits obtained by investing in Yuanfang.

In addition to this point, there are many advantages in the distance.

Yuanfang Supermarket, the pillar industry of Yuanfang, has almost started the national layout at this moment, and is even close to completion.

Now apart from a few state-owned retail groups, in the field of department stores and supermarkets, Yuanfang is firmly in the top three, if not the number one.

The other company that is in the same situation as Yuanfang should be Xinyijia. However, recent bad news has been coming from Xinyijia frequently, and the former general manager was forced to resign, which also caused Xinyijia to be unable to expand.

In the field of private department stores, it is not an exaggeration for Yuanfang Supermarket to be called the overlord at this time.

When e-commerce has not yet had an impact on the physical industry, the retail industry is the company with the most abundant cash flow, and it is difficult for outsiders to obtain opportunities to invest in shares.

And at this time, Yuanfang gave this opportunity.

Supermarkets are one point, but the supermarket industry attracts the attention of some domestic investment institutions.

Compared with domestic investment institutions that focus on entities, major foreign capital institutions pay more attention to Yuanfang Mall and Yuanfang Logistics.

This kind of self-operated logistics system, in the last e-commerce war, Li Dong gave full play to its advantages.

Yuanfang Mall was originally much weaker than Taobao, but in the end it recovered the situation in terms of logistics. Even though Li Dong lost a lot of money, there are still many people who are optimistic about the combination of Yuanfang Mall and Yuanfang Logistics.

In the previous life, Jingdong also took advantage of this, attracting the attention of a large number of investment institutions.

Even though JD.com is losing money every year, even after its listing, capital institutions willing to pay for JD.com are still flocking to it.

Under Yuanfang Group, except for the real estate company whose prospects are unclear, the other three subsidiaries have attracted the attention of a large number of investment institutions.

...

September 2nd.

Faraway Building.

It was less than 24 hours since Li Dong disclosed the news of accepting financing, and the phone calls from far away were about to explode.

meeting room.

Yuan Chengdao was a little excited: "At present, we have received telephone inquiries from VC/PE institutions such as KPCB, DST, DFJ, and Capital Today.

Several institutions are very optimistic about us and hope to conduct a large-scale market research on Yuanfang in the near future.

Of course, these companies are all focusing on the shopping mall and logistics field, as for the supermarket..."

When it came to supermarkets, Yuan Chengdao hesitated for a moment before saying: "Because our supermarket system is nearly complete, and we focus on national brands, some foreign capital must not be able to enter.

Domestic private equity funds are generally relatively weak.

I am more optimistic about the olive branches cast by other companies in the same industry. Compared with other institutions, these companies in the same industry can bring us greater help and expand our channels and influence.

At present, both China Resources and Bailian hope to have a talk with us. Mr. Li, what do you think? "

Li Dong lazily said: "Is there no one else besides these two? At this time, our target is these two,

You let these two cooperate with Yuanfang?

Don't you know how Suguo was taken down in the first place?

Originally, Suguo was already preparing to go public, and even in East China, Suguo completely beat China Resources and Bailian.

In the end, in the end, Suguo became owned by China Resources. If Suguo had accepted financing from other channels, China Resources and Bailian may not be the dominant players in the domestic department store retail sector.

The lesson from the past is there. Haven't you considered this issue? "

Yuan Chengdao coughed lightly and said, "Of course we have considered these, but the valuation of Yuanfang Supermarket is very high now, and our supermarket channels are nearly complete, VC institutions are discouraged, and if PE institutions enter, the most urgent thing is to prepare for the listing.

And you said earlier...

In addition, almost all large PE institutions are foreign capital, so if they want to accept financing, these companies that also operate retail channels are more suitable.

Of course, it's not like nobody else is interested in supermarkets.

Many people are interested, but there are not many institutions with such capital and strength. In fact, Jiangbei State-owned Assets Supervision and Administration Commission has also euphemistically revealed this meaning.

The State-owned Assets Supervision and Administration Commission hopes to use some other methods to enter Yuanfang Supermarket, including taxation, land mortgage...

Or use the form of currency to hold shares in Yuanfang with SASAC-controlled units such as Nonferrous Metals and Huaan Securities. "

Hearing this, Li Dong said helplessly: "It seems that Internet companies are more popular, yes, from the current point of view, Internet companies have a fast return rate and a high rate of return.

Once listed, there may be a rate of return of ten times and a hundred times.

As for traditional industries such as supermarkets, the assets are here, and most of them are fixed assets. Even if they go public, you can roughly estimate the increase. "

This is also the reason why many traditional industries do not choose financing. There is no way, and it is difficult for the two parties to reach an agreement.

What investment institutions need is high returns, and it is difficult for traditional industries to bring such explosive returns.

The underestimation of traditional enterprises by investment institutions has also made enterprises dissatisfied. Just like the current Yuanfang Supermarket, the actual value may exceed tens of billions.

If it is replaced by an Internet company, a company with this value is likely to be valued several times or even dozens of times.

But in fact, there is not much difference between the valuation of Yuanfang Supermarket by major investment institutions and the actual value. Let alone dozens of times, doubling is a dream.

On the contrary, Yuanfang Mall, whose actual value is not high, is more likely to be favored by investment institutions.

Li Dong just casually said that traditional industries are not good in every way, and there is one thing that Internet companies cannot compare with.

That is stability. Traditional enterprises with a large amount of tangible assets have much stronger anti-risk capabilities than Internet companies, as well as social influence.

Currently there are tens of thousands of Internet companies. Apart from BAT, how many others have social influence?

Physical enterprises are different. A physical enterprise with a scale of hundreds of millions has great influence in the local area and involves all aspects. Once a crisis occurs, the government's first reaction is to rescue the market and reorganize the enterprise to bring it back to life.

And what about Internet companies?

If it falls, it will fall, not too many fall every year, and I have not seen a few local governments to cover for them.

All kinds of thoughts flashed through his mind, Li Dong didn't say much, and said directly: "Then this time, Yuanfang Mall and Yuanfang Logistics will be the main body, and you will be in charge of contacting those investment institutions.

As for supermarkets and real estate, since people are not optimistic about it, then we don't have to rush to deliver it to our door.

Put aside the financing plans of these two companies for the time being, and see how much the other party can offer us on the mall side. "

Yuan Chengdao didn't refute it after hearing the words. After all, in this market, supermarkets and real estate companies are indeed not as popular as shopping malls and logistics.

However, thinking of Li Dong's tens of billions of financing plan, Yuan Chengdao still reminded: "Mr. Li, if the mall and logistics are the main body, the possibility of raising tens of billions is not very high."

"Why do you say that? When Ali received US$1 billion in financing, the gap with us was not too big. Not to mention that we still have logistics, and the tens of billions is just over one billion US dollars.

What's more, Yahoo gave not only 1 billion US dollars, but also all Yahoo's domestic business, brand and technology use rights, in exchange for 40% of the shares and 35% of the voting rights. "

Yuan Chengdao nodded and said: "It was true at the beginning, but at that time Ali had just defeated eBay, and the main business of the other party was not Taobao at that time, but his B2B business. But we only have a shopping mall here..."

"Who said we only have a mall? PP is the second instant messaging software in China. Although the gap with QQ is a bit big, it is also the second. Is it worthless?

The other is Wanka business. Although the current market share is low, it can be supported by Yuanfang Mall. Sooner or later, the 50 million users of Yuanfang Mall will be converted into Wanka users.

Isn't that worth the money?

There is also the Weibo that will be launched soon, why, it is not taken seriously, it is worthless or what?

Just because you can't see the advantages doesn't mean others can't see them.

Ten billion yuan is only 1.3 billion US dollars, and our distant logistics alone is more than that much money!

You all look down on the distance yourself, and you expect others to look up to it?

It is true that we are the second child in all aspects, but it is precisely because we are the second child that we have the opportunity to counterattack, the rate of return is higher, and the possibility of the future is greater.

According to my psychological price, Yuanfang Mall, including Yuanfang Logistics, is worth tens of billions of dollars..."

Before he finished speaking, the others looked at him dumbfounded.

How many?

Tens of billions of dollars!

Did they get it wrong or did Li Dong say the wrong unit?

According to the current exchange rate, tens of billions of dollars is more than 80 billion yuan.

Just to make an international joke, even the current market value of Tencent is only 10 billion U.S. dollars, and Tencent has been listed for several years. Can it be the same as the current Yuanfang Mall?

Seeing everyone looking at him like this, Li Dong frowned and said, "What's the matter, don't you believe me when I say tens of billions of dollars?"

Yuan Chengdao said in embarrassment: "Mr. Li, it's not that we don't believe it, but we are still in the development stage after all. If our valuation is too high, there may be a huge psychological gap."

Li Dong said with a half-smile: "Then tell me, what is the value of our current Yuanfang Mall including Yuanfang Logistics?"

Wu Shengnan on the side asked, "Is it Yuanfang Logistics Park and Sichuan Airlines shares?"

"Calculate."

Wu Shengnan thought for a moment and said: "According to my psychological budget, it is about 15 billion yuan."

Li Dong didn't answer, looked at Qin Hai and said with a smile, "Boss Qin, you are the boss of the logistics company, what do you think?"

Qin Hai said in a muffled voice: "Yuanfang Logistics still has great potential to be tapped. I think with Yuanfang Mall, there should still be 20 billion."

"Mr. Yuan, what about you?"

Yuan Chengdao didn't know what Li Dong meant, so he pondered for a moment and said, "It's about the same as President Qin and the others. Take an intermediate value, about 15 billion to 18 billion."

"So it's about 2 billion U.S. dollars?"

No one said a word, in fact, this is indeed their psychological price.

And that's it, it's an overestimate.

According to the actual value and Yuanfang's investment in these industries, it should be a little over tens of billions.

But for financing, it is normal to overestimate some.

Li Dong saw that everyone had this expression, so he smiled and said nothing.

At this time, he wanted to recruit a few Internet elites from the bottom of his heart, your sister, have these guys lost their minds because of their business!

Yuanfang Mall plus Yuanfang Logistics, according to the actual output value, probably exceeded 10 billion. As a result, these people calculated for a long time and gave a value of about 15 billion.

According to their calculations, if you want to raise tens of billions of dollars, you must at least give up nearly half of the shares.

If you were the CEO of a group like Ali or Tencent, you would definitely not think so.

Originally, Li Dong really wanted to raise funds. As long as he didn't move into the supermarket, he could pocket some money for development, and his psychological rejection would not be that great.

But at this time, Li Dong completely broke his mind.

If he followed their ideas, he might as well give someone else money.

The second largest shopping mall, the second largest instant messaging software, will soon become the second payment business, and the upcoming Weibo...

These are shopping malls, logistics, thousands of stores, several distribution centers, several large storage centers, Sichuan Airlines shares, Yuanfang logistics park...

Even if I am really bankrupt, I won't sell it for tens of billions!

After making up his mind, Li Dong said with a smile: "Then let's talk about it according to your ideas, of course, I don't need to teach you how to quote the price.

Don't expose our bottom line easily and let other investment institutions see for themselves. You should understand this.

Well, without further ado, it’s up to you how much you can raise. I’m afraid of dealing with these institutions, so you should discuss it yourself.

Come here first today, Liu Hong stays here. "

After everyone left, Li Dong asked Liu Hong: "Manager Liu, you should know more about the mall than they do. How much do you think the mall and logistics can be worth?"

Liu Hong didn't expect that Li Dong stayed behind to ask this question.

After hesitating for a moment, Liu Hongcai said cautiously: "In 2003, even eBay was worth more than 200 million US dollars when it was sold. At this time, our users and influence are more than ten times that of eBay in 2003.

This is only the mall business, and there are other businesses such as PP and Wanka. Together, I think the US$3 billion is worth it.

In addition to the logistics system, there will be additional effects after the two sides complement each other. It may not reach the tens of billions of dollars that Mr. Li said, but I think the expected value of 5 billion dollars can still be achieved. "

Li Dong smiled and said: "Do you know about Ali's recent plan to go public?"

"I heard it a little bit."

"They split up their B2B business and went public, excluding Taobao. After this listing, the market value should exceed 150 billion Hong Kong dollars."

Liu Hong's heart was shocked, and Li Dong said slowly: "Of course, their B2B business is strong. There is no doubt about it. We can't compare with them. But having said that, Yuanfang Mall is not less than one-tenth of theirs. You Right?"

"There must be more than that."

"Including Taobao, if Ali goes public, the total market value should exceed 200 billion. Even if we are one-tenth of the other party, the 3 billion US dollars you just mentioned is about the same."

Li Dong said with a smile: "The valuation you gave is not bad. Adding 5 billion US dollars in logistics, it is almost 40 billion. But it seems that Mr. Yuan and the others don't agree with it, and the value you gave is not as good as you said. half, is this the beauty in the eye of the beholder?"

"Although Yuanfang started as a retail store and a shopping mall started late, it doesn't mean it's worthless. People, it seems that there are limitations."

After a few words of emotion, Li Dong didn't care whether Liu Hong understood or not, he changed the subject and said, "Okay, let's not discuss these for now."

"Let's talk about Weibo. Weibo will go live tomorrow. Are you ready?"

Liu Hong immediately said with a serious face: "It has been prepared for a long time! We have been preparing for the launch of Weibo for more than half a year, and there will be no problems."

"That's good, don't be too high-profile on the first day, let everyone get familiar with it for now." Li Dong continued: "When we get familiar with how to operate, it's time for us to exert our strength."

"Recently, you pay attention to hot spots on the Internet. I need to have a topic of national concern as soon as possible. Use this opportunity to stir up Weibo."

Liu Hong seemed to understand but said: "Okay, I understand."

Seeing his expression, Li Dong knew that he probably didn't understand what he meant. In fact, Li Dong was just reminding him.

The reason why he chose to launch Weibo at this time is because there will soon be a major event that is hotly discussed by the whole people.

Previously, Li Dong planned to launch Weibo during the National Day celebrations until the 11th.

But Li Dong just saw a report two days ago, which happened to remind him.

The Jinling Peng Yu case is about to be judged!

According to the report, the case will be decided on the 4th.

Before the verdict was handed down, few people actually paid attention to the Peng Yu case, and this kind of small civil dispute was not worthy of everyone's attention.

However, no one expected that the final judgment of this trivial case would cause such a big controversy.

Li Dong is not a party to who is right and who is wrong, so he will not comment.

Whether morality is declining or not, Li Dong has no ability to change all of this. Since he can't change these, it is best to take advantage of the trend to benefit himself.

This kind of judgment that caused huge controversy is the most likely to cause a storm of public opinion.

At this time, Weibo happened to be launched, as long as Li Dong let some popular stars drive the topic, a trend would soon form.

Driven by the public opinion, maybe there will be a truth about the matter, and Li Dong thinks that he should not be too snobbish.