Chapter 509: Road to Listing

The next day.

Chen Pingsheng drove his Volkswagen Phaeton to the group headquarters.

There wasn't much going on this time. The main thing was to discuss the listing process of Tengyou Media.

With the listing quota provided by Guangzhou, the road to listing will definitely be smooth. Their main task here is to find good IPO financing targets.

It can also be said to be a strategic investment partner.

The current valuation of Tengyou Media is 45 billion, which is based on the time when Guo Ziyi became a shareholder.

The IPO valuation will probably be around 60 billion. A slight increase will also allow early investors to more advantageously complete a wave of cash out.

This valuation will not be accomplished easily.

After all, the current market value of Xin Teng's live broadcast is less than 60 billion. Chen Pingsheng made an appointment with Shen Nanpeng and Tong Zelan and asked them to go to the capital market to find investment targets.

This time the equity dilution will no longer be as much as 60%, but 40%.

The IPO financing target is 24 billion.

Under the booming Douyin and short video economy, it is still possible to achieve this goal.

It just takes a certain amount of time.

If this financing is completed, based on the 35% of shares he still owns, the cash-out rate will be 14%.

It can probably get 8.4 billion yuan, which is definitely a big income.

If we use the golden finger to increase the amount, we can basically collect the R&D funds needed to take off new energy in 2019.

Shen Nanpeng proposed to package some physical enterprises into Tengyou Media.

If it only relies on its group of Internet celebrities and guild live broadcasts, without the real economy, it will be difficult for the capital market to believe that it is worth 60 billion.

Tong Zelan also supports this suggestion. The advantage of bringing in physical enterprises is to complete the combination of reality and reality, which can also better tell a good story in the capital market.

Internet celebrities alone cannot support a valuation of 60 billion.

Chen Pingsheng thought about it and thought it made sense. He owned many industries, and it was not a big deal to acquire several entities.

It's just about which companies will add to Tengyou Media's story after being merged and acquired. This is very particular.

Chen Pingsheng said: "I invested 1.2 billion in No.9 Clothing Warehouse two years ago. My original intention was to wait for Tengyou Media to develop and improve its live streaming of goods in the clothing field. Currently, No.9 Clothing Warehouse has stores in major cities. For direct-operated stores, it is better to package them into Tengyou Media first.”

"That's no problem."

Shen Nanpeng must know about No. 9 Clothing Warehouse. Under the current situation, there are very few people who can spend more than one billion to invest in physical clothing stores.

When Chen Pingsheng originally invested this money, he knew that it was to prepare for the live broadcast of goods.

Looking at it now, it is indeed true.

He wants to raise the valuation of Tengyou Media to more than 60 billion.

It is necessary to package some real industries into it.

"It's just that if the price of your No. 9 Clothing Warehouse is too high, investors may not recognize it."

"I invested 1.2 billion and merged it with 1.5 billion. Isn't this excessive?"

"It's not too much, it's appropriate."

Shen Nanpeng added: "In addition to No. 9 Clothing Warehouse, you'd better merge into certain department stores and supermarkets to improve the future department store field. As long as this step is completed, Tengyou Media's valuation of 60 billion will definitely be achieved. "

Chen Pingsheng is naturally not lacking in department stores and supermarkets.

He has the earliest Tenghui Department Store, but as a result, Tengyou Media will purchase a certain number of supermarkets from Tenghui Department Store, at least no less than one hundred.

This is fundamentally different from investing in Tenghui Department Store, which is a mutual cooperation relationship.

To fully acquire the number of supermarkets is to carve out some stores.

Let Tengyou Media have its own independent supermarket brand, which will obviously have greater advantages in the future live broadcast delivery sector.

The current valuation of Tenghui Department Store is around 20 billion, except for its stores in Beijing, Shanghai, Guangzhou, Shenzhen and Xiangjiang.

Storefronts in other cities are basically rented.

It is no exaggeration to say that with a market value of 20 billion, the number of stores in these first-tier cities alone is almost the same.

Chen Pingsheng simply waved his hand and removed Tenghui Department Store except supermarkets in Beijing, Shanghai, Guangzhou, Shenzhen and Xiangjiang.

All stores in other cities are packaged and sold to Tengyou Media.

Pricing also requires specific data from finance.

It is not possible to give an accurate number yet.

For Shen Nanpeng and Tong Zelan, spending billions more to acquire Tenghui Department Store and Supermarket is no big deal.

After all, they are all early investors of Tengyou Media. Once Tengyou Media can achieve a valuation of 60 billion.

That's where the real big money comes from.

It is a normal business method for a company to buy some core assets to increase its valuation before going public.

Only after listing will non-essential assets be sold.

Of course, there is another situation: before going public, in order to increase the confidence of Leek in order to make the financial statements look good.

There are also companies that deliberately sell off some core assets, but these are generally scam companies.

Tengyou Media obviously does not fall into this category, and it has no assets to sell.

Only physical assets can be added.

On November 18, 2018, Tengyou Media released news.

Completely acquired No.9 Clothing Warehouse for 1.5 billion.

As soon as the news came out, the capital market was quite calm. After all, both Tong Zelan and Shen Nanpeng were big bosses in the capital market.

They want to join forces to promote Tengyou's listing, and also attempt to achieve a valuation of 60 billion.

You must buy some physical assets to get in.

On the day the news came out, Zhang Wanyi held a press conference in Guangzhou to explain the significance of the acquisition.

1.5 billion acquisition, 1.2 billion is the investment cost.

Only 300 million profit, no matter how small the mosquito is, it is still meat.

Chen Pingsheng used a random increase, and his luck was good, and he got a five-fold return.

Adding the 1.5 billion principal this time, he suddenly had 3 billion.

Although he was the only investor in No. 9 Clothing Warehouse, it was also built up by his old classmate Yao Anni and a group of people.

These early founders all took a certain amount of dry shares, and they could only cash out after the listing.

Now No. 9 Clothing Warehouse is impossible to go public, and has been merged into Tengyou Media.

This means that the dream of listing of all the executives of No. 9 Clothing Warehouse who got dry shares has been completely shattered.

Chen Pingsheng was unwilling to disappoint those who believed in him, so he took out 300 million as a bonus and gave it to Yao Anni and the executives of the company she led.

Many of them were transferred directly from Tengying Group.

Yao Anni personally received 80 million of the rewards, and the other 24 executives shared 160 million.

The remaining 60 million was given to nearly 100 middle-level managers.

It means that each person will receive a cash reward of 600,000 yuan.

In this way, everyone is happy. As for the grassroots employees, it is still the same as before.

It has little to do with them.

After the No. 9 Clothing Warehouse was merged into Tengyou Media, all store managers, including the upper-level management, had to follow the requirements of Tengyou Media and start to follow the route of Internet celebrity clothing bloggers.

That is, live streaming to bring goods.

Tengyou Media also directly added 1,200 directly-operated clothing stores and thousands of professional clothing anchors.

In this way, the company's valuation rose sharply.

On November 21, 2018.

Tenghui Department Store announced that it would sell all 138 Tenghui Department Store supermarkets outside Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong.

The price was 6 billion, and all were sold to Tengyou Media.

Seriously speaking, the supermarket business has not been very good in recent years. Except for the self-owned stores in super first-tier cities, Tenghui Department Stores in other cities have both good and bad performances.

Selling these 138 supermarkets means that Tenghui Department Store will only focus on the development of super first-tier cities in the future.

It also means that it no longer has a burden that cannot be removed. As soon as the news came out, the share price of Tenghui Department Store, which was listed in Hong Kong, soared.

Unfortunately, this money cannot be increased randomly.

The main reason is that he does not have many shares of Tenghui Department Store, only 5%.

The 6 billion income is counted in the Tenghui Department Store Group, and how to use it in the future has yet to be determined.

The two investments have allowed Tengyou Media to own more than 1,000 physical clothing stores and more than 100 super-large department stores.

After completing these two investments, Tengyou Media's story is obviously getting stronger and stronger.

Of course, these two sums of money did not come out of nowhere.

Tengyou Media raised funds internally, and the current shareholders jointly completed this 8 billion financing.

Chen Pingsheng also owns 35% of the shares, so naturally he also put 2.8 billion funds in it.

A typical case of transferring money from the left hand to the right hand.

The final result is that everyone agrees that Tengyou Media's 60 billion valuation is still too low.

It must rise to 80 billion.

Otherwise, it would be a shame for the 7.5 billion acquisition funds they spent.

OK... Chen Pingsheng reluctantly agreed to this suggestion.

He would have no problem with the price rising to 800 billion, as long as there are fools willing to take it over.

If no one takes it over, then they themselves are the big fools.

After Tengyou acquires these assets, it will definitely take some time to digest them.

Fortunately, these are all industries under Chen Pingsheng's Tengying Group, projects born from the same father.

It won't be too difficult to integrate them.