My Age of Investment

  Chapter 376 Transaction details (seeking monthly ticket)

  In the conference room of a high-end hotel in San Francisco, people from all walks of life are sitting very clearly.

  Ari’s legal and financial teams sit on one side, and the professional investment teams brought by SoftBank, Yahoo, and Vision Capital also sit on one side.

   Then, an interesting scene appeared on the court.

  A group of blonde foreigners surround the three Asian bosses.

  Because they are doing business in the United States, Yahoo and Envision Capital are all American employees. SoftBank is no exception. It has a branch in the United States and a U.S. team dispatched nearby.

  Sun Zhengyi looked at Xia Jingxing who was surrounded by three employees, then looked at the six employees around him, and wanted to tease him.

  But after thinking about it, the dust has settled. There is no need to engage in these small actions again, which seems petty.

  He turned his head to look at Ma Yun, and said, "Jack, let's start!"

Ma Yun nodded to Sun Zhengyi, stood up, looked over the tripartite investor team, Zhongqi fully said: "First of all, the equity structure, Ari management holds 31%, Yahoo 26%, Vision Capital 23%, Softbank 20% .

  There are no objections to this item, right? "

  All three investors nodded, indicating that this is over.

  Ma Yun continued: "Furthermore, the part of Taobao's equity in Softbank's hands is valued at 360 million U.S. dollars, and Yahoo will be responsible for the acquisition."

  Ma Yun looked at Yang Zhiyuan and asked, "Is it all right?"

"no problem!"

  Yang Zhiyuan nodded and smiled.

  Ma Yun continued: "Yahoo China, the price is 500 million US dollars, do you have any objections?"

  All three parties shook their heads, saying that they had no objection. This is a product of compromise of interests.

   Seeing a consensus on each financing clause, Jack Ma also speeded up his speech and promptly reported the follow-up clauses.

  "...Ari’s current external shareholders hold 33% of the shares. After friendly negotiation, the old shareholders are willing to transfer part of the shares at a discount. Based on a valuation of 1.727 billion U.S. dollars, the transaction price is 570 million U.S. dollars."

When Jack Ma said this, he paused, turned his head and glanced at the investors of the three parties before continuing: "After the completion of the equity transfer transaction, Ari continued to start the formal D round of financing, with a pre-investment valuation of US$2.74 billion. !"

  On the Yahoo side, a famous team member asked puzzled: "Why is the gap so big? A billion dollars difference?"

  Ma Yun smiled and looked at Yang Zhiyuan, who kicked the member under the table and signaled the latter to shut up quickly.

  This is actually the product of a compromise of interests.

  First, the acquisition of Ari’s old stocks at a valuation lower than the market’s 500 million US dollars is slaughtered by those shareholders who are eager to cash out.

   Then Ali issued new shares at a valuation of 500 million US dollars higher than the market. This knife was slaughtered by the two new shareholders of Yahoo and Vision Capital.

  Yahoo Global has to make certain sacrifices because it has bargained for Yahoo China’s valuation.

  Because it is a listed company, all shareholders can pay the bill, and the loss to Yang Zhiyuan's personal head is not large.

  Vision Capital is all Xia Jingxing’s personal funds, which is somewhat at a loss.

  Of course, Jack Ma considered it very carefully. He was afraid that Xia Jingxing would have an opinion, and he even pacified the latter: "Dalun, Envision Capital has suffered a bit in this regard.

  So, two-thirds of the 33% equity of the external shareholders will be acquired by you. "

  There will be a lot of calculations involved, and Xia Jingxing can't quickly figure out whether it is a profit or a loss.

  He didn't make a statement for the time being, and motioned Jack Ma to continue speaking.

  Ma Yun understood, and continued to talk about the details of the transaction and the arrangements for all parties.

  "Yahoo Global will inject Yahoo China and Taobao shares from SoftBank at a total price of US$860 million to inject Ari, and also need to inject cash of US$220 million into Ari..."

  Xia Jingxing listened carefully, not letting go of a single detail.

  To grow from zero to holding 26% of Ari’s shares, Yahoo needs to pay a Yahoo China valued at 500 million U.S. dollars, plus 580 million U.S. dollars in cash, and another 360 million U.S. dollars in cash to buy Taobao shares at a high price.

  SoftBank bought a stake in Taobao in February last year and spent 60 million U.S. dollars, and now it has recovered 360 million U.S. dollars, and incidentally recovered the cost of its early investment in Ari.

  All purchases will be paid by Yahoo shareholders!

  However, this is none of his business, and he did not comment.

  "Vision Capital invested 392 million US dollars to acquire 22.67% of the equity in the hands of external shareholders. In addition, it needs to inject 335 million US dollars into Ari..."

  Xia Jingxing quickly counted out his own part of the investment, totaling 727 million US dollars, all in cash.

  Yahoo holds three points more equity than its own side, but it has invested more than 353 million US dollars.

  However, Yahoo Global has forced a Yahoo China to enter the Ari system, which is valued at 500 million U.S. dollars.

  Who loses, who makes money, has to be carefully calculated.

   "SoftBank maintains its current 20% shareholding in Ari, but in order to anti-dilution, it needs to invest 178 million US dollars to acquire 10.33% of external shareholders..."

  Ma Yun continued: "Before this round of financing, Ari's pre-investment valuation was US$2.74 billion, and his post-investment valuation was US$4.155 billion.

  A total of US$1.415 billion was raised, including US$860 million in assets and US$555 million in cash.

  In addition, it also involves the transfer of old stocks of US$570 million.

  Together, this series of transactions is as high as 1.985 billion US dollars. I think it is enough to directly call D round 2 billion US dollars! "

  Ma Yun finished speaking with a smile, and looked at the crowd, and found that everyone was bowing their heads in thought, and no one had an opinion.

   "In this way, I will distribute the financing plan to everyone and check it again."

  Guess that everyone might be confused, Jack Ma hurriedly arranged for employees to distribute documents to the three investors.

  Xia Jingxing took the document and immediately handed it to the three members of the Liqiu Fund next to it, who were responsible for calculating and weighing the gains and losses.

  Yang Zhiyuan and Sun Zhengyi are the same, greeted their subordinates to start a brain competition.

   Soon, a brown curly-haired, 30-year-old employee sitting next to Xia Jingxing spoke with a low voice: "Dalun, we seem to be treated as triumphs."

   "Duck neck, you should be more clear."

  The Liqiu Fund employee, nicknamed "Duck Neck", is actually Abel.

  But he has long been used to the boss calling him with the weird pronunciation of "Duck Neck~ Duck Neck~".

  For this, he also specifically consulted friends who can speak Chinese, and then...

   Then he willingly accepted the Chinese name given by the boss, the boss gave him, he dare not give up!

   With this nickname, or Chinese name, he got more opportunities to chat with Xia Jingxing, and stood out from the four colleagues, successfully mixed with the title of SVP Senior Vice President.

  And the two colleagues beside him are still struggling in the position of VP vice president.

  It is so terrible. Among the four employees of Liqiu Fund, except for the executive who stayed behind in the company, the other three are at the level of president.

  The four employees of Liqiu Fund were interviewed by Xia Jingxing personally. They are all industry elites. They currently hold the position of vice president and work as analysts and investment managers at the lowest level.

  However, Xia Jingxing promised to allow them to recruit a team after a while, instead of being a bare commander, everyone can bring a team.

  Well, a group of three or four people.

  Vice presidents are actually like this in the investment banking and fund industries. They are equivalent to team managers and small bosses. In some companies with more ranks, they are grassroots cadres, not even middle-level cadres.

  It's even more exaggerated at Goldman Sachs. It belongs to a senior salesman.

  Duck neck handed the boss a piece of paper, densely packed with numbers and calculation formulas, and a few lines of notes.

  Xia Jingxing's face quickly turned black after reading it.

It’s a big brain pain. When calculating this financing, it must be in accordance with the situation of Ari at the time, and it must also calculate the transfer of old stocks and the issuance of new shares. It also needs to balance the interests of the three parties. It takes three or four hours to calculate. .

  (End of this chapter)