Winning the new financial era

Chapter 277 Split Green
"What's the reaction from Didi? Are you still unwilling to cooperate?"

In Huimin Travel's office, Zhang Yida asked Huang Xiaofeng.

Huang Xiaofeng laughed dryly, this trick of yours made him feel good about being bullied, and you still expect him to come and cooperate, so why shouldn't Chen Wei save face?

"Mr. Zhang, Didi doesn't want to talk to us. The business department communicated with them several times, and at most they met only the low-level middle management of Didi.

Chen Wei, Liu Jing and the other executives didn't show up, and they didn't reply. "

Zhang Yida understood, perhaps this was the attitude of Didi's top management, and he simply extinguished the idea of ​​"peace talks".

Originally, Zhang Yida didn't take Didi's acquisition of Xiaolan Bicycle seriously, let alone hate Chen Wei because of it.

After all, friendship and business are two different things and should not be confused.

Besides, Xiaolan can't threaten Huimin Bike, but it's a bit uncomfortable to keep engaging in free competition, which makes Huimin Bike's financial situation very tight.

Huimin Bicycle, which has a strong desire to survive, launched aggregated ride-hailing and hitchhiking, just to increase income and improve financial conditions.

Zhang Yida did not expect Didi to have such a big reaction. There are many players in the online car-hailing field, such as Uber, Yidao, Caocao, and Shouqi. It should be okay to add Huimin.

He guessed that it has something to do with Huimin Bicycle's past record, hundreds of millions of registered users, and an extremely young customer group.

Compared with taxi-hailing apps such as Yidao and Caocao, Huimin Travel poses a higher level of threat to Didi.

In particular, Huimin Bicycle's brilliant achievements in the field of shared bicycles, if it is successfully replicated in the field of online car-hailing, it will really kill Didi.

Putting these thoughts aside, Zhang Yida began to look at the operating data of Huimin Travel for the past few days.

"Huimin's travel business has been upgraded for a week, with more than 500 million new registered users, an increase of 150% from last week...

Daily active users reached 2100 million, an increase of 20% from last week...

Bicycle riding day orders exceeded 3000 million orders, an increase of 7.14% from last week...

Aggregated Taxi’s weekly orders exceeded 30, and daily orders exceeded 10.

Shunfeng’s weekly orders exceeded 10, daily orders exceeded 3, and more than 20 certified car owners have been recruited..."

After reading this data, Zhang Yida did not expect that the business upgrade of Huimin Travel would also lead to a substantial increase in users and daily active users.

After thinking about it for a while, I am relieved. The rich functions of the APP will definitely attract some online car-hailing users on the basis of the original bicycle users.

In addition, some users who used to ride shared bicycles only once in a few days now want to take a ride, and some of them will choose to use the Huimin travel app, so that the number of daily active users has also increased.

However, this data is still a bit far from shaking the foundation of Didi.

According to the recent data released by Didi Travel, the entire platform (covering taxis, private cars, express cars, ride-hailing cars, driver services, buses, test drives, and enterprise versions) has exceeded 1000 million daily orders for the first time.

Didi’s ride-hailing business has only been launched for a year, and orders account for only 5% of Didi’s, that is, 50 orders per day.

Huimin Travel’s daily ride orders are 3, which accounts for 6% of Didi’s total.

And Didi's main business, private cars and express cars, accounted for more than 800% of Didi's orders, with orders exceeding [-] million on the same day.

Huimin Travel’s 10 orders are far from this figure, only 1.25% of Didi’s.

From the current point of view, the impact of Huimin travel on Didi is not as great as expected.

After all, Didi started business in 2012, and it is not so easy for Huimin Travel, which started four years late, to catch up with Didi.

In fact, Zhang Yida didn't even want to catch up with Didi.

No taxi company in the world is profitable, including Uber and Lyft in the United States, Ola in India, Grab and GoJek in Southeast Asia.

However, aggregation taxis and ride-hailing can still be done. The commission for the former and the major taxi-hailing software is 10% of the amount of each order, and the commission for the latter is 5%.

Huimin Travel has issued 88 yuan fare vouchers to each user, which can be used for 10% of the fare each time, just to use the commission as a subsidy.

However, 88 yuan is not too much, and users spend 880 yuan to use up the red envelopes.Users with high taxi frequency can basically reach the figure of 880 yuan a month.

But within a month, the user's usage habits have basically been cultivated. In the future, users may choose Huimin to travel and use aggregation taxis as soon as possible.

For Huimin travel, in addition to the user subsidy for the first month, the follow-up only needs to do a good job in the operation and maintenance of the IT system, as well as the communication and coordination of the cooperation platform, capacity scheduling, etc. Positive cash flow can be generated.

Zhang Yida will not rush to launch his own taxi-hailing brand, first of all, it is too late, and he is carrying such a big money-burning pit of shared bicycles, plus a self-operated online car-hailing, I am afraid he wants to get himself on the roof .

In the case of a free ride, Didi’s initial commission was 5%, but due to operating pressure, it has recently risen to 10%.

Zhang Yida set 5%, which is to clarify the car owners and business volume that he wants to grab Didi.

Huimin Travel's hitchhiking daily order is 3. Based on the calculation of annual orders of 1000 million, assuming the average order amount is 30 yuan, the revenue is only 5 million a year with a 1500% commission.

This amount of money is not enough for user and car owner subsidies, as well as employee salaries, system maintenance and daily operations of the company.

You must burn money in the early stage, and then adjust the subsidy and percentage in the later stage.

However, Zhang Yida does not have high expectations for this business, and it would be good to achieve a profit-loss balance. The launch of it is only to enrich the functional modules that benefit people's travel, and can indirectly drive the business of aggregated taxis.

He wants to reverse the concept of users and change their perception of Huimin's travel from shared bicycles to the entire travel field. Not only can they unlock and use shared bicycles, but they can also hail taxis.

The logic is as simple as that, but it takes a lot of energy and money to do it.

Thinking of this, the cash flow of Huimin's travel is indeed in a hurry, and the salary will not come out next month.

Zhang Yida said to Huang Xiaofeng: "Have you completed the split between Huimin Travel and Green's equity institutions?"

Huang Xiaofeng nodded, "It's settled, we have negotiated with the existing shareholders, and we and their holdings in Green will be reloaded into a new Cayman company.

In the future, Green and Huimin will travel, except for some common shareholders, there will be no relationship in terms of equity, and there will no longer be any financial involvement. "

Zhang Yida nodded, Huimin's travel is hard to protect himself now, and he really can't afford Green.

It's good to let Green go out to raise funds independently, at least many capital tycoons in Silicon Valley are interested in this project.

In the past, Green and Huimin Travel were tied together, with a valuation of billions of dollars, and it was impossible to invest in Green alone, which made many Silicon Valley investors retreat.

It's not that I can't afford to invest, but that if I invest in the current valuation, the future rate of return will be too low.

In addition, in terms of technological content, Green, which is more expensive, is more gimmick than Huimin Bicycle.

Zhang Yida understands concepts and storytelling.

Now they develop independently, which is good for everyone.Huimin travel gets rid of a financial burden, and Green can obtain financing to accelerate development.

However, corporate control has to be considered.

Zhang Yida asked Huang Xiaofeng again: "What about the voting rights? Does the venture capital agree to modify the AB shares?"

Huang Xiaofeng nodded, "Agreed, you hold B shares, 1 share has 20 voting rights."

Zhang Yida breathed a sigh of relief. His shareholding in Huimin Travel is only 35.74%, including the option pool held on behalf of him, which is only a little over 40%.

After the equity structure of Huimin Travel is transferred to Green, and Green will carry out several rounds of financing, Zhang Yida's shareholding ratio may drop to below 20%.

In fact, 1 votes per share is enough. Zhang Yida, who suffers from victimization paranoia, insists on making 10 votes per share.

In this way, as long as Zhang Yida's shareholding ratio does not fall below 5%, the voting rights will be much higher than 50%.

With such a design, Zhang Yida is also preparing for cashing out in the future, and he might run out of money someday.

If there is too much cash out, the company will change hands and there will be no tears.

When Green was established, it was established in the name of China's Huimin Travel Group, and the initial capital injection has always been provided by Huimin Travel.

At that time, if Zhang Yida established Green in his own name, it was absolutely forbidden.

Because wind companies have signed non-compete agreements when investing in shares, shared electric scooters and shared bicycles are barely considered in the same industry.

If you really want to bully the venture capital company and bring it to court, you have to see how good the lawyers of both sides are.

But doing it like this will have a great impact on Zhang Yida's reputation, and it will be a big trouble for future financing.If you lose the lawsuit, you may lose money and lose the company.

Therefore, Zhang Yida’s reputation and reputation in the capital market are very good, including Yimin Financial Services being split, and Blackshirt Capital and Zhenke Fund also holding shares in various Internet financial companies.

"Then you sort out the recent operating data and financial data of Huimin Travel, and I will ask Lan Lan to contact the capital market to raise another round of financing for Huimin Travel.

This financing is up to you! "

Huang Xiaofeng would also ask about this topic before Zhang Yida brought it up.

On the surface, Huimin Travel is full of flowers, but it is also a leader in shared bicycles, and it has launched a taxi-hailing function to enter the field of large-scale travel.

But his family knows his own affairs, and Huang Xiaofeng knows how bad the financial situation of Huimin Travel is.

He is also thinking, is the business logic of Huimin Bicycle untenable?
If this loss continues, no matter how fast and fierce the financing is, it will not be able to withstand it!
But he, who has been promoted to CEO of Huimin Travel Group, obviously wouldn't ask Zhang Yida such a stupid question.

They all denied themselves, so why are they CEOs?
What he needs to consider is to raise some more capital, complete the performance betting, defeat other competitors, lead Huimin Bicycle to turn losses into profits as soon as possible, or develop diversified businesses to give Huimin Bicycle some blood.

"Okay, Mr. Zhang."

Huang Xiaofeng responded, and said, "Then I'll go and get ready."

The guest speaker of this round of financing has become Huang Xiaofeng, and Zhang Yida has retreated behind the scenes.

As the main investor of Ruixiang Industrial Fund, Zhang Yida was a bit unsuitable to come forward, so he directly arranged for Lan Lan to come forward to negotiate with Huang Xiaofeng.

Huang Xiaofeng is also very excited, this is a manifestation of decentralization, and he has to put more burden on himself!
He joined Huimin Travel a little late. Although he was "upgraded" to co-founder by Zhang Yida, his name sounded nicer.

In fact, there is not much benefit, what is taken is the option, not the real equity of Lin Zhenyang, Fan Hongyang and the others.

It is impossible to say that there is no complaint.But who told him to join the company a bit late?

So Huang Xiaofeng worked very hard, just trying to get more options, which are not as real as equity, but options for a billion-dollar company are also a great wealth!
Looking at Huang Xiaofeng leaving, Zhang Yida was also thinking in his heart, the company has developed to this stage, it is indeed time to delegate power.

Let's take a look at Huang Xiaofeng's performance this time!

(End of this chapter)