Winning the new financial era

Chapter 36 6000 million acquisition of magic treasure payment

"This is Zhang Yida, Director Zhang."

In the office of the chairman of Ruixiang Technology, Lei Dongming introduced.

Zhang Yida received Mobao Pay's group who came from afar from Rongcheng.

Relying on his many years of experience in investment and mergers and acquisitions, and his sharp tongue, Lei Dongming finally reached an agreement of intent to purchase with the shareholders of Rongcheng Mobao Payment at a purchase price of 6000 million yuan.

Due to the dismal performance of the company, Mobao Pay has been losing money for three consecutive years, and has long intended to sell.

After some mutual testing and a fierce price war, it was finally decided to sell this payment company with a registered capital of 6000 million and a net asset of 3900 million at a price of 2200 million.

Now in Zhang Yida's office is Mobao's management team. Zhang Yida is going to meet and have a chat before deciding whether to stay or make a big change.

After shaking hands with several people, they sat on the sofa.

Zhang Yida smiled brightly. After getting a payment license for 6000 million cabbage, he could easily sell it for 6-10 million in three or four years.It's not a loss in blood!

However, Zhang Yida is not particularly satisfied with this management team that has been losing money for three consecutive years.

So he asked:
"Mr. Yu, how is the situation on Mobao's side now?

I see that the company has been losing money for 3 consecutive years. Have you found out what caused it? "

Yu Cong's face was not very good-looking, he knew what Zhang Yida meant!If the answer is not good, it is estimated that the position of the deputy general manager should be abdicated!
Sitting straight with a dignified waist, he said:
"Mr. Zhang, there are currently 52 employees in Mobao Pay, including 25 people in the technology research and development team, 12 people in the marketing team, 8 people in the financial team, and 7 people in the front desk of administrative personnel.

Mobao Pay has the "Internet Payment, Mobile Phone Payment (National)" payment license issued by the People's Bank of China.

For enterprise users, Mobao Pay has built a comprehensive payment platform, covering B2B, B2C and C2C fields, providing online and offline payment and clearing services.

Payment products include online bank payment, mobile payment, fast payment, one-click payment, B2B large-amount payment, and Mobao payment code under development.

Mobao Pay's net assets, operating income, and net profit at the end of 2012 were divided into RMB 2899 million, RMB 1560 million, and RMB -457 million.

In the first three quarters of 2013, the net assets, operating income and net profit of Mobao Payment were 2171 million yuan, 1263 million yuan and -728 million yuan respectively. "

Zhang Yida frowned. The net assets of this magic treasure payment have been decreasing year by year, its operating income is declining, and its losses are increasing.

I finally understand why the original shareholder sold it. At this rate, the company is estimated to be in negative equity in two years.

Yu Cong saw Zhang Yida frowned, looking pensive.My heart was inexplicably tight, and I continued to bite the bullet:
"The company has lost money for three consecutive years, and the biggest reason is insufficient revenue.

We have calculated that if the annual operating income reaches more than 2000 million yuan, the revenue can basically be balanced.

However, the company is located in the southwest, where there is a serious lack of large-scale Internet companies, especially e-commerce and financial companies with transaction needs.

In addition, the company does not have a bank acquiring license, basically it can only do payment business for dozens of old customers, and the new market is not developed enough, or there is no room for expansion in Chengdu and Sichuan Province.

The above are just a few points discussed by our management, and I would like to ask Mr. Zhang to correct me. "

Zhang Yida groaned and remained silent, his whole body was like an abyss like an ocean, Yu Cong and his party held their breaths and did not dare to speak.

After a while, Zhang Yida opened his mouth and said:

"Yu Cong, I remember you are from a technical background, right! Who was in charge of Mobao's previous market development and marketing?"

Yu Cong nodded and said:
"Yes, Mr. Zhang, I graduated from Rongcheng University of Electronic Science and Technology with a major in information and communication engineering in 02. After graduation, I worked in Huawei for 8 years and joined Mobao in 10.

In the past, Mr. Yin's family members were in charge of market development and marketing, and Mr. Yin was always the major shareholder, so this job was basically arranged by Mr. Yin.

We are mainly responsible for technology development and software operation and maintenance. "

Zhang Yida nodded slightly to indicate that he understood.This is also a common problem in many family businesses, where all relatives work in key departments of the company.

It seems that the poor performance of the company has little to do with Yu Cong and his few technologies.

The software Zhang Yida developed had been tested before the acquisition, and it did a pretty good job. There is no problem with the user experience.

The biggest problem is that the marketing department is too old-fashioned and too ignorant of flexibility.Just guard the one-third-acre land in Rongcheng and Sichuan Province and not go out or go to the whole country.

What is Internet payment?Called mobile payment?
That is a third-party payment based on online payment, online customers, and online business.

How many Internet companies can there be in Chengdu?Go to first-tier cities like Beijing, Shanghai and Yangpeng, and stab the enemy's chest with a knife.

Eat the tastiest piece of cake!There are too many Internet companies in the first-tier cities, and winning a segment of this market is enough for Mobao to eat.

Zhang Yida then arranged:

"Yu Cong, your next work should focus on research and development, and make the Mobao payment code as soon as possible.

The R&D department is still located in Rongcheng, and you can also work in Rongcheng.

But I will put the marketing department in the capital and reorganize the marketing team.

The original market personnel are allowed to come if they are willing to come to the capital, but there is a performance appraisal, and if they fail to meet the requirements, they will leave.

The marketing department can do some work with the commercial department of Ruixiang. Next, we will focus on developing Internet financial companies.

Ruixiang Technology is developing advertising cooperation at the front, and Mobao is developing payment work at the back.

Rebuild a payment system with the Internet finance industry as the core.

Next, your tasks are still very heavy. While developing the Mobao payment code, you also need to re-develop a third-party payment system applicable to the Internet financial industry.

In terms of user needs, you can send a few technicians to visit some mutual financial companies with colleagues from Ruixiang Business to learn about the systems they use at this stage. What are the deficiencies?What else needs to be added?What pain point do you want to solve?
In short, in a word, products must fit the market and be built with users as the center.

First of all, the Internet finance, which is a financial sub-sector, has been taken down, and vertical development, Internet wealth management, Internet loans, Internet insurance and other sub-sectors have been thoroughly understood and stabilized.

Then develop horizontally to other Internet industries, such as e-commerce, games and so on.

In addition, the technical team currently only has more than 20 people, and the thickness of the bench is not deep enough. It is estimated that our business will have a wave of growth in the future, so we recruited more technical personnel in advance to expand the team.

If the funds are insufficient, I will arrange for someone to inject tens of millions more.

Just look for a goal and make the software well! "

Yu Cong and the others nodded happily. Not only were they not unemployed, they were also entrusted with important tasks.The new boss will also invest heavily in research and development.

I can finally let go and do it!The original Mr. Yin has been digging and searching, and he is reluctant to spend money on research and development.So the product can't talk about how well it is done, how perfect it is.

Now the new boss is willing to give them greater trust, and must make better products to repay this trust.

Next, Ruixiang Technology held a board meeting, and there were major issues to be resolved.

At the meeting, Shen Beipeng and Xu Xiaoming were also there.

Zhang Yida threw out a draft resolution of "6000 million acquisition of Mobao Technology, 4000 million investment to increase payment for research and development".

This is a great thing to improve the business layout of Ruixiang, and it can also increase the valuation, improve the company's concept and storytelling.

Shen Beipeng and Xu Xiaoming are of course supportive!
Therefore, the resolution was quickly passed, and the 6000 million purchase price was paid in one lump sum. Mobao Technology completed the change of shares and became a wholly-owned subsidiary of Jingcheng Ruixiang Technology.

The 4000 million capital injection was also transferred to Mobao's account, which provided additional ammunition for the next team expansion and software development.

Mobao's 12-member marketing team finally chose to come to the capital only 2 people, and the other 10 people all "voluntarily resigned".

Zhang Yida mobilized more than a dozen elite soldiers from Ruixiang's market and business department, and together with two people from Rongcheng, formed two combat teams.

A team followed the business department of Ruixiang Technology to revitalize existing customers.

Another team was dispatched to first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen to find clients to sign contracts.

In addition, because of the company's business and departments, as well as the increasing number of employees, and the newly acquired Mobao Technology, the number of employees has almost reached 600.

So we rented the 37th floor of Kelin Building again, diverting some employees to work.

The other is the establishment of a group company, the parent company named "Ruixiang Financial Technology Group".

Under the jurisdiction of 5 wholly-owned subsidiaries:

"Jingcheng Investment Ronghui Financial Supermarket Co., Ltd."

"Jingcheng 365 Accounting Manager Information Technology Co., Ltd."

"Jingcheng Card King Credit Card Manager Information Technology Co., Ltd."

"Jingcheng Investment Ronghui Financial Media Co., Ltd."

"Rongcheng Mobao Network Payment Co., Ltd."

Touronghui Financial Supermarket Co., Ltd. has Touronghui APP, which includes 2 products, wealth management supermarket and loan supermarket.

365 Accounting Manager Company currently provides accounting services for the 365 Accounting Manager APP, as well as providing display space and traffic diversion for the advertising products promoted by Touronghui.

At present, Kawang Credit Card Butler Company only has the app of Kawang Credit Card Butler, which provides credit card management services and guides the advertising traffic of Touronghui.The credit card supermarket section is already under intensive development and will be launched soon.

Touronghui Media Company has launched the Touronghui Finance APP, as well as public accounts, Weibo, forums, Zhihu and other accounts.Provide financial information, news and information services.In addition to diverting the advertisements of Touronghui, it will also launch services such as information, data access, and ratings of Internet finance companies.Focus on cutting into the new financial field.

Mobao currently does not have an APP, only a few payment interface software.At present, the focus is on the B2C business of the Internet financial industry. When C2C business is required, relevant functions will be grafted onto the Touronghui APP.

(End of this chapter)