Winning the new financial era

Chapter 51 Planning and Establishing a Venture Capital Fund
After listening to Zhang Yida's heartfelt words, all the executives of Ruixiang Jinke were a little moved.

Especially Lei Dongming, who has many years of experience in financial management, has had in-depth contact with major venture capital, VC and PE.Knowing the investment logic of this group of people, it cannot be more common to use small things to make big gains.

If Zhang Yida's idea is really implemented, there is still a great chance of success.

Lei Dongming was the first to stand up, and asked expectantly: "Mr. Zhang, what do I need to do in this process? Hurry up and assign me a task! Fighting against a giant makes my blood boil just thinking about it. As long as we gain our reputation, we will definitely have a place in domestic Internet finance in the future.”

Others also spoke one after another, and they all stepped forward to invite a fight.

Morale can be used!Zhang Yida signaled everyone to be quiet and listen to his arrangements.

After sorting out his thoughts, he said: "In the next few months, everyone needs to work hard. Everyone polishes the product well, and the business is the biggest support and contribution to the company. The financing matters will be followed by Mr. Lei and I. Enter."

Glancing at Lin Zhenyang again, he smiled and said, "The daily management of the company needs your attention."

Lin Zhenyang nodded and said: "Don't worry about this, you are fighting on the front line, and we will leave it to us later."

Next, some personnel orders and job assignments were read out.

Zhang Yida continues to serve as the chairman of Ruixiang Jinke and the CEO of the group, responsible for the company's overall strategic planning and capital operation.

Lin Zhenyang is the president and COO of the group, responsible for the daily operation and management of the company.

Lei Dongming served as the group's CFO and was promoted to senior vice president, responsible for the company's financial management, investment, mergers and acquisitions and other matters.

Zhou Feng serves as the group's CTO and vice president, responsible for the R&D management of technology line products.

The 7 subsidiaries including Investment Ronghui, 365 Bookkeeping Steward, Kawang Credit Card Manager, Investment Ronghui Finance, Mobao Payment, Mung Bean Credit, and Tiance Technology have also made a series of personnel adjustments.

Investment Ronghui, Investment Ronghui Finance and Economics is divided into the content advertising business group, with Gu Panpan as the general manager of the business group and the vice president of the group.

365 Bookkeeping Manager and Card King Credit Card Manager are divided into mobile service business groups, with Wang Lina as the general manager of the business group and concurrently as the vice president of the group.

Mobao Payment, Mung Bean Credit, and Tiance Technology are divided into emerging technology business groups. The general manager of the business group is temporarily held by Zhang Yida, and will be appointed separately when suitable candidates are recruited.

Although Xu Xiaoqing, Anping, and Wang Feiyan were not among the first batch of entrepreneurial veterans and were not appointed as the general manager of the business group, they were all promoted to vice presidents, and their salaries were raised by one level.

Zhang Yida and Lin Zhenyang were somewhat selfish about this matter, and when the performances of several entrepreneurial veterans were similar, they gave priority to promotions to Gu Panpan and Wang Lina.

Of course, although there is a difference between closeness and closeness, it is only slightly inclined to the old employees. After all, everyone behaves in the same way.If Xu Xiaoqing and the others performed much better, Zhang Yida and Lin Zhenyang would definitely choose them.

After the personnel order was read out, everyone had different reactions, but basically everyone was happy.

Although the three of Xu Xiaoqing were a little bit disappointed, they were generally quite satisfied.They were all promoted to the vice president of the group, which is also considered as the top of the company, but they did not get the position of general manager of the business department, which has great power and development potential.

After the meeting, Zhang Yida left Lei Dongming and Lin Zhenyang behind.

Zhang Yida lit a cigarette and handed one to Lei Dongming and Lin Zhenyang.Da took a puff of cigarette, after spit it out, asked:

"Old Lei, do you have any suitable candidates for the position of general manager of the Emerging Technology Business Group?"

Lei Dongming exhaled smoke rings, scratched his head, and said with emotion after a long time:
"There are really no good candidates to recommend. This position is not easy to sit in. If you sit in it, you will have to fight against giants like Leech Financial Services. It's a tough battle!"

Zhang Yida also knew that this position was not easy to sit in, so he didn't dare to easily choose a candidate.

Zhang Yida took a deep breath and said:
"This position is too important, and I can only take it for the time being."

"Do you want to entrust a headhunter to look for it?" Lin Zhenyang interjected.

"Okay! The headhunters asked them to recommend a few candidates to come and have a look." Zhang Yida flicked the cigarette ash and said.Remembering that Mung Bean Credit and Tiance Technology are still short of the person in charge, he added:
"Let's set a group-buying package price with the headhunter! People from Mung Dou and Tiance have also recruited. Go to Heidrick & Struggles or Korn Ferry International. Ask them to go to Capital One to find some Chinese middle-level people for me. It's best He is an expert in personal credit investigation and risk control system."

Capital One really has a lot of talents, Chen Shaojie is an example, and now he is managing Yimindai very well.

After the three discussed the matter, Lei Dongming suddenly slapped his head and remembered something, and said:

"Mr. Zhang, I almost forgot to tell you. Some time ago, you asked me to inquire about Toutiao, Didi, and Meituan's financing. I have specific news."

Hearing this, Zhang Yida hurriedly moved closer to Lei Dongming, and said excitedly:

"Great, what did they say?"

Lei Dongming was a little surprised to see Zhang Yida's big reaction, and told the news slowly:
“Meituan is currently valued at around US$30 billion, and is seeking a C-round financing of around US$3 million. Various venture capitals are very interested, and we don’t think we can get in.

There are two reasons. The first is that the valuation is too high. To participate, we have to spend at least tens of millions of dollars as follow-up investment;
The second is that at present, giants such as Ali and international investment banks are participating in competitive financing. We can neither provide domestic traffic resources, nor help investee companies with capital operation and listing as an old-fashioned venture capital.

So, to sum up, we can't get into the game. "

Zhang Yida feels a little pity. The market value of Meituan in later generations has reached as high as 700 billion U.S. dollars. Seeing the 35 times high-return investment project but not getting involved, he feels a little sad in his heart.

Seeing Zhang Yida's look of regret, Lei Dongming was also very helpless, and he was also very optimistic about Meituan!However, no money and no resources to invest in a fart!
If you have a lot of money, you can still invest in the US$40 billion or US$50 billion valuation of Meituan. The question is, how can there be so much money?Do you have so much money and don't know how to develop your own career?
Lei Dongming went on to say:

“For Didi, we only completed the US$1 million Series C round of financing in January this year, so we were a bit late. But if we didn’t arrive late, we might not be able to compete with Penguin and CITIC.

Now Didi is playing very lively with Kuaidi, and there are constant wars of burning money and subsidies, and it is very short of money.

We can now also participate in a C+ round with a valuation of more than one billion US dollars, but at least tens of millions of US dollars must be spent, and we don’t have that money now. "

Zhang Yida remained silent. The highest valuation of Didi’s descendants once reached 600 billion US dollars, but with the listing of similar companies Uber and Lyft in the United States, and several security incidents that occurred in Didi, the valuation is said to have dropped to 400 billion US dollars. .

Another big fat sheep with [-] or [-] times the return, it looks like it can't eat.

Seeing that Zhang Yida's face was a bit ugly, Lei Dongming quickly went on to the headlines, saying:
“There is good news for Toutiao, they only completed their Series B financing of US$9 million in September last year, with a valuation of US$1000 million.

Currently seeking $1 million in Series C financing, the valuation is around $10 billion, which is about the same size as our current one.

I sent someone over to Zhang Ming to ask about it, and he said he could talk to us. "

Zhang Yida rubbed his chin, and Toutiao followed Xiang with a similar valuation at this time.

Sharp has been developing very well recently. Some investment banks have come to approach the B round of financing, and the valuation is also going up to 10 billion US dollars.

"If you have a chance, you must participate in it, and the other two opportunities are slim."Zhang Yida said with emotion in his heart.

"Okay, since everyone is in the capital, let's make an appointment with Zhang Ming. Let's come and visit."

Lei Dongming frowned, then said:

"Mr. Zhang, although Toutiao is developing rapidly, it also seems to have great potential and is a good investment target.

But our current main business is still finance after all, and the company is still in the development of entrepreneurship, which is the time when we need money.

At this time, we don't use the company's money to speed up our own development, but focus on investment. Will investors have any objections?Do you think we are not doing our job properly? "

Zhang Yida pursed his lips. The last time he took nearly [-] million yuan to invest in Le Fenqiu, the investors were already very dissatisfied.It is believed that Ruixiang does not focus on its own development, and invests in start-ups without doing business.

It was also during that time that Ruixiang had sufficient funds, and the investor only said a few words of reminders, and there was no strong objection.

But to invest in Toutiao now, for Ruixiang, it is neither a strategic investment to supplement the upstream and downstream industrial chains, nor a small early investment in start-ups.

Investors will certainly object.

Thinking of this, Zhang Yida became a little discouraged.

Seeing this, Lei Dongming made another suggestion:

"Mr. Zhang, how about this? We set up a venture capital fund outside of Ruixiang. After we have raised enough funds, we can invest in any project we want, and there is no one in charge of it."

Lei Dongming's words immediately opened Zhang Yida's mind.

Yes, I can make a new stove by myself!You can also entrust Yimin Wealth to solve part of the fundraising, and then go to the alumni and old seniors with a shy face, then you should still be able to raise a lot of funds.

Zhang Yida patted the table and said, "Okay, you reminded me, just do it, let's set up our own fund."

Lei Dongming chuckled, and then said:

"For funds, I can look for the former old club and some funds of funds. It is still very promising to raise tens of millions of dollars."

Zhang Yida nodded, remembering that this CFO has also worked in investment banks and listed companies, and has a wide network of contacts.

Zhang Yida thought for a while and said:
"I also have Yimin Wealth, which focuses on serving high-net-worth users, and can raise some funds for us. There are also many entrepreneurs in the alumni circle of Peking University. You can try to find them to raise funds."

Lei Dongming nodded slightly to indicate that it was feasible, and after thinking for a moment, he said:

"Then what is the scale of our fund's first phase of fundraising?"

Zhang Yida thought for a while, he set the goal high and feared that the fundraising would not be enough in a short period of time, and if he missed the opportunity, he would not come again.It must be fast, and it is necessary to raise enough funds in the shortest possible time and then invest them.

So he replied: "Tentatively set 1 million US dollars! The more the better."

Then, under Zhang Yida's arrangement, Lei Dongming began to get busy with the preparations for the registration of the venture capital fund.

(End of this chapter)