My Age of Investment

In the meeting room of a high-end hotel in San Francisco, people from all directions sat 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 field.

A group of blond and blue-eyed foreigners surrounded the three Asian bosses.

Because they conduct business in the United States, Yahoo and Vision Capital all employ American employees, and Softbank is no exception. It has a branch in the United States and dispatches an American team nearby.

Sun Zhengyi looked at Xia Jingxing who was surrounded by three employees, and then looked at the six employees around him, wanting to tease each other a few words.

But after thinking about it, the dust has settled, there is no need to engage in these small tricks, it seems petty.

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

Ma Yun nodded to Sun Zhengyi, stood up, glanced at the three-party investor team, and said confidently: "First of all, the ownership structure, Ahri's management holds 31%, Yahoo 26%, Vision Capital 23%, and Softbank 20% .

Do you have any objections to this item? "

The three investors all nodded, indicating that this is over.

Ma Yun continued: "Let's talk about the part of Taobao's equity held by Softbank, which is priced at US$360 million, and Yahoo is responsible for the acquisition."

Ma Yun looked at Yang Zhiyuan and asked, "Is there any problem?"

"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, indicating that they had no objection. This was the product of a compromise of interests.

Seeing that a consensus has been reached on each of the financing terms, Jack Ma also speeded up his speech and quickly reported the follow-up terms.

"... Ahri'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 the valuation of 1.727 billion US dollars, the transaction price is 570 million US dollars."

When Jack Ma said this, he paused,

Turning his head and glanced at the three investors, he continued: "After the equity transfer transaction was completed, Ahri continued to start the formal D round of financing, with a pre-investment valuation of 2.74 billion US dollars!"

On the Yahoo side, a member of the team was puzzled and said, "Why is the gap so big? A billion dollars?"

Ma Yun looked at Yang Zhiyuan with a smile, and the latter kicked the member under the table, signaling the latter to shut up quickly.

In fact, this is the product of a compromise of interests.

First, the acquisition of Ahri's old shares at a valuation of US$500 million lower than the market is aimed at those shareholders who are eager to cash out.

Then Ari issued new shares at a valuation of US$500 million 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 the valuation of Yahoo China.

And because it is a listed company, all shareholders can pay for it, and the loss shared by Yang Zhiyuan himself is not that big.

Vision Capital is all Xia Jingxing's personal funds, which is a bit of a disadvantage.

Of course, Jack Ma thought carefully, fearing that Xia Jingxing would have any objections, he went out of his way to comfort Xia Jingxing: "Dai Lun, Envision Capital is at a disadvantage in this regard.

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

This would involve a lot of calculations, and Xia Jingxing couldn't quickly figure out whether it was a profit or a loss.

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

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 the Taobao equity acquired from Softbank at a total price of 860 million U.S. dollars into Ahri. In addition, it needs to inject 220 million U.S. dollars in cash into Ahri..."

Xia Jingxing listened carefully, not missing any detail.

To go from zero to owning 26% of Ali, Yahoo needs to pay Yahoo China, which is valued at 500 million US dollars, plus 580 million US dollars in cash, and another 360 million US dollars of cash will be used to acquire Taobao equity at a high price.

Softbank invested US$60 million in Taobao in February last year, and now it has recovered US$360 million, and it has also recouped the cost of its early investment in Ali.

All consumption will be paid by friends of Yahoo stockholders!

It was none of his business, though, and no opinion was expressed.

"Vision Capital invested 392 million U.S. dollars to acquire 22.67% of the shares held by external shareholders. In addition, it needs to inject another 335 million U.S. dollars into Ahri..."

Xia Jingxing quickly calculated his own investment, which was a total of 727 million US dollars, all in cash.

Yahoo holds three more points of equity than its own side, but invested $353 million more.

However, Yahoo Global has forced a Yahoo China into Ali system with a valuation of 500 million US dollars.

Whoever loses and who gains has to be carefully calculated.

"Softbank keeps its current 20% stake in Ahri unchanged, but in order to prevent dilution, it needs to invest 178 million US dollars to acquire 10.33% stake from external shareholders..."

Jack Ma continued: “Before this round of financing, Ahri’s pre-money valuation was US$2.74 billion, and its post-money 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 shares worth 570 million US dollars.

Add up, this series of transactions is as high as 1.985 billion U.S. dollars. I think it is enough to directly call the D round of 2 billion U.S. dollars! "

After Ma Yun finished speaking with a smile, he looked at the crowd and found that everyone was thinking with their heads down, and no one expressed their opinions.

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

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

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

The same goes for Yang Zhiyuan and Sun Zhengyi, calling their subordinates to start a brain competition.

Soon, a curly brown-haired employee in his thirties who was sitting next to Xia Jingxing spoke in a low voice: "Dailun, we seem to have been taken for a winner."

"Duck neck, please explain more clearly."

Nicknamed "Duck Neck", this Liqiu Fund employee's real name is Abel.

However, he has long been used to the boss calling him "鸭头～鸡基～" with a weird pronunciation.

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

Then he happily accepted the Chinese name bestowed by the boss, the boss bestowed it, and dared not resign!

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

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

That's how scary it is. The four employees of Liqiu Fund, except for the executive who stayed at the company, the other three are at the president level.

The four employees of Liqiu Fund were all interviewed by Xia Jingxing in person. They are all elites in the industry. They are currently holding the position of vice president, working as the bottom analyst and investment manager.

But Xia Jingxing promised that they will be allowed to recruit a team after a while, no longer a bare commander, everyone can lead a team.

Well, a group of three or four people.

In fact, vice presidents are like this in the investment banking and fund industries. They are equivalent to team managers and small bosses. In some companies with many ranks, they are grassroots cadres, not even middle managers.

It is even more exaggerated at Goldman Sachs, and it is a senior salesman.

Ya Ning handed the boss a piece of paper, densely filled with numbers and calculation formulas, and a few lines of notes.

After Xia Jingxing finished reading, his complexion quickly darkened.

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