Chapter 1688

For unlisted IT companies, the actual value is difficult to judge.

Generally speaking, we should look at the income, the same kind and the assets.

But the same kind, now far away e-commerce can do less comparison, income and assets can be seen.

However, e-commerce also needs to add the calculation of expected benefits in the future.

The 70 billion valuation put forward by Shen Guojun and other people before is not the data given without reason, but calculated by the discounted cash flow method.

But this kind of calculation mode is not objective enough for today's distant shopping mall.

At the moment, the distant mall is still in a period of seizing the market before it defeats the treasure digging, and the cash flow generated is not much.

Of course, 70 billion is not satisfactory.

Whether Teng Xun or far away, are unlikely to agree.

Of course, Shen Guojun and his colleagues did not expect to agree from afar.

But no one will accept Tan Haiying's 250 billion.

If the valuation is 250 billion, their shares will be diluted by more than half.

……

When Li Dong seemed to report "150 billion" inadvertently, no one spoke in the conference room for a long time.

150 billion?

Over $20 billion, this valuation is definitely not low.

But now the listing is imminent. If the remote mall is listed separately, it may not be inferior to Amazon. In fact, the gap between the two is not too big.

One lies in the wide coverage and the other lies in the large rising space.

If you can match Amazon, the market value of the distant mall is expected to exceed $40 billion.

Of course, it is not objective to compare the earnings after listing when it is not listed.

Otherwise, the same can be said for distant retailing.

Li Dong reported 150 billion yuan, and everyone was thinking about the gains and losses of interests. For a while, no one spoke.

After a long time, Xu Shengzhe, who did not know how to open his mouth, said with a smile: "150 billion is not low, especially the treasure has not been counted.

Add the treasure. I agree with you.

But now, dig treasure still need to wait for the mall to integrate, then go to purchase.

If you add in the $4.5 billion you've spent, the value of the remote e-commerce system will be as high as 180 billion.

Li Dong, don't you think the valuation is too high? "

Tan Haiying stopped talking, but Li Dong didn't let her speak. He said with a smile, "is 150 billion really high?

Don't say how much you can earn after going public, it's nothing to say.

Now, it is a certainty that the revenue of the distant mall will exceed 300 billion this year, and the transaction volume of wanjia.com has also exceeded 100 billion.

For self operated business, the gross profit should exceed 12%.

And the next investment in logistics and warehousing will be invested by the logistics group, no longer associated with distant shopping malls.

In this way, the net profit of the mall will soar.

More than 10 billion yuan, this is the benefit that the distant mall can bring to you every year.

At this time, do you think 150 billion is really high? "

In the early stage of e-commerce, the construction of logistics and warehousing channels is a big investment.

Can be far away here, now split, do not take the account of the mall.

In this way, the profit margin of the mall is very high.

Otherwise, logistics and warehousing go shopping mall channel expenditure, the mall is losing money every year.

Li Dong continued: "in fact, I have talked with some world-wide assessment institutions, including some investment banks. The valuation of remote e-commerce is far more than $20 billion.

You should know that we are No. 1 in the world, not in China.

What's more, we are mainly focusing on China, which is a disadvantage, but it is also an advantage.

The advantage is that we still have a lot of room for development.

Of course, the disadvantages are obvious, and the limitations are some.

Under the comprehensive advantages and disadvantages, it is considered that the value of the distance is still greater than that of Amazon.

150 billion, which is the valuation that I have been considering for a long time.

As I said before, in the distance now, more is sharing.

Sharing of interests is also the basis of our cooperation.

If you really find it unacceptable... "

Li Dong said lightly: "at this time, you can choose to quit.

Far away retail, the group has given a valuation of 222 billion yuan, which is more than the actual value.

Compared with the time when we became a shareholder, the increase was more than 100%.

At this time, you think that the valuation of e-commerce is too high. I will buy back the shares in your hands with a value of 222 billion yuan. I should not treat anyone badly.

In less than a year, I will give you 120% return. I don't think anyone will feel sorry for me, Li Dong? "

In the crowd, someone immediately said with a smile: "Mr. Li is joking. Who doesn't know Mr. Li's Renyi? It's us who follow Mr. Li to make money, so there's no excuse for who."If Li Dong wants to buy back the shares or buy them back at the current quotation, it's really good enough.

In fact, at this time, Li Dong only gave them two choices, either to agree or to withdraw.

If you quit now, everyone will make a fortune.

We don't have to take risks. After all, it's hard to say how to go public, although the expectation is good.

But now there is no risk, does not mean there will be no risk in the future.

Now it means quitting the alliance, and the distant investment still holds 20% of the shares of their enterprises.

Li Dong didn't say that these shares would be returned. At that time, he lost his protection from afar and controlled some channels from afar.

It's not far from the end if you want them to die.

The enterprises of the alliance are not easy to merge from afar.

In the face of such a huge object in the distance, non alliance enterprises will be swallowed up in an instant.

Someone spoke, and immediately someone answered, "150 billion, we can accept..."

The speaker doesn't care what other people think of him. Facing the distance, they have no room to bargain.

Now, in addition to accepting, that can only exit.

But after the exit, their own business is not far from the end.

When there is no way to go, the best choice is to accept the idea of the strong.

Some people chose to accept, and soon many people compromised.

This year, we have also tasted the sweetness of cooperation with distant places. We don't have to worry about the invasion of other enterprises, and we don't have to think about many things.

For small and medium-sized enterprises, relying on the strong is an instinctive choice.

As for Shen Guojun, these ambitious people, even if they are not willing, it is useless.

If you don't want to, you can only quit. But once you quit, you have to guard against the invasion from afar.

Although Yintai is strong, it depends on the opponent.

Not before, let alone now.

Once it withdraws from the alliance system, Yintai will occupy a large share of the retail market in Jiangsu and Zhejiang, and will soon be under pressure from afar.

Considering these, Shen Guojun finally sighed and nodded to agree with Li Dong's plan.

As for Xu Shengzhe, after one sentence, he did not speak again.

It's not that he doesn't know Li Dong's character. It's useless to oppose at this time.

If we continue to oppose it, Li Dong is afraid that even he will be out of the game.

In any case, it is normal to clean up minority shareholders when listing. At this time, there are few minority shareholders, and no one will say that Li Dong is not.

……

With the suppression of Li Dong, the families soon reached an agreement.

This time, Li Dong did not mention Dongyu real estate.

Anyway, the actual value of Dongyu real estate is there. It is easier to calculate the value than the mall. Let's wait until Qi Yunna comes back to pacify Dongyu's people, so as not to make trouble.

After reaching an agreement, the integration is much simpler, and the equity structure of remote retail has also changed.

By this time, distant holdings held 78% of the new retail group.

Teng Xun owns 4% of the new retail group.

Other alliance enterprises, holding 12% of the shares.

The shares held by Xu Shengzhe were diluted to 3%.

Sun Tao's shares were diluted to 1.8%, and those of other distant executives were diluted to 1.2%.

Li Dong holds 78% of the shares in the new retail group, which is extremely high.

Dongyu real estate is also all belong to Li Dong, once integrated, his share proportion will increase again.

After signing the agreement, Xu Shengzhe can't help but take a look at Li Dong. This guy is more and more terrifying.

Such a large retail group, up to now, he still holds 78% of the shares, which is extremely terrible.

And Teng Xun holds 4% of the shares. In fact, Li Dong also owns a large number of shares in Teng Xun. In fact, he himself now holds more than 80% of his shares in distant retail.

Xu Shengzhe doesn't want to think down. If the retail market is listed in the distant place, it can reach a trillion market value as the outside world says.

Is it not to say that Li Dongguang's personal wealth will reach 800 billion yuan in this respect?

Of course, there must be some dilution when listing.

But according to the current situation, the IPO of distant retail equity is also limited, after all, the system is too large.

There are more additional issues, and the market may not be able to digest.

……

The integration of remote retail and remote e-commerce entered the formal process after the conference.

Meanwhile, the merger and acquisition of Taobao also signed a second contract in the name of the new retail group.

The overall purchase of remote retail, together with various expenses, costs 31 billion.

After the acquisition of the treasure, distant retail sold these logistics systems of rookie and Xingchen jibian to distant logistics at a price of 4 billion yuan.

As a matter of fact, remote retailing has brought out treasure into the retail group at the cost of 27 billion yuan.The three parties began to integrate.

At the same time, Qi Yunna in the north also took control of the big business through the secondary market and the acquisition of small shareholders' shares.

Niu Gang is almost helplessly watching each other nibble at big retailers, but there is no way.

To the end, cattle just know, since the introduction of the moment, in fact, has been unable to return to the sky.

However, they had no choice but to agree to the remote plan. The big business announced the suspension of trading, carried out privatization and restructuring, and waited for the listing of remote retail.

……

Late December.

Some of its shareholders chose to withdraw, and some of them chose to replace the shares of distant retail equally.

At the same time, Auchan, who had been entangled for many days, watched the big businesses surrender completely. Wal Mart chose to stay dormant, but finally agreed to the merger and acquisition plan of remote retail.

The company sold 51% of Gaoxin's shares and offered a price of up to 20 billion yuan from afar.

……

On Christmas Eve, Christmas Eve, Auchan signed an agreement with the distance.

So far, in addition to the distance, there are only three remaining large groups in Huaxia retail field, including Bailian, Wal Mart and Sulin.

One state-owned enterprise, one foreign capital and one private enterprise.

The distance seems to have forgotten them, and seems to have left three, in short, no more to a few.

On December 25th, Qi Yunna, who had just won the big business, received a new appointment.

He returned to the headquarters to take over the position left by Wu Shengnan and became the chairman of Dongyu group.

From the CEO of remote retail to the chairman of Dongyu group, although there is a grade skipping, it is not too high.

After all, Dongyu is now weak, and the retail group is growing rapidly.

It is acceptable that the third person in the retail group should become the leader of Dongyu.

Li Dong helped Qi Yunna to pave the way, using Dongyu as a transition. Otherwise, with Qi's current qualifications, she would be criticized for her leap from CEO to chairman.

Now jump out of the retail group system, start with Dongyu, and then return. Even if the time is shorter, the resume will be fuller.

……

Many people are not sure that Dongyu will merge into the retail group.

But when Qi Yunna's appointment comes down, many people will understand.

Sun Tao, who has just returned to Pingchuan after his honeymoon, looks a little complicated when he sees the new appointment.

Liu Hui, his wife, said curiously, "what's the matter? Are you in a bad mood? "

Sun Tao shook his head slightly, his face showed a faint smile, and said in a soft voice: "no, I didn't expect that general manager Li finally chose her."

As Sun Tao's wife, Liu Hui is also very familiar with the nature of the distance. Hearing this, she couldn't help saying, "do you mean that Li always wants Qi Yunna to take over?"

Sun Tao shook his head again and said with a smile, "no, it's to take over the position of general manager Chen.

In fact, do you think the distant chairman of the board of directors is Mr. Li's successor?

If you think so, you are wrong.

The chairman and President of the board of directors in the distance are just the decision makers of the group, but the decision makers do not necessarily represent the will of President Li.

The chairman and President of the board of directors are more likely to carry out their own will and represent only the distance and themselves.

The real foundation of distance is remote retail.

Who will take over the current retail group is the supervisor and spokesman left by Mr. Li. "

Liu Hui understood something and couldn't help saying, "who is the chairman of the retail group, who is the most trusted person of President Li?"

Sun Tao said with a smile: "you can also say so."

"Then you..."

Liu Hui couldn't help but take a look at her husband. In the outside world, almost everyone knows that Sun Tao is the founder of entrepreneurship in the distance.

But now, Sun Tao says that Qi Yunna is Li Dong's most trusted person.

Liu Hui was worried about this.

Sun Tao did not care, chuckled: "in fact, I have my ideas, he has his consideration, this is my own choice of the road."

It's easy to say, but Sun Tao knows that from now on, the former affection will not be used.

At that point, once he makes mistakes again, there will be no special treatment.

But as he said, it was his own choice.

Now what he has to do is try to win the position of chairman of the board of directors.

Some of the distant layout is now in the late stage. Sun Tao, who is familiar with Li Dong, knows that it will not be too far away from Li Dong.

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