The next day.
Chen Pingsheng drove his Volkswagen Phaeton to the group headquarters.
There isn’t much going on here this time. The main thing is to discuss the listing process of Tengyou Media.
With the listing quota provided by Guangzhou, the road to listing will definitely be smooth. The main thing for them here is to find IPO financing targets.
It can also be said to be a strategic investment partner.
The current valuation of Tengyou Media is 45 billion, which is based on the time when Guo Ziyi became a shareholder.
The IPO valuation will probably be around 60 billion. A slight increase will also allow early investors to complete a wave of cash-out in a more favorable manner.
This valuation will not be accomplished so easily.
After all, the current market value of Xin Teng’s live broadcast is less than 60 billion. Chen Pingsheng made an appointment with Shen Nanpeng and Tong Zelan and asked them to go to the capital market to find investment targets.
This time the equity dilution will no longer be as much as 60%, but 40%.
The IPO financing target is 24 billion.
Under the booming Douyin and short video economy, it is still possible to achieve this goal.
It just takes a certain amount of time.
If this financing is completed, based on the 35% of shares he still owns, the cash-out rate will be 14%.
You can probably get 8.4 billion yuan, which is definitely a big income.
If we use the golden finger to increase the amount, we can basically collect the R&D funds needed to take off new energy in 2019.
Shen Nanpeng proposed to package some physical enterprises into Tengyou Media.
If it only relies on its group of Internet celebrities and guild live broadcasts, without the real economy, it will be difficult for the capital market to believe that it is worth 60 billion.
Tong Zelan also supports this suggestion. The advantage of bringing into a physical enterprise is to complete the combination of virtual and real, which can also better tell a good story in the capital market.
Only Internet celebrities cannot support a valuation of 60 billion.
Chen Pingsheng thought about it and thought it made sense. He owned many industries, and it was not a big deal to acquire several entities.
But which companies will increase the storytelling of Tengyou Media after mergers and acquisitions, this is very particular.
Chen Pingsheng said: "I invested 1.2 billion in the No.9 Clothing Warehouse in the past two years. My original intention was to wait for Tengyou Media to improve its live broadcast in the clothing field. At present, the No.9 Clothing Warehouse There are direct stores in all major cities, so why not package it into Tengyou Media first?”
“That’s no problem.”
Shen Nanpeng must know No. 9 Clothing Warehouse. , under this current situation, there are very few people who can still spend more than one billion to invest in physical clothing stores.
When Chen Pingsheng originally invested this money, he knew that it was to prepare for the live broadcast of goods.
Looking at it now, it is indeed true.
I want to raise the valuation of Tengyou Media to more than 60 billion.
It is necessary to package some physical industries into it.
“It’s just that if the price of your No. 9 Clothing Warehouse is too high, investors may not recognize it.”
"I invested 1.2 billion and merged with 1.5 billion. Isn't that too much!"
"It's not too much. It's very appropriate."
Shen Nanpeng added: "Except for No. 9 In addition to the clothes warehouse, you'd better merge into a certain department store and supermarket to improve the future department store field. As long as this step is completed, Tengyou Media's valuation of 60 billion will definitely be achieved. "
The department store supermarket. , Chen Pingsheng is naturally not lacking.
He has the earliest Tenghui Department Store, but in this way, Tengyou Media will purchase a certain number of supermarkets from Tenghui Department Store, at least no less than one hundred.
This is fundamentally different from investing in Tenghui Department Store, which is a mutual cooperation relationship.
To fully acquire the number of supermarkets is to carve out some stores.
Let Tengyou Media have its own independent supermarket brand, which will obviously have greater advantages in the future live broadcast delivery sector.
The current valuation of Tenghui Department Store is around 20 billion, except for its stores in Beijing, Shanghai, Guangzhou, Shenzhen and Xiangjiang.
The storefronts in other cities are basically rented.
It is no exaggeration to say that with a market value of 20 billion, the number of stores in these first-tier cities alone is almost the same.
Chen Pingsheng simply waved his hand and packaged and sold all Tenghui Department Store stores in other cities except for supermarkets in Beijing, Shanghai, Guangzhou, Shenzhen and Xiangjiang to
Tengyou Media.
For pricing, specific data from the finance department is required.
It is not possible to give an accurate number yet.
For Shen Napeng and Tong Zelan, spending billions more to acquire Tenghui Department Store and Supermarket is no big deal.
After all, they are all early investors of Tengyou Media. Once Tengyou Media can achieve a valuation of 60 billion.
That’s the real big money.
It is a normal business method for a company to buy some core assets to increase its valuation before going public.
Only after listing, non-essential assets will be sold.
Of course, there is another situation: before going public, in order to increase the confidence of Leek in order to make the financial statements look good.
There are also companies that deliberately sell some core assets, but these are generally scam companies.
Tengyou Media obviously does not belong to this category, and it has no assets to sell.
Only physical assets can be added. On November 18, 2018, Tengyou Media released news.
Completely acquired No.9 Clothing Warehouse for 1.5 billion.
As soon as the news came out, the capital market was quite calm. After all, both Tong Zelan and Shen Nanpeng were big bosses in the capital market.
They want to join forces to promote Tengyou to be listed, and also attempt to achieve a valuation of 60 billion.
You must buy some physical assets.
On the day the news came out, Zhang Wanyi held a press conference in Guangzhou to explain the significance of the acquisition.
1.5 billion acquisition and 1.2 billion are investment costs.
With only 300 million profit, no matter how small the mosquito is, it is still meat.
Chen Pingsheng used a random increase, and the result was pretty good, and he got five times the profit.
Add in the 1.5 billion principal that came back this time, and you have 3 billion at once.
Although he is the only investor in No. 9 Clothing Warehouse, it was his old classmate Yao Anni who led a group of people to expand it.
These early founders all took certain shares and could only cash out after the company went public.
It is impossible for No. 9 Clothing Store to be listed on the market now. It has been merged into Tengyou Media.
This is equivalent to the fact that all the executives of No. 9 Clothing Store who got dry shares have completely shattered their dream of going public.
Chen Pingsheng also did not want to let down those who believed in him, so he gave 300 million as a bonus to Yao Anni and the corporate executives she led.
Many of them were transferred directly from Tengying Group.
Yao Anni personally received 80 million of the rewards, and the remaining 24 executives shared 160 million equally.
The remaining 60 million will be given to nearly a hundred middle managers.
Probably each person will receive a cash reward of 600,000.
Everyone is happy in this way. As for the grassroots employees, they are still the same as before.
It has little to do with them.
After No.9 Clothing Warehouse was merged into Tengyou Media, all store managers, including the upper-level management, must follow the requirements of Tengyou Media and start to become Internet celebrity clothing bloggers.
That is, a comprehensive live broadcast to bring goods.
As a result, Tengyou Media has directly added 1,200 directly-operated clothing stores and thousands of professional clothing anchors.
As a result, corporate valuations are rising.
November 21, 2018.
Tenghui Department Store announced that it will open 138 Tenghui Department Store supermarkets in Beijing, Shanghai, Guangzhou, Shenzhen and outside Xiangjiang.
The price is 6 billion, all packaged and sold to Tengyou Media.
Seriously speaking, the supermarket business has not been very good in recent years. Except for its own storefronts in first-tier cities, Tenghui Department Stores in other cities have good and bad results.
The sale of these 138 supermarkets means that Tenghui Department Store will only focus on the development of super first-tier cities in the future.
It also means that it no longer has a big burden to lose. As soon as the news came out, the stock price of Tenghui Department Store, which was listed in Xiangjiang, soared directly.
Unfortunately, this money cannot be increased randomly.
The main reason is that he doesn’t have much shares in Tenghui Department Store anymore, only 5%.
The revenue of 6 billion will be included in Tenghui Department Store Group, and it remains to be determined how it will be used in the future.
Two investments have allowed Tengyou Media to own more than 1,000 physical clothing stores and more than 100 super large department stores.
After completing these two investments, Tengyou Media’s storytelling is obviously getting stronger and stronger.
Of course, these two sums of money did not come out of nowhere.
Tengyou Media has internal financing, and these current shareholders will jointly complete this 8 billion financing.
Chen Pingsheng also owns 35% of the shares, and naturally has invested 2.8 billion in it.
A typical example of the left hand turning to the right hand.
The final result is that everyone agrees that Tengyou Media’s valuation of 60 billion is too low.
It must rise to 80 billion.
Otherwise, I would be sorry for the 7.5 billion acquisition funds they spent.
Okay... Chen Pingsheng reluctantly agreed to this suggestion.
He won't have any objection if it rises to 800 billion, as long as there are still fools willing to take over.
If no one takes over, then they themselves are the fools.
After Tengyou acquires these assets, it will definitely take some time to digest them.
Fortunately, these are all industries under Chen Pingsheng’s Tengying Group, a project born from his father.
It won’t be too difficult to integrate.
(End of this chapter)