The very fashionable restaurant has a very good view, with the Huangpu River flowing eastward in the autumn mood. Sitting next to the window, Guo Lingyu looked at Jing Gao with burning eyes, waiting for his answer.
Jing Gao didn't pretend to be sophisticated. He smiled lightly and said, "Okay. I'm waiting for Goldman Sachs' capital to come in."
Goldman Sachs and **** are the top investment banks in the United States. However, times have changed! It is long past the time when the five major U.S. investment banks were at the top of the global financial food chain before the 2008 financial crisis.
And, even if it is, he won't be afraid!
In China, some people frequently quote reports from Goldman Sachs and Morgan Stanley to ask what they want to do about this matter. There are also reports from the three major rating agencies in the United States. Don’t you know that they often sing the tune of China’s collapse?
Are you out of your mind if you trust Americans on China's economic issues and commercial affairs? Anyway, he looked down upon this kind of financial comprador.
Therefore, Liu Qing should not expect him to kneel down when he hears the word "Goldman Sachs". What about Goldman Sachs? It’s nothing more than controlling the level before the U.S. stock market goes public! Who are you scaring? By the time you list Didi on NASDAQ in the United States, believe it or not, I have already killed Didi in China?
Guo Lingyu's evaluation of Jing Gao is very high. After their last meeting in Shencheng, she realized that she needed to maintain her relationship with Jing Gao. At this moment, I originally wanted to persuade Jing Gao. The power of financial capital on Wall Street was terrifying. But after thinking about it, he smiled and raised his tall glass, "Mr. Jing, you are so domineering!"
Jing Gao laughed and said, "Miss Guo, your butt is completely crooked." He raised his glass and touched it to her.
Guo Lingyu smiled softly, with bright eyes and white teeth, and a very charming smile, and said: "Mr. Jing, I am only entrusted by Jean to convey the message in a private capacity. This does not mean that I support Didi's position. I admire you very much. Reply. I think it’s more appropriate for you to hold Uber as a company than to hold shares in Didi.”
This is more candid.
Jing Gao nodded with a smile and said: "Miss Guo, please give me a message to Mr. Liu. My original intention remains unchanged and I am still willing to acquire Didi. In addition, if any Didi shareholder wants to withdraw, I am willing to follow the instructions. Didi bought it at a price calculated on its latest valuation of US$33.5 billion in September."
"Giggle." Guo Lingyu said with a smile: "Mr. Jing, I will bring it to you. However, you are continuing to compete with Jean! Moreover, Didi's investors should have signed an agreement and cannot sell their shares. To Didi’s competitors.”
Jing Gao said: "So, let Didi's shareholders push Didi to merge with Uber." He had to consider the withdrawal of Didi's state-owned capital.
Guo Lingyu rested her elbows on the dining table, looked at Jing Gao with her wonderful eyes for a few seconds, then smiled, took a sip of red wine, and said seriously: "Mr. Jing, you are going to kill Didi!"
How could she not see clearly Jing Gao's business strategy? You must know that Uber (China) currently dominates the market. As the subsidy war continues, US$33.5 billion is likely to be Didi’s highest valuation.
If Jinggao is willing to acquire Didi at this price, many investors will be satisfied. There is no resentment or blame on Jing Gao at all.
Then, here comes the crux of the problem. Management at both Uber and Didi are unwilling to give up control of their respective businesses. However, Uber is dominated by Phoenix Fund, and Jing Gao alone has the final say. Cheng Wei and Liu Qing didn't have the final say in Didi. Capital has the final say.
Moreover, Uber currently has the upper hand and can hold off. How do you drag it with Didi? The longer you delay, the lower the valuation will be.
Jing Gao smiled and took a sip of red wine. It’s so comfortable to chat with smart people! It is even more comfortable to chat with a smart and beautiful lady. His eyes passed through the collar of her pink shirt. This woman is so fierce.
"Hey..." Guo Lingyu reacted at this moment, covering her collar with one hand and sitting upright, looking at Jing Gao angrily, and then inviting her generously: "Mr. Jing, this meal is almost done. Let's go upstairs. Want some more drinks at the bar? I heard the view up there is pretty good."
I think the scenery just now was very good. Jing Gao smiled inwardly and declined: "Miss Guo, let's wait for another day. After we finish talking about the business, I'll treat you to a drink."
Obviously, Liu Qing asked Guo Lingyu to pass the message, which was the beginning of a series of confrontations and negotiations between Didi and Uber. rather than a summary. His energy must be used on business, instead of letting down his guard now, going to drink with Guo Lingyu and admiring the river view, thinking about how to be a miner, opening up tunnels and expanding them.
Guo Lingyu's bright eyes moved slightly, she nodded with a smile and said, "Okay."
…
…
At noon on the 24th, Liu Qing was also meeting "friends". As the financial center of China, Didi also has many shareholder representatives or principals who live in the city.
The bright sunshine fell on the terrace. Liu Qing was wearing a shirt and trousers, eating French food with Shen Nanpeng of Hongbin (China) and Xie Ying, the managing director of Alibaba Capital.
Alibaba Capital is the strategic investment arm of Alibaba. There are 5 teams. 3 in China, 1 in the United States, and 1 in Southeast Asia. The capital scale exceeds 20 billion US dollars. These five teams report directly to Tsai Chongxin.
I believe everyone who is familiar with Alibaba’s founding experience will know Mr. Cai’s name. This is the Jack Horse's most important assistant and can be called his right-hand man.
Xie Ying, the director and general manager, is responsible for investment in the TMT field within Alibaba Capital. There are three others at the same level as him in the country.
Given Alibaba’s current status in the domestic business community. To be honest, even if Shen Nanpeng is a business tycoon and Liu Qing is Mr. Liu's biological daughter, it is impossible for Mr. Cai to fly from the United States to Shanghai to have a meal with them.
Shen Nanpeng pondered and said: "Mr. Liu, do you think Jing Gao from Phoenix Fund will accept your conditions?"
Liu Qing cut the steak elegantly and said: "From his personal pursuit, it is unlikely that he will agree. After all, he once purchased Uber for a premium of US$2 billion, which shows that he is very optimistic about the online ride-hailing business. However, from the perspective of In terms of his own interests and the actual situation, I think he should accept it. If necessary, Didi can give Phoenix Fund a board director position."
She met and had dinner with Shen Nanpeng and Xie Ying today, hoping to get their merger plan to agree.
Shen Nanpeng nodded slightly.
Xie Ying praised: "Mr. Liu is so courageous! The subsidy war between Didi and Uber cannot continue, it is completely meaningless. Mr. Liu is very sincere in this condition. A moderate concession of benefits is okay. "
He is an investor. The valuations of Internet companies are sometimes very false. Even investors and invested companies jointly raise their valuations by exposing themselves to the outside world.
Liu Qing's plan seems to seriously damage the interests of Didi shareholders. Think about it, Didi’s valuation is US$33.5 billion. and the $15 billion Uber merger. How much benefit do you have to give away?
Do the math for this subtraction.
But it's not. How high would the cost be if Didi exchanged its new shares for Uber shares? How much does it cost to issue new shares? The number of shares of each Didi shareholder has not changed, but the shareholding ratio has been diluted by 50%. However, as long as the valuation of Didi after the merger continues to rise, the value of each shareholder's shares will not lose 50%.
So it's a balance. All investors must understand one truth: it’s safe to be safe. It doesn’t matter how much you value it, your shares will eventually be sold at this price. This is simply overthinking.
Public information shows that Uber received a US$3.5 billion financing from Saudi Arabia in June 2016. Uber’s valuation is as high as US$68.1 billion. Therefore, the new Didi still has upside potential in terms of valuation.
Liu Qing can use this method to "destroy" Uber. This is victory! This is an approach to safeguard the interests of investors.
Liu Qing raised his glass and said with a smile: "Mr. Shen and Mr. Xie, thank you for your support."
"Cheers!" Shen Nanpeng and Xie Ying raised their glasses and drank together.
At this moment, Liu Qing's cell phone rang. She looked at the number and it was Guo Lingyu. After thinking about it, she answered the phone at the dining table and asked confidently: "Lily, were you talking to Jing Gao?" How is it going?"
Of course, Guo Lingyu would not show her inner preference in front of Liu Qing. She was entrusted with loyalty and said with slight emotion: "Jean, Jing Gao rejected your proposal. She made it clear that if Didi wanted to introduce When Goldman Sachs' capital goes public in the United States, he will accompany it to the end."
Liu Qing's face suddenly turned ugly, and she pursed her lips and said, "So, he wants to fight Didi to the end?"
"That's not the case. Jing Gao asked me to convey his thoughts to you. He is still willing to acquire Didi. He also said that if any Didi shareholder wants to withdraw at this time, he is willing to pay the valuation of Didi's September financing. The calculated share price acquisition was worth US$33.5 billion.”
Liu Qing immediately realized Jing Gao's purpose in releasing this "news". I couldn't help but take a breath of cold air, "Hiss~". She was in big trouble.
After hanging up the phone, Liu Qing broke free from her anxiety and looked at the two heads of Hongbin (China) and Alibaba Capital sitting in front of her. She couldn't help but smile bitterly and felt a little dizzy. What a slap in the face!
She just said that Jing Gao would definitely agree to her terms from a profit perspective, but Jing Gao not only refused, but also slapped her in the face.
Shen Nanpeng sat at the dining table and asked with concern: "Mr. Liu, are you okay?"
…
…
Lunch ended in a somewhat silent atmosphere. It was impossible for Liu Qing to hide such big news from his two partners.
Again, Shanghai is the financial center of the country. The web of connections here is like a spider web. Maybe now, Uber’s shareholders and Didi’s shareholders will be eating at the same table. You can't hide it at all.
"Goodbye, you two!" Liu Qing shook hands with Shen Nanpeng and Xie Ying and said goodbye. She came out of the French restaurant on the fifth floor and called her assistant. When she walked out of the mall, a Mercedes-Benz was already parked on the side of the road.
In the afternoon sunshine, Liu Qing, who was only wearing a shirt and taking off his coat, suddenly felt a bit cold in the wind blowing from the high-rise buildings. "Autumn is coming!" He sat in the car and ordered: "Go back to the hotel."
"Okay, Mr. Liu."
Liu Qing first met with Guo Lingyu to learn more about the conversation between her and Jing Gao. Then she returned to the Pudong Ritz-Carlton Hotel where she stayed, and meditated alone in the room for two hours. At 6 p.m., she called Didi’s founder and CEO Cheng Wei.
"Liu Qing, have you had dinner?"
In the luxurious five-star hotel suite, Liu Qing looked out the window at the bright night view of the Magic City, which was not much worse than Manhattan, New York. Listening to Cheng Wei's voice, thousands of thoughts came to his mind, and he didn't know what to do for a moment. answer.
On the phone, Cheng Wei felt something was wrong and asked, "Liu Qing, are you okay?"
Liu Qing's voice was a little hoarse and she said in a low mood: "Mr. Cheng, our... career is coming to an end."
When she joined Didi, she never imagined that such a day would come to her. When Didi dominated the Chinese market, she never imagined that such a day would come.
This entrepreneurial journey cannot be said to be a failure. After all, it could be sold for $33.5 billion. However, Didi and her team developed and grew bit by bit. Would she not be distressed if she sold it? However, if it doesn’t sell, can Didi still hold on?
In the night, Liu Qing finally couldn't help crying.
