Chapter 1248

Money is not everything.

To Li Dong's point, his fortune is over 100 billion yuan. Sometimes it's ridiculous to talk about money.

However, even if he became the head of state, he had to mention money.

The head of state needs to talk about money for national development and economic construction.

Li Dong himself is not short of money, but the development of the enterprise still needs money.

Now, in order to acquire Guomei, to develop online, to spread logistics and after-sales channels, to open up overseas markets, and to realize his big plan

All of these, without exception, need money.

At this moment, the group with a level of 100 billion yuan seems to be too weak.

According to statistics in November, the total assets of the group are close to 200 billion yuan, including liabilities and cash flow.

Among them, the debts of banks and other aspects are nearly 60 billion yuan, and the loans for goods have also been misappropriated from afar by nearly 20 billion yuan.

According to this algorithm, the total debt ratio of the remote group will reach 40%.

In industry, the debt ratio is so high that it is not low.

Of course, logistics and real estate are the two major industries, which increase the debt ratio in the distance.

In a word, in the distance, the most often heard sentence is: no money!

In less than five years, we have been expanding, expanding, expanding

From the opening of the first store with a total assets of one million to hundreds of billions now, the span is not generally large.

It is also because it is too fast, resulting in funds from afar can not keep pace with the rhythm.

Even if Li Dong raised money everywhere, loans, including financing, the funds still couldn't keep up with the pace.

In fact, the current distance, has been able to barely maintain balance of payments.

Supermarkets began to make profits, logistics also made some profits, and the Internet industry gradually began to make profits

These profits, put into the operation of the group, if not expand, barely enough.

Of course, there is still a lot of money in the distant city plan, but the money can be solved through loans.

According to Yuan Chengdao, we should not worry about money until the end of the year.

No one expected that Li Dong was going to do something big just after he came back.

Share in Guomei!

If only this is the case, a billion yuan of funds can actually be squeezed out from afar.

Before Li Dong came back, Yuan Chengdao actually knew the news and began to prepare for the fund.

Less than 2 billion yuan can be transferred from the remote city project or the supermarket.

But when Li Dong sent the others away and left yuan Chengdao a few people, he suddenly opened his mouth and said, "first prepare 5 billion funds for me."

"Five billion!"

Yuan Chengdao several people look at each other, for a time are some stupefied.

After a while, Sun Tao said softly, "Mr. Li, is it for Guomei?"

Li Dong nodded.

Sun Tao slightly frowns, pause just way: "that you mean, 8% is not our bottom line, we still want to continue to hold?"

Today, you are no longer the former store manager.

Sun Tao has experienced a lot over the years. Hearing Xian Zhiyi, he quickly guessed Li Dong's purpose.

If only 8% of the shares and Guomei's online channels are added, the total investment will be less than 2 billion. According to the plan given to them by Baisu, 1.8 billion will be enough.

Now Li Dong asked them to raise 5 billion yuan, which is obviously not just for these purposes.

In front of the president and vice president of the group, there is no need to hide some plans. Even they can't believe it. The group can hardly operate.

Li Dong pulled out a few cigarettes, one handed one, and then he said, "I declare to the public that we only need online channels, while offline channels are owned by everyone, but that is relatively speaking.

I said a long time ago that small and medium-sized enterprises can ignore it, but giant enterprises can never let go.

In particular, we do not have a branch in the home appliance industry.

Retail is mainly about department stores and household appliances. Now, in terms of department stores, we have achieved top-notch. With online, many things can go with the flow.

But the home appliance industry can't do it. We don't even have a store specializing in household appliances at present.

Such strength, rely on the line alone, how can you become an industry leader?

Therefore, we must increase our control in this respect.

If we want to increase our control, we have only two ways to go: self construction and M & A!

And self built... "

Li Dong shook his head and sighed: "it's too time-consuming and laborious to build our own stores.

At the beginning, we chose to build our own supermarket, which was no way. We had no foundation, so we could only do this.

But in order to complete the national layout, we spent five years, during which we also acquired a number of enterprises, including Carrefour.

Even so, we are still not fully covered in the western and northern regions.This is the supermarket, home appliances, if we still rely on ourselves, it will be another five years!

So, we have only one way left, merger and acquisition!

Today's domestic appliance retailers regard Sulin, Guomei, Wuxing, best buy and Hongtu Sanyuan as the top five.

In fact, the latter three companies are much weaker. Only Guomei and Sulin are the only ones that can really exert influence and actively shake and change the whole field of home appliance retail.

A few months ago, I didn't actually plan to.

On the one hand, we don't have this opportunity. On the other hand, we don't have the strength.

Even when Huang Guangyu just went in, I didn't consider merging Guomei.

But not long ago, I saw an opportunity! "

Li Dong accentuates his tone. Before, in fact, his layout has been in the department store industry.

The opportunity he talked about was the emergence of the Cheng family.

It was because he knew that Fukang existed and that the Cheng family had offended him that Li Dong began to take the idea of Guomei.

Otherwise, Li Dong may not find Guomei at this time.

Cooperation is possible, holding shares is possible, but Li Dong will not think about holding shares.

Fukang's 8% stake has a great impact.

For a listed company, an 8% stake is enough to change a lot of things, including Li Dong's decision.

So, before going to the capital, Li Dong had the idea of merging Guomei after hearing Tan Yong talk about Cheng Gang.

Sometimes, decisions are made in that moment.

The merger and acquisition of Guomei is not only not in Yuan Chengdao's plan, but also in Li Dong's plan.

At the beginning, Qi Yunna talked about household appliances, including Li Dong. All the senior executives said that they should slow down and slow down.

Can really wait to see the opportunity, do not seize, that is silly.

If you slow down in front of you, you don't have the chance. You have to slow down.

Now, of course, Li Dong has to do everything possible to seize all this.

"Merger and acquisition of Gome?"

Sun Tao's pupils are shrinking!

They all know the rumors, but they always make a joke.

It's true to cooperate with Guomei from afar. Even they have fantasized about swallowing Guomei.

But everyone knows it's not possible now.

So when rumors appeared on the Internet and experts began to analyze them, Sun Tao and they were actually a joke.

These people are not weak in scaremongering. Even we don't have this plan. Do you think we are going to annex Guomei?

Even they don't believe it. It can be seen that the so-called experts are actually bluffing other people.

Du Juanxin?

There is no doubt, at least not now.

Among Guomei's shareholders and board of directors, Cheng Gang really believed that Li Dong would do so.

Even if Li Dong didn't say so, Cheng Gang didn't think about it.

Now, in the whole business community, except for those who follow suit, no one really thinks that Li Dong will be thinking about annexing Guomei.

Even if he has this idea, Li Dong may not have this plan in three or five years.

Now, what did yuan Chengdao hear?

Li Dong wants to merge Guomei!

He didn't question and veto the same as he did at the beginning. In recent years, Li Dong often turned the impossible into a possibility. Everyone was beaten in the face again and again. Now everyone is learning to be smart.

First ask clearly, and then whether it is feasible.

Don't subconsciously feel impossible without asking, and then continue to be beaten in the face. It's time for them to leave.

Chen Lang, sitting on the periphery, took a puff of smoke, and then asked, "Mr. Li, are you sure? Have you made any plans for the specific plan? "

Li Dong said with a smile: "Guomei's side, Du Juan and the board of directors should agree with our plan.

Now the Huang family owns 38% of Guomei's shares. This time they sell 3%, and then only 35% remain.

The remaining 5% will be transferred by several investment banks. Among them, as the two largest holding banks, the two investment banks with the largest shares, also sold 3% and continued to hold 15% shares.

Next, Fukang has 8% shares.

After that, we also reached an 8% shareholding plan.

Five of us hold 66% of the total shares. In addition, Yongle department holds about 10% of the shares. Other investment banks and risk institutions, large and small, also hold about 10%.

The rest is the current secondary market shares.

At present, if we want to surpass the Huang family and complete the control share conversion, we must hold at least 35% of the shares. "

They all nodded. Yuan Chengdao flicked ash and frowned at the same time: "I think Mr. Li, you should have put your idea on several investment banks.

We have cooperation with both of us.

Some of them, including Citigroup, have also cooperated with us.If we are willing to give up part of our interests and want to acquire their shares, it is still possible.

Many investment banks now hold at least 25% of Gome's shares.

I don't think it is possible to win all of them. If we pay some price, there is still hope for about 18%. Mr. Li, am I right? "

Li Dong said with a smile: "yes, that's what I intend to do.

At least at present, investing in Weibo can make more money than investing in Guomei, which we all know.

The purpose of several big investment banks is to make money.

Of course, according to the agreement they signed with Gome, Gome has the right to buy back their shares.

Now, it's just a rare opportunity. Guomei has no money, and Huang family can't raise so much money in a short time.

Taking advantage of this time difference, we can quickly complete the share transfer.

If we can get about 18% of the shares, plus our existing shares, it will be 26% of the shares.

And then I can get another 10% of the shares. At this time, my shareholding ratio is as high as 36%, surpassing the Huang family! "

Several people's faces slightly changed, 10% is not a small number. At present, Guomei's trading is suspended, and the secondary market cannot be traded for the time being. That is to say, Li Dong did not purchase from the secondary market.

At present, there are only two options for Li Dong to acquire so many shares!

First, Yongle department!

Second, Fukang!

The Yongle department is not a person. Although Cheng Xiao is the leader of the Yongle department, Li Dongzhen wants to negotiate with the Yongle department. There are too many people, and it is impossible that there will be no news.

That is to say, Li Dong and Fukang have reached an agreement!

Thinking of this, Chen Lang moved his eyes and said, "Mr. Li, are you sure?"

Li Dong said with a smile: "it's a certainty!

However, this 10% will require a total of 2.1 billion yuan. In addition, there will be 1.8 billion yuan in Guomei, which is 3.9 billion yuan.

At this time, we only hold 36% of the shares, which is a little more than that of the Huang family. The attitude of Yongle department is questionable.

And at this juncture, the Huang family is likely to choose to inject the remaining unlisted stores into the listing part.

If so, the shares will be diluted.

According to my estimation, once these industries are injected into the listed part of Guomei, the equity in our hands will be diluted by at least 20%.

By then, only about 29% of our 36% will be left.

And Huang's side, the new 20% share capital, as well as the previously diluted part, the shareholding ratio is about 48%, which is close to holding.

And we can't stop them from injecting. After all, Guomei is one of them. Once they are not allowed to do so, they will lose the value of Guomei and make loopholes in its layout.

So not only can't we stop it, we have to make them inject.

In this way, the gap between us and the other party has widened again, and there is a great difference.

The only thing that can offset this change is the convertible bonds issued by Guomei before.

If we take this batch of bonds and convert them at the same time, the value difference between the two sides will be small.

Bonds are close to 5 billion, and the value of their unlisted parts is probably that number.

According to the current market value of Guomei, it is about 20 billion.

After all the injection and conversion, the market value will be as high as 30 billion yuan. After two dilutions, we can get about 40% of the diluted bonds and the original 36% shares.

Huang's family is about the same proportion.

After the remaining shares of Yongle system and investment bank were diluted, they accounted for about 10%, and then the rest was the circulating part.

At this time, the circulation part is too small, we can choose to issue new shares, as long as we win the Huang family in the secondary market, we can even achieve absolute control!

On the whole, the first 3.9 billion yuan, together with nearly 5 billion bonds, requires nearly 9 billion yuan.

In addition, if we want to buy back some shares in the secondary market, we have to prepare at least 2 billion to 3 billion.

It is most appropriate to hold a firm position of 3 billion yuan, that is to say, with a total investment of 12 billion yuan, we are hopeful that we will take a controlling stake in Guomei, which has repurchased convertible bonds and injected unlisted assets.

This transaction is definitely cost-effective. The total assets of Guomei, which has bought back bonds and injected some industries, can definitely reach more than 30 billion yuan, which is still calculated according to the current value.

In fact, the whole country Mei Injection, later can rise, 50 billion that is absolute value. "

Sun Tao gently coughed and said: "Mr. Li, it's not 12 billion. The 18% of the investment bank has not been calculated. He wants to take so many shares from these people who eat people and don't spit bones.

At least, we have to exchange about 4 billion shares of microblog.

That's more than 16 billion.

Even so, it's still a matter of whether we can get control.In my opinion, even if we can hold shares in the end, the investment will be about 18 billion yuan.

Of course, if you really want to be able to control, the money is worth it.

With less than 20 billion yuan of capital, it has controlled Guomei, including its unlisted industries. I agree with that.

Now I am worried about two points. First, we may not be able to succeed. There are great risks. Mr. Li should have known about this.

Second, even if it succeeds, the proportion of Huang's shares is too high. If they are careless, they may be overturned.

The investment bank and the secondary market don't mention it. Yongle system is also a problem.

The best way is to kick the Yongle people out of the game and get their shares. In this way, it will not be so easy for the Huang family to turn the tables again.

Of course, this is my personal opinion. After all, Cheng Xiao and his gang have been operating for a long time and it is difficult to kick them off. "

Yuan Chengdao tapped on the table and said, "to tell you the truth, I didn't expect that Mr. Li has already achieved this.

At present, it is an opportunity for Huang's family to worry about internal troubles.

If new shares are issued, it is difficult for them to raise funds to buy back the shares. We have a great probability of winning.

I'm afraid I'm afraid that someone will help the Huang family on the way.

After all, if we want to control Gome, it's not just about Gome.

If you change to someone else, it's nothing. It's just a change of owner. You won't care about the common things in the industry.

We are different!

In the field of department stores, even if it is not the first, it is not much different from Bailian. With online, we are worthy of the first place.

If we can be number one in the field of home appliances, even I feel terrible, not to mention other people.

Sulin and other enterprises will not watch us holding Guomei. Once they start to support the Huang family or simply enter the arena to fight with us, we need to spend more money.

On the whole, we should at least make sure that the active funds on hand are close to 20 billion.

Of course, the 4 billion yuan of several investment banks should be released, that is to say, at least 16 billion funds should be prepared. "

Other people nodded, but Li Dong said: "another point, don't forget, bond holders, almost all investment banks, can also consider trading shares in microblog.

In this way, 10 billion nods are enough. "

Yuan Chengdao said with a wry smile: "but in this way, I'm afraid we will lose the controlling right of microblog.

Nearly 9 billion shares of Weibo have been sold before and after, and our shareholding ratio in Weibo, even with Option Shares, is only more than 65%.

According to the valuation of the second round of financing, even if it is a little higher now, our shareholding ratio will probably be about 30% after the sale.

In the future, we will carry out c-round financing and re list for dilution... "

Yuan Chengdao can't say any more. In this way, the big owner of microblog may hold about 20% of the shares.

Is it cost-effective to exchange Weibo for Guomei?

Microblog has not yet reached its peak, but at present, once listed, it will definitely be much stronger than Guomei.

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