It's hard to judge the actual value of an unlisted IT company.
Under normal circumstances, one will look at earnings, the same type of company, and assets.
Far Away Mall's e-commerce companies are not comparable, but their earnings and assets can be seen.
But for e-commerce, one must also calculate the expected future profits.
The 70 billion valuation proposed by Shen Guojun and the rest was not baseless. It was calculated using the Discounted Cash Flow Method.
But this calculation method is not objective enough for Far Away Mall now.
Far Away Mall is still in the stage of occupying the market before defeating Taobao, and it does not generate a lot of cash flow.
Seventy billion was naturally not enough to satisfy them.
Tencent or Far Away Mall will not agree.
Of course, Shen Guojun and the rest do not expect Far Away Mall to agree.
However, no one would accept the 250 billion that Tan Haiying offered.
If the valuation is 250 billion, their shares will be diluted by more than half.
… …
When Li Dong said "150 billion," no one in the meeting room spoke for a long time.
Is 150 billion worth it?
It is more than 20 billion USD, and this valuation is not low.
But now, Far Away Mall is about to be listed, and it might not be worse than Amazon. The gap between the two companies is not that big.
One is the coverage, and the other is the room for growth.
If Far Away Mall can be compared to Amazon, then the market value of Far Away Mall will exceed 40 billion USD.
Of course, it is not objective to use the earnings before the company is listed.
If not, Far Away Mall can also be calculated this way.
When Li Dong said 150 billion, everyone is thinking about the gains and losses, and no one spoke for a while.
After some time, Hsu Shengzhe, who had been quiet all this while, laughed. "150 billion is not a low amount, especially when Taobao is not included. Including Taobao, I agree with your valuation. But now, Taobao still needs to wait for the mall to be integrated into the market before purchasing it. If you include Taobao's 4.5 billion USD, then Far Away Mall's value will reach 180 billion. Li Dong, don't you think this valuation is a little too high? "
Tan Haiying wanted to say something but stopped. Li Dong didn't let her speak. He smiled and said, "Is 150 billion really that high?
Let's not talk about how much we can earn after we get listed. This is something without a shadow, and it is meaningless to talk about it.
Just like now, the revenue of Far Away Mall this year was already set to exceed 300 billion yuan, and the transaction volume of the Wan Jia website had also exceeded 100 billion yuan.
The gross profit of the self-operated business was more than 12%.
Subsequently, the investment in logistics and warehousing would be made by the Logistics Group and would no longer be related to the Far Away Mall.
In this way, the net profit of the shopping mall would soar.
More than ten billion. This was the profit that the Far Away Mall could bring to everyone every year.
At this time, do you think 150 billion is really high? "
In the early stages of e-commerce, the establishment of logistics and warehousing channels cost a lot of money, and the investment was huge.
Far away, however, now that they were being split up, they didn't go through the merchant's account.
In this way, the profit margin of the shopping mall was very high.
Otherwise, if the logistics and warehousing were to go through the merchant's channels, the shopping mall would be losing money every year.
Li Dong continued, "Actually, I had talked to some international valuation agencies, including some investment banks. Far Away's e-commerce valuation is far more than 20 billion USD.
Everyone should know that we are the world's number one now, not Hua Xia.
Also, we are mainly concentrated in China now. This 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 also more obvious, and there are some limitations.
Considering the pros and cons, it was a tie. Distance was still worth more than Amazon.
150 billion is the valuation I gave after thinking about it for a long time.
I've said it before. Right now, Faraway is more about sharing.
Sharing of benefits is also the basis of our cooperation.
If you really feel that it is unacceptable … "
Li Dong said calmly, "Then you can choose to withdraw at this time. Far Away's retail business is valued at 222 billion, and this value is higher than the actual value. The increase is more than 100% compared to when everyone invested. At this time, if you feel that the e-commerce valuation is too high, I will buy back your shares at 222 billion. I think no one will feel that I, Li Dong, am letting you down by giving you a 120% return in less than a year? "
Someone in the crowd laughed. "General Manager Li, you must be joking. Who doesn't know General Manager Li's benevolence? We are the ones who earned money from General Manager Li, and there is no need to say that we are letting anyone down."
Li Dong wants to buy back their shares at the current valuation, and he is really generous.
Actually, Li Dong only gave them two choices. They can either not agree or withdraw.
If they withdraw now, everyone will make a sum of money.
They do not need to bear any risks. After all, although the market is expected to be good, it is hard to predict the exact outcome.
But there is no risk now, but it does not mean there will be no risk in the future.
If they withdraw from Far Away, it would mean that they are withdrawing from the Alliance, and Far Away still holds 20% of their shares.
Li Dong did not say that they have to return these shares. When that time comes, they will lose the protection of Far Away, and Far Away will control some of their channels.
Far Away wants them to be finished, and they are not far from it.
Far Away is not easy to swallow up the Alliance's enterprises.
Non-alliance enterprises will be swallowed up in an instant when faced with a behemoth like Far Away.
Someone opened his mouth, and immediately someone else said, "We can accept 150 billion …"
The person who spoke didn't care what others thought of him. Facing Far Away, they had no room to bargain.
Other than accepting, they could only withdraw.
But after withdrawing, their own enterprises will not be far from being finished.
In a situation where there is no other way out, accepting the idea of the strong is the best choice.
Some people chose to accept, and very quickly, many people compromised.
This year, they have tasted the benefits of working with Far Away. They do not need to worry about other enterprises invading, and they do not need to consider many things.
For small and medium-sized enterprises, relying on the strong is an instinctive choice.
As for ambitious people like Shen Guojun, even if they are unwilling, it is useless.
If they are unwilling, they can only withdraw. But once they withdraw, they will have to guard against Far Away's invasion.
Although Yintai is strong, it depends on who the opponent is.
Before, they were not Far Away's opponent, let alone now.
Once they withdraw from the Alliance, Yintai occupies a large share of the retail market in Jiangzhe, and Far Away will soon be suppressed.
Considering this, Shen Guojun finally sighed and nodded in agreement with Li Dong's plan.
As for Hsu Shengzhe, after saying this, he did not say anything else.
It is not like he does not know Li Dong's character. At this time, it is useless to oppose.
If he continues to oppose, Li Dong will probably kick him out as well.
Anyway, when going public, it is normal to clean up small shareholders. At this time, if a few small shareholders are gone, no one will blame Li Dong.
…
With Li Dong's suppression, the families quickly reached an agreement.
This time, Li Dong did not mention Dong Yu Real Estate.
Anyway, the actual value of Dong Yu Real Estate is there, and it is easier to calculate the value than the mall. This will wait for Qi Yunna to come back and appease the people living in Dong Yu, in case something goes wrong.
After reaching an agreement, the integration is much simpler. Far Away Retail's equity structure also has new changes.
At this time, Far Away Holdings holds 78% of the new retail group's shares.
Tencent Holdings holds 4% of the new retail group's shares.
The other allied companies hold 12% of the shares.
And Hsu Shengzhe's shares are diluted to 3%.
Sun Tao's shares are diluted to 1.8%, and the other Far Away executives' shares are diluted to 1.2%.
Far Away Holdings' shares all belong to Li Dong. Li Dong's shares in the new retail group reached 78%, which is an extremely high percentage.
Currently, Dong Yu Real Estate also belongs to Li Dong. Once it is integrated, his percentage of shares will increase again.
After signing the agreement, Hsu Shengzhe can't help but look at Li Dong. This guy is getting more and more terrifying.
Even now, he still held 78% of the shares of such a large retail group. This was extremely frightening.
Moreover, Tencent Holdings holds 4%. In actual fact, Li Dong also owns a large number of shares in Tencent. In fact, Far Away Retail's shares are already more than 80%.
Hsu Shengzhe doesn't want to think further. If Far Away Retail goes public, it can really reach a market value of trillions, just like what the outside world says.
Doesn't that mean that Li Dong's personal wealth will reach 800 billion in this area?
Of course, when it goes public, it will definitely be diluted.
But based on the current situation, Far Away Retail's additional shares are also limited. After all, the system is too big.
If there are more additional shares, the market might not be able to absorb it.
…
After this meeting, the integration of Far Away Retail and Far Away E-Commerce entered the formal process.
The acquisition of Taobao was also signed in the name of the new retail group.
Far Away Retail's acquisition of Taobao, plus various expenses, cost 31 billion.
After the acquisition of Taobao, Far Away Retail sold the logistics systems of Noobao and Star Morning Express to Far Away Logistics at a price of 4 billion.
In actual fact, Far Away Retail bought Taobao into the retail group at a price of 27 billion.
The three parties began the integration phase.
At the same time, Qi Yunna from the North also acquired the controlling shares of Da Shang through the secondary market and the acquisition of minority shareholders' shares.
Niu Gang could only watch as the other party slowly nibbled away at Da Shang, but he couldn't do anything about it.
In the end, Niu Gang knew that from the moment Far Away Retail was introduced, there was nothing he could do.
Helpless, he could only agree to Far Away Retail's plan. Da Shang announced the suspension of trading, privatization and restructuring, and waited for Far Away Retail to go public.
…
Late December.
Da Shang completely chose to compromise. Some of Da Shang's shareholders chose to withdraw, while others chose to exchange the shares of Far Away Retail.
At the same time, Auchan, who had been entangled for many days, saw that Da Shang had completely surrendered, and Wal-Mart chose to lay low. Helpless, they finally agreed to the acquisition of Far Away Retail.
They sold 51% of Gao Xin's shares. Far Away Retail offered a purchase price of 20 billion.
…
On the eve of Christmas, Christmas Eve, Auchan and Far Away Retail signed the agreement.
At this point, in the Hua Xia Retail sector, other than Far Away Retail, there were only three remaining large groups: Bailian, Wal-Mart, and Suning.
One state-owned, one foreign, and one private.
Far Away seemed to have forgotten about them, but also seemed to have purposely left three of them. In short, they didn't make a move on them.
On the 25th of December, Qi Yunna, who had just acquired Da Shang, received a new appointment.
She was to return to the headquarters and take over Wu Shengnan's position as the chairman of Dong Yu Corporation.
From the CEO of Far Away Retail to the chairman of Dong Yu Corporation, although she had skipped a few ranks, it wasn't too much.
After all, Dong Yu was currently weak, and the retail group was growing explosively.
It was acceptable for the third most important person in the retail group to become the head of Dong Yu.
This was also because Li Dong had helped Qi Yunna pave the way, using Dong Yu as a transition. Otherwise, with Qi Yunna's current qualifications, she would be criticized for jumping from CEO to chairman in one step.
Now that she had jumped out of the retail group system and started from Dong Yu, even if it was a shorter period of time, at least her resume would be fuller.
…
Many people weren't sure about Dong Yu merging into the retail group.
But when Qi Yunna's appointment was announced, many people understood.
Sun Tao, who had just returned to Pingchuan after his honeymoon, had a complicated expression when he saw this new appointment.
His wife, Liu Hui, saw this and asked curiously, "What's wrong? Are you in a bad mood? "
Sun Tao shook his head slightly and revealed a faint smile on his face. He said softly, "No, I just didn't expect General Manager Li to choose her in the end."
As Sun Tao's wife, Liu Hui naturally knew Far Away very well. She couldn't help but ask, "Are you saying that General Manager Li wants Qi Yunna to take over?"
Sun Tao shook his head again and said with a smile, "No, it's to take over Chief Chen's position.
In fact, do you think that the chairman of Far Away's board of directors will be the successor of General Manager Li?
If you really think so, then you're wrong.
Far Away's chairman and CEO are only the decision-makers of the group, but the decision-makers don't necessarily represent the will of General Manager Li.
The chairman and CEO are more like carrying out their own will, and they only represent Far Away and themselves.
Far Away's real foundation is Far Away Retail.
Whoever takes over the current retail group will be the supervisor and spokesperson left behind by General Manager Li. "
Liu Hui somewhat understood and couldn't help but ask, "Are you saying that whoever becomes the chairman of the retail group will be the person that General Manager Li trusts the most?"
Sun Tao laughed and said, "You can say that."
"Then you …"
Liu Hui couldn't help but glance at her husband. In the outside world, almost everyone knew that Sun Tao was the founding father of Far Away.
But now, Sun Tao said that Qi Yunna was the person that Li Dong trusted the most.
This made Liu Hui a little worried.
Sun Tao didn't care and said with a smile, "Actually, it's not surprising. I have my own thoughts, and he has his considerations. This is also the path that I chose."
Although he said it casually, Sun Tao understood that from now on, their past relationship wouldn't matter anymore.
At that time, if he made a mistake again, there would be no special treatment.
But just as he had said, this was the path he had chosen.
What he had to do now was to try his best to fight for the position of chairman of the board of directors.
Some of the arrangements that Far Away had already reached the final stage. Sun Tao, who was familiar with Li Dong, knew that it wouldn't be long before Li Dong left.
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