“…Dear leaders, distinguished guests, ladies and gentlemen.

good morning, everyone!
Today, we are at the Shanghai International Convention and Exhibition Center...

Participated in the strategic cooperation signing ceremony between Qingyun Group and Lijiapo Temasek Group, China Magic Investment Group, Bank of China Investment, Zhongxin Group, Hillhouse Capital, JD Group, Tomorrow Capital and Yunda Holdings, etc.

Let us witness together the beginning of a new chapter of multilateral cooperation and win-win results for both sides.

Here, on behalf of the Modu City government and Qingyun Group, I would like to extend a warm welcome to all the guests and friends who are attending the signing ceremony..."

The specially invited host from Shanghai TV gave a brief introduction to the backgrounds of all parties attending the meeting in a vivid and emotional manner.

"...Please give a warm round of applause to welcome Mr. Li Zhixian, Deputy Senior Official of Lijiapo.

Demon City ZF...

Mr. Li Zehua of Shanghai Qingyun Group.

Mr. Zhang Baige, Chairman and General Manager of Modou International Investment Group.

Mr. You Siqi, Deputy General Manager of BOC Investment.

Mr. Fei Bin, Deputy General Manager of Investment Department of Zhongxin Group.

Mr Lim Boon Hwee, Senior Executive Director of Temasek Holdings.

Mr. Zhang Lei, founder and chief investment officer of Gaoling Capital Group.

Mr. Liu Qiangdong, Chairman of JD.com.

Mr. Nie Tengyun, Chairman of Yunda Holding Co., Ltd.

Ms. Xu Xin, Chairman of Tomorrow Capital Group.

Mr. Goh Yi Bin, President of Temasek China.

Mr. Liang Shijun, Deputy General Manager of Yuantong Express Group.

Deputy General Manager of Zhongtong Group...

This investment signing meeting will last from 2am to am, a total of hours..."

While waiting for the rostrum members to enter, a group of media were frantically taking photos and videos.

The front row is mainly composed of official media, all with formal smiles on their faces.

Then came the reporters from major financial media, online media, magazines and journals. Compared with the serious people in the front row, they were much more active.

We took photos and chatted quietly.

"Fuck, is this a signing ceremony for a private enterprise? With so many bigwigs here, someone who didn't know would have thought it was a press conference for some key security project."

Even veteran media professionals were stunned by the luxurious lineup.

A tabloid reporter nearby opened his mouth wide and couldn't close it for a long time.

"Oh my goodness, there are dozens of bigwigs who have left their signatures on the signing wall alone. I feel like this is going to be a big hit! It will definitely be on the front page for the next few days."

Someone nearby looked skeptical, "Are you new in this business?"

The young reporter was very curious, "How do you know?"

"Except for those who came here with a mission, how many newspapers would keep the front-page headlines until this moment?"

The senior media person glanced at him with disdain, and the young reporter became anxious, "Isn't it just a dispute over the equity of Ali? Wasn't it reported yesterday? Can it continue to dominate the headlines?"

"You were hungry and wanted to eat yesterday, but you're not going to eat today?"

It happened that the opening speech was being read out on the stage and the signing ceremony had not yet begun. The senior media professionals had nothing to do anyway, so they just used it to kill time.

He said, "There's a press conference here, and there's also a meet-and-greet in Qiantang. A colleague just called and said it's going to start at 8 o'clock.

Mr. Ali Ma personally took to the stage to speak out, saying that everything was a rumor and also blasted Temasek.

The investment company behind the big shot on the stage said that they maliciously shorted Ali International, causing the latter's stock price to plummet, and they are preparing to file a lawsuit together with Yahoo. "

Someone nearby laughed as they listened and interrupted, "They are still together. Yahoo made a public announcement in the early morning.

It demanded that Ali give an explanation within a time limit and denied the legality of the equity transaction, saying it had not been authorized by Yahoo.

If Ali does not transfer the payment system shares back to Ali International within the specified time, Yahoo will sue the Ali partner team for unfair operations in the US Department of Commerce.

In my opinion, Mr. Ma is used to fooling people, and now that he has been exposed and slapped in the face in public, he is still trying to be tough. "

Their whispered discussions attracted the attention of more people around them. How could people working in the media not pay attention to such a big piece of news?

It's almost turning into a TV series about family feuds among the rich.

Someone whispered nearby, "The financial market is going crazy. It was only because Ali International was suspended yesterday that it was suspended quickly. Otherwise, the stock price would have fallen so much that its mother would not recognize it."

"Tsk tsk, big companies are awesome. They lost tens of billions of Hong Kong dollars in two trading days, and Yahoo even lost nearly 60 billion US dollars. Investors who bought these two stocks suffered heavy losses."

“Is this payment system really that great? It doesn’t look like it has much revenue each year.”

Faced with doubts, some knowledgeable people came out to explain, "Is it a matter of revenue? Non-bank payment market share is more than 50%, it's not about money at all."

Those who understand will understand the deeper reasons.

In the eyes of some people, the payment system is even more important than Ali itself. How can capital operation work without a platform?

Seeing the situation escalating, Teacher Ma, who was far away in Qiantang, could no longer bear it, and a press conference turned into a vegetable market.

But he is not an ordinary person. He insisted on conveying Ahri and his own intentions despite the doubts from the outside world.

Then, nothing more.

The original plan for the warm-up for Taobao's Double Eleven and the launch of Cainiao Network were forcibly interrupted. Who cares about this now?

This cast a shadow over the hearts of the vice presidents of the express delivery companies and a group of investors present.

Li Zehua's plan was largely successful. Ali's takeout express delivery strategy plunged into a big puddle as soon as it went out. When it can climb out depends on when it reaches an agreement with Yahoo.

Anyway, you will lose some skin if you don't die.

As soon as Nie Tengyun received the news, he ran over to support the platform. As for Yuan Tong and Yu Weilong, they were very cautious. It was better to have less trouble than more at this point in time.

Anyway, the cooperative relationship between Yuantong and Hummingbird is there.

Li Zehua didn't care about this. In the last battle on Fenglin Road, Yuantong almost betrayed him. He no longer had too many expectations. Just cooperate normally. That was all.

Instead, he was somewhat surprised by the presence of Xu Jianyao, Chairman of Huitong.

It was obvious that Xu Jianyao had a lot to say to him, but the two of them were very far apart on the stage and there was no way they could communicate.

“…Thank you for the leadership’s concluding remarks, and let us hope that this investment will achieve even more fruitful and successful results.

Next, please invite Mr. Li Zehua, Chairman of Qingyun Group, to sign the cooperation agreement with the chairmen and general managers of various cooperative partners..."

As the host's beautiful voice fell, a series of numbers suddenly appeared on the big screen behind him.

The entire venue shook.

"Oh my god, how many zeros are there?"

"Am I seeing this right? Don't the big guys nowadays regard money as money?"

"One, two, three... nine, nine digits?"

Many people in the back row even ignored etiquette and stood up to point fingers.

The numbers given on the big screen are really too shocking.

A full two hundred million dollars!

Prior to this, neither the venture capital firm nor Shanghai had given a specific investment amount. Occasionally, rumors came out, but they were only rough estimates and had not been authoritatively verified.

In the past two days, an insider came out and said that the amount of equity transfer involved in the first round may be as high as hundreds of millions of dollars.

In fact, in the first round, including the express delivery company, Magic Investment, Zhongxin, and the investment from Bank of China, the total amount was only 80 million US dollars.

Including the first round of additional round bet agreement and Pinxixi's investment, there is a total of 1.8 million US dollars. Adding the 3000 million US dollars promised by Magic Investment, the total is about 2.1 million US dollars.

In exchange, Li Zehua roughly sold about 40% of his shares in Hummingbird, about 20% of his shares in Chime, and 40% of his shares in Pinxixi.

Fengniao is a logistics platform that needs to attract express delivery companies, online shopping platforms and capital to grow and develop. It is doomed to fail if it eats alone. This time, Ali came up with the concept of Cainiao Network, which made the express delivery companies waver in their stance.

If the Demons had not been persuaded to invest in time and the Demon Capital had not come out to appease and warn, this makeshift alliance might have fallen apart.

Li Zehua sees this point very clearly. Later he will give up shares to attract SF Express to join. As for Zhongtong Shentong, it cannot have such preferential conditions.

As for the controlling rights, he will arrange them. When the express delivery platform is completed, he will own about 50% of the shares at most, and he may even set aside a part of them to lure Ali into the market.

Everything is for profit, and it is unrealistic for the express delivery industry to bypass Ali.

Ali can come in, and Pinxixi can also join the Hummingbird board of directors and take a seat at the peak of its group buying business.

By then, express delivery companies will not be as important as they are today, and they can increase their controlling stake in disguise through communication and negotiation, and issuance and subscription of additional shares.

There are several advantages to doing this. On the one hand, you can reduce your own shares and focus on business management and operation without having to attract attention due to your size.

The more shares of the Hummingbird platform Pinxixi acquires, the easier it will be to push up the stock price when it goes public in the future, and it will be able to cash out more for other plans.

When the group buying concept becomes a mess, we can then buy back the shares at a low price. As the process goes back and forth, we will have more shares and more money in our hands. It's perfect!
He wanted it to be perfect, but the people below were not calm.

The investment amount of 200 million US dollars completely ignited the emotions of everyone present.

They are almost going crazy. The Chimo and Hummingbird businesses under Qingyun Group have been studied over and over again these days.

But I couldn't find any special highlights. The number of registered users on its website is less than one million, but there are quite a few orders from express delivery users.

The only points that can be used to brag are market share and total number of employees. But can this support such a high valuation?

With doubts, everyone stared at the podium.

By the time the signing was completed, the first wave of major media outlets that were scheduled to ask questions had already given their instructions, and the questions they asked were not very interesting and seemed more like deliberate flattery.

The investors and entrepreneurs in the audience just wanted to curse after hearing this, and even the media reporters in the back row were secretly anxious.

The press conference lasted a total of two hours, half of which was taken up by speeches, introductions, and signings, so the remaining time was not enough.

Fortunately, the mainstream media did not spend much time on it and it soon entered the free question and answer stage.

Almost everyone couldn't wait to raise their hands, and the investors in the front row spoke even louder, causing chaos at the scene.

“Everyone is quite enthusiastic.”

Zhang Baige was sitting next to Li Zehua. Seeing this, he was very satisfied. However, he was a little unhappy with the response of the courier company. "Why didn't your ally who started the business come here today?"

Li Zehua smiled, "Boss Yu feels a little unwell today, so I specially informed you in advance."

"uncomfortable?"

Zhang Baige couldn't help but pointed to someone nearby and said, "Look, Mr. Wu from Temasek Huaxia is here with a bandage on.

If you are afraid of Ahri's revenge, just say it directly. It's not hard to understand."

Li Zehua was about to say something when he heard the host randomly call his name, and then the other party picked up the microphone and asked a direct question.

He thought it was coming for him and was just about to stand up.

Then he could not wait to ask, "My last name is Liu, and I am an ordinary investor. Can I ask Mr. Temasek Lin a question?"

Lin Wenhui responded with a smile, "Mr. Liu, please speak."

Investor Liu quickly said, "I noticed that Temasek led the investment this time. I want to ask Mr. Lin, on what basis did you give so much money?"

This question hits the heart of investors: why invest so much?
Although there was an introduction at the beginning of the press conference, they still couldn't understand it.

Lin Wenhui calmly quoted publicly available internal information and briefly reiterated his investment logic.

The investor seemed to understand, "Mr. Lin means that because Chizume and Fengniao businesses support each other, it can produce a 1+1>2 effect.

So this business logic can gain an absolute lead in the competition, right? "

Lin Wenhui nodded, "Based on the current operating situation, all the data supports this result, and we have reason to believe it.

In the competition of the food delivery and express delivery industry, Chizume's cross-industry development will make up for each other's disadvantages and gain an incomparable competitive advantage.

For example, the takeout industry was relatively slow in developing customers and cultivating the market in its early stages.

The entry threshold of the express delivery industry is relatively low, but the competition in the later incremental market is severe and the requirements for the front-line service team are very high.

Mr. Li Zehua, Chairman of Qingyun Group, has a unique vision and creatively merged the two, complementing each other and achieving very dazzling results! "

These data are not usually made public. Now everyone is getting uneasy. Are the companies under Qingyun aiming to monopolize the entire industry?
"That……"

"The next gentleman is invited to ask questions."

The investor wanted to ask more questions, but it exceeded the limit of one question per person and was interrupted by the host. He could only hand the microphone to the back row with regret.

The person who asked the question this time was an entrepreneur. His question was very tricky and he asked it quickly to Li Zehua in one breath.

“Hello Mr. Li, I would like to ask you, as an entrepreneur, how do you view the issue of learning from competition, because I find that you are very young.

Does this mean that you don't have enough experience to face the fierce market competition, especially the BAT level one to personally learn from.

So even if you have such a good business model, will you quit the management position one day in the future due to your own experience, knowledge, academic qualifications, etc.?
That’s my question, thank you.”

Originally, everyone was jealous to the point of going crazy about this investment amount.

Look again, Li Zehua of Qingyun Group is so young?

Being young and handsome isn't a problem, but your entrepreneurial model simply doesn't give latecomers any chance!

Why are they running here so eagerly?
I just want to see if there is any opportunity. If it is a good opportunity, I don’t mind changing the direction of my business.

When I came and took a look, oh my god, it’s been three months since the start-up and there are 10,000 employees?

In Shanghai, Yanjing and Yuedong cooperate with nearly 10,000 catering outlets.

It has also reached strategic cooperation with Yuantong, Yunda, Huitong, JD.com and other companies to share the express delivery market and undertake the city's delivery business?
That’s not all, they also received $2 million in venture capital investment in the first round?
Which investor is stupid enough to invest money to compete? It's obvious that they are leaving no room for survival for everyone!

Even if Qingyun is willing to teach step by step, no one would dare to learn, let alone use it to cheat investors' money.

There is no fun, no fun at all!
This envy, jealousy and hatred, based on the principle of not letting others have an easy life as well as oneself, the entrepreneur’s defenses are broken.

The host wanted to stop him but was interrupted by Li Zehua, who asked him some questions.

Li Zehua smiled confidently, "The question this friend asked is actually something I have already said once when I was meeting friends in the investment community, and it was unanimously recognized by everyone.

But since everyone wants to hear it, I will reluctantly say it again..."

Then, he repeated what he had said to the venture capital company, and finally said with a smile, "On this point, Mr. Liu Qiangdong of JD.com and Mr. Nie Tengyun of Yunda Holdings have more say than me."

Just ignore the issue of your age, because there is no need to worry about it.

Dong Ge was very direct. He picked up the microphone and said, "In fact, it only took 30 minutes for Qingyun and JD to reach a cooperation agreement!"

His honest face made him more credible. “It was my first time meeting Mr. Li, and he directly said that he wanted to form a strategic partnership with JD.com. I was still wondering, who is this?

But after listening to him spend a few minutes introducing Chizume and the Hummingbird model, I realized that this is a tough guy to deal with, and if he doesn't cooperate with JD.com, its logistics plan will be ruined.

Because no one can recruit thousands or tens of thousands of people to provide services in a city, but Hummingbird can.

So for the next twenty minutes or so, it was not him who was trying to convince me, but me who was trying to convince him that JD.com was very optimistic about Qingyun's future.

I wanted more shares, but Mr. Li refused to give them to me. I had no choice but to wait for the second round of financing and prepare more money to grab more shares. ”

These issues had actually been discussed early in the morning, and everyone was prepared, so the answers were naturally very appropriate.

Afterwards, Nie Tengyun also said something similar, but he just skipped the matter of Fenglin Road.

With two industry leaders personally testifying and a ready-made business success case in front of them, venture capitalists easily poured in $200 million and no one was angry.

Even the desire to cheer has faded. A business model that is destined to be impossible to replicate is not so attractive to everyone.

There were other investors who exchanged views on issues such as the current investment environment and investment direction.

The media are more inclined to inquire about the inside story of the cooperation. After all, with so many unspeakable bigwigs present, wouldn't it be a wasted trip if they don't take the opportunity to find out more?
Some people even went straight to Mr. Li Jiapo to ask him what he thought about Ali's criticism of Temasek.

It can be said that he was courting death and was almost asked to leave. However, the latter did not mind and selectively said some clichés such as respecting market choices and respecting fair competition.

A press conference that left a group of investors and entrepreneurs unable to find any fault.

Because the biggest problem is that Qingyun Group is the only company that has almost monopolized the market. How can we play this game? (End of this chapter)