"The management team is very responsible for this, especially me. I always wanted to take shortcuts to successfully complete the financing and get more options and benefits."

After everyone left, Sun Tongyu sat down and smiled, a very bitter smile.

"The move of group buying to platformization is the finishing touch, avoiding disorderly and bottom-line competition, and the performance of mergers and acquisitions of peers has skyrocketed, and the standardized market prospects are wonderful.

Large foreign manufacturers flocked to the company, waving money to buy shares, giving the management before the split hope of getting rich overnight.

As the big boss, you are generous in spending money. Everyone in the company admires you. Even the original management team who went to Pinxixi International can get this round of option rewards from the group buying platform.

But with good fortune comes misfortune, and many people know that if they miss this round of opportunity, there will be no next time, so they try their best to increase the financing amount, so..."

“So even though we know that people are messing around, we just turn a blind eye to it, as long as it doesn’t affect the interests we have.”

Li Zehua continued his unfinished words, "Besides, we are all colleagues who have been together for a long time. It would be difficult to make up your mind to manage it out of old friendship, right?

Alas, it has only been a short time, and the team that was originally united and positive has started to make their own plans. "

“Human beings are profit-driven animals. They are always looking at what is in the pot and will never be satisfied.”

Sun Tongyu lit a cigarette for him and said, "You defended me in front of so many people just now. It would be a lie to say that I am not grateful. In fact, I am mentally prepared to hand over the group buying platform.

E-commerce and experience stores are not enough to handle, and adding a group buying platform is really too much to handle.”

Li Zehua couldn't help but look at him several times in a row, "What about me?"

Sun Tongyu said seriously: "How dare I lie to you, I'm speaking from my heart!"

Afraid that he wouldn't believe me, I continued, "Speaking of which, I also have selfish motives. After the group purchase was turned into a platform, I always felt that it was a little different from what I imagined. I have no idea what it will be like in the future.

The feeling of being able to do something but not being able to do it. In comparison, I am better at leading the team to continue to explore new markets.

The rural market is pretty good. It is more suitable for me to manage the experience store system well and plan for future continuous output..."

"You want to quit before your career is successful? You are too busy to handle the problems so you throw them to me? Don't try that."

Li Zehua heard that he had been under too much internal pressure recently and voluntarily handed over power to avoid suspicion. The Pinxixi system accounted for too large a share of the entire group's revenue and had grown too quickly.

It just so happened that such a big mess happened this time, which was enough to show that the existing team was poorly managed. Sun Tongyu was a smart man and knew that if he insisted on it, he would be the only one who would be embarrassed.

Between two evils, choose the lesser one. Pinxixi group buying business has never been his strong point. Ten birds in the bush are not as good as one bird in the hand. The key is to preserve the e-commerce with great potential.

It has been a long time since venture capital institutions wanted to get involved in the group buying business. The acquisition and shareholding scam that was exposed this time but not dealt with immediately by the decision-making committee is very telling.

He saw it, and Li Zehua saw it too. He casually threw the report Liu Zijie handed over in front of him and said, "Want to run away? Take care of these messes first."

Sun Tongyu took it and looked at it, his head hurt. He really couldn't avoid it. "One move affects the whole body. The interests of all parties are too great. I'm afraid it will end in failure."

"The company is mine, not theirs!"

Li Zehua had a gloomy face. "For a small company that was established less than 95 days ago, most of its performance was fake. After joining the group buying platform for half a month, the number of users and revenue scale plummeted by %.

How dare they let the company invest 500 million to buy shares and treat me as a fool?
This kind of thing has happened more than once or twice. Venture capitalists have made easy money from the skyrocketing valuations. They are not satisfied with the dozens of times increase in just a short period of time, and they don't even let go of this tiny profit.

If we don’t stop it, it won’t be long before these people will become arrogant and bully us.”

Sun Tongyu still advised him to stay calm. It involved the interests of many venture capital institutions behind the scenes. Any rash action might affect the progress of subsequent cooperation. After all, many of the company's businesses needed their protection.

One of the important reasons why he wanted to get out of the group buying platform was that he couldn't afford to offend these powerful people.

"Those who falsely report quotas and buy low and sell high must be dealt with. Those who fake orders to raise valuations and obtain company shares and financing must not be tolerated. You must spit out everything you have eaten from me!"

Li Zehua picked up the intercom and said, "Please ask him to come in."

Then he said to Sun Tongyu: "Since you have this idea, that's great. I have chosen a strong and unyielding successor for you. Please help me to investigate and see if it is feasible."

Sun Tongyu was speechless. It seemed that the chairman had planned to replace the person a long time ago, but he had been waiting for the right opportunity for fear of hurting his face.

At the same time, he was also curious about who would be the successor who could replace him and take charge of the Pinxixi group buying platform, and who could be said to be so strong and unshakable?

Li Zehua smiled and said, "Here they are. You two can have a good chat. I'll make a phone call first."

Sun Tongyu looked back curiously and was stunned, "Wang Xing?"

The visitor was none other than Wang Xing, president of Meituan.com, which is controlled by the Pinxixi group buying platform. He greeted Li Zehua as soon as he entered the room and saw that Li Zehua did not treat him as an outsider, so he let him do as he pleased.

He just sat down on the sofa, then stretched out his hand to invite Sun Tongyu over to chat, as if he was the master here.

With this attitude, if the situation were any other, Sun Tongyu wouldn't bother to pay attention to him. He's just showing off. How could he not know the other person's personality?
Unfortunately, the matter is done. It was he who proposed to hand over the Pinxixi group buying business, and he cannot take back what he has said.

"Isn't this Mr. Wang? Why are you here instead of just selling goods at the company?"

Although he understood, he was not forgiving at all. "That's not right. As the CEO of a subsidiary, you should come to me first if you want to report something. It's not acceptable to report to someone above you."

Fortunately, the two of them had a good relationship. Wang Xing responded with a smile: "It's all thanks to Mr. Sun's support. If you hadn't acquired Meituan, I wouldn't have been able to enjoy this ready-made thing."

Sun Tongyu sat down next to him and said seriously, "I don't know where you got the courage to wade into this muddy water."

He nodded and pointed to Li Zehua who was on the phone, "See? Even the big boss may not be able to handle it. The water in here may be enough to drown a dinosaur."

Wang Xing was not afraid at all, and even had the mind to joke, "Then I will ride on the back of the dinosaur and wade across the river, and even my shoes won't get wet."

Sun Tongyu was helpless. Facing this equally fearless person, he finally couldn't hold back his curiosity and said, "We had a party a few days ago. Aren't you planning to start another business?
How come he came to take over the position of president of Pinxixi group buying platform? "

Some people are born to not be able to be under someone else for long. Wang Xing has this kind of personality, otherwise he would have been a senior executive of Tengda long ago.

Wang Xing glanced at Li Zehua who was arguing loudly with someone on the phone, "What president? Vice president, the main position is still you, I'm just helping out, don't get me confused."

"Isn't it all the same thing?"

Sun Tongyu leaned closer and whispered, "Tell me the truth, how did the boss persuade you? I want to learn a few tricks from you."

"Want to learn? Go ask the boss. I have only two words for you: secret."

Wang Xing's casual joke made Sun Tongyu so angry that he wanted to kick him away.

Wang Xing was also helpless. He couldn't say that he was lured here by a special little icon on the Panda phone, right?

To be honest, apart from his obsession with starting his own business successfully, the only thing left in his life is the dream of defeating Tengda. Killing this reference hook is more important than anything else.

It didn't take Li Zehua much time to convince him because both parties had the same interests.

What Wang Xing pursues is to be successful in running a business and have a certain degree of autonomy, which Qingyun can give him, because the company is involved in too many industries and too broad for Li Zehua to take care of them all.

For example, takeout is now basically managed by Qin Lang, and Hummingbird is managed by Zeng Haiyang. After he returns from an overseas inspection, he will be in charge of Yunyunbang and SF Express, and the rest of the matters will be taken over by Hu Zhiyuan.

For Pinxixi group buying, Wang Xing's entry is like his own company. Although the promised two-period options will only yield about 2-3%, can 1% of 2 million RMB be the same as 3-% of tens of billions of dollars in the future?

Moreover, in this environment, it is not easy to find a reliable industry to start a business successfully. Wang Xing himself is quite satisfied with the group buying business, especially after it became a city group buying platform.

Based on the food, drink, and entertainment in the surrounding circles, the promotion of key brands, the launch of hot products, and the diversion and agency sales for JD.com and Pinxixi e-commerce stores, a new business model has been successfully developed.

No longer constrained by the short-term interests of a rush to launch new projects, and with the guidance of the company's huge industrial chain, they are taking a completely different path from history, and survival and a comfortable life will not be a problem.

In this era, there will no longer be a situation where thousands of group buying websites have been launched, causing the industry to be in a mess and die prematurely. Everyone is working together to build a platform, and there is a sustainable business operation logic. Although there are Huiwanjia platform led by Qiandu, Lexianggou platform created by Tenda, and Taodiandian platform created by Ali, Pinxixi group buying is still the absolute leader with a market share of over 7%.

Wang Xing is happy to be in charge of such an industry giant with great autonomy, not to mention the temptation of WeChat in the front.

After careful analysis and accepting the logic that mobile Internet can change the industry landscape, he was completely moved.

Isn't it that Tenda relies on the largest user base in the Internet era to challenge this and acquire that every day, claiming to be the industry's paraquat? If it can't beat them, it will join a company that can beat them.

Qingyun has too many cards in its hands. Its smartphone business alone can bring in a massive customer base.

Li Zehua said bluntly that if there is any company in China that can compete with Tengda through normal market competition, it must be Qingyun.

The huge scale of catering customers, the tens of millions of express delivery and logistics practitioners, and the hundreds of millions of rural users affected by Pinxixi's sinking channels are all unique core resources.

Coupled with the early layout of the smartphone industry and the group of college students who are deeply influenced by the Qingyun system, this is a magic weapon to gain market competitive advantage no matter how you look at it.

Although he may not have the opportunity to take charge of WeChat, Wang Xing is happy to see Tenda in trouble. What's more, the subtext is clear: Tenda is deeply rooted in the instant messaging field.

They can cause trouble for him time and time again, making it impossible for him to succeed in starting his own business. How can the Qingyun system, which will be more powerful in the future, still give him a chance to break through?

A man of insight is a hero. Wang Xing is not a stubborn person. He ran from Yanjing to Qiantang and then to Shanghai just to prove his strength.

Now you have the opportunity to take charge of a giant company with a valuation of over 10 billion, would you still consider it?
Li Zehua chose him as his first choice based on his two previous entrepreneurial experiences. Wang Xing had undergone a complete transformation. While retaining his enterprising spirit, he also gained a layer of calmness and composure, thinking ahead and making decisions.

Doing big things means either great success or great failure. No one can guarantee that every decision made on the road to entrepreneurship is correct, but leaders who possess these two potentials tend to live longer than their peers.

This was enough for Li Zehua to make up his mind to appoint him as the director of Pinxixi Local Life Service Group and executive vice president, with full responsibility for managing the company's group buying business.

He wanted to use this sharpened magic weapon to touch those turtle shells to see which one would collapse first.

While Sun Tongyu and Wang Xing were exchanging views on how to solve the problem of venture capital's excessive interference in business, Li Zehua's telephone communication was still continuing.

"...Mr. Zhang, I have always respected you, but this time some people behind the scenes really went too far. From January to today alone, 24 websites have been found to have falsely reported or concealed their performance.

Currently, there are only more than 600 websites cooperating with the group buying platform, and almost one in thirty of them has fabricated money to defraud money, involving 17 acquired projects with a total amount of more than 8000 million yuan.

I have authorized the company to strictly review every abnormal transaction in the past and urgently stop the remaining acquisition and equity projects that are obviously abnormal.

Now it's not about who is causing trouble for whom. Everyone has to be responsible for the company's new round of financing projects. There are so many foreign professional venture capital firms waiting to invest. Do you think they will just sit there and do nothing?
Are the pressures facing Goldman Sachs, Morgan Stanley, Bank of America and Sequoia Capital relaxed despite the pressure?
Isn't it in everyone's interest to delay the use of January's performance as the full-year valuation benchmark and ask for a higher amount of financing?
If anyone thinks they have the ability to do so, then ask them to come forward and negotiate a higher valuation.

Let me be frank with you. Whoever causes an impact on this round of financing and causes additional losses will be held fully responsible...

What a bunch of lunatics. If the valuation goes up by just one or two points, it will amount to hundreds of millions of dollars.

In comparison, the little money I spend on group buying companies is barely enough to fill my stomach. Don’t you know which is more important?”

Zhang Baige smiled bitterly and said a few words to comfort them, but the words were on the tip of his tongue but he couldn't say them. In the end, he could only agree to come forward and say hello in an effort to curb this unhealthy trend.

Even without him saying it, Li Zehua understood.

The money made from venture capital investment is not earned by themselves, so at best they can get a share of the management fees.

Instead, by packaging the website to fabricate revenue and asking Pinxixi to acquire it, they can make millions in just a month or so.

Taking advantage of the good development momentum of the group buying platform and the golden opportunity of well-known domestic and foreign institutions flocking to invest in it, setting up more aliases to brush up the data can not only raise the overall valuation, but also take the opportunity to cash out at a high price.

The most important thing is that resources can be exchanged privately, and benefits can be transferred to certain specific personnel in a reasonable and legal manner. With so many good things coming together, the behavior of poaching internal personnel is easy to understand.

But they obviously forgot that the company belongs to Li Zehua, and everyone can only eat with his consent. Besides, those internationally renowned venture capital firms are not vegetarians either.

Who would admit to such blatant manipulation of data to raise valuations?

In fact, based on the performance valuation of October, the Pinxixi group buying platform can achieve annual performance of 60-80 billion yuan at most, with a net profit of 4-6 million yuan.

Even if there are long-term positive factors and the business model is sustainable, the valuation will be 30-50 times at most, which is more than 200 billion, or more than 30 billion US dollars.

At that time, Qingyun Group disagreed and offered a price of US$50-60 billion, but the venture capital firm did not accept it, so the negotiations came to a stalemate and it depended on who had more patience.

As a result, Li Zehua withstood pressure from all sides and used the January valuation as the benchmark for the whole year, while going all out and adding the bonus of smartphone performance.

In the past January, Pinxixi Local Life Service Group, with its 7500 direct employees, generated a staggering revenue of 36 billion yuan, doubling the revenue from the previous month.

This is certainly due to the sales of more than 6 million smartphones, but more importantly it is the result of the joint efforts of the Spring Festival sales peak season and more than 600 websites.

Aside from the sales of smartphones, the company only made a profit from the commissions. The remaining gross profit after sharing with franchised websites (with investments) was over 16%, and the net profit also exceeded 2 million yuan for the first time in history.

Referring to the historical situation that the battle of thousands of groups contributed 80 billion in advertising fees throughout the year and achieved a revenue scale of billion, Pinxixi has restrained itself and did not push the market towards the direction of collapse by desperately making money.

In addition, in the first year of home appliances going to the countryside, the national home appliances sales data exceeded 500 billion, and Pinxixi e-commerce has not even taken up one-third of it, so the market prospects are bright.

只是这么一算团购业务全年营收得破400亿，净利润超30亿，再按30-50倍估值不得给出900-1500亿整体市值？
Venture capital is here to make money, not to give out benefits. They have been struggling with the overall valuation of $30 billion to $35 billion for a long time, and they didn’t even accept $50 billion to $55 billion. Now it has suddenly skyrocketed to $ billion. Is this a joke?
This price was of course not accepted, so almost all venture capital firms, including Goldman Sachs, gave up and insisted on waiting for the overall performance in February and March before making a decision.

Only after difficult negotiations did Bank of America agree to invest $75 million at the most favorable valuation of $2.25 billion to lock in this round of financing in advance and obtain a 3% stake.

Under this premise, off-market venture capitalists will definitely keep a close eye on the price, not missing any chance of bargaining, and try their best to lower the valuation.

Zhang Baige also understood that some people behind him were too greedy. Now that they had been caught, the venture capitalists who were eager to enter the market would definitely make a big fuss, and no one would be able to bear the consequences.

He could only agree to coordinate and let the most outrageous companies withdraw some of their profits so that they could get the fat meat. He couldn't guarantee any more than that.

"Then I'll have to ask Director Zhang to help spread the word. Just wait patiently. I'll bring you greater profits. If you think you're making too little money, why not increase the venture capital investment share?
Whoever dares to mess around again and leave so many good friends with nothing to eat, I will make sure that they won’t get a single bite!
If you don't return the money, I will exercise the rights of the controlling shareholder and use the first round of investment amount as an excuse to force liquidation and close the accounts on the grounds that the normal operation of the company has been affected and major losses have been caused!

And hold those responsible accountable.”

Faced with Li Zehua's strong ultimatum, Zhang Baige gave a bitter smile and dared not say a word in rebuttal.

Who would dare to offend the God of Wealth who can increase a $1000 million investment by more than thirty times in just half a year?

Not to mention the withdrawal of shares according to the initial investment amount and the pursuit of responsibility, which would result in a huge loss of several hundred million US dollars. If things really come to this, Li Zehua would certainly be hated by many people.

As long as he can continue to ensure the interests of more people and make more money, no one can do anything to him.

It would be strange if the actual investors whose interests have been damaged do not jump out and tear these fools to pieces, and there will be dozens of unclaimed bodies by then.

"I'll try my best, but I can't guarantee that everyone will listen to me. You know, for some people it's easy to make money, but it's harder to make them bleed than to kill them."

"That's your internal matter. Anyway, come up with a solution. I want to see your sincerity!"

Without much nonsense, Li Zehua hung up the phone and asked with a smile: "How was the talk?"

Sun Tongyu acted very relaxed. "Mr. Wang's ideas are as aggressive as ever, but with some extra safeguards, they are much more stable than before. I believe there will be no problem in convincing investors."

Wang Xing also boasted: "I have the two real gods, Chairman and Mr. Sun, to support me as a newcomer.

Even if there are occasional outrageous behaviors, I believe everyone can give the necessary understanding and tolerance. "

After saying that, the three of them couldn't help but burst into laughter...

(End of this chapter)