As we all know in the previous courses, Tongcheng was established in 2004, and its equity was equally divided when it was established. In 2008, it was granted 1 financing; in 20 1 1 four employees held shares to increase the company's capital 1 60,000; in 20 12, it was granted Tencent1investment.
In the second half of 20 13, the online travel market in China took a sharp turn for the worse. Dr. Liang Jianzhang, the co-founder of Ctrip Group, returned to Ctrip from the United States and ushered in a very famous "two-way war" in the industry. In this process, Tongcheng faces a big problem: we were supposed to be listed on the Growth Enterprise Market in China at the end of 20 13, but because Ctrip pursued Tongcheng in the "two-way war", the core employees of 10 left.
Share this with your classmates. Employee stock ownership can certainly play a good role in retaining core employees, but it is not 100%.
Later, I climbed Huangshan with more than 20 core managers. When I arrived in Huangshan, I gave you a multiple-choice question: Ctrip is now fighting with us to the death. Is it to continue to bite your teeth, maintain profitability, and strive for listing? Still financing the war? Of the last 25 people, 24 chose financing to fight.
So in June of 20 14 and 1 year, we persuaded Tencent to join forces with Apollo to invest 500 million RMB in Tongcheng.
This involves an equity knowledge: Why did Tencent 20 12 invest 26 million in the same journey and 500 million in two years? Because of the 20 12 journey, I am preparing to go public on the Growth Enterprise Market. It is a profitable company and does not need a lot of capital to enter.
At that time, Tongcheng was valued at 500 million, and we gave Tencent a quota of 26 million, accounting for about 4.9% of the shares. Why only give a 4.9% share? Because once it exceeds 5%, under the framework of China Securities Regulatory Commission, we will form a related party transaction with Tencent, which will affect Tongcheng's listing on China Growth Enterprise Market.
After receiving 500 million investment from Tencent and Apollo on 20/0/4, Tongcheng started to fight back against Ctrip, and the "two-way war" lasted for another two months. Until April, Dr. Liang Jianzhang came to Suzhou with the founding team of Ctrip and talked with us for 4 hours in the hotel. As a result of this conversation, Ctrip invested 654.38+04 billion in Tongcheng, becoming the second largest shareholder of Tongcheng. At this point, the valuation of Tongcheng has risen from 500 million in 20 12 to 3.3 billion. At this time, Tongcheng team still maintains the status of the largest shareholder and continues to maintain control over the company.
By 2065438+July 2005, Wanda and Tencent had invested about 6 billion yuan in Tongcheng, and the valuation after Tongcheng was about1331900 million yuan, but this round of Tongcheng made Wanda the largest shareholder.
From April 2008 to July 20 15, the total amount of Tongcheng financing exceeded 8 billion yuan. In this process, I think there are many experiences and lessons worth sharing with you, such as how to strengthen the control of the company as much as possible while increasing financing. We will share these knowledge points with you in the next new financial management class.
20 16 10, Tongcheng management increased its capital by 900 million yuan as a GP, and the post-investment valuation was1590,000 yuan; 20 17 12, Tongcheng was split into Tongcheng.com and Tongcheng Holdings, and Tongcheng.com and Yilong merged into Tongcheng Yilong; 20 18 1 1, Tongcheng yilong is listed in Hong Kong; In June, 2020, 65438+ 10, Tongcheng Group was officially launched in the new decade.
Q: Is early financing money or resources?
A: As far as the financing of seed wheel and angel wheel is concerned, it is necessary not only to raise funds, but also to integrate people. Find the person who knows you best, helps you most and opens your eyes most in China, and convince him to become your angel investor, so that he can not only give you money, become your shareholder, but also become your class partner, and help you get the fullest information and cognition from the beginning on the road of starting a business. I think this.
Q: How to avoid risks in company information disclosure when shareholders come in?
A: In fact, every enterprise must sign a settlement agreement and an investment agreement when introducing external shareholders. When signing the agreement, it shall clearly explain to the shareholders the obligations and regulations that the shareholders should bear, and the consequences that they should bear if they violate these regulations. In this way, after your shareholder comes in, he will be very clear about his responsibilities and he can avoid these risks to a certain extent.
Q: How to solve the problem of giving money without working hard and working hard without making money?
A: Actually, I have answered the first question. For each core partner in the initial stage, it is necessary to pay and contribute. For an early investor, he should not only contribute, but also use his powerful contacts to help you introduce resources. Your co-founders and your core employees must play a very important role in the development of the company.
Q: Is it necessary to accurately calculate the equity ratio in equity design? What's the key?
A: In the second lesson, I told you some core data of partnership, 67%, 5 1% and 34%. These three data are more important. Think about these three. As for whether it is 20%, 2 1% or 2 1.5%, I don't think it is the most critical. The most important thing is the life and death line of our three shares.
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