Chapter 277: Up to 3.5 Billion USD, Layered Financing Strategy! Ma Liyun: He's Here?

In the late summer of July, Hangcheng was humid and stifling after the rain, with grass and trees forming a lush carpet.

A clear singing voice drifted from a music shop on the street: "I came from spring, you are leaving in autumn; we agreed not to be sad for you, but how can my heart remain unharmed..."

After the first season of "China's Good Voice" premiered on Blueberry TV, it quickly exploded in popularity, soaring to become the most money-making phenomenon-level variety show of 2012.

Cover songs like "Crazy for Love," "High Song," and "You Drunk Me" completely broke out of the circle, with the show's playlist looping endlessly in shops throughout the streets and alleys.

Chen Yansen rolled down the car window; a fresh air mixed with the fragrance of earth rushed to his face. The wheels rolled over the wet ground, making a rustling "da-da-da" sound.

"Boss, the time is set for nine o'clock tomorrow morning at Jin Sha Hall by Xihu Lake," Gao Weilin sitting in the front seat reminded softly.

"Xiao Li, don't go back to the hotel first; go to the Kuaidi Dache headquarters."

Chen Yansen nodded slightly and gave the order to the driver.

Xiao Li turned the car at the intersection and drove toward 102 Xueyuan Road in Xihu District.

Kuaidi Dache's current daily average order volume is 1.6 million, with a market share approaching 80%. The growth potential is considerable. Besides Penguin, Mama Ali, DST, Huake, and Jin Sha Ventures, Huaxin Fund, Gao Sheng Investment, and Apple's Investment Department also intend to get involved.

However, Chen Yansen rejected Apple but handed the entry ticket to Huaxin Fund and Gao Sheng Investment.

Between these two investment institutions, the former can reduce Kuaidi Dache's policy risks, while the latter can prepare for future overseas market expansion.

Twenty minutes later, a convoy of three luxury cars stopped in front of the Kuaidi Dache headquarters.

Cheng Weixing led a group of senior executives, standing in a row in sharp suits. As soon as Chen Yansen got out of the car, he hurriedly walked over.

"Boss, you've had a hard journey," Cheng Weixing said, raising his hand to shield Chen Yansen's head, smiling and greeting him attentively.

Chen Yansen smiled faintly, patted Cheng Weixing's shoulder, and said, "The environment of the new headquarters is much better than before. How many employees are here?"

"About 400 people, mainly in development, operations, finance, and legal affairs. There are also more than 800 people scattered in Jin Ling, Luzhou, Yanjing, Tang Cheng, and other places, mainly in marketing, driver management, and regional operations."

Cheng Weixing answered immediately.

"Didi completed a 600 million yuan Series D financing round. This subsidy war must be fought for another two months. Do you know Pei Yi's 'Thousand People, Baicheng' plan?"

Chen Yansen asked casually.

The group walked and talked, heading toward the first-floor lobby.

"Thousand People, Baicheng?" Cheng Weixing was slightly stunned. After all, Kuai Pao and Kuaidi Dache were independent subsidiaries, and with Pei Yi keeping things tightly sealed, he really didn't know about it.

"Unified training of 1,000 to 2,000 new recruits based on the combination of marketing, business, and operations, then deploying them to 100 cities to accelerate the expansion pace."

Chen Yansen explained slowly.

In his view, Cheng Weixing's operational capabilities were not in question, but his expansion pace was slightly conservative.

Every time a new service area was added, it was at most two or three cities. At such a development speed, for Kuaidi Dache to fully cover the North China, East China, Central China, and South China regions, it would take at least four or five years.

"Boss, isn't that too radical?" Cheng Weixing frowned slightly, worried that taking too big a step would easily lead to various unexpected management loopholes, which would in turn have a huge negative impact on the project.

"Kuaidi Dache started only two months earlier than Didi. The longer the time drags on, the more unfavorable it is for Kuaidi Dache. Junlian Capital's intervention means that the Lenovo Group has also entered the fray. How long can you maintain your advantage?"

Chen Yansen countered.

Junlian Capital was the predecessor of Lenovo's Strategic Investment Department and led the Series D financing of Didi Dache, indicating that the Liu family also coveted this big cake of ride-hailing.

Kuaidi Dache currently holds advantages in funding, technology, and the market, but with big capital entering the game, Didi Dache can quickly close the gap.

A leisurely expansion pace may seem steady, but it is no different from slow poisoning.

While Cheng Wei hasn't reacted yet, copy Kuai Pao's "Thousand People, Baicheng Plan" to Kuaidi Dache and first get the daily average order volume up.

Even if a merger and restructuring happen in the future, it will definitely be the person with the largest market share who holds the power of speech.

"Boss, I understand." Cheng Weixing's face instantly lost its smile. He had been complacent about securing an 80% market share, but now his hands and feet were ice-cold, and his heart felt like it had fallen into an ice cellar.

He knew he had become lax!

In terms of the abundance of funds, Didi Dache was not far behind. The other party's valuation was indeed lower than Kuaidi Dache's, but Cheng Wei knew how to make concessions. Even though he had lost controlling equity, he still maintained the posture of fighting to the death.

Is Cheng Wei stupid?

Not at all!

When Today Capital participated in the Series A financing, it obtained 20% of Didi Dache's equity for only 2 million yuan. At that time, Cheng Wei's equity was worth only over 7 million yuan. During the Series D financing, the valuation rose to 4 billion yuan. Although his shareholding ratio shrank from 72% to 34.3%, it was worth 1.37 billion yuan, an increase of nearly 200 times.

And the "smart people" in the eyes of ordinary people, like the founder of Yaoyao Zhaoche, because they valued equity too much, successively rejected investments from Penguin and Huaxin. As a result, they were crushed by Didi and Kuaidi Dache before even reaching the target of 1,000 daily orders.

Only by learning to delegate power and knowing how to leverage help is there a sliver of possibility for success.

Seeing that Cheng Weixing understood, Chen Yansen said no more.

The group took the elevator to the 16th floor. Kuaidi Dache's office areas were on the 16th, 17th, and 18th floors, with more than a hundred people on each floor.

Since it was the weekend, there were not many employees.

"Boss, the 16th floor is the office area for the technology, product, operations, and channel departments..."

Cheng Weixing pointed to the area ahead and introduced it.

"Hello, Mr. Chen!"

"Hello, Boss!"

Several R&D engineers who were working overtime heard the commotion at the door, instinctively looked up, and as soon as they saw Chen Yansen, they immediately greeted him with smiles.

Cheng Weixing was the boss, but Chen Yansen was the big boss.

They knew clearly in their hearts that a series of benefits such as housing subsidies, meal allowances, transportation subsidies, quarterly bonuses, and holiday red envelopes were all created by the big boss.

Compared with other internet companies, Kuaidi Dache's monthly salary was not particularly generous, but overtime pay was given without a penny less. Many fresh college graduates, in assistant and customer service positions, had a base salary of only 4,500 to 5,000 yuan at the end of the month, but once overtime pay was included, their pre-tax income could reach 7,000 to 8,000 yuan.

In addition, the existence of housing subsidies and meal allowances could further reduce a large amount of daily expenses.

Therefore, among internet companies in Hangcheng, Kuaidi Dache's attraction to top talent far exceeded that of Mama Ali Baba and NetEase.

"Mr. Chen!"

At this moment, a young man in his late twenties or early thirties shouted along.

Chen Yansen found the voice familiar, turned around, and indeed it was an "acquaintance." "Aren't you in the JD. com Marketing Department?" Chen Yansen stopped and asked softly.

"Mr. Chen still remembers me?" Xiao Bing looked surprised, his mouth slightly open, his eyes full of disbelief.

He had only met Chen Yansen once!

Xiao Bing, Planning Manager of the Jingdong Market Department. Chen Yansen's mental strength had long surpassed 70, dozens of times that of an ordinary person; "photographic memory" was insufficient to describe the terrifying extent of his recall.

"Chief Chen's memory is incredible. Kuai Di's market potential is huge, and the work environment is great, so I left Jingdong to join Kuai Di."

Xiao Bing quickly showered praise, but his words rang hollow—he clearly wasn't telling the truth.

The real situation was that after Chengzi Tech poached Ye Qiuping, Liu Qiangdong appointed a new Market Director, who, to get his work started, picked two subordinates from his former team to follow him over.

As a "courtier from the previous regime," Xiao Bing was sidelined.

In short, he got stuck with overtime and blame, but zero credit—who could endure that?

Xiao Bing endured it for over half a year, then happened to see Kuai Di's job posting online and unhesitatingly chose to quit.

His rank was low, he didn't even have Jingdong stock options, so leaving carried no risk.

Chen Yansen smiled; the man's words were transparently false, but he didn't call him out. After exchanging a few pleasantries, he followed Cheng Weixing into the office.

No sooner had they left than nearby colleagues gathered around.

"Brother Bing, awesome! You actually know the boss?"

A colleague from the Market Department grabbed Xiao Bing's arm, astonished.

"I used to be in Jingdong's Market Department. Back then, Chief Chen was still the founder of Fox Taobao. Once, when he came to Jingdong to discuss channel cooperation, I was the one who received him…"

Listening to his colleagues' flattery, Xiao Bing smiled and boasted.

Arriving at the office, Cheng Weixing waved his hand, and his assistant handed a thick file to Gao Weilin.

"Chief Gao, this contains Kuai Di's financial data, user operation metrics—including revenue and profit indicators—as well as cash flow and operational efficiency metrics."

After speaking, Cheng Weixing hurried to brew tea for Chen Yansen and the others.

Gao Weilin accepted the file but didn't immediately review it; he casually passed it to his assistant behind him.

"Which institution offered the highest valuation?" Chen Yansen asked calmly after sitting down.

"I've spoken with the contacts at Tencent, Mama Ali, DST, Huake, and Jin Sha Venture Capital. DST offered the highest, Huake the lowest. Tencent and Mama Ali both want to increase their stakes. Huake and Jin Sha Venture Capital are considering follow-on investments, but I estimate their funding amounts won't be large—especially Jin Sha Venture Capital."

Cheng Weixing replied, then handed over a summary sheet.

Jin Sha Venture Capital primarily focuses on early-stage investments and occasionally participates in later rounds, but their share is small.

Chen Yansen nodded, glancing casually at the sheet.

DST's valuation was $3.4 billion, Tencent's $3.26 billion, Mama Ali's $3.18 billion. Though Huake and Jin Sha Venture Capital's prices were lower, both still exceeded $3 billion.

Huaxin Fund and Gao Sheng Investment were handled by Gao Weilin—one offered $3.25 billion, the other $3.5 billion.

Thus, Gao Sheng and DST offered the highest valuations.

No wonder, over the past twenty years of China's internet boom, the largest shareholders in major internet companies were usually foreign investors.

What could you do? They offered more!

Chen Yansen frowned slightly. This funding round differed from the last: during the A-round, all participating institutions' valuations were close, except Huake, who refused to pay more—but they compensated with extra resources, so an agreement was reached.

This time, the gap between the highest and lowest offers was $500 million—too much at stake. It would be hard to convince everyone to follow his plan.

"Handle Huaxin, Huake, and Tencent, Old Gao. You handle Mama Ali and Jin Sha Venture Capital. Use a tiered financing strategy—clearly tell them upfront: those who refuse are out."

After a few seconds of thought, Chen Yansen looked at Gao Weilin and Cheng Weixing and quickly made his arrangements.

The logic of tiered financing was to split the funding amount into multiple parts, allowing different institutions to subscribe at different valuations.

In plain terms: equal rights, different prices—high bidders were severely disadvantaged.

Chen Yansen had already planned this: Huake and Huaxin could bring Kuai Di essential "hard needs"—like policy protection and regulatory backing. Their valuations were low, but their behind-the-scenes resource value was high.

Mama Ali and Tencent's traffic support and business ecosystem complementarity were equally vital to Chen Yansen, and they'd also eliminate two potential rivals.

If DST and Gao Sheng refused, he'd choose Tencent as the lead investor in the B-round, diluting foreign ownership and preemptively avoiding policy risks.

Meanwhile.

At Hangcheng headquarters, Ma Liyun and Wang Wei had just finished talking, and Ma Liyun personally saw him off to his car.

Exactly as Chen Yansen had predicted: even after being warned, Wang Wei still believed Ma Liyun's words. When faced with infrastructure sharing, industry data synchronization, and solutions to last-mile delivery challenges, Wang Wei couldn't help but be tempted.

Moreover, Ma Liyun promised to provide SF Express with orders from Taobao and Tmall. Wang Wei immediately agreed.

In 2012, SF Express focused on the premium express market; its per-package revenue and company income were high, but its volume was low. Before Yun Su jumped in to disrupt the market, SF's pickup volume didn't even surpass any of the "Big Four" competitors.

He wanted to earn money from the premium market—and also from the mid- and low-end markets.

Adults never make choices—they always want everything.

SF Express offered a wide range of services: B2B express, supply chain logistics, B2C express, cold chain logistics, ultra-fast air express, and economical discounted parcels—all covered.

Clearly, Wang Wei's ambitions were equally grand.

"Guo Changguang of Fuxing Group agreed to invest and will help Cainiao Logistics bid for land to build large warehouses and transit hubs," Lu Zhaoxi said softly behind Ma Liyun.

"Fuxing alone isn't enough. Wang Wei, Chen Dejun, and Yu Weijiao all agreed readily, but privately, they might be watching me. For warehouse management tech, group procurement, and data center modules, I still need to partner with a few companies with deep technical roots."

Ma Liyun spoke calmly.

"After hearing Cainiao Logistics' plan, General Zhang of Fuchun Group expressed strong interest in investing. I think we should set aside time to discuss it deeply with him," Lu Zhaoxi added.

Fuchun?

Ma Liyun nodded slightly, agreeing with Lu Zhaoxi's suggestion.

Last December, he met Zhang Guobiao, who held strong influence in Jiangsu and Zhejiang—he could help Cainiao secure land and build warehouses, and provide massive funding to diversify Mama Ali's investment risks.

"By the way, has Chen Yansen come to Hangcheng?" Ma Liyun suddenly asked.

(End of Chapter)