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After Didi’s acquisition of Uber China, Liu Qing and Cheng Wei proudly declared in an open letter that they have become the only internet company to receive Baidu, Alibaba, and Tencent investment at the same time.
After about seven rounds of financing and two earth-shattering mergers, the ownership structure of the company has become very complicated.
Today, the angel investor Wang Gang is still in the circle of friends in a Po out of a chat, showing that Didi CEO Cheng Wei announced the acquisition of Uber China in a group named Dripping shareholders, this group has 45 people. Should include the core of the Dripping shareholders.
However, you might not believe that the complete list of shareholders who have traveled to the bank has now been exhausted by an A4 paper. And this does not include retail investors coming in through various special funds and trusts .
The drips and quick mergers are almost completed on a 1:1 scale. The angel investors were respectively Wang Gang and Amoeba. The A rounds were Jinsha River and Jingwei Venture Capital respectively. The B rounds were Tencent and Alibaba respectively. In the C round, CITIC Industrial Fund and Global Tigers took over, and Tencent Ali added investment. Deep Poket, such as Softbank, DST, and Temasek, entered the D round.
In general, most start-up companies should prepare IPOs at this stage. DST, Softbank, Tiger Global Fund, and Temasek each mean ashore.
However, taxis were given greater significance when Alibaba and Tencent competed for the payment entrance, so it was Ali Tencent dragging its investors Softbank and DST together to invest in this long-term subsidy war.
Until the first half of 2015, Dripping was supposed to be surnamed Ma, because Ma Huateng or Ma Yun was still a family name. Finally, the two sides exchanged shares at a ratio of nearly one to one, and Alibaba and Tencent’s shares in the new company. The proportions are diluted to less than 20%.
The first round of financing after the declining and fast merger in the second half of last year increased the amount of financing from 2 billion U.S. dollars to 30 also, and the valuation increased from 12 billion U.S. dollars to 16.5 billion U.S. dollars.
In this round of financing, the national team entered the market on a large scale, including Ping An, China Merchants Bank, Civil Aviation, CITIC, China National Gold Group, Beijing Automotive Industry Group Corporation, and the game-leading capital of Shanghai State-owned Assets Supervision and Administration Commission.
After this round of financing, although Tencent is still the largest external shareholder, the shares have been diluted to 10%, and the entire company's management, including employee stock ownership plans, has added less than 20% of the shares.
There were also many old shareholders cashing out at this stage, and some agencies that participated in Didi's travel financing started to launch special funds or trust financial plans, and opened individual investment funds to individual investors. The initial investment amount was 1 million to 5 million. Not so much, some of the shares have also been taken out by crowdfunding websites as heads, and thousands of locals have become small shareholders.
In the first half of this year, Didi Chuxing began financing at a valuation of US$25 billion. The dust settled in June. The process of this round of financing is also the process of finalizing the draft of the “Interim Measures for the Management of Online Appointed Taxi Business Servicesâ€. In the end, the result of the legalization of the network appropriation of the Internet is also not disappointing.
The final valuation rumor is 28 billion U.S. dollars. Cumulative financing amounted to 7.3 billion U.S. dollars, including 4.5 billion U.S. dollar equity financing, China Merchants Bank-led 2.5 billion U.S. dollar bank loan, and China Life Insurance’s 300 million U.S. dollar loan.
The equity portion of Apple invested US$1 billion, China Life Insurance invested US$600 million, and Ali and Ant Financial invested US$400 million, which accounted for half.
Although Alibaba and Ant Financial invested 400 million U.S. dollars at this stage to ensure that DiTie replaced the original Tencent map with Gaode Map, after this round of financing, Didi Travel should have no double-digit share of external shareholders. The management’s shares will also be more than 10%.
When Uber China was acquired, Uber China made a price of about US$7 billion, which changed its economic interests by 20%. Baidu-led Chinese investors accounted for 2.3%, and Uber Worldwide accounted for 17.7% . However, this is only an economic interest. Ownership that truly enjoys complete equity can only be converted into 5.89% according to the ratio of 3-1.
So far, the domestic BAT Big Three, various national teams, multinational capital brokers, the highest market value of the United States listed Apple, Uber, the highest valuation of unlisted companies, and thousands of local tyrants, has become a diaspora shareholders.
Dew rain is tainted. No one is dominant. This shareholding structure can basically reflect the current social structure of China.
Now Uber's global valuation of 68 billion US dollars, a trip valuation of 350 billion U.S. dollars, is also strikingly in line with G2's GDP.
So many people said that Liu Qing and Cheng Wei’s open letter said that “the two sides are great opponents and epic duelâ€. Many commentators say that, at least at the capital level, Didi is now the same size company as Uber.
But I still think that Uber is leading a little bit at the capital level because Uber’s latest round of investment is Saudi sovereignty funds, which have invested 3.5 billion U.S. dollars.
Like Uber, shareholders have money from the United States, Japan’s money, old European money, Singapore’s money, and China’s money.
The reader may ask what this explains. What I want to say is very simple, compared with Uber -
"It's not clear what a taxi is."
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