Chapter 158： Come on, let's see who kills whom?
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It took the investors more than two hours to determine the valuation and the quotation of zìjǐ, not counting the time spent in the valuation of zìjǐ company a few days ago.
As for Li Daniu and Ander, it only took five minutes to review the quotations, and after five minutes of discussion, they finally decided on five investor representatives and entered the second round.
Although many people have lost their investment qualifications, they did not leave immediately because they felt that the subsequent talks might collapse? This is not impossible. Historically, there have been many financing plans that have signed agreements, but have been canceled for various reasons.
Not to mention those investors who are still holding expectations and waiting for opportunities, and not to mention those reporters who are ready to get first-hand news, Li Daniu started to meet with the representatives of investors who participated in the second round in turn in the free palace, or to invest the merchant himself.
The reason why the word meeting is used is because this is the royal palace of Tuvalu, and Li Daniu is the king of Tuvalu.
No matter how much money you have, no matter how much energy you have, please remember that this is my place, and here, I have the final say.
With such an attitude, Li Daniu started asking for prices without the slightest timidity.
The first investor I met was the world-renowned Citigroup, which owns commercial banks, investment banks, and insurance businesses, all of which are industries with huge cash flows, so their quotations , is the highest of all quotes.
Their valuation of TC Network is 80 billion US dollars.
"With all due respect, I will only give up 10% of the equity at most." Li Daniu opened his speech by canceling Citigroup's 60% equity requirement. Just kidding, for such capitalists, if they have 6% Ten shares, then they will definitely dilute Li Daniu's shares through capital increase.
In other words, the current valuation is 80 billion U.S. dollars, and then both of us will each invest 40 billion U.S. dollars in TC Network. Dilute by more than half.
How dare Li Daniu compare with the banker who has more money?
In the end, it seems that the market value of TC Network will reach a giant level, but at that time, Li Daniu may only have a few percent of the shares left.
A 10% stake in a company with a valuation of 300 billion US dollars is only worth 30 billion US dollars, or even less. But for a company with a valuation of 80 billion US dollars, 90% of the equity is more than 70 billion US dollars.
This is the capital market, which can make you inexplicable, and the money will be lost by more than half.
The representatives of Citigroup, having seen many entrepreneurs like Li Daniu, were unwilling to let go of their equity at the beginning, but in the end, they had to bow their heads in the face of reality.
"Your Majesty, I can understand your feelings very well, but doing business and starting a business are completely two concepts. You have to know that even for a giant like Yanshu, his founder is only 2% now. More than a dozen shares. Counting other companies, almost all of the world's top 500 companies have no founders who can occupy 51% of the shares."
The representative of Citigroup smiled and said: "I know, what you are most worried about is that we will affect your development plan for WeChat, so we can promise that as long as it is beneficial to WeChat, or TC Network We will not refuse any plan.”
Believe me I'm a fool!
Li Daniu scoffed at what the representative of Citigroup said. What is a favorable plan? Before a plan is implemented and the effect is not seen, no one can know whether the plan is correct.
The promise is good now, and when the time comes to really propose a plan, just find any reason and say that the plan is not good, won't it become a matter of nonsense? In the end, it still depends on who has more equity and who has the right to decide.
Why don't you promise that you will never intervene in the operation right? Also, why don't you promise that you will never increase capital and dilute shares at will?
"Ten percent of the equity is my limit. If you can't accept this, then I can't accept your valuation of 80 billion U.S. dollars. And, to be honest, the valuation of 80 billion U.S. dollars is really It’s far from what I expected.”
The representative of Citibank was not surprised by Li Daniu's firm attitude.
Because for any financing plan like this, it is impossible to get it done in one meeting. It can take a few days at least, or even a few months at most. Even after confirming the financing plan, it takes more than one day to establish the detailed contract.
The two sides exchanged a few words of politeness, and we will talk again after an appointment is made.
After the representatives of Citibank left, Li Daniu began to meet with representatives of several other investors.
There are companies like Citigroup, giants like Sequoia Capital that own more than 18 funds, Eyebook, and Winner.
Wenna Company is a company mainly engaged in computer systems. Almost ninety-nine percent of the computers in the world use their company's system. Unlike Microsoft in the previous life, there is no Apple OX in this world to compete with them.
After meeting with the five companies, Li Daniu found that there are really no fools in this world, especially these rich people.
Their unified attitude is to demand more than 50% of the equity.
The valuation is 80 billion U.S. dollars, it doesn't matter, I can come up with 40 billion U.S. dollars, or even more, but I must have more than 50% of the shares.
Normally, if the first round of financing can get a valuation of 80 billion US dollars, it is already a miracle.
Moreover, it is impossible for all the funds exchanged for more than 50% of the shares to be invested in the TC network.
In other words, it is no problem to use 10% of the shares to raise 10 billion US dollars for the development of TC Entertainment. But you, Li Daniu, must sell 40% of your shares to me. This money can be put into your personal pocket.
As long as you nod your head, use a piece of software created in 20 days to invest in a company worth 400 million U.S. dollars, and you can get back more than 30 billion U.S. dollars in cash and 40% of the shares of a company with a market value of 80 billion U.S. dollars. .
This is an incredible thing for any entrepreneur, and it is something that should be accepted without hesitation at all.
The reason is very simple. If you disagree, they can spend a billion dollars to develop a software and compete with you in the market. At that time, the loss outweighs the gain?
But Li Daniu knew that this account was not calculated in this way.
Investment is investment, and entrepreneurship is entrepreneurship.
The market value of Yanshu is so high, and investors can use tens of billions of dollars to build a social networking site exactly like Yanshu, and even buy users directly with money. But, why are they willing to only have 5% or less of the shares of Yanshu, and they are not willing to freely create the same company?
In the Alibaba Group in the previous life, there were so many people who could not get its shares, or who were unwilling to pay a high price to get its shares, freely created the same type of company, and the result? Can it reach the point where the market value exceeds two trillion?
Investors' money is actually not their free money, but the customer's money.
Clients allow them to invest in a promising company, but they will never agree to use the money to establish a free company.
Moreover, WeChat already has more than 400 million users. If it didn't take time and various procedures to go public, Li Daniu didn't need financing at all, and went directly to the market to collect money.
It is equivalent to Alibaba, which is about to go public. Instead of going public, it is doing its first financing. One can imagine how huge its value is.
A normal Internet company may only need tens of millions of financing in the first round, hundreds of millions in the second round, and only a few hundred million in the third round.
But when Li Daniu started his business, he was not short of money, 400 million U.S. dollars had already been spent, and he had directly matured WeChat, so he dared to ask for prices, so he was not afraid that these people would use less money to compete with the free market.
After discussing with Ander, Li Daniu had an idea in his mind, and met with several investors again. After some intense negotiations, he finally determined the following financing plan.
Citibank offered 6 billion US dollars in exchange for a 10% stake in TC Network.
Sequoia Capital paid 4.2 billion US dollars in exchange for 7.5% of the equity of TC Network.
Yanshu replaced 15.5% of TC Network with 3% of its own equity.
There is nothing to say about the specific rules, except that Li Daniu has a veto right and serves as the chairman, and other shareholders cannot raise capital without reason.
The reason why Li Daniu agreed to allow Yanshu to exchange shares is naturally because he wants Yanshu to import their users to WeChat. That is one billion users. It can be said that if the user import is completed, then WeChat will not be afraid of the world. any competitor of the same type.
According to Yanshu's current market value of 320 billion U.S. dollars, a 3% stake is equivalent to 9.6 billion U.S. dollars. Moreover, when this news is announced, the market value of Yanshu will definitely increase, and it will be more than 9.6 billion U.S. dollars up.
As for the 3% shares of Yanshu which shareholders of Yanshu will come from, and how to divide the 15.5% shares of TC Entertainment, that is an internal matter of Yanshu zìjǐ, with Li Daniu No relationship.
Of course, the method of cashing out Li Daniu's 3% shares also has strict rules, and it is absolutely not allowed to cash out at will. However, Li Daniu is not stupid, why should he cash out something that will obviously increase in value?
Besides, not all the money from Citigroup and Sequoia Capital will be injected into TC Network. Instead, half of each will be received in Li Daniu's pocket in the name of cashing out, and the remaining half will belong to TC Network's funds.
On the surface, this is a disadvantage for Li Daniu, because if the remaining half is not enough for the development of TC network, such as acquisition or development of some business, then it is bound to increase capital, and if capital increase, then Citigroup or Sequoia Capital money can definitely dilute Li Daniu's shares to less than 50%, or even less.
But in Li Daniu's view, when TC Network spends all the money, who is richer?
Capital increase?
Come on, let's see who kills whom? (To be continued.)
It took the investors more than two hours to determine the valuation and the quotation of zìjǐ, not counting the time spent in the valuation of zìjǐ company a few days ago.
As for Li Daniu and Ander, it only took five minutes to review the quotations, and after five minutes of discussion, they finally decided on five investor representatives and entered the second round.
Although many people have lost their investment qualifications, they did not leave immediately because they felt that the subsequent talks might collapse? This is not impossible. Historically, there have been many financing plans that have signed agreements, but have been canceled for various reasons.
Not to mention those investors who are still holding expectations and waiting for opportunities, and not to mention those reporters who are ready to get first-hand news, Li Daniu started to meet with the representatives of investors who participated in the second round in turn in the free palace, or to invest the merchant himself.
The reason why the word meeting is used is because this is the royal palace of Tuvalu, and Li Daniu is the king of Tuvalu.
No matter how much money you have, no matter how much energy you have, please remember that this is my place, and here, I have the final say.
With such an attitude, Li Daniu started asking for prices without the slightest timidity.
The first investor I met was the world-renowned Citigroup, which owns commercial banks, investment banks, and insurance businesses, all of which are industries with huge cash flows, so their quotations , is the highest of all quotes.
Their valuation of TC Network is 80 billion US dollars.
"With all due respect, I will only give up 10% of the equity at most." Li Daniu opened his speech by canceling Citigroup's 60% equity requirement. Just kidding, for such capitalists, if they have 6% Ten shares, then they will definitely dilute Li Daniu's shares through capital increase.
In other words, the current valuation is 80 billion U.S. dollars, and then both of us will each invest 40 billion U.S. dollars in TC Network. Dilute by more than half.
How dare Li Daniu compare with the banker who has more money?
In the end, it seems that the market value of TC Network will reach a giant level, but at that time, Li Daniu may only have a few percent of the shares left.
A 10% stake in a company with a valuation of 300 billion US dollars is only worth 30 billion US dollars, or even less. But for a company with a valuation of 80 billion US dollars, 90% of the equity is more than 70 billion US dollars.
This is the capital market, which can make you inexplicable, and the money will be lost by more than half.
The representatives of Citigroup, having seen many entrepreneurs like Li Daniu, were unwilling to let go of their equity at the beginning, but in the end, they had to bow their heads in the face of reality.
"Your Majesty, I can understand your feelings very well, but doing business and starting a business are completely two concepts. You have to know that even for a giant like Yanshu, his founder is only 2% now. More than a dozen shares. Counting other companies, almost all of the world's top 500 companies have no founders who can occupy 51% of the shares."
The representative of Citigroup smiled and said: "I know, what you are most worried about is that we will affect your development plan for WeChat, so we can promise that as long as it is beneficial to WeChat, or TC Network We will not refuse any plan.”
Believe me I'm a fool!
Li Daniu scoffed at what the representative of Citigroup said. What is a favorable plan? Before a plan is implemented and the effect is not seen, no one can know whether the plan is correct.
The promise is good now, and when the time comes to really propose a plan, just find any reason and say that the plan is not good, won't it become a matter of nonsense? In the end, it still depends on who has more equity and who has the right to decide.
Why don't you promise that you will never intervene in the operation right? Also, why don't you promise that you will never increase capital and dilute shares at will?
"Ten percent of the equity is my limit. If you can't accept this, then I can't accept your valuation of 80 billion U.S. dollars. And, to be honest, the valuation of 80 billion U.S. dollars is really It’s far from what I expected.”
The representative of Citibank was not surprised by Li Daniu's firm attitude.
Because for any financing plan like this, it is impossible to get it done in one meeting. It can take a few days at least, or even a few months at most. Even after confirming the financing plan, it takes more than one day to establish the detailed contract.
The two sides exchanged a few words of politeness, and we will talk again after an appointment is made.
After the representatives of Citibank left, Li Daniu began to meet with representatives of several other investors.
There are companies like Citigroup, giants like Sequoia Capital that own more than 18 funds, Eyebook, and Winner.
Wenna Company is a company mainly engaged in computer systems. Almost ninety-nine percent of the computers in the world use their company's system. Unlike Microsoft in the previous life, there is no Apple OX in this world to compete with them.
After meeting with the five companies, Li Daniu found that there are really no fools in this world, especially these rich people.
Their unified attitude is to demand more than 50% of the equity.
The valuation is 80 billion U.S. dollars, it doesn't matter, I can come up with 40 billion U.S. dollars, or even more, but I must have more than 50% of the shares.
Normally, if the first round of financing can get a valuation of 80 billion US dollars, it is already a miracle.
Moreover, it is impossible for all the funds exchanged for more than 50% of the shares to be invested in the TC network.
In other words, it is no problem to use 10% of the shares to raise 10 billion US dollars for the development of TC Entertainment. But you, Li Daniu, must sell 40% of your shares to me. This money can be put into your personal pocket.
As long as you nod your head, use a piece of software created in 20 days to invest in a company worth 400 million U.S. dollars, and you can get back more than 30 billion U.S. dollars in cash and 40% of the shares of a company with a market value of 80 billion U.S. dollars. .
This is an incredible thing for any entrepreneur, and it is something that should be accepted without hesitation at all.
The reason is very simple. If you disagree, they can spend a billion dollars to develop a software and compete with you in the market. At that time, the loss outweighs the gain?
But Li Daniu knew that this account was not calculated in this way.
Investment is investment, and entrepreneurship is entrepreneurship.
The market value of Yanshu is so high, and investors can use tens of billions of dollars to build a social networking site exactly like Yanshu, and even buy users directly with money. But, why are they willing to only have 5% or less of the shares of Yanshu, and they are not willing to freely create the same company?
In the Alibaba Group in the previous life, there were so many people who could not get its shares, or who were unwilling to pay a high price to get its shares, freely created the same type of company, and the result? Can it reach the point where the market value exceeds two trillion?
Investors' money is actually not their free money, but the customer's money.
Clients allow them to invest in a promising company, but they will never agree to use the money to establish a free company.
Moreover, WeChat already has more than 400 million users. If it didn't take time and various procedures to go public, Li Daniu didn't need financing at all, and went directly to the market to collect money.
It is equivalent to Alibaba, which is about to go public. Instead of going public, it is doing its first financing. One can imagine how huge its value is.
A normal Internet company may only need tens of millions of financing in the first round, hundreds of millions in the second round, and only a few hundred million in the third round.
But when Li Daniu started his business, he was not short of money, 400 million U.S. dollars had already been spent, and he had directly matured WeChat, so he dared to ask for prices, so he was not afraid that these people would use less money to compete with the free market.
After discussing with Ander, Li Daniu had an idea in his mind, and met with several investors again. After some intense negotiations, he finally determined the following financing plan.
Citibank offered 6 billion US dollars in exchange for a 10% stake in TC Network.
Sequoia Capital paid 4.2 billion US dollars in exchange for 7.5% of the equity of TC Network.
Yanshu replaced 15.5% of TC Network with 3% of its own equity.
There is nothing to say about the specific rules, except that Li Daniu has a veto right and serves as the chairman, and other shareholders cannot raise capital without reason.
The reason why Li Daniu agreed to allow Yanshu to exchange shares is naturally because he wants Yanshu to import their users to WeChat. That is one billion users. It can be said that if the user import is completed, then WeChat will not be afraid of the world. any competitor of the same type.
According to Yanshu's current market value of 320 billion U.S. dollars, a 3% stake is equivalent to 9.6 billion U.S. dollars. Moreover, when this news is announced, the market value of Yanshu will definitely increase, and it will be more than 9.6 billion U.S. dollars up.
As for the 3% shares of Yanshu which shareholders of Yanshu will come from, and how to divide the 15.5% shares of TC Entertainment, that is an internal matter of Yanshu zìjǐ, with Li Daniu No relationship.
Of course, the method of cashing out Li Daniu's 3% shares also has strict rules, and it is absolutely not allowed to cash out at will. However, Li Daniu is not stupid, why should he cash out something that will obviously increase in value?
Besides, not all the money from Citigroup and Sequoia Capital will be injected into TC Network. Instead, half of each will be received in Li Daniu's pocket in the name of cashing out, and the remaining half will belong to TC Network's funds.
On the surface, this is a disadvantage for Li Daniu, because if the remaining half is not enough for the development of TC network, such as acquisition or development of some business, then it is bound to increase capital, and if capital increase, then Citigroup or Sequoia Capital money can definitely dilute Li Daniu's shares to less than 50%, or even less.
But in Li Daniu's view, when TC Network spends all the money, who is richer?
Capital increase?
Come on, let's see who kills whom? (To be continued.)
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