return to bolang life

Chapter 198 Financing Settlement!

Since then, the direction of communication in the small conference room has entered a gentle and familiar rhythm.

With known information about the general direction of the future, what Wen Liang is best at is to use the future to paint a picture, and add some common interests. Who can resist it?
Those who can withstand it are not still in business.

As the number two of White Goose, Liu Chiping couldn't stand it, because White Goose really had such a need and had similar strength.

Besides, just guarding the current three-acre land can't produce big goods!

It is far worse than Wen Liang's proposal to expand the entire market, and the opportunity is also on his own side, of course he can do it!
Capital investors like Zhang Sanshi couldn't stand it either.

Although Zhang Sanshi kept saying that he should pay attention to long-term value, but now the interests of the Internet are the most attractive, and fools will not enter the industry.

If Bolang and White Goose can reach a preliminary consensus on these aspects, they can invest in small enterprises with the same direction through capital means.

There is always something that is not bright in the east and bright in the west!
Of course interested!
They are all businessmen, in front of their interests, they talk about whether they are fooling or not.

And Wen Liang's motivation this time is relatively simple, just like what Li Ze said before, 'tobacco for cigarettes, tea for tea'.

Anyway, it is absolutely impossible for the Bolang family to eat the whole piece of meat of the Internet alone.

Now Bolang is much smaller than White Goose.

Although the white goose is not big, it is slightly ahead of the BA two in terms of market value, but it is much bigger than Bolang, and it is best for the white goose to lead. ①
After entering the rhythm he was familiar with, Wen Liang even relaxed his mind a bit.

As a result, the five people representing the five companies talked more and more happily, talking and laughing.

……

Before noon, Wen Liang and his party walked into another private meeting room again.

Looking at their happy faces, the five-party team in the room knew it was all right.

Naturally, this round of financing negotiation meeting came to the last important thing:

Valuation of Bolang Xiaocheng

According to the agreement, it is determined based on the value per user.

Important representatives of several investors expressed their views on this issue.

"In the industry, there is usually a relative range for the value per user of social services, which generally fluctuates around US$10, and is around 65 yuan when converted into RMB. According to our internal calculations and discussions, our initial quotation from Hillhouse is per user. 65 yuan for users."

The first to express his opinion was Lao Hong from Hillhouse.

Then there is the representative of Sequoia: "Lao Hong's algorithm is more fair, and we also have this opinion."

So, before expressing their views with White Goose today, Wang Wanyu and Li Ze immediately began to express their opinions.

It also cited Facebook's user scale and market value, and compared Xiaochengshu's business model and value per user.

Li Ze said firmly: "According to the most equal comparison, the valuation per user of Xiaochengshu is more than that."

Wang Wanyu cited the example of White Goose: "White Goose's current market value is nearly 600 billion U.S. dollars. According to the proportion of business, the value of each user of QQ with 10 billion users is also about 40 U.S. dollars, which is about 260 yuan."

In this way, according to Wang Wanyu's quotation, the difference between the quotations of the financier and the investor is nearly 4 times.

Both sides are justified.

Investors must want to lower the price.

The financing party must raise the price.

There's nothing wrong with that either.

Calculated at US$10 per user, it is actually fair. The previous valuation of Weibo, which was not suppressed by Xiaochengshu, was almost in this range.

Generally, if this matter can be wrangled for a few months or even longer.

However, neither financiers nor investors want to procrastinate.

Especially Wen Liang and others who can make decisions have reached some consensus on interests in many aspects.

Wen Liang didn't just sit still, and put forward his opinion in an unhurried manner: "Arguing and fighting will hurt peace, so let's make a compromise and round it up, let's use the pre-investment valuation of 270 billion yuan."

It is approximately equal to RMB 88 per user.

Old Hong from Hillhouse opened his mouth to speak, but he didn't say it, because Zhang Sanshi next to him had already agreed: "On the opinion of Mr. Yiwen."

Xu Xin then stated: "We have no problem here."

"No objection." Shen Nanpeng nodded.

Liu Chiping also nodded: "No objection."

The person who can make the decision on the investor side nodded, and the atmosphere immediately eased down.

The most important value assessment has also been finalized, and everyone will be partners in the future. Of course, everyone is happy.

The most 'jumpy' Hillhouse Lao Hong also quickly showed a smile.

Several parties talked happily at once.

Everyone present knew in their hearts that Bolang Xiaocheng's pre-money valuation of 270 billion yuan was still a bit inflated.

If the pre-money valuation of 260 billion+ is calculated based on the 780 yuan proposed by Wang Wanyu, it is even more unreasonably high.

A reasonable pre-money valuation is between 200 billion and 220 billion, probably because Hillhouse’s quotation does not fluctuate much.

How should I put it, the parent company Bolang stripped off to Bolang Xiaocheng only the main body of Xiaocheng Book.

The main body of Xiaochengshu does not have a [massive value] platform.

That is: the contract of the brand partner of Xiaochengshu is signed by the parent company Bolang, and the revenue created is also directly attributed to the parent company Bolang.

The future development based on the [massive value] platform has nothing to do with Bolang Xiaocheng.

But it will also be largely based on the platform of Xiaochengshu.

This part alone strips away a lot of valuation space.

Because the group of brand partners is the most unique and important commercial value of Xiaochengshu, which is different from other existing social platforms.

In addition, the development of Xiaochengshu in China still faces various challenges including White Goose WeChat and so on.

For various reasons, everyone here is well aware.

Because Bo Lang didn't hide these things, and he couldn't do this kind of concealment in financing matters.

However, this still does not affect Bolang Xiaocheng's higher valuation.

A platform that has completed Chinese social integration has long-term value in itself!
On the other hand, financing will sell part of the future value, otherwise the capital will be too easy to do.

There is also a small reason, Bolang, who is at the helm of Wen Liang, makes the outside world very confident.

If anyone thinks that there is no confidence, Weibo, which is actively seeking a discount to go public in the United States, may give confidence by issuing a cry of 'ntmd' from its rotten roots.

The last point is that when the five of them drank tea, Zhang Sanshi and the others were very relieved by Wen Liang's attitude.

Because Wen Liang did not sit on the credit book of the past, but had already set his sights on the longer-term future.

Although Xiaochengshu uses the "weapon" of "sharing" to share life and benefits, it seems incredible to everyone in the outside world, but from the gentle tone, more factors are attributed to the friendliness of the environment.

This let Liu Chiping, Zhang Sanshi and the others know that Wen Liang has always kept calm in the layout of the business field.

Therefore, Zhang Sanshi directly agreed to this slightly higher pre-money valuation.

In order to avoid Lao Hong, who represents Hillhouse, expressing his position again, there will be an unharmonious scene.

Moreover, Zhang Sanshi believes that even if so many things are stripped, the rewards that Bolang Xiaocheng can bring will definitely be richer than expected.

……

According to the pre-investment valuation of 270 billion, Sifang will eventually need to inject 10 billion funds according to 30% of the shares, and then reach the post-investment valuation of 300 billion.

This is what Wen Liang meant by rounding up.

How the Quartet is divided, Bolang will not get involved.

Afterwards, Bolang led by Lin Hong to finalize the detailed rules of the cooperation memorandum, and Hillhouse and other four parties also had their own legal affairs.

A framework memorandum of cooperation was quickly formed.

Several representatives of Wen Liang signed their names on the cooperation memorandum.

From this, Wen Liang naturally knew the proportion of shares that all investors got.

Taken together, Bolang Xiaocheng's shareholding ratio distribution is:
母公司博浪90%、白鹅3.5%、高瓴2.5%、红杉2.5%、今日1.5%。

Obviously, in the past few days, the four parties have reached a certain tacit agreement in private.

On the surface, the extra 1% of the white goose was obtained from today, which is considered to be in line with the strength of all parties.

As for what is going on in private, Wen Liang is not interested in exploring.

After the signing of the memorandum of cooperation, Bolang's first financing was settled.

The rest is for all parties to inject capital according to the agreement.

……

Therefore, Wen Liang and the other five left the team who were busy finalizing every detail of the cooperation agreement, and left the hotel.

In front of the hotel porch, Wen Liang first shook hands with Liu Chiping and said goodbye: "Mr. Liu, the hospitality is not good."

Liu Chiping said again and again: "Mr. Wen, you are welcome. I am busy with business today. Next time I will be the host. I hope Mr. Wen will appreciate it. We will keep in touch with each other about the operators."

Wen Liang agreed with a smile: "Next time."

He shook hands with Zhang Sanshi next to him: "Boss Zhang, have a good journey."

Zhang Sanshi said with a smile: "Mr. Wen is polite, Mr. Wen will give us a little time on various matters, I believe there will be a result that everyone is satisfied with."

"..."

Say goodbye one by one.

Afterwards, Wen Liang watched several people get into the car and leave.

This group of people didn't even eat lunch, partly because they had to rush back to collect money.

At least one party is involved in the transfer of 4.5 million funds, which needs to be paid attention to.

Of course, Wen Liang believes that their rush to go back is definitely not just because of the financial matter, but also related to some of the 'requirements' he carried in those flicks, and also related to the basically reached consensus on interests.

With this level of investment, money is not the most important thing most of the time.

Resources are.

For their common greater interests, they will also use their respective strengths to promote the progress of some things.

For example, Wen Liang revealed this time that he attaches the most importance to operator affairs.

There are also some other aspects.

According to the plan that Wen Liang casually mentioned, the Little Orange Book is far from perfect.

Part of the reason for Liu Chiping’s rush to go back is that White Goose needs to think more carefully about WeChat’s future development strategy.

More consideration should also be given to other mobile-based services.

After all, Shencheng is not the only city where small-scale 4G pilot projects are implemented. Yangcheng and Pengcheng are both launching 4G pilot projects.

Although among the three major operators, China Mobile is basically actively rolling out TD-LTE pilot projects, but everyone knows that China Mobile's investment will be relatively more radical due to the extent of China Mobile's 3G.

Investors like Zhang Sanshi and the others, who hold huge amounts of capital, have to go back and adjust their investment layout, so as to gain more benefits from the upcoming explosion of domestic mobile Internet business.
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①: Let me explain, the era in this article is 2012. At that time, BAT was still divided into three parts, and B was not as weak as it is now, and its revenue is very strong!So far, in the article, Bolang has only made a call with T's WeChat, and with Sina's Weibo business, that's all.

(End of this chapter)