I asked you to save a bankrupt factory and you became the richest man in the world.

Chapter 159 Chapter 188-190: The final price given by Merlin Securities! (first sum)
"impossible!"

"As the major shareholder of Hillhouse Technology, I reject such an insincere offer! If Merlin Securities continues to insist on such an offer, then we will renegotiate with other securities firms!"

Facing the offer from Merlin Securities, Gao Huaijun flatly refused and said in a rather unkind tone.

What the hell!

Only Gao Huaijun dared to reject Merlin Securities' offer so fiercely and mercilessly!
Tang Yuan was stunned by Gao Huaijun's performance.

"It's not that easy!" Andrew Francis, president of Merlin Securities Asia Pacific, snorted, "Now we have given Hillhouse Technology 25 times the PE and purchased 10% of the shares. This is already a great deal of sincerity! And we also have There are no various conditions like Gao Sheng.”

"No matter how high the PE is, this kind of capital increase will be a bottomless pit. Spending money on this bottomless pit will make the outside world's expectations for Hillhouse Technology very high!"

“Hillhouse Technology’s R&D investment is so high. If one or several products go in the wrong direction or fail, leading to a sharp reduction in Hillhouse Technology’s profits, capital will completely lose confidence in Hillhouse Technology. By then, your The C round is difficult enough to finance, let alone the most critical pre-IPO stage and listing!”

He also showed an attitude that he would never be persuaded, and said arrogantly, "The core of Hillhouse Technology is my brain, and my core tool is a R&D team of up to 5000 people! I am absolutely sure that within five years, Within, let Hillhouse Technology meet the conditions for listing on the Nasdaq main board!"

"As long as there is no problem with the capital increase that meets expectations, we at Hillhouse Technology will definitely be fine!"

The people at Merlin Securities looked at Gao Huaijun like a monster.

Li Xiaojia saw extreme paranoia in Gao Huaijun, and the blood of paranoia should be flowing in his bones!
It seemed that at this moment, he thought of Jobs, whom he had interacted with before.

The boss of Pingguo Company, Steve Jobs, has just returned to the board of directors!

He dropped out of college after only one semester.

He was a man who longed to change the world and changed the world, but failed.

People like them have firm beliefs, extremely strong beliefs.

Their paranoia is all about their own beliefs.Because only in this way can something be achieved.

The same paranoia, the same keen sense of smell for products.

All in all, they both look alike!
Do you want to give it a go?
The target is only a billion dollars, which is only 2 million when converted into beautiful dollars. In China, it is a relatively large investment, but in beautiful countries, it is just like that.

Many thoughts flashed through Li Xiaojia's mind.

He has just returned to China and has not yet secured his position at Merlin Securities. He really needs some dazzling sincerity to pave the way.

Even if Li Xiaojia was forced into the company, as the boss of Merlin Securities China, he temporarily decided to increase the stakes on the original basis. He wanted to take a chance on the future fate of Hillhouse Technology!
He looked at each other, John Tyne and Andrew Francis, then nodded and spoke slowly.

"Just now our quotation was 25 times the PE to purchase 10% of the equity, which is 125 billion. Now we can increase the negotiation price and purchase 135% of the equity based on the market value of 10 billion. This is already almost 27 times the PE! 10% of the shares, which is 13.5 billion! However, we have requirements. Of the 13.5 billion, only 1 million can be freely transferred out of Hillhouse Technology at most. The rest of the funds can only be transferred within Hillhouse Technology! This price is already the limit for the B round of unicorn companies. We will only give such a quotation to the companies we are most optimistic about! Other peers will probably laugh at us when they see our quotation! It is not so much that we are fancy Hillhouse Technology, it’s better to say that we are optimistic about you, Mr. Gao!”

At this time, Gao Huaijun suddenly pressed his chest with one hand, and his handsome face suddenly bloomed, with a bright smile.

His breathing became more and more steady, he leaned back in the chair, wiped the sweat from his forehead, and said with shining eyes, "I agree in principle with this offer, but this is not what I am most concerned about in Series B investment!"

The PE of 27 times has actually reached the point that Gao Huaijun can accept.

In fact, he can accept 25 times PE.

After all, a PE of 27 times means that if Hillhouse Technology’s business remains unchanged in the future and existing profits remain unchanged, the return on this investment will be only 3.7%, and it will take Merlin Securities 27 years to recover its capital. .

In the B round, this price is already very sincere.

Wang Ji, who was on the side, was shocked when he heard this.

It seems that this list is really going to be completed.

A technology company worth 135 billion, Gao Huaijun will have a wealth of more than [-] billion!
This number is even higher than Li Ning of Li Ning Group, ranking 100th among the top 67!
You know, the 67 people in front of him are basically middle-aged people between the ages of 43-55.

In comparison, he is only 27 years old!
Impressive!
It’s amazing!
"Oh? Mr. Gao, where are your main concerns?" The people from Merlin Securities on the side didn't care what you thought. They wanted to get this order in a hurry, so they couldn't help but said.

You know, Hillhouse Technology has now entered the B round.

And it’s a big B round with a super high PE value!
This means that, let alone listing on the main board of this company, the listing of the ordinary science and technology innovation version is a sure thing.

Now that Merlin Securities has won the B round of Hillhouse Technology, they will have the initiative in leading the C round and the key IPO!
Under equal conditions, they can serve as the lead underwriter of the IPO.

This condition will be written into the investment contract.

During the IPO process, you can make a lot of money by doing underwriting and guaranteeing the price!

This is somewhat similar to the launch of new shares in large A-shares, but compared to the launch of new shares, the increase is much larger and the profit is more.

Therefore, it can be said that in a securities company, the investment banking department is the real core department of a securities company.

In addition, after their IPO, companies can also issue bonds on the exchange. This is the job of fix income (fixed income department).

For some companies with stable operations, the profits from bonds will be extremely low. For example, Longfor in later generations of China issued bonds with a total amount of 20 billion yuan and a term of 5 years, with an interest rate of 3.35%, and the interest payment date is August 2023, 8.

This interest rate is even lower than the interest rate of many mortgage loans!
The Fixed Income Department also has commissions for doing this kind of business.If this trickle continues, the income will be very stable.

【Chapter 190】

"I hope that part of this money will be placed in the beautiful country, instead of all being transferred back to China. Because we need to purchase some products from overseas suppliers, and we may also establish an overseas R&D center for Hillhouse Technology Distribute and build Hillhouse Technology’s overseas marketing team to prepare for Hillhouse Technology’s overseas expansion!”

Gao Huaijun finally revealed his other purpose!
This purpose is actually the key to his financing!
Generally speaking, investment money, and such a large amount of money, will be supervised by Merlin Securities.

We cannot invest money outside of non-main business, mainly because we are afraid that the operators will hollow out the company and maliciously increase the company's liabilities.

Therefore, this step is very critical for Hillhouse Technology!

"Isn't there too much investment in the direction you want to invest? Although we have given almost 2 million beautiful dollars in funds, if you stay in the beautiful country, it will not be particularly useful!" John Tyne frowned slightly , I felt something was wrong.

"You underestimate Hillhouse Technology!"

"Hillhouse Technology's huge potential in traffic aggregation will be upgraded! And we need to study big data and solve the problems that exist in big data. This is not just talk. I absolutely want to do this. ! Then we must have the R&D teams of Hillhouse Technology Beautiful Country and Europa to handle this matter."

Immediately afterwards, Gao Huaijun briefly talked about his next plan for Hillhouse Technology.

In fact, these are all true.

He even discussed this with his team.

These are all executable plans.

However, these plans will have to be postponed for some time.

Moreover, now that the difference in appearance has actually disappeared, many competing products have caught up.

According to the trajectory of the previous life, Pingguo Company will launch the Pingguo first-generation mobile phone in 06. Hillhouse will hurry up and catch up. In fact, the generation gap will not be too obvious.

Then how to develop the product matrix?

Another way is to highlight the ecological advantages of the closed loop through the binding of the software!
John Tyne felt slightly unhappy after being denied, and his tone became a little cold, "You are still very small now, and you are not a large multinational company! In fact, your smartphones now only use products produced by yourself. Other than a half-baked system-level chip, it doesn’t have any strong core advantages!”

"You don't have any software products of your own, nor do you have relevant R&D personnel. You are just an integrator of existing software. Apart from the users who use the product, it is an empty shell. You want to build on the empty shell." It is undoubtedly very unsuitable to provide in-depth services and go abroad to build an inefficient R&D team. That means that every service and every product needs to be developed and improved by yourself, which requires manpower and material resources. The cost is very high, and once the capital chain breaks, the only outcome will be death!"

Yes, reality is so cruel. If Gao Huaijun didn't have the memory of the past as a cheat and played around, he would really be dead!
Gao Huaijun frowned, "Who told you that you can only die? What if I can live?"

"Being greedy and seeking perfection is bound to lead to death! Eat as much as you can. Your combination strategy seems effective at first glance, but maintaining it cannot be done with 1 million beautiful dollars! The beautiful country is not the Chinese country, and it has such a low price. Labor costs! A good R&D personnel in China only needs to invest more than [-] beautiful yuan a year. But what about in beautiful countries? This number is at least six times higher! And it is not necessarily possible to find suitable talents! And this investment, conservatively estimated, will take several hundred million US dollars to achieve initial results. What about you now? If you really start to burn money, will the money on your books be enough for you to burn for a few months? Even if your mobile phone business develops very well, can you If we maintain the current sales temperature and sell everything with high turnover, how much profit can we bring?”

"How far do you want to support this team? These are very big questions!"

John Tyne is an investment expert in the IT industry. He got angry for some reason and said sternly!

He doesn't want to see a potential star like Hillhouse Technology waste Merlin Bank's money and time by doing something flashy because of greed for bigness and perfection!
Gao Huaijun deliberately pretended to be very dissatisfied and asked: "Mr. Li, is this what you mean? Didn't you agree not to interfere with the future development of Hillhouse Technology? Are you so unfavorable to my future plans for Hillhouse Technology?" ?”

"If it is so unpleasant from the beginning, I think we should stop this negotiation!"

Li Xiaojia touched the bridge of his nose helplessly.

This financing negotiation reminded him of foreign diplomatic negotiations, which were full of gunpowder!
"Since we agreed to Hillhouse Technology's request from the beginning, we will definitely abide by it. As long as you use this money for legitimate purposes, we at Merlin Securities will not interfere in principle!" Li Xiaojia was quite helpless. said.

There is nothing Merlin about this negotiation!
When did the operators become so powerful in front of them?
The trembling energy they had before made them feel that the one who paid the money was the boss, and they were the real Party A!

This Gao Huaijun is indeed strong and extreme!

After Gao Huaijun heard what he said.

Overjoyed!

The two core demands he wanted to achieve today have been achieved!

Under the second requirement, Hillhouse Technology now has many foreign distributors, many of which have even opened branches in China.

As long as more than half of this money is used for the main business and the other part is slightly marginal, Merlin Securities will turn a blind eye for the sake of later cooperation!
"But our company has a request! That is, as small shareholders, we have the right to demand that once disputes over equity or capital increase occur, we, as small shareholders, have the right to demand that they be settled in accordance with the company's last financing valuation, not in accordance with market value. And, After one year, we have the right to require Hillhouse Technology to proactively repurchase it at the original price." A VP in charge of risk control suddenly added on the side.

The shopping mall is like a battlefield. There are so many ways to play this game that you are overwhelmed!

What the VP mentioned is a very important bargaining chip, second only to valuation and dilution ratio.

This means that after one year, if Merlin Securities is not optimistic about the development of Hillhouse Technology, it can exit without risk.

"Hahaha! I agree to this condition, but I'm afraid that when the time comes, you won't let me repurchase it at the original price. Hillhouse Technology has grown from a small factory with annual sales of less than 100 million to now in just three or four years. Over time, the entire company’s sales have expanded thousands of times!”

"When the time comes, your 10% shares will be so valuable!" Gao Huaijun laughed and said slowly.

"Mr. Gao, during my many years in China Street, an old saying I often heard is that trees will not grow to the sky, and stocks will not grow forever. If you are an entrepreneurial star today, you may be knocked down tomorrow. If you can catch What is in your hands is the most critical, so I also advise you that it is also very important for investors to clearly understand themselves." The VP said with a smile.

(End of this chapter)