You call this entrepreneurship?

Chapter 456

"Estimated at $60 billion?" Qin Shaoyan felt a little uneasy. "19 dollars a share, isn't this price a bit too high for shareholders?"

This $6 billion is twice as high as Qin Shaoyan's initial estimate. Currently, among China's domestic Internet companies, only NetEase has a market value of more than $5 billion.

Qin Shaoyan understands that everyone wants to improve, but it is never good to try too hard because you want to improve too much.

"Is it high? How is it high?" Xiong Xiaoge said nonchalantly, "Goldman Sachs is very professional. They have their own reasons for setting this stock price."

"If the market thinks the stock price is high, then you should look more closely at your own reasons and ask yourself whether you have worked hard to invest in stocks over the years."

Qin Shaoyan was still a little anxious, "What if the stock price drops below the issue price on the first day? Would it look ugly?"

Xiong Xiaoge suddenly laughed, "What's so ugly about this? Stock price fluctuations are normal market performance."

"Look at Penguin. When it went public in 2004, its price nearly tripled in the first few months. But didn't it go up in the end?"

Zheng Nan next to him chimed in, "That's right, that's right. We are not afraid, so why should you worry?"

“You have to trust the judgment of professional institutions like Goldman Sachs.”

"..." Qin Shaoyan suddenly asked, "Which firm audited the campus network?"

"PricewaterhouseCoopers." Xiong Xiaoge answered casually, "Why are you asking this?"

"I'm just curious." Qin Shaoyan hesitated for a moment, "Can we change to another one?"

"Why change it for no reason?" Xiong Xiaoge didn't know whether to laugh or cry. He thought that Qin Shaoyan was under too much pressure to say such nonsense.

"I feel that PricewaterhouseCoopers is not professional enough." Qin Shaoyan said slowly, "I'm afraid that any mistakes or omissions on their part will affect the share price of Campus Network."

"Don't worry about that. After all, they are one of the Big Four." Zheng Nan also felt that Qin Shaoyan's mental state was problematic. "Instead of questioning their professionalism, you should think about how to cooperate with the upcoming roadshow promotion."

"I mean, if...if..." Qin Shaoyan simply said, "PwC has a scandal, will it affect us?"

"For example?" Xiong Xiaoge asked back.

"For example, if you are caught falsifying accounts..."

"..." Xiong Xiaoge was speechless, "Look, who doesn't lie? Your worry is just for nothing."

"Let's take a step back. Do you know how much trouble it is to replace an accounting team? All the company's accounts have to be re-audited."

Zheng Nan frowned, "What on earth do you want to do?"

"Nothing, I just said it casually." Qin Shaoyan also knew that his question was a bit fanciful, "That Lehman Brothers Bank..."

"Don't bother with that idiot. We've already talked to Goldman Sachs. They won't have any problems." Zheng Nan said bluntly, "Don't worry. There won't be similar problems again."

"I really think their people are very unprofessional." Qin Shaoyan said sincerely, "Don't cooperate with them in the future, and don't buy their financial products. I think there will be problems."

"There must be something wrong with Lehman Brothers for hiring someone like Pandey."

Zheng Nan thought that Qin Shaoyan was simply talking nonsense to vent his anger, so he didn't take it seriously and just said a few perfunctory words.

Xiong Xiaoge, on the contrary, seemed a little thoughtful. It was not because of the appearance of idiots that the company had problems, but because the company had problems first, which led to the hiring of many idiots.

"Let's get down to business." Zheng Nan took out a document from his bag. "Tyler from Sequoia Capital is very interested in the social 2.0 product you mentioned. He wants to ask you about Weibo. How do you say it in English?"

Qin Shaoyan immediately became excited, "I call it Twitter!"

"Oh, Twitter is a good name." Zheng Nan continued, "He wants to know if this thing can become popular on the American Internet."

"I am very optimistic about the prospects of this thing." Qin Shaoyan quickly gave an answer, "It will be another phenomenal Internet social product."

After hearing the reply, Taylor from Sequoia quickly came to the hotel in person to meet with Qin Shaoyan.

In addition to Taylor, Davis also rushed over, and together with Xiong Xiaoge and Zheng Nan, the five of them got together for a simple meeting.

Taylor said bluntly: "What impact will Twitter have on Facebook, and when will Facebook launch Twitter-related features?"

"Twitter can be launched at any time. We have a lot of technical experience. I believe Facebook can complete the corresponding development in a short time." Qin Shaoyan paused for a moment, "But I am still a little hesitant."

"What are you hesitating about?" Taylor asked curiously.

"I'm still considering whether Twitter has a corresponding position in Facebook's ecosystem." Qin Shaoyan explained while considering it, "After all, the situation of campus network is different from that of Facebook."

"Weibo is aimed at all Internet users in China, regardless of age, gender, occupation or education level. It forms a differentiated track with the user groups of campus networks. It is more open and convenient, and is a complementary plan for the social ecosystem of campus networks."

"The user base of Facebook has now gone beyond the student group and is now targeting all Internet users."

"If we open up Twitter, some social functions will overlap, which is a bit of a waste."

Taylor nodded and smiled. "Great, in that case, how about we take it apart separately?"

"Tear it apart?" Qin Shaoyan looked at Taylor with some surprise, revealing an interested look. "You mean to launch it as an Internet product alone?"

"Yes, I think this thing is worth a try." Taylor raised his champagne, "A brand new design category, Twitter! This thing is exquisite and compact, it will be a good new product."

Davis also echoed, "I think we can give it a try. We at Microsoft are willing to invest in the A round."

"Davis, you old bastard, you're stealing my business again." Taylor joked, then said seriously, "We at Sequoia are also willing to invest."

Xiong Xiaoge raised his hand and said, "I can ask IDG in the United States."

Taylor coughed. "Well, let's see how big John's appetite is. How much do you think this thing is worth?"

Qin Shaoyan pretended to think for a moment and raised a finger, "How about one billion dollars?"

"NO! NO!" Taylor immediately rejected the valuation. "John, this joke is not funny. Twitter doesn't exist yet. One billion dollars is too much."

Davis chimed in, "How about $500 million? We at Microsoft will invest."

"Five hundred million dollars is too much." Taylor still refused, "How about three hundred million dollars?"

If it is 300 million US dollars, the first round of financing will not be too much. Sequoia can attract a few more venture capital firms, and the risk will be much smaller after sharing.

Qin Shaoyan did not refuse, but looked at Taylor sincerely, "Taylor, how long have we known each other?" "Two and a half years." Taylor waved his hand, "Although we are friends, business is business."

"No, I'm not talking about business." Qin Shaoyan said seriously, "Since I came to the United States to create Facebook, and then to YouTube, have I ever failed?"

Taylor frowned. "You are indeed a very good entrepreneur, but..."

Qin Shaoyan interrupted him directly, "Putting aside the facts, tell me, is Twitter worth $500 million?"

"I need to be evaluated." Taylor certainly refused to agree immediately.

"It just so happens that I also need to prepare for the upcoming roadshow." Qin Shaoyan showed a strange smile, "It's okay, don't worry, you can wait a little longer."

After sending Taylor away, Davis made a direct statement, "No matter what the final valuation is, we at Microsoft will definitely invest. I can guarantee that."

"That's great." Qin Shaoyan patted Davis' arm happily and exclaimed sincerely, "Davis, you are my friend."

If all venture capitalists had the same professional qualities as Davis, Qin Shaoyan's entrepreneurial journey would definitely be smoother.

Besides, these people’s investment vision is just so-so. They know nothing about the Internet or Social 2.0. They don’t listen to the advice of professionals at all and just pay their money.

Qin Shaoyan looked at Xiong Xiaoge with a smile on his face, "Boss Xiong, I'll trouble you with IDG America."

"Sure, sure." Xiong Xiaoge was not afraid of trouble and promised solemnly, "I will do my best to lobby for you."

Anyway, Weibo is tied to the campus network and will definitely not be separated out to form a separate company, so Xiong Xiaoge doesn't need to pay for it anymore.

Since it doesn't cost any money, it will be even more exciting to add fuel to the fire.

If Twitter can achieve a high valuation and the news is fed back to China, the capital market will immediately form a positive view of campus network microblogs.

In short, it’s good for campus network!

Soon, IDG in the United States also got the news and immediately sent someone to contact Qin Shaoyan, also wanting to get a part of Twitter's Series A financing.

Qin Shaoyan became very negative at this time. He stopped talking about Twitter and used the excuse that he was preparing for a roadshow.

Goldman Sachs is indeed very professional. After Qin Shaoyan’s first roadshow, they immediately started to build momentum in the media.

There are seven or eight newspapers whose reporting stance is more inclined towards the campus network, and these are only a small part of the media that Goldman Sachs can influence.

Qin Shaoyan's photo has been published on the front page of the Wall Street Journal. Goldman Sachs listed Qin Shaoyan's Internet entrepreneurial achievements in recent years and packaged him as an Internet genius from the East.

Facebook has been desperately pushing various related news on the Internet, and many Facebook influencers are also actively reposting soft articles about the campus network's listing. From North America to Europe, one piece of flattering news after another is circulating everywhere.

After all, he is the major shareholder of his own company. What are he waiting for if he doesn't make an effort now?

The CEO of Facebook said very bluntly to the operations department, "Every Facebook user must be able to see information that is beneficial to the campus network. They can choose not to see it, but they must not miss it."

There is a reason why Facebook is promoting the product so vigorously, and it is not to curry favor with its major shareholders.

It is because the campus network is known as the "Chinese version of Facebook" under the promotion of Goldman Sachs. Although it is a bit contrary to the norm, Facebook is very willing to promote this concept.

If the "Chinese version of Facebook" performs well after its listing, then Facebook as the North American campus network will be even more powerful.

In terms of the number of users and the scope of influence, Facebook is much larger than the campus network.

So it’s not excessive at all if the valuation increases fivefold.

……

October 2006, .

At 9:25 a.m. Eastern Time, the campus network bell ringing ceremony began.

On the observation deck on the second floor of the Nasdaq Stock Exchange, Qin Shaoyan, surrounded by a crowd of people, gently pressed the electronic button, gently ringing the bell for the listing of the campus network.

Unlike the small clock still retained in the New York Stock Exchange, Nasdaq's clock is an electronic clock that only requires pressing a button, without the need to use a small wooden hammer to knock.

I can only say that there is a sense of ritual, but only a little.

Qin Shaoyan felt that this bell ringing was like ringing.

When the company went public, the company representative stood on the stage and followed instructions, made a few speeches facing the camera, then rang the bell as instructed, then smiled, waved and posed for the camera.

The bell rang in the Nasdaq hall, and cheers and applause immediately broke out around, countless flashes lit up, and the media recorded this moment with cameras.

Campus network, as another new force from China's Internet, has joined the group.

On the first day of listing, Campus Network's stock price showed strong momentum, opening at $19, but continued to rise after opening.

In less than two hours, the stock price reached US$25.8. Although it fell slightly afterwards, it quickly rebounded and finally closed at US$28.

Based on the closing price on the first day of listing, Campus Network’s market value reached US$87 billion, making it the second largest Chinese Internet company after NetEase in market value.

The news quickly spread back to the domestic Internet, immediately causing shock in the industry.

When Tencent went public in 2004, its market value was only HK$62 billion and its issue price was only HK$3.7. After its listing, its share price remained below one yuan and only broke through five yuan at the end of 2006.

NetEase's market value at this time has exceeded 10 billion US dollars, Shanda's market value is more than 15 billion US dollars, Sina is slightly inferior to Shanda, and Sohu's market value is barely over billion US dollars, which is less than Ctrip's market value of billion US dollars.

Baidu went public in 2005 with a market value of over billion US dollars and was very popular.

Among domestic Internet companies in China, these are already the leading companies in the industry and belong to the T0 level.

The campus network's market value of $60 billion stands out among them.

It should be said that those who can go public through IPO in the United States are not mediocre, but campus networks are a little different.

These companies have one thing in common: they were all established before 2000, with the exception of Campus Network, which was created after the millennium.

The campus network is really too young. It has only been on the market for three years since 2003.

In just three years, an Internet company has grown into a domestic Internet giant with a market value of nearly 9 billion US dollars. What an amazing miracle.

(End of this chapter)