Yuan Jing turned pale. Investment in this business, he is a professional, he took out a calculator, quickly worked out the specific plan of chuyuanxi. At the same time, he quickly asked, "what if we continue to raise funds in the future?"

"Simply, if there is financing behind, the net profit required for gambling is calculated according to the proportion of round a financing weight of the actual net profit."

What does chuyuanxi mean? Suppose that round a is valued at 1 billion, all of them belong to the founding team including the employee stock ownership platform, with a total of 10 million shares, financing 200 million and obtaining 2 million shares. After round a, the total valuation is 1.2 billion, and investors account for 16 shares.

Let's look at the simplest model first, assuming that there will be no financing later. Chu Yuanxi's requirement is that if the net profit in the first year reaches 333 million, the investor will give 1052500 shares to the founding team, leaving only 947500 shares. The investor's shareholding ratio will drop to 7.9%, and the founding team's shareholding will become more than 11.05 million shares. However, the company revaluated 20 times of its net profit, and the value of investors' shares was 525 million yuan, up 325 million yuan.

At this time, the valuation of Ba Ren entertainment is already 6.66 billion, which is the scale of A-share listed companies. In a bear market, it can even step down half of the listed companies. If Ba Ren can be listed, its valuation will change into its market value, and the total number will have to rise, because few cultural and creative companies on the open market are 20 times as cheap, and the profit of more than 300 million a year will absolutely meet the financial indicators for listing.

If the net profit of the first two years reaches 1 billion, the investors will give 1.25 million shares to the entrepreneurial team, and the remaining 750000 shares will still be priced at 625 million yuan at 20 times the P / E ratio.

In the first three years, the net profit reached 2.666 billion yuan. The investors gave 1.47 million shares to the entrepreneurial team, and the remaining 530000 shares were priced at 785 million yuan.

That is to say, after completing any of the three conditions, the shareholding ratio of investors will drop sharply, but the net value will increase greatly, because the total value of the company will increase rapidly.

This kind of expansion is called gambling, which is actually incentive.

As a financial investment, this scheme is very reasonable, but it is a harmonious word for venture capital! Ah -

take the third year as an example, if the company just completes the gambling, and the net profit is less than 900 million a year, and the investors assume that they can sell the shares at the valuation of 17.8 billion at 20 times of P / E ratio, they will invest 200 million and make 580 million in three years, with a return rate close to 100% every year. The problem is that the risk is huge! Investment start-up company a round never heard of only three times the rate of return things, 30 times is almost!

Yuan Jingxi would like to ask if you can distinguish between VC investment and PE investment?

At the same time, he would like to ask if you are serious about the gambling? Do you know the concept of net profit of 2.7 billion in three years? How many star white horse stocks listed in a shares are heavily held by the fund and have no net profit of 2.7 billion in three years? Do you know the net profits of Foshan Lighting, XinHeCheng and Yunnan Baiyao in the past three years? It's Asiba!

In fact, he can also be regarded as Chu Yuan Xi's gambling is not exist, because it seems impossible to complete at a glance. What kind of profit did you talk about just now? He has seen a lot about the gambling agreement of round a financing. In his memory, he has never seen any demand for profits. Investors who ask for such a demand will be regarded as bullying or not sensible. Chuyuan's evening is good

At this time, Yuan Jing finally understood why Chu Yuanxi asked them to spend two or three billion yuan in round a. This has its logic. If there is no more, investors have nothing to lose in gambling

Chuyuanxi takes himself as a super potential stock that has been listed. In the open market, it is rare to earn 300% of the stock in three years, even in a bull market. It requires superb investment skills and research skills, or excellent information channels

Seeing Yuan Jing's face, Chu Yuanxi decided to cheer him up: "the first three years are not good, but my goal is to make a valuation of 100 billion yuan. The first three years are just the beginning, and there is no need to cut your shareholding ratio in the future."

"Hundred billion valuation? The market value of Yuewen group is only over 50 billion.... "

"Ah, you're right. Yuewen group is mature and steady, and it's not as radical as I am. We are not a typical cultural and creative enterprise. Ba people's entertainment has always broken the rules. "

Yuan Jing would like to say: my family name is broken, double name routine, how about you beat me? Jitter is already a national application. It is only 10 billion tiktok in the half Asian market, and there is no 100 billion valuation. Where do you go for 100 billion valuation?

On the contrary, he was not angry. He was neither angry nor upset. He became more Buddhist. On the contrary, he was more interested in how the brain groove used by Chu Yuanxi to boast: "then how do you plan to realize this hundred billion valuation? What's more, when you expect to realize a valuation of 100 billion yuan, how many benefits can our early investors realize? "

"In fact, you are not early. Although you look early, you start to invest on the basis of one billion yuan. You can't think about it with venture capital, and you can't always think about round A. It's easier to see if you look at it as round B or round C."Chuyuan vowed: "how can I realize the hundred billion valuation? It's not time to talk about it. Suppose you only finance this round of capital and realize a valuation of 100 billion on this basis, you will achieve a net income of 67 billion, more than 30 times. A lot of angel investment can achieve hundreds of times of income, that's because the investment is small, and the 30 times income of hundreds of millions of investment is good. "

"Sounds like a lot, but why are you so keen on gambling? In terms of the financing ratio you designed, the founding team will get enough without gambling, right

"Because there may be financing in the future. What I can't accept is that the company is developing well, but the shareholding of the founding team continues to decline. " Chu Yuanxi found that it was much more difficult to persuade Yuan Jing than he thought.

On second thought, it suddenly occurred to him that there was no problem in adopting a similar scheme in the original world of Xiaokang. Even Yuan Jing himself proposed the scheme, because he held a small amount of shares In the original world, he only held as much as the founder's personal valuation represents from the beginning, but he overestimated his value a little more than 10%. Zheng de always took the lead.

The reason why it does not mean that he works for Zhengde fund is that Yuan Jing gives him the right to vote by way of agreement, but he does have few shares. Then, through gambling and incentive, Zheng De's equity has been continuously diluted after many financing, and his own shareholding ratio has increased slightly.

However, Zheng de was very happy, the equity declined slowly, but the stock price rose rapidly, making a big profit overall. Moreover, every financing of Xiaokang needs Zheng De's cooperation, because even if the voting right is handed over, the daily operation of the company has nothing to do with Zheng De, but the priority of financing must be guaranteed, and Zheng de will not be able to finance smoothly if he does not let go.

Now, in his proposal, the founding team takes the absolute majority, and Zheng de can only take part of the 200 million, becoming the weak side. It may seem difficult to accept such a cut psychologically.

But it's no good not to cut it, because assuming that the founder accounts for 80% of the shares after round a, the company will be valued at 100 million after financing 20 million yuan, develop one round, and the founder will have 64% of the shares after round B with an estimated value of 400 million yuan and another 100 million yuan. In round C with an estimated value of 2 billion yuan, financing 500 million yuan and remaining 51.2%, what can we do after round C?

The full name of the gambling agreement is actually called "valuation adjustment agreement", which is signed based on the expectation of performance growth. Under the healthy financing mode, the founder team must replenish their own blood every round in order to stabilize the shareholding ratio. The way is gambling.