Angel said this kind of situation is also common, DST's Yuri did not start on his own money. Many mutual fund managers show excellent investment skills and are often appreciated by big money owners, and then allocate all the funds to work alone. But what chuyuanxi needs now is angel's game skills

He had to harden his head and say: "normally, with our friendship, it's not impossible, but you are not what I need now."

Angel some lost, he heard, chuyuanxi's demand point or in the game production.

"Well, I don't want to pit you. I've been away from game production for two years. The game industry has been turned upside down in the past two years, and the operation mode has changed completely. My skills are out of date. Now I'm back. I don't know whether I can do it or not."

Chuyuan Xi observes his words and looks, and thinks that the actual situation is that angel still wants to invest, and her interest in investment is far greater than playing games.

This problem is actually very easy to solve, he patted angel on the shoulder: "angel, do you know the DKP system and incubation of Ba people?"

"Ah? You mean... " Angel's ideas and chuyuanxi are in tune, and immediately understand, "do you mean let me enter the Ba people to get DKP and then cash it into business incubation investment? And then I use that money to incubate an investment company? "

Bingo Chu Yuan Xi pointed to himself, "and there is an investment company under the Ba people group. This Ba people investment company is the only leather bag company in all the branches of the group at present. I'm the only one, and it's nothing."

In fact, it's not in vain. What Barin investment manages is the invested enterprises of Barin group, which mainly focus on incubating start-up companies, at least logically. But at present, there is only one peak visual effect.

Angel thought, "the question is, what I need is at least 100 million yuan. I believe I can earn tens of millions of dollars from you. Can DKP give so much?"

"You have to think about it in the mode of private equity fund. DKP is your own share, no matter whether it's 5 million or 20 million. The 80 million or 90 million shares are mainly from Ba people. Private inside this structure is very normal, and ordinary entrepreneurship is not the same

It's almost impossible for an ordinary start-up company if the angel entrepreneurs only account for 1.20% of the shares. Investors can't accept this proportion. The main reason is that they can't believe that the entrepreneurs can accept it and they will tear it up in the future. But private placement is OK. When Yuri's DST was founded, he didn't even have a mouth. He wasn't even a fund practitioner. He was Russian local tyrant Usmanov. He was in a good mood after he bought Arsenal, and he gave him hundreds of millions.

Angel, as a progressive youth who is interested in the investment circle, naturally understands this truth, and then finds that the breakthrough is really the biggest one for Ba people to make a successful game, because chuyuanxi has shown two characteristics.

First, there is no restriction on staff development. Angie, who talks with chuyuanxi from time to time, must know more about Ba people than the outside world. For example, Yang Jiangang's situation belongs to chuyuanxi, who needs him very much. For ordinary people, he must be killed in the company and exploited. At most, he is paid enough salary and bonus. But chuyuanxi did let him incubate and start a business, which angel could not do.

Second, the rewards are paid more quickly. Millions of dkps are given as soon as they are told. Even when they know that they are going to give them away, they want to get rid of the control of the company and still give them away without blinking an eye. Angel herself is the founder of the company. She knows how powerful the boss is when he wants to be a hooligan. The employees are all dead and alive, and there is little possibility of resistance.

These two points can help aspiring people realize their ideals and make enough contributions to the company before they realize their ideals, so that employees and the company can reach a delicate balance. He has always felt that it is precisely because of these two characteristics that the employees of Ba people obviously show different energy and enthusiasm from other companies, which makes him intuitively feel cheerful.

But as a former CEO, a man with a city, angel will not directly agree, but "let me think about it.".

Ba people's side is operating buyback and withdrawal, while Zheng De's side is also operating the equity issue of late night Gallery, because Fang Shiling also wants Zheng De to "withdraw".

As a matter of fact, Du Shuang was in a daze when the bird situation of late night Gallery came out. Didn't he say it was good? Why did it happen suddenly? Although Yuan Jing's face did not change, he really took a cold breath in his heart. He couldn't help recalling that day on March 14, when Chu Yuanxi asked him to dig a role, Du Shuang said to him: you need to be ready to receive a large matrix of we media.

Then asked what happened to Chu Yuan Xi, Chu Yuan Xi said: said it did not work, you just watch its change.

Time flies, less than half a year, actually with the simplest way to cash? Although I know that this is the result of Chu Yuan Xi digging a hole for Fang Shiling behind his back, it's too easy, isn't it? I'm afraid to think about it!

He had to take out the investment agreement he signed at the beginning to have a look. This agreement has been forgotten for a long time, and he has the impression that the structure is quite complicated. But the key data, he remembers, Fang Shiling was terminated by taishantai, the project sank, to compensate Zheng de a total of 2.4 million shares.What Zheng de did for "late night Gallery" is a nominal round C financing. After investment, the total equity of "late night Gallery" is 11.2 million shares, with an estimated value of 140 million. Among them, Fang Shiling has 5 million shares, Daxia has 2.8 million shares, and Zheng de has got 2.4 million shares according to 12.5 yuan per share. In addition, the distribution of 1 million shares is relatively scattered, which are held in the hands of some small investors.

Now the project has sunk. According to the gambling agreement, the total cost of sinking is 2.4 million shares. That is to say, if there is no accident, Fang Shiling's shares will be reduced to 2.6 million, less than a quarter, while Zheng Desheng's shares will be increased to 4.8 million, nearly half.

The so-called accident is that Fang Shiling has a life-saving straw, and she has the right to liquidate Zheng De's shares, but how to liquidate it needs Zheng De to choose. The first option is to liquidate according to the actual valuation of the late night Gallery, and the second option is that the late night gallery takes out 35 million yuan.

This is the "withdrawal" in Fang Shiling's understanding. But, how can it be so good? The activation conditions of 35 million yuan in option 2 are very complex. Investment institutions are the best at setting such complex terms to let entrepreneurs jump out of the pit, which is the same at all times and all over the world.

The first is to liquidate according to the actual valuation, which seems clear, but in fact it is very difficult, because the core question is whether the 4.8 million shares of late night gallery are worth 35 million after sinking the variety show? In other words, what is the value of late at night gallery? Is it worth 67 million in addition to the remaining 15 million in cash after deducting the financing money lying on the account? To know that today's self media market, short video is a new upstart, and the nobility will decline naturally when the upsurge rises. It is also directly reflected in the valuation of the official account.

Even if it's still worth it, can Fang Shiling find other capital to help her pick up the offer? Zheng De is not optimistic about this, because Fang Shiling needs to pay money and give her the right to vote, which is equivalent to making a pure financial investment. Otherwise, the voting rights will not be paid. What's the difference between the 4.8 million shares in Zheng De's hand or in the hand of Jiepan Xia? It's all a loss of control.

Therefore, for Fang Shiling, option one seems simple, but it is difficult to be realistic.

However, the complexity of option 2 is that if Fang Shiling chooses not to activate it, Zheng de can still choose to activate it actively at some time in the future under certain conditions, and ask Fang Shiling to bear unlimited joint and several liability. To put it simply, if late at night gallery can't afford the 35 million yuan, Fang Shiling will have to fill in the difference with his own money. But there are trigger conditions, not that Zheng De wants to activate it. In other words, Fang Shiling can try her best to avoid it if she has the ability.

If Fang Shiling chooses to activate it, he will not bear unlimited joint and several liability, at least for the time being. However, there is a time limit. The late night gallery must complete the refund before October 15. If there is no refund after the expiration, she will have to choose whether to bear unlimited joint and several liability or lose more shares to Zheng De.

This time point is also the time point specified in milestone 2. In fact, if it wasn't for this time, the liquidation price would not be so cheap. It would be extremely beneficial to add a mere 5 million yuan, one sixth of the total investment, as the liquidation price. But considering that the time is not long, even the conversion rate of return of venture capital is still in the past.

At the beginning, the members of Du Shuang and Zheng de signed this clause, but they repeatedly discussed it with me for a long time, and then finalized a clause with high enforceability. It is mainly used to prevent the worst situation, that is, what happens now. The late night gallery was terminated by taishantai without even two milestones.

How much is late at night Gallery worth? It can't be said that it's not worth money, because the basic price is still there, but the uncertainty is great. Therefore, as far as Zheng De's interests are concerned, it is most desirable to get back the money and earn a little. Taking the equity of late night Gallery, or even acquiring a little more to get control, is only a second choice. This is especially true for investment institutions.

It is for this reason that when Yuan Jing re examined the original investment agreement carefully, he was a little interested in the plot originally designed by Chu Yuanxi, that is, Zheng de obtained the control of the late night Gallery, but it was expected that Fang Shiling would not submit so easily.

However, looking at the contents of the agreement, boss yuan had to recall that Chu Yuanxi gave him a hand in hand and was strongly opposed by himself, and then painstakingly convinced himself.

Why such twists and turns? Because chuyuanxi had to bury a hole in the investment agreement. For example, in the gambling setting of three milestones, the settlement time of the first milestone is floating, and the second round financing time of Jixia Academy project is taken as the milestone node. In this way, the "first" milestone may run behind the "second" milestone, or settle at the same time.

(these clauses appear at the end of 747 and the beginning of 748)

in this case, once Fang Shiling doesn't play well, she will trample on each other instead of dealing with them in turn as she thinks.

Yuan Jing bets that Fang Shiling didn't realize this when he signed his signature. He hasn't even thought of it until now. He has been confused and happy.

This is also the reason why Chu Yuanxi put the name on China joy. It is the potential factor that can affect the second round valuation of Jixia Academy, and it is Chu Yuanxi's throwing knife.Now it seems that it's just a waste of effort. Fang Shiling has directly crossed milestone 1 and 2, and Taiben's dystocia has exploded milestone 3. Think of here, Yuan Jing extremely rare smile, let see used to poker face Du Shuang side eye.

In fact, Yuan Jing didn't really want "late night Gallery" in his heart. First, the reputation of extortion is not good. Second, he can't make much money by selling it. Third, he asked Du Shuang, "what do you think I want it for? Do you want to play with Da Xia? "

At this time, Du Shuang made several good investments in succession, which greatly increased his voice in Zheng De. Although the time is not long, the short video e-commerce has great explosive power. Quite a few MCNS that have been invested in have risen rapidly from grass to tree. No matter what means they use, in half a year, the whole network has taken 30 million to 40 million yuan of powder, and the speed of blowing bubbles is comparable to last year's Ba people.

The key is that the ambition of these invested enterprises is not as good as that of Ba people, but their moral character is better than that of Ba people. Basically, they are targeted to be acquired. Therefore, such investment has fast turnover, many investment and financing nodes, and easy exit, which is deeply liked by investment institutions.

Therefore, after a very short period of difficulties, Du Shuang, with the support of Yuan Jing, has been able to have an equal dialogue with the backbone of Zheng De, who holds many Committee titles, and makes Daxia investment repent.

It is now that Fang Shiling finally deeply feels Du Shuang's help to her. In the face of 35 million, everything is in silence.

You should know that this is the liquidation price. How can entrepreneurs liquidate investors at such a premium? Du Shuang did not hesitate to vomit blood for her, but she didn't take it seriously at that time. She looked at it and didn't want to comment on it. But now I feel that it is the only hope, although the conditions are also very harsh.

If not, Zheng de casually closed, the small investors in the hands of the 1 million shares closed, holding more than 50% immediately, this is also amazing? There is also Daxia. Daxia investment always wants to exit successfully, but it has no chance. Who knows what will happen? Maybe in the end, I can only keep the title of honorary chairman and get out of the game.

This is what Chu Yuanxi said. There are still several battles waiting for her. The first one is the war of paying back the money.

So when it comes to Sunday, when chuyuanxi is ready for another road show, he is told by Yuan Jing that Fang Shiling is ready for a commercial.

According to Fang Shiling, it must be crazy to mow the late night Gallery if it is taken away by others. Instead of letting others mow it, it's better for my sister to do it by herself! And there is almost two months from the repayment date. Since the media can put advertisements on the weekends or weekends, it will earn five hundred thousand advertising fees a day with the official account of the late night Gallery, and her deficit plus a premium will be 20 million. Only a few million can be returned from Taishan.

According to Yuan Jing's words, Fang Shiling can return the real gold and silver to the best, and everyone is happy.

Chuyuan Xixin said, do you have any misunderstanding about the advertising business of we media? It's a hell of a thing for her to return it

But at this time Chu Yuan Xi has no time to think about other, he will be on stage soon. Although there is another round of a + financing, it is a foreign currency financing specially prepared for the Ba people, so today's roadshow is very important to attract a new group of like-minded people.

So what is like-minded? This needs to start with getting them to recognize the overvalued value of well-off society.

The main content of today's roadshow is to report data. Xiaokang has advanced to milestone 4, has done a lot of things, and has started to operate normally. Even according to the standard of entrepreneurship, it is no longer a small company. If we use the ordinary idea of Internet entrepreneurship, we should start to evaluate according to the market rate at this time.

But Xiaokang is not a typical Internet entrepreneurship, so it can't go that way, so the data is very important.

This is also a headache for Chu Yuanxi, because the data recorded by Xiaokang is actually worse than his own expectations. In particular, we need to make people recognize the overestimation of well-off society, which requires some technology. Fortunately, he is still a little sure of the mentality of many investors.

So Chu Yuanxi first describes what the well-off society has done, then what it is promoting, what effect it is going to achieve, and finally what points it is going to achieve next. Therefore, what is being developed and what is being prepared for development.

And these are all linked to money. What is the efficiency of burning money? How to burn the money now? The efficiency of money burning is the life and death line in the financing of start-ups, especially in the case of mobile Internet entrepreneurship. Many times, it seems that the work is not bad, but the efficiency of money burning is not high enough, so investors have to ask, why do I invest in this capital? Many investors have long been accustomed to this logic - because next you need to burn money efficiently in a certain posture, so I am interested in investing in you.

In fact, this is also the reason why many entrepreneurs do not do roadshows in the early stage. A round of financing, the common mode is to find the father of the gold owner direct financing, with the trend dividend, with their own advantages to move investors. Once the opening show, we have to face a lot of questions, investors will inspire each other's wisdom, and create a lot of trouble for entrepreneurs.

But even in the face of not particularly good data, Chu Yuanxi still decided to continue the roadshow, because he wanted to let the potential investors of Xiaokang form good habits, at least have good habits when investing in Xiaokang.After talking about his work, he noticed that many investors had already taken notes and waited for him to release the core data.

This level is always to pass, Chu Yuanxi pressed the next page, PPT immediately showed a table, respectively, before milestone 4, as of now, and expected milestone 4 at the end of the data. It includes the number of stores, the number of employees in service, the number of bicycles, riding data, the number of bicycle operators, and the number of key users. It is divided into three categories: registration, payment and membership.