It may be that Yuan Jing's experience in overseas investment banks has made him unable to bear the 20 times P / E ratio and unsightly growth of enterprises before listing. It may also be that the large-scale nationwide PE investment has stimulated Yuan Jing's investors' intuition. In short, Zheng de has gradually reduced the proportion of PE investment after the opening of gem.

As a result, the CSRC stopped all IPOs at the end of 2012 because of the market downturn. Those new PE companies swarmed into the market after the opening of the growth enterprise market tried their best to pull out relationship investment projects. After three years of waiting, the fruits finally matured and could only rot in the ground.

Wang family friend regarded Yuan Jing as the European emperor because he had miracully avoided the most tragic scene of the local venture capitalists. What's more, the scale of the fund has fluctuated in less than about ten billion to twenty billion.

Moreover, he did not reasonably use his own advantages and the passion of the times to raise more money around 2010. Of course, it may also be that at that time, it was generally decided by LP investors that Yuan Jing did not find such money.

However, after 2014, not only the big a shares have resumed a wave of bull market, but also the growth enterprise market has gradually expanded, and the whole domestic entrepreneurial atmosphere has become very hot and dry. Driven by o2o as the main force, the emerging economic model is advancing rapidly, and the top forces such as meituan, Toutiao and didi are rising strongly. But Zheng de didn't get a single big bull. Mobile game companies are crazy for money. As a result, they invest a few in the street. As for the eye-catching education industry

Thinking of this, Wang Jiapeng has no face to spit out Yuan Jing. He is so unlucky that he can't produce any results when God comes.

He got on the line through yuan Liu, director of Zheng de Investment Committee. Therefore, he was not only ashamed of Yuan Jing, but also of Mr. Yuan Liu when he failed. Unexpectedly, Mr. Yuan was willing to accept him regardless of the past. Now it's up to Yuan Jing.

At this time, Yuan Jing asked him what business he wanted to do. In fact, he asked him if he entered Zheng De, he would definitely lead the investment in a certain field, but if he did not want to do education any more, what else he wanted to do and what his strengths were.

Wang Jiapeng, of course, has thought about this problem many times. "What I want to do is invest in platforms, all types of platforms. The research and valuation of the platform are inseparable from modeling. Modeling is what I'm good at, and the platform has great development potential and high cost performance. Now in the "Post Internet dividend era", my personal view is that ambitious entrepreneurs will consider platform entrepreneurship mode. "

Yuan Jing takes a breath, because this goal is too broad to be defined by ordinary standards. Platforms are different from platforms, and people who can do this kind of platform are not necessarily able to do that kind of platform. Therefore, there is no such category in investment banks, and the entrepreneurship of each platform will belong to the track of that platform.

However, as Wang Jiapeng said, after the dividend peaked, the platform does look very attractive. It does not directly collect the Internet dividend like the app providing services, but through a special way of playing.

Of course, the cost is also high, and the platform can not start from scratch, which is not suitable for grassroots entrepreneurship.

Wang Jiapeng said, "if you find the right industry and opportunity to build a platform, it's too sexy. After entering the coin circle, Zhao Peng, the founder of Bi'An, didn't indulge in issuing air coins. Instead, he cut into the forbidden area and set up a trading platform. In half a year, he earned $2 billion in personal wealth from a small farmer. "

Is it necessary for yuan Jingxin to cite the example of Bi'An? It's impossible to copy. When this platform was popular, the daily transaction fee could be 20 million yuan. How much is the daily transaction fee of all the plates in the two big A-share markets? You can lift station B, or even taptap.

Wang Jiapeng said: "this example can be summed up as a wide track in a barbaric growth state, which is suitable for platform entrepreneurship. I believe that when 5g comes, such opportunities will still arise. "

Yuan Jing kept thinking. After Wang Jiapeng finished, he stopped for at least 20 seconds. Wang Jiapeng waited quietly until Yuan Jing asked, "what do you want?"

Wang Jiapeng's heart is a joy, so basically is to say yes, right?

"What I want is this..."

At the other end of the city, while they were negotiating terms, Geng bin was appeasing Lei Siyun at the headquarters of the group.

The main reason is that since the news broadcast, the blockchain has been reset, and then a lot of leeks in the coin circle have been shouting that the wind is coming, the wind is coming, the people who send microblogs to celebrate are beaten in the face on the spot, and the people who rush out to shout are severely punished by the state. The key is that the number of high-level rectification actions has suddenly increased, which is not only a matter of affectation, but also of great strength, which makes Lei Siyun, who knows a little about Geng Bin's plan, feel on pins and needles.

The feeling of burning buttocks has reached a climax recently. During the year, at least 500 people were arrested for engaging in virtual currency fraud, involving more than 20 billion yuan.

"It's OK. I'm not in a panic. What are you in a panic?" Geng bin a look of hate iron not steel, "we are friends, people are critical of the coin circle chaos KOL, eat the official dividend, you have what terrible ah?"

Lei Siyun said, "I don't know if I should vomit. If you are really a friend, what else can I fear?"? The problem is that it's not scientific! I'm not blind unless your ideal is to have thousands of rooms in the mansion!Although I don't know what medicine Geng bin sells in hululi, I'm sure it can't be a good medicine. Lei Siyun is really a little scared now, especially after the news broadcast, Geng Bin's big moves are frequent, including some capital channels with overseas, and some don't need to go through him. In the currency circle, several groups of people have been arrested for more than a week. They should be arrested.

This situation forced him to think more about himself. "You I'm not afraid, I'm I want you to give me some wind. What are you doing? "

Geng bin felt isolated.

Sometimes he has to reflect on his actions after returning home. Is it too much? Is it better to start a big company with a high profile?

But now that we have kept a low profile, we have to keep a low profile. The problem is that there is no confidant. If you want to do something, others will be embarrassed when they doubt it.

Like now, leisiyun is a very good tool man, but now he is suspicious, so he has to know something about him. Otherwise, if he puts off, the progress will be greatly delayed. The problem is that every day is important now, and delay is unacceptable.

Another example is the stupid woman Fang Shiling, who doesn't understand how to teach her basic knowledge. The live broadcast is like a disaster, seriously delaying her plan. How unreasonable!

Thinking of this, Geng Bin said selectively: "my idea is to build a" Zhongchuang Tongzheng platform "to subvert the existing Internet business model with blockchain."

As soon as Lei Siyun heard this, he was no longer sleepy. "Mass creation", "platform", "subversion" and "entrepreneurship" were all extremely powerful keywords.

Geng bin continued: "Lao Lei, you should know something about blockchain. I won't start from the beginning. At present, whether in Silicon Valley or in China, the most important indicator for Internet entrepreneurs is the number of registered users in the early stage, and the number of active users in the medium term, such as Mau, right? For example, when I build a platform, users come to use my platform functions, pay fees and time, or get benefits by providing UGC content, evaluation, products, etc., right?

So what do I get from the platform? I get a valuation of 15 to 20 dollars per user, according to the Silicon Valley algorithm. This shows that when users come to my platform and become active on my platform, they create value. But this value has not been cashed out to the users, and has become the income of my platform entrepreneurs, right? "

"Yes."

"No!" Geng bin shook his head, "it's not right. It's not fair to users. The activity of users has become my nourishment. It's not fair. What's terrible is that many users don't even have this awareness and don't know that they are on the unfair side. "

"Ah?" Leisiyun suddenly felt that this tune was really subversive, "what do you mean?"

"I mean, the fair model is to let users come to my platform and get money, and active behavior on the platform is OK. Of course, the money can't be used directly. It's too much pressure to start a business directly. Then what shall I do? Issue a pass. The value of these warrants should be cashed in batches. By means of venture financing, the capital market should act as an assistant to cash them. "

Lei Siyun was silly, but he didn't expect Geng Bin's logic was not finished.

"Of course, with the development of the platform, there will be traffic with users, and ultimately there will be business and income. This is the reason why investors give financing. Therefore, the realization of the pass is carried out in batches, corresponding to the rounds of venture financing. In this way, we start a business on the platform of Zhongchuang Tongzheng. We rely on Issuing Tongzheng to pull users. For example, users pull in new ones, and give new users and old users more or less Tongzheng. In the end, it can be realized through venture financing. "

Leisiyunxin said that the so-called pass is not the issue of currency? Air money he played But then again, it's really different from air money?

"No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no? Air money is not mined. I prefer to call it human flesh miner. Bitcoin is dug out by miner burning electricity, and our token is dug out by user's behavior. " Geng Bin said indignantly, "in fact, we rely on consensus to pull users and expand our platform. Consensus is the belief of blockchain and is more precious than gold. Do you understand?

Only when a consensus is reached can these warrants be traded between users. In this way, users can cash the value of the token in advance without waiting for the batch node. Moreover, according to the different rounds, the trading prices given by the market are certainly different, just like the price changes of treasury bonds far and near the maturity time. "

"That is to say, all the work you do is to prepare for this platform and the issue of token?"

"Of course Geng Bin has the final say that he should pay money or coins, of course, I said he had to open the platform.

Lei Siyun had no choice but to meditate, because in the first half of this year, there was a very popular concept of currency circle called "resonance currency". Does it feel a bit like general Geng's idea? Although resonance currency is a capital market, and the vision described by general manager Geng is not, from the perspective of transaction, is it not a multi-level fission promotion?

Resonance currency, in the first half of the year, can put a big satellite, a project of 30000 BTC admission, a BTC was worth more than 10000 dollars at that time!This set of younger generation's theoretical model + the coat of belief, as well as the business model in line with the logic of entrepreneurship, make leisiyun feel quite at ease. The implementation of this project really depends on the blockchain technology, because there are more complex transaction processes. Using blockchain, because it can not tamper with attributes, can greatly reduce the trust cost of users. Of course, to a certain extent, the three words of "blockchain" also exude the taste of tempting sudden wealth.

But he immediately found another problem: "but You do platform and blockchain technology. What about your development team? "

"Team I'm looking for a powerful development team in Silicon Valley. Rest assured, the resources I left in the United States before returning home are enough to support this project." Geng Bin said like a fish in water.

The following week, the market was calm, and soon came to double ten one, but the expression of Lingxi was a little unnatural.

First of all, on November 5, the Department issued the notice on preventing minors from indulging in online games, which put forward the most stringent requirements for mobile games in history, stipulated the recharge limit for minors of different ages, and also specified the daily game time limit for minors in detail. At first glance, it is serious to fry chicken.

The penguin is the one who will be most affected if the regulation goes down. It is estimated that there will be fewer pupils among the dead, and there will be no excuse for "teammate pupils" in the night fight. But Lingxi is about to acquire Ba Ren game. To be exact, it is to absorb "out of the mountain in troubled times". How much impact will the target product be affected? No one knows.

Then there is the new line of Ba group's "no way to Hun Jun", which makes people's expression transmutation. Ba people's behavior in the eyes of the counterparties is not authentic, not publicized, not disclosed, not on the channel, how the game data is never said, like a very slag man.

Although the TS framework has been written for a long time, this game and related IP are not included in the transaction package, it is said that it is also popular. The answers given by various external data organizations are more and more outrageous. Some say that the dau is 5 million, some say that it is 7 million, and others give data. On the first day of service, the dau is 2 million, and then it rises by 1 million every day. There is no sign of exhaustion, and it can't stop at all.

I can't believe how popular it is. Only the apple store has been the first place in the free list, which seems to explain something.

If you switch to other games, you will probably know the data by asking each platform channel. However, the bad habit of Ba Ren group is hard to change. Like TCG mobile game, it doesn't go to the channel at all. It opens its own Android official website.

Even so, he licked his face and told the channels that this game does not make any revenue. It can be seen that the best-selling list of Apple stores is less than 50, and then he has to pump the channel traffic to his own IP, so it is not suitable for the channel. So the group after many arguments, bear the pain is not on the channel.

Then I saw the video released from the advertising space in the movie, and everyone was speechless, just like the Ba people's overseas practice of causing group ridicule. It was originally the advertising space, but now it's all about all kinds of IP content of the movie, and then guide the players to pay attention to all kinds of we media matrix accounts. When they get on the channel, they can kill the channel.

Even if there is such a fatal factor, if there is a single channel that can get such suction products, but other channels can't, what will be the result? It is also a siphon effect, which creates a fierce phenomenon of this fluctuation and that rise among channels.

Why not? Because this feature is in the same line as "out of the mountains in troubled times", when "out of the mountains in troubled times" was put on the channel, it was shameless, which made the channels have to accept all kinds of unequal terms put forward by Ba people's entertainment. After a year, Ba people's entertainment has become a group and more fierce. With the same online time and the same bad situation, the single channel has become Ba people's official website. It's fair.

Therefore, although Lingxi can't find out the data, it can almost know something by looking at the reactions of various channels and what the wechat groups are talking about. The so-called viral detonating network needs to be popular as soon as it goes online and spread rapidly in various communication channels, just like the original travel frog.

As the owner of travel frog, some feelings can't be described, especially in the case of mastering all the game data and operation data of travel frog. The key is to see that like the original travel frog, no forced fission marketing has been used in the case of getting a lot of natural growth. Although the products are completely different, the mood is the same.

Therefore, until the double tenth day, there were still cracks in Lingxi's interior. It was suggested that ts should be revised to include Wudao HunJun. Zhao Jie, in particular, is absolutely a key figure. From the production to online operation, he should never let the tiger go back to the mountain.

"Operation, operation is a fart. They didn't do it at all, OK?" Lao Fan was so angry that he said that he would renegotiate ts, not to mention that he would be delayed for more than a month or two. The key is how much is right? Do you think chuyuanxi is as talkative as frog's son? You haven't seen the publicity lately? Now people have given "no way to faint king" a new meaning, with the help of this IP to become the UGC pioneer of China's game industry, subvert the existing game product production and online standards!In the case of "Mini World" before and "code heaven and earth" for pioneering, self proclaimed pioneers also need to be brave (PI), but people even shout out slogans, OK? Now let's talk about TS again. Don't you reach out and chop it?

The key is that Chu Yuanxi is not joking. Recently, Zhao Jie's new company named Gobi network seems to pay homage to MAHLE Gobi. On the one hand, he has begun to collect corpses.