my return to life

This is conducive to the company's better development and longer-term layout.

Almost Dangkang needs to rely on B1 round financing, but at the same time Dangkang will also use revenue to give confidence to B round investors.

Therefore, Guan Qiuhe said: "I will try my best to tell this story well."

Then the topic changed: "After Dangkang Games is registered in Shanghai, I want to build another independent research and development branch and put it in other cities with development;

Tilt certain resources and let this branch try to develop an excellent domestically produced big game. "

Hearing this, Fang Nian suddenly felt a feeling of "my family has a girl who has just grown up", and Guan Qiuhe finally started to go on the long-term route.

"Great idea, I fully support it!"

Guan Qiuhe: "..."

Glancing at Fang Nian, Guan Qiuhe frowned and said, "Why do I feel that something is wrong with your eyes? You still have such strong passion and excitement about Dangkang?"

"After all, it will soon be a big company with a valuation of tens of billions!" Fang Nian said nonsense.

He can't say, 'Mr. Guan, I think you've finally grown up. 'This kind of words, right?

…………

From the company's current situation to the company's recent adjustments to the company's recent financing plan, and then to the long-term deployment.

Fang Nian talked a lot with Guan Qiuhe.

Public cyberspace is full of hustle and bustle.

Some good people specially counted some data that cannot be completely accurate, and made a series of comparisons.

The objects are Dangkang mini game library and TGP leisure area respectively;

Dangkang University game active data, TGP big game active data.

An interesting result was posted:

Due to the remake and innovation of the Dangkang game library, it has attracted some users of the original QQ game.

From an imprecise point of view, although Dangkang Xiaogame is still a loser, the gap is not that big.

And another data is a bit garish.

Estimated number of simultaneous online users of 'My World': 162 million.

Far more than DNF or CF or other big games online at the same time, the highest CF estimate is only 119 million.

Then the good thing netizens started to manipulate the keyboard, frantically analyzing:

"In other words, the impact of TGP's launch on Dangkang is actually not as scary as imagined?"

"The key is Dangkang's high efficiency. Hundreds of games are online in one go, and the game library is filled directly according to the same pattern. I doubt that Dangkang's executives have already guessed this."

"Let me just say that if you just compare it with casual games, Dangkang is actually at least three blocks away from TGP, because Dangkang's mini-games just went online not long ago."

"What's the matter? Dangkang's game pack is really well done, and it's full of expectations in every aspect. Isn't it normal to throw away the leisure area that TGP put together from all over the place?"

"Don't talk about it, I'm going to play 'Dinosaur Chong Chong', just for a change of taste."

"Anyway, I support Dangkang, the assistant is easy to use, and the platform is smooth."

"..."

In the evening, Fang Nian, who had just returned home, saw these crazy analyzes and finally refrained from participating in them.

On the other hand, there is also a call coming in...

Chapter 432 A small victory in the first round (for subscription)

"..."

"..."

Fang Nian glanced at the time before looking at the number on the screen.

In the end, he chose to connect, and said with a smile: "Mr. Liu, good evening."

"Mr. Fang." Liu Qin greeted with a smile.

Then he said directly: "Mr. Fang, how is Dangkang's development now? Is there any financial pressure?"

Fang Nian laughed: "How can there be no pressure? Although TGP is only a small part of Goose Factory, it is still a huge monster that Dangkang cannot compete with."

"Haha." Liu Qin laughed, "Fang is always so humble."

"Based on my general understanding of the other party, you should have thought that Goose Factory would launch similar products."

After a short pause, Liu Qin said again: "The facts also illustrate this point. Dangkang's response efficiency is shocking. We are still discussing in the afternoon. Dangkang, with Mr. Fang, will become a great company without any obstacles."

"Mr. Liu, my tail is really going to grow!" Fang Nian said happily with an interesting expression on his face.

"..."

Chatting with Liu Qin, Fang Nian was also feeling emotional.

The sense of smell of investors like Liu Qin is far more sensitive than imagined.

The discussion between Guan Qiuhe and Fang Nian in the teahouse was only between the two of them, and the outside world had no way of knowing about it.

Liu Qin called so soon, obviously also judged that under the current situation, the best way for Dangkang is to embrace capital more openly.

Not everyone can ignore the confidence that the capital market can give.

Even if the goose factory is so huge, it still needs capital to support it.

It is hard to say that there is no capital support behind any big company that has grown up.

After touting and talking for a long time, both parties were in a good mood, and Liu Qin officially cut to the chase: "Mr. Fang, I'll just say it straight. Will Dangkang launch a B round of financing in the near future?"

Fang Nian pretended to ponder, and only took a moment to answer: "Yes."

"Dangkang's revenue last month was very impressive, but this month is gradually normal. The emergence of TGP will affect Dangkang, and they also focus on free. Dangkang needs more and more abundant funds to support it. Deal with the competition."

Hearing this, Liu Qin thought for a while: "I don't know what Mr. Fang thinks Dangkang is worth?"

"Why don't Mr. Liu tell us, what is Morningside Capital's latest assessment of Dangkang?" Fang Nian asked with a smile.

Liu Qin didn't mean to hide it, and said directly: "We know more about Dangkang, and after internal analysis, we have adjusted our latest internal valuation of Dangkang..."

After a short pause, Liu Qin said calmly, "It's 85 billion yuan."

Then he added: "However, I guess this valuation should not be expected by Mr. Fang. If financing is based on Internet companies, Dangkang's valuation should be tens of billions of RMB."

Fang Nian pondered and said: "To be honest with Mr. Liu, the valuation of 85 billion did not meet my expectations. Although last month's revenue was brought by 'Minecraft', and this month has dropped significantly, no matter whether it is paid by the platform The rate and the scale of payment are very high.

Financing is not based on the standards of Internet companies, but financing is based on ordinary technology companies, and is based on the internationally commonly used price-to-sales ratio (P/S) valuation method;

Dangkang’s revenue in fiscal year 2010 should be the same as that of Goose Factory Games last year, which is a little lower, 40 billion yuan. Dangkang’s current valuation should also be above 400 billion yuan. "

Liu Qin smiled and said: "Calculating the valuation based on the price-to-sales ratio with a multiple of 10 is a bit bullying the investment institution;

Moreover, currently only high value-added technology companies in the world can have a scale of 10 times, and it is difficult for ordinary technology companies to exceed 5 times..."

After a short pause, Liu Qin changed the topic: "I know Mr. Fang's valuation should not be so high in his heart, so please speak frankly."

"Haha~" Fang Nian laughed twice, and took the initiative to tell the truth, "I still can't hide it from Mr. Liu. At present, Dangkang's research and development investment does not account for a high proportion, and the output is very low..."

"Coupled with the fact that there are strong competitors in the market, I thought over and over again, and finally lowered the valuation as much as possible, rounding up 100 billion."

Liu Qin pondered for a moment, and finally expressed his basic agreement: "Mr. Fang is right, and I basically agree."

Then the topic changed: "I want to go to Shanghai to ask for a cup of tea in the near future. I wonder if Mr. Fang can welcome you."

"Definitely." Fang Nian smiled.

"..."

Although Morningside Capital, where Liu Qin works, is Dangkang's third largest shareholder, its shareholding ratio is not high, and Fang Nian and Guan Qiuhe have the leading power.

On the other hand, capital is only responsible for investment and rarely intervenes in company management.

Morningside Capital is no exception.

Moreover, Liu Qin deeply believes that if Morningside Capital intervenes in the company's management, it will only be slapped in the face if Fang Nian is here.

It would be fine to send someone occasionally to participate in high-level meetings and look at financial reports when you have time.

Liu Qin had no way of knowing what Fang Nian discussed with Guan Qiuhe.

A valuation of 100 billion is not a fixed number, and it cannot be taken as true if it is not written in black and white.

For such a large financing, Liu Qin also knew that Morningside Capital would not be the only one to participate.

He knew very well that this did not meet Fang Nian's strategic needs.

But Liu Qin was also willing to carry Fang Nian's sedan chair.

To be honest, Fang Nian never thought of using the price-to-sales ratio to raise funds. This aspect is really bullying.

However, there is always a little bit of a head start to sit down and raise the price.

What Liu Qin meant was obvious. As a game company, Dangkang has no major game R&D output except for the game platform, so how could it be possible to raise funds at a high market-to-sales ratio.

It is also possible to use the price-earnings ratio (P/E) to calculate the valuation.

Although the valuation ratio of the price-earnings ratio is higher, it is generally 15 to 30 times.

But the profit is not high. Based on Dangkang's current month's net interest rate, even if it is 30 times, it is still very difficult to exceed tens of billions.

Fang Nian would definitely not agree with such a valuation model.

In fact, the biggest contradiction here is not the appearance of financing valuation methods, but TGP.

Because the investment belongs to the future form, the investment is the future income.

After the birth of TGP, how Dangkang can ensure that its income does not decline and can continue to bring investors tens of times of returns is the most real.

…………

After finishing the call with Liu Qin, it was past seven o'clock in the evening.

After the usual dinner time with Ms. Lu Weiyu who is far away in Chang'an.

For the other year, it is quite a pity.

So much so that I didn't even finish the cooking, but went downstairs to deal with it near the community.

Still can't hold back talking to Lu Wei to force Lai Lai.

Fang Nian looked angrily, and beeped to Lu Wei: "In the afternoon, I still felt that 'my family has a young girl', and in the evening, I was the one to find all these matters, why not find Guan Qiuhe! She is the major shareholder!"

Hearing this, Lu Weiyu said softly, "It seems that the major shareholder is Mr. Fang..."

"What's wrong with the big shareholder, the big shareholder deserves nothing to eat to deal with the investors." Fang Nian snorted and said arrogantly.

Lu Weiyu said softly, "But Mr. Fang is obviously better at this kind of thing."

Hearing this, Fang Nian suddenly said with satisfaction: "That's right, I'm so good after all."

"..."

More than 1000 kilometers away, Lu Weiyu had to comfort Fang Nian on the phone who suddenly became "childish", but Lu Weiyu's heart was bubbling with beauty.

Who doesn't want to have someone clingy to.

"..."

After chatting for a while, Fang Nian changed the subject and said, "I've booked you a ticket to Shanghai on the morning of June [-]st. How about it? Get ready."

"Yeah." Lu Weiyu said with a smile, "I'll go to the airport by myself in the morning."

Fang Nian didn't worry too much: "That's fine."

He knew that Lu Weiyu would know that he would make arrangements.

"Mr. Fang, can you vent a little bit, is there some conspiracy?" Lu Weiyu suddenly laughed.

Fang Nian said solemnly: "There is no conspiracy at all, at most it's nothing more than telling the truth."

"Hey~~~It's broad daylight~"

"During the day...it's better to dream."

…………