Back in 2010: I owned 100,000 Bitcoins

Lu Pengfei smiled and said to Lei Jun, "After investing in Spring and Autumn Capital, we can assure Mr. Lei that we will not disturb Mr. Lei's thinking in future operations and will only make suggestions when problems arise."

"Furthermore, Spring Capital has assured Mr. Lei that we will only increase investment before Xiaomi goes public and will not divest or cash out in the meantime. This can be written into the contract."

After hearing what Lu Pengfei said, Lei Jun's attitude became a little relaxed, and he thought for a moment and said to Lu Pengfei.

"But have you ever thought about why Xiaomi should accept your investment?"

"I did some research before and found that your Spring Capital has only been established for less than a month and has not had any investment cases yet."

"So I accepted your investment, what benefits can you bring me?"

“Is it advanced management experience or rich industry resources?

Can you contribute to the cooperation between Xiaomi Company and hardware giants such as Qualcomm and Nvidia?

Or can you recommend top professionals to Xiaomi Company? "

Lei Jun said to Lu Pengfei again, "You may not know that I just received an investment a few days ago, and I won't tell you the specific amount.

But what I can tell you is that Xiaomi Company was valued at US$[-] million during this investment. "

Lei Jun then gestured to Lu Pengfei with his hand and said, "But do you know how many people were in my company at that time?"

"16 people!"

Lei Jun was very confident and proud when he said this, and then he said to Lu Pengfei.

"You also know that before I founded Xiaomi, I invested in many companies."

"So Xiaomi is not short of money at the moment!"

"And since I chose to start my own business this time, it is precisely because I have great expectations for Xiaomi's future development. If you don't have enough conditions to impress me, I will not accept your investment and sell my shares at a low price. "

Hearing Lei Jun's words, Lu Pengfei couldn't help but feel a little ashamed!

It seems that Spring Capital can’t help with anything except some money!

But Lu Pengfei was not discouraged. He said to Lei Jun, "Mr. Lei just said that we at Spring and Autumn Capital are currently unable to help, because Spring and Autumn Capital, like Xiaomi Company, are newcomers to this industry."

Lu Pengfei solemnly said to Lei Jun, "Mr. Lei, although Spring and Autumn Capital is a newly established investment fund, for this investment, Spring and Autumn Capital can provide Xiaomi with future product development and marketing, as well as complete strategic layout and operations." plan."

Lu Pengfei said, taking from Wu Chunjiao a planning plan that he had written for Xiaomi Company after staying up late at night, and handed it to Lei Jun.

In the plan, Lu Pengfei designed it based on the development trajectory of Xiaomi Company in his previous life, and did not disclose the major mistakes of Xiaomi in his previous life.

This is the weight he left for himself. If Xiaomi does not accept his investment, he will accept the price of his mistakes.

Anyway, what is written in the planning book are general and there are no detailed operation methods.

During the planning, Lu Pengfei put forward the slogan "Xiaomi is born for fever" and also proposed the strategy of "online sales, hunger marketing".

However, in order to prevent Lei Jun from suspecting, Lu Pengfei did not mention anything about Mi Liao.

Because Xiaomi has just been founded and the product design has just begun, there is definitely no Mi Chat now!

Lei Jun took the plan and looked at it seriously. The more he read, the more frightened he became.

Because most of the things mentioned in this planning book coincided with him.

In particular, he liked the slogan "Xiao Mi was born for fever".

Now Xiaomi is developing MIUI, and plans to interact with netizens, participate in design and improvement, and create the best operating system. This is in line with Xiaomi's future development strategy.

The idea of ​​online sales and hunger marketing was a method that I had only recently thought of. Unexpectedly, this young man already had a specific implementation plan for this method.

When Lei Jun wanted to continue to see how to implement it, he found that he just said a few words briefly and did not write about this aspect in detail. It seemed that the young man in front of him deliberately hid it in order to keep it secret.

Lei Jun felt regretful, and then looked back.

Lei Jun frowned when he saw that Lu Pengfei said that he would develop offline channels and strengthen the management of suppliers and factories in the future.

These points are somewhat different from his thoughts.

However, although this plan is not completely consistent with his ideas, it is generally very forward-looking, which shows that Spring Capital's ideas are consistent with his own.

After closing the planning document, Lei Jun crossed his hands between his legs, looked at Lu Pengfei and said.

"This copy is very good. Many things in it coincide with my ideas. It can be seen that Spring Capital is very dedicated and talented."

"But on the following points, I disagree with the issues regarding building offline channels and controlling factories."

“My plan is that Xiaomi’s profit model will be asset-light in the future.

From now on, it will only be sold online. It has no factory, so it can be manufactured in the best factories in the world.

It has no middlemen. The mobile phone goes directly from Xiaomi to the user, leaving a portion of the profits from offline channels to the users.

Let Xiaomi use lower prices to attract more people to choose Xiaomi and achieve the effect of occupying the market.”

Lu Pengfei was mentally prepared for Lei Jun's disapproval of the following proposals.

Lu Pengfei tried to persuade Lei Jun about the division of factories, offline channels and high-end and low-end, but when he saw no effect, he stopped saying anything.

He knew that Lei Jun was a person with personality and would not look back until he decided something.

Since Lei Jun chose not to build offline channels in his previous life, he will definitely disapprove this time.

He just wanted to give it a try. If Lei Jun listened, Xiaomi's future development would be better.

It doesn’t matter if you don’t listen. Although the process will be a bit difficult, under Lei Jun’s leadership, Xiaomi will eventually develop into a large company with a valuation of more than [-] billion US dollars.

"Since Mr. Lei doesn't agree with the following items, it doesn't matter. We at Spring Capital are just making suggestions, and you will be responsible for the specific operations!"

"After reading this plan, do you agree with Spring Capital's investment?"

In addition, Mr. Lei also said that he hates investment institutions dictating the company's operations.

So the most important thing is that I can promise Mr. Lei that Spring Capital can fully authorize the decision-making power of the future shareholding that belongs to Mr. Lei to Mr. Lei, and you will become a consistent person. We will not participate in the operation, only shares and dividends! "

When Lei Jun heard what Lu Pengfei said, he couldn't help but be moved in his heart.

I thought to myself that what this young man said was right. Although I had great confidence in Xiaomi, my colleagues in the outside world were not optimistic about me as an outsider.

Since he only provides money and does not require decision-making power, it is okay to sell him some shares!

Although Xiaomi is not short of money now, it will definitely need a lot of money in the future, and financing is inevitable.

In this case, it is better to invest in these newly established small companies than to invest in those established venture capital investors who are very cunning and cannibalistic!

Lei Jun thought for a while and said to Lu Pengfei, "Are you sure that Spring Capital will not participate in the operation and will not withdraw capital until it is listed? And authorize the voting rights to me?"

Lu Pengfei nodded with a smile.

"Then how much do you plan to value Xiaomi? How much do you want to get the shares?" Lei Jun tried to ask.

Lu Pengfei said to Lei Jun, "Since Mr. Lei said that when he received investment not long ago, he valued Xiaomi at US$[-] million, I will now directly double the value and value Xiaomi at US$[-] million, and invest [-] million to get the value of Xiaomi." Twenty percent of the shares.”

Lei Jun smiled and asked, "Are you talking about Xiaomi Technology Company?"

Lu Pengfei smiled and shook his head and said, "Mr. Lei, don't be kidding. It's not Xiaomi Technology, but Xiaomi's parent company. I know that Xiaomi uses a VIE control protocol, and the parent company is registered in the Cayman Islands."

Hearing this, Lei Jun quickly shook his head and refused, "No, no, you only invested [-] million US dollars and you want to take [-]% of the shares of Xiaomi's parent company. That's too much!"

In the end, after many negotiations between Lu Pengfei and Lei Jun, neither party reached an agreement on the company's valuation and shareholding ratio.

Lei Jun requires Xiaomi's parent company to be valued at at least US$[-] million, and Lu Pengfei can only hold a maximum of [-]% of the shares.

This is somewhat different from Lu Pengfei's goal, and Lei Jun also refuses investments from strangers.

So in the end, Lu Pengfei's investment proposal was rejected.

Lu Pengfei's investment negotiation ended in failure.