Rebirth: The Financial Giant

Tiansheng Capital's investment philosophy is 'keep the right and use the odd', 'the weak water is three thousand, but take a scoop' and 'the peaches and plums are not spoken, and the bottom will form a new way'. We never seek control of start-up companies, we always Believing that founders are irreplaceable for a startup, I invest in a business and never interfere with how the founders do it.

Lu Ming added in an orderly manner with a smile: Tiansheng Capital's investment model is an exploratory model. Through research and exploration, we find out which is the best business model. We look for the best entrepreneurs who fit in, and we develop and accompany us together. The business grows together.”

This model gives us a deep understanding of things. If the answer is that it can be achieved through the secondary market, then we buy stocks and hold for a long time. If there is no such company, we look for the private market. If not, We incubate ourselves. After one sentence, what the founder wants to do with his business, I try to help him do what he wants to do, instead of teaching the founder to do things.”

After a long conversation, Huang Zheng sighed deeply, looked at Lu Ming with a smile, and said, It's really too late to meet you!

This conversation between the two parties lasted for two or three hours, and finally they accepted the financing of Tiansheng Capital without any suspense, which is also the A round of financing for Pinduoduo.

The financing agreement was handed over to Yao Yun to draw up and verify it, and it took about two and a half hours to complete.

The A-round financing of Pinduoduo was participated by a VC institution of Tiansheng Ventures. The financing scale was directly and generously given to about 100 million US dollars. In the VC industry, they like to use US dollars, and it is about 650 million yuan excluding exchange rate changes.

With this A round of financing, Pinduoduo will not worry about running out of money in the next year. Lu Ming estimates that it will be burnt out in about half a year. In the follow-up B round financing, Lu Ming suggested that Huang Zheng put the vine With the introduction of Xun, Pinduoduo needs to develop rapidly, and it needs the traffic entrance of Teng Xun. Teng Xun will also be very happy with the rise of Pinduoduo. Anyway, as long as it can make Ali unhappy, Teng Xun will be happy.

Pinduoduo, who received the $100 million in financing, maintained a 30% stake and became the second largest shareholder after the founder.

The shareholding structure of Pinduoduo adopts the AB share system. Huang Zheng is still the largest shareholder of Pinduoduo, holding more than 60% of the shares. He is also the founder, chairman and CEO, with more than 90% of the voting rights. , the control of the company is still firmly grasped.

Even if the subsequent rounds of financing come down and the shares in his hand continue to dilute, it will not affect his control over the company unless he voluntarily gives up.

Tiansheng Capital has no intention to seize control. This is not Lu Ming's investment style. If the founder team of the invested company commits two mistakes, leaving hidden loopholes in the top-level design, Lu Ming will either prevent other investment institutions from seizing power and obtain it by himself. Control took over to restructure the board.

However, Lu Ming's investment style in his previous life seldom did this, unless the company was too good and the prospects were too good to intervene. ?

If you don't go, why not stay for the New Year?

...

After coming out of the 28th floor, An Yirou asked curiously, What is this called Pinduoduo, what's so great about it?

During the long conversation between the two sides, An Yirou was always present, but she basically didn't have the chance to talk to her, so she just listened carefully, watching the two big men talk eloquently, with a similar attitude.

After the chat, he threw 100 million dollars and left...

Of course, 100 million cash was definitely not thrown out, and the funds will all be transferred to Pinduoduo's company account before the middle of this month.

Of course it's great. If it's not great, then Tiansheng Capital will help him become great. Lu Ming said with a smile: The 100 million US dollars, in the near future, at least Tiansheng Capital will bring more than 600 times the return.

More than 600 times?

An Yirou's apricot eyes widened and she raised her hand to cover her mouth subconsciously. Yao Yun, who was accompanying her, also flashed a look of surprise. She didn't understand the valuation logic of corporate growth. Her playing law was not her strength. Earnings are also exaggerated.

An income of more than 600 times is equivalent to giving Pinduoduo a valuation of up to 200 billion US dollars in the future. Since the huge Anshi Group has skyrocketed in the last month, the total market value of the current stock price is 927.9 billion yuan, excluding exchange rate changes. The volume of more than 146 billion US dollars.

The volume of 200 billion US dollars, that is 1.27 trillion yuan, is beyond the reach of the Anshi Group now.

The capital market is so erratic in valuing companies?

A company that works overtime during the holidays will not get bad results. Lu Ming said with a smile. He couldn't tell them that they had witnessed Pinduoduo's successful listing in the United States three years after its establishment, and its market value exceeded 2,000 two years after its listing. billion dollar mark.

The driver, Li Chengyao, had been waiting for a long time. He took the three of them out of here and went to the hotel to rest.

I have to go to a company tomorrow, which is also in this city, and I will end this trip after I get it done.

...

The next morning, Miha toured the headquarters.

Mr. Lu, I'm more curious about how you found a small mobile game workshop like ours, and you will invest 500 million yuan as soon as you come up, and you only need 25% of the equity? In the company's reception room, the founder of Mihayou Cai Haoyu asked curiously.

Honkai 2 under Mihayou created an annual turnover of more than 60 million last year. It should not be a problem to exceed 100 million this year. It is indeed not big, but it can never be called a small workshop. Lu Ming smiled. said: Tiansheng Capital is also optimistic about the future prospects of the two-dimensional mobile game market.

Mihayou, a game team founded three years ago by 4 Jiaotong University students.

This year, two-dimensional mobile games have grown rapidly in China, but the market lacks high-quality products. The revenue of Honkai 2, which was launched in March last year, has doubled year after year, and the influence of the IP of Honkai in the mobile game market has also been officially established. .

However, Lu Ming is more clear that Mihayou's subsequent mobile game Yuan Shen, which cost a high production cost of 100 million US dollars, is the work that really made Mihayou go to the big game factory. The process is quite tortuous. In a month, Yuan Shen has changed from unrecoverable costs to an exaggerated monthly turnover of more than 4 billion cash cows.

The gaming industry is really making money.

Mr. Lu, I want to hear what you think of Mihayou. Cai Haoyu is not familiar with this young legendary capital boss who took the initiative to visit, but he is not unfamiliar, whether it is the Antian War in the capital market It is also a legend on the rich list, and it is very popular and eye-catching.

Tiansheng Capital wanted to spend 500 million on Mihayou, but Cai Haoyu was actually quite moved, because the project of Honkai 3 required a lot of money, and although the funds accumulated from the previous work were quite a lot, he wanted to To create a real boutique, you have to spend more money.

But it is not very short of money, because the profits of the Broken series have given Mihayou the confidence that it does not need to rely on capital.

Hearing his words, Lu Ming couldn't help but said thoughtfully: Mihayou feels to me a company full of contradictions, you can call him a good company, or you can call him a garbage company; It can be said that he has no feelings for plagiarism, but he cannot deny his research and development level, at least he is set off by his peers; it can also be said that his management is chaotic, but it cannot deny the density of elite talents in the company and the vitality of the company...

No matter how you look at it, it can't change his status quo and the direction he is developing, including Tiansheng Capital. Mihayou may be learning from Tencent and Wangxing, and may become more and more like them in the future, but in the end he only It will become a 'Miha You', which is the biggest reason why Tiansheng Capital is particularly favored.

The art of speaking of the boss, the founder's mood is extremely comfortable when he can say it in a few words.

Dealing with the founder is a basic operation for the experienced Lu Ming.

...

(Ps: A large wave of additional updates is coming, everyone voted, just do it, do it hard! The update is a little slower, although it is a manuscript, but you have to go through the typos and paragraphs again, rest assured, the data that is satisfied today is all cashed out , if there are more than 50 chapters in the manuscript, it is unfortunate that all of them can be squeezed out... [akimbo to expand])