Salted Fish’s Self-help Strategy

The scene of the flashback ended. Although there was a lot of content on each other, it only reflected in the mind for a moment. Now, do you want to tell Hu Shiheng this worry? Chu Yuanxi chose to persuade him, at least let Hu Shiheng buy the first sum of money. After the shooting, it doesn't matter if he really scolds him for being stupid.

After all, this is from the bottom of the heart. If you want to say it, you must first talk to Yuan Jing, then Yuan Mu Xu Xin, and then the others. Chu Yuanxi was not afraid to tell people what she said today. She was considered stupid when she said it a year and a half ago, but now she has confirmed her original worries one by one, and the situation is still deteriorating.

But it's one thing to happen, and another to say it.

Therefore, it is better to use the drag word formula and wait until the form becomes clearer. Needless to say, those who invest with ￥ will also realize that the Nasdaq is not a good place, and then...

Moreover, it is hard to say that the world is already peaceful after four years. Chu Yuanxi before crossing is infinitely pessimistic in peace and time, so when the situation is already severe, why can't you become optimistic? In the final analysis, all issues are issues of globalization, globalized free trade, or globalized populism. This is the most complex and ever-changing issue in history, and it is difficult to say when it will start to develop in a good direction. Maybe three years, maybe thirty years, but it will definitely not be before 2020.

Therefore, he clenched his fists to support his cheeks, bowed his head cautiously, and said, "What you said is very enlightening. Actually, I am not so absolute about where to go on the market. I don’t like this. We all have an open mind. Anyway, preparations for the listing will be the earliest four years later, and the president of the United States will only last four years. The offshore structure of VIE will not be demolished. This matter will depend on the situation and how to choose the most suitable company. What do you think?"

In fact, Xiaokang has to set up a VIE structure because it has to introduce a large amount of investment. The irony is that the VIE structure is not useful for absorbing pre-listing investment. VIEs are only needed for overseas listings. Therefore, the pattern of VIE is just to confuse many investors in the future and make them think that Xiaokang has a plan to go to Nasdaq or Xiangjiang, but in fact there is no, it is really an incomparable performance art.

And Pakistani Entertainment has not set up a VIE until now, because in Chu Yuanxi's heart, Pakistani did not plan to raise funds many times, or even plan to go public.

Hu Shiheng nodded slightly unwillingly. He originally wanted to persuade Chu Yuanxi thoroughly, but found that he couldn't. Adults have a stubborn worldview, and it is much more difficult to convince others than to send them to heaven. It is considered good to say that like Chu Yuanxi's attitude, I don't know if I really accept it, or just talk.

Just listen to Chu Yuanxi's question: "Why do you suddenly want to point me to this aspect? At this time, shouldn't you care about the enterprise development plan? There are many variables in listing."

Hu Shiheng smiled bitterly, "Because, the days of private equity are not easy now. Do you know how much pressure LP puts on us?"

LP is the limited partner, LimitedPartner, which is the fundraising target of private equity institutions. Strictly speaking, Hu Shiheng is the head of the fund manager, and so is Yuan Jing. They are in charge of the organization and operating funds, but the money of the organization comes from the investor. If you make a loss, you have to pass the profit or loss to the funders according to the share.

"I think Orchid Capital's report is pretty good. Last year, this market was ranked high in the fund's rate of return."

"You don't understand." Hu Shiheng continued to smile, "You are looking at the IRR rankings. IRR stories have been told for many years, but they are paper wealth and cannot be cashed out. LPs no longer listen to IRR stories. "

Chu Yuanxi's brows wrinkled, and if he said that, wouldn't Zheng De also have similar problems? IRR is the most preferred indicator of funds for investors over the past years, called the internal rate of return, which is actually a discount rate of cash flow. Since it is the concept of cash flow, it is necessary to consider the turnaround time, which means that this indicator includes both profit efficiency and time efficiency. The same investment is 100 million, making 10 million a year and earning two seven million a year. Of course The latter is more attractive.

Just listen to Hu Shiheng said: "Now the investors have become conservative. I don't listen to your IRR, but only look at the DPI. Do you think we are under pressure?"

The so-called DPI is the rate of return on invested capital. It does not consider the time dimension, but only considers the success rate. How much is invested in a project, how much is divided, and a fortune is a lump sum, and it is better to be idle at other times, so it makes 10 million a year. More popular than two seven million.

If Chu Yuanxixin said that, wouldn't the cash flow of the fund be greatly diluted? When investment enthusiasm is high, many funds can use IRR to prove their excellence, that is to say, after raising a period of funds, before the DPI appears, start raising the next period.

For example, for a five-year fund, the first year is gone. At this time, the book IRR looks good, and the LPs are very happy. So, pay for it!

It is conceivable that these beautiful IRRs will become naked when their liquidity is exhausted. They have successfully squeezed onto the IPO's single-plank bridge, but the beach is covered with dead bodies. In jargon, " "Multiple kills" abound.

So Twilight looked back, but DPI was in dim light.

In this way, how much money Zheng De can spend in the investment behind the well-off is a problem? Chu Yuanxi had to fall into deep thought.

In his plan, Zheng De also had to bear at least seven billion shares. The Pakistani people couldn't make all the money to invest in Xiaokang. All the money for Xiaokang is estimated that the Magic Capital Syndicate will be sued. In this way, with 10 billion funds at the bottom, there should be no major problem with the total fundraising between 30 billion and 40 billion. According to the leverage ratio, there should be more than three times the leverage, and there is not much pressure.

As for Xu Xin and Hu Shiheng, the institutions they represent are richer and much larger than Zheng De, but Zheng De is an iron rod in terms of the relationship, and they are war investments. They have different expectations and different levels of dependence. They are willing to replace them. The well-off platform itself is a good resource.

But if the form becomes like this, then Zheng De may have to be the seller to make up the money, such as the snow project that he invested in before, and sell it for money. This method of financing is too painful!

His eyes had to be directed towards the Pakistani. Pakistani people are cash cows. If cash cows are killed, they can instantly turn into a huge pile of cash. And not necessarily kill all? Kill only part of it? For example, killing the Pakistani game?

This is not unreasonable. For many people in the capital market, Pakistani games are definitely SSS-level investment targets, and there are two favorites.

The first type of people need to buy profits. I paid a large sum of cash for the purchase of Pakistani Games, but the financial report was immediately bright, because the cash reflected in the financial report is not an asset rather than a profit, and cash cows contribute to the "current profit" for many years in the future.

The second type of person is Ali. If there is a game company with a perfect organizational structure with endless endogenous sources that can be bought, Ali's game empire will be formed in an instant, which is equivalent to a penguin's rib. Although the types are not the same, the effect is the same as that of NetEase after the emergence of "Yin Yang Liao". It feels like a third of the game industry map where Penguin dominates the world.

But this is not the current state of Pakistani games. Although it is selling now, Ali definitely has the willingness to acquire, but the willingness will definitely not be so strong, because Pakistan has no second and second series of games to prove its methodology. From the organizational structure of Pakistani games, it is also It's not the structure that a big company should have, it's more like an expansion after a small team succeeds, and the core is a team.

Such a wholly-owned subsidiary cannot sell at a very good price, and it actually affects the valuation of the Pakistani Group. This is the reason why Chu Yuanxi himself only estimated 30 billion for the Pakistani Group.

If the framework of Pakistani games can be reorganized according to the scale of Perfect World or Youzu Network, and then a new successful product line can be added as soon as possible, it will be completely different.

Small companies succeed in a product and then all the way to the street. No matter how much money the first product makes, the valuation model cannot follow the normal model in the capital market, let alone perform PE calculation.

The reason why a large company can become a large company is precisely because it has built a rich product line, has many successful products, a complete supporting structure, and endogenousness can support several fronts to fight at the same time. A knowledgeable market and business team know how to fight. Channel negotiation, how to buy volume, and even have its own traffic pool and can continue to expand.

The key is to integrate these units and knead each team into a combative cluster instead of belonging to the same company but fighting separately. This requires careful work.

The reason why Chu Yuanxi did not carry out a drastic reorganization is that Pakistan's valuation is temporarily meaningless, and there is no plan to do another round of financing, nor to go public. What is the use of the book value? If it is too high, it will increase the desire to sell from the Magic Capital Syndicate.

In fact, the Magic Capital Syndicate is a syndicate that understands game companies. It has long discovered this problem and made corresponding suggestions. It is hoped that the moat of the Ba people can be deeper, the profitability can be increased, and the valuation can be higher. some. This is certainly a very good suggestion, and Chu Yuanxi promised to implement it when he has time.

But in this form, Chu Yuanxi had to start using his brain. First of all, if only Pakistani games are acquired by Ali instead of Pakistani group, this is a good thing, because Chu Yuanxi can bear to spin off Pakistani games and supporting IP and traffic pool, as long as the price is attractive enough.

Then, after Pakistani Games is stripped off, it is possible to build a new game department. It is impossible that Pakistani Group sells its game subsidiary and it is not allowed to continue to make games. The IP and traffic pools have been handed over and it has been all righteous. Associated companies, there is no problem of hollowing out the sale target.

As for the traffic pool, this is very mysterious, because the traffic pool corresponding to the Pakistani game is the WeChat official account of the comics and the matrix number of some headlines, plus a Weibo comic account, of which WeChat is the main force, and it will happen if it is handed over to Ali. what?

These accounts and fans were all washed and diverted by Chu Yuanxi tirelessly, so the tone is still clear. The question is, does Ali dare to ask for it? Compared with Ali and Penguin, Ba Ren is a third party, and the account is in the hands of Ba Ren. Long father may have no idea, then, emmm...

If you think about it this way, completing the structure of the Pakistani game becomes a top priority.

In fact, Chu Yuanxi himself had thought about this, nothing else, mainly because of the question of whether to put the game-related supporting resources in the game company or stay in the Pakistani information and copyright company during the group reform. Finally, because Zhao Jie does not operate and maintain copyright and traffic pools, he cannot inject into the past, otherwise the game company will have to deploy talents who understand copyright and traffic pools, and the meaning of groupization will be lost.

From a long-term perspective, improving the structure of Pakistani games is definitely beneficial to the entire Pakistani group, and it is also beneficial to the well-off, because the profit release of Pakistani people is mainly based on games for at least the past three years, so that Pakistani games can use the group as much as possible. More resources are a good thing, and it can even drive some other changes in the reverse direction.

But in the short term, there is no hurry. For the time being, the profitability of Pakistani games will not change significantly because of this reorganization, because in the final analysis, to increase profitability, new product lines need to be launched, which cannot be arranged by the reorganization structure.

In the short term, what affects Pakistani valuations and actual profits most is the impact of counterfeit products. To what extent can the mobile game "Troubled Times" be rushed? This conclusion cannot be made now, and it will take two weeks to look at it.

But now, the situation is different. It may be upside down in the short and long term, and some things need to be changed from series to parallel.

Of course, it's not that these resources will be emptied and the structure of Pakistani games will be complete. The key is the game company's own endogenity and development attributes. Therefore, it is said that meticulous work must be carried out.

Thinking of this, Chu Yuanxi even wanted to find Zhao Jie immediately, if not for Hu Shiheng. Hu Shiheng's words to wake up the person in his dream are really crucial.

Emmmm...in the blink of an eye~www.wuxiaspot.com~Chu Yuanxi even thought about the announcement of betraying Zhao Jie, saying that Baren Group has always been carrying out business expansion with an open mind and looking for strategic strategic partners. The transaction of Pakistani games can bring more vitality and development to the entertainment, copyright, e-commerce and other business units of the Pakistani group, and promote the group to focus on its main business.

Usually a decent seller will issue a similar statement.

He looked at Hu Shiheng. Don't look at Mr. Hu's wry smile. In fact, he had a strong talk. In this case, I will find Zhao Jie later, anyway, the adjustment of the Pakistani game will take several months, even if it is to be sold, it will take a few months to sell.

Of course, one of the most important adjustments must be made in advance, and that is the issue of the ownership of "Enemies of Rome". Originally made to make money, "The Enemy of Rome" has no suspense to be placed in the Pakistani game, but since it is a seller, it is worth studying what this family has.

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Some readers asked if the watch was broken yesterday, and it didn't stop. It was 404 after 3 hours. It may be because the paragraph criticizing the China Securities Regulatory Commission may be a disaster for the starting point. I also understand the 404. But Chapter 814 is still more important. It explains why Chu Yuanxi insisted on domestic IPO instead of going to Nasdaq at the beginning of this book. The author Jun still remembers that he was ridiculed by the protagonist's insistence when he published the book. He could have been refunded as many as possible now, but he was 404.

Today’s chapter originally had 5,000 words, but I cut off the first 1,000 words. According to the 814 standard, it is easy to be taboo. This paragraph is put together with the original chapter 814. In order to maintain the integrity of the work, it is hidden in the author's self-media number under the same pseudonym. I hope you can take a closer look, so the surface of this chapter is only 4000 words.

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