Salted Fish’s Self-help Strategy

The situation mentioned by An Qi is actually common, and Yuri of DST didn't start his own money. Many mutual fund managers tend to be appreciated by big money owners after demonstrating their superb investment skills, and then pull out all the funds to do it alone. But what Chu Yuanxi needs now is An Qi's game skills...

He had to bite the bullet and said, "Ordinarily, it's not bad based on our friendship, but you are not what I need now."

An Qi was a little lost, he heard it out, Chu Yuanxi's needs were still in game production.

"Oh, I won’t cheat you. I have been out of game production for two years. In the past two years, the game industry has been turned upside down. The operation method has completely changed. My skills are all outdated. I know."

Chu Yuanxi observed his words and thoughts and felt that the actual situation was that An Qi still wanted to invest, and his interest in investment was far greater than playing games.

This problem is actually easy to solve. He patted An Qi on the shoulder: "An Qi, do you know the Pakistani DKP system and incubation?"

"Ah? What do you mean..." An Qi's thinking was in line with Chu Yuanxi's, and she immediately understood, "Are you saying let me enter Pakistan to get DKP and cash it into a business incubation investment? Then I use this money to incubate An investment company?"

"Bingo!" Chu Yuanxi pointed to herself, "Besides, there is an investment company under the Pakistani Group. This Pakistani investment is currently the only leather bag company among all branches of the group. I am the only one, and it's useless."

In fact, it is not in vain. Pakistani investment and management are invested companies of the Pakistani group, mainly incubating startup companies, at least logically defined as such. It's just that there is only one peak visual effect at the moment, which seems to be alone.

I saw An Qi thought about it for a while, "The problem is, what I need is at least 100 million. I believe that you can earn tens of millions of bonuses. Can DKP give that much?"

"You have to use the private equity fund model to think about this. DKP is your own share, regardless of whether it is 5 million or 20 million. The big head of the eighty to ninety million is still from Pakistan, and the share is also Pakistan. People dominate. The structure in private equity is normal and different from ordinary entrepreneurship."

Ordinary startups, if angel entrepreneurs only account for 10% to 20% of the shares, it is almost impossible to engage. Investors dare not accept this ratio, mainly because they can’t believe that entrepreneurs can accept it. . But private equity is ok. When Yuri’s DST was established, he had no hair except a mouth, and he was not even a fund practitioner. It was the Russian tycoon Usmanov who had just bought Arsenal and was in a good mood, so he voted for him several hundred million. .

An Qi, as a progressive young man who is interested in the investment circle, naturally understands this truth, and then found that the breakthrough is really the biggest breakthrough in making a successful game in Pakistan, because Chu Yuanxi has shown two characteristics.

The first does not restrict employee development. An Qi, as a chatter with Chu Yuanxi from time to time, definitely knows more about Ba people than the outside world. In the case of Yang Jiangang, Chu Yuanxi needs him very much, and if he is replaced by ordinary people, he must be killed in the company for exploitation. At most, the salary bonus is sufficient. But Chu Yuanxi did let him incubate and start a business, which An Qi couldn't do.

The second is that the rewards are fulfilled relatively quickly and quickly. Several million DKPs are given away. Even after they know that they are given away, they will take away the use of entrepreneurship. They must be out of the control of the company and still issue. Don't blink. An Qi owns the company, and she knows how powerful the boss is when she wants to behave as a gangster. The employees are dying and calling every day to resist, and there is little possibility of resistance.

These two points can help aspiring people achieve their ideals, and they can also make enough contributions to the company before they achieve their ideals, so that employees and the company can reach a delicate balance. He has always felt that it is precisely because of these two characteristics that the employees of Pakistani people clearly show different drive and enthusiasm than other companies, so that he can intuitively feel cheerful.

But as a former CEO, a person with a city government, An Qi will not directly agree, but "let me think about it."

The Pakistani people are operating the repurchase and withdrawal of shares, and Zheng De is also operating the equity issues of "Late Night Gallery" because Fang Shiling also wants Zheng De to "withdraw".

In fact, as soon as the situation of "Late Night Gallery" came out, Du Shuang was stunned at the time. Didn't he say it well? Why did it suddenly happen? Although Yuan Jing didn’t change his face, he really sucked in cold noodles in his heart. He couldn’t help but recall that on March 14th, Chu Yuanxi asked him to poach him when Du Shuang told him: You need to be prepared to receive a large matrix from the media. .

Then he asked Chu Yuanxi what was going on, Chu Yuanxi said: It won't work if you say it, just watch the changes.

Time flies, less than half a year, how can you cash it out in the simplest way? Although I knew this was the result of Chu Yuanxi digging a hole for Fang Shiling behind his back, it was too easy, right? Think carefully!

He had to take a look at the investment agreement he had signed at the time. It was a long time since he hadn't read it, and he almost forgot it. The structure was quite complicated in his impression. However, he remembered the key data: Fang Shiling was terminated by Taishan Terrace, the project sank, and a total of 2.4 million shares were to be compensated to Zheng De.

Zheng De did a nominal C round of financing for "Late Night Gallery". After the investment, "Late Night Gallery" has a total equity of 11.2 million shares, with a valuation of 140 million, of which Fang Shiling has 5 million shares and Daxia invested 2.8 million shares. , Zheng De received a total of 2.4 million shares at 12 yuan per share. The other 1 million shares are scattered in the hands of small investors.

Now that the project is sinking, according to the gambling agreement, the total package is 2.4 million shares, which means that if there is no accident, Fang Shiling's shares are reduced to 2.6 million, which is less than a quarter, while Zheng De rises to 4.8 million, nearly half.

The so-called accident is that Fang Shiling has a life-saving straw. She has the right to liquidate Zheng De's shares, but Zheng De needs to choose how to wind up. The first option is to liquidate according to the actual valuation of "Late Night Gallery", and the second option is "Late Night Gallery" to spend 35 million.

This is Fang Shiling's understanding of "withdrawal". But how can it be so easy to retreat? The 35 million activation conditions for option 2 are very complicated. Investment institutions are best at setting such complicated clauses to make entrepreneurs jump into the hole.

The first is to liquidate according to actual valuations. This seems clear, but it is actually extremely difficult, because the core question is whether the 4.8 million shares are worth 35 million after the variety show of "Late Night Gallery" is sinking? In other words, what is the value of "Late Night Gallery"? Is it worth 67 million after deducting the remaining 15 million cash from the financing funds lying on the account? We must know that in the current self-media market, short videos are upstarts. Under the rise of upstarts, the old aristocrats will naturally decline, which is directly reflected in the valuation of the official account.

Even if it's still worth it, can Fang Shiling find other capital to help her take the offer? Zheng De is very optimistic about this, because the receiver Fang Shiling needs must pay money and give her voting rights, which is equivalent to making a pure financial investment. Otherwise, if the voting rights are not handed over, what difference does it make to Fang Shiling whether the 4.8 million shares are in Zheng De's hands or the receiver's hands? The same is losing control.

Therefore, to Fang Shiling, option one may seem simple but it is harder to be realistic.

But the complexity of option two is that if Fang Shiling chooses not to activate it, Zheng De can still choose to activate it at some time in the future under certain conditions, and Fang Shiling is required to bear unlimited joint and several liability. . To put it simply, if "Late Night Gallery" can't afford the 35 million, Fang Shiling needs to fill it in with his own money. But this has a trigger condition, it is not activated when Zheng De wants to activate, in other words, Fang Shiling can try to avoid it if she has the ability.

And if Fang Shiling chooses to actively activate it, he does not have to bear unlimited joint and several liability, at least temporarily, but with a time limit, "Middle Night Gallery" must complete the refund before October 15. If the refund cannot be completed after the expiration date, then she has to choose whether to bear unlimited joint and several liability, or to lose more shares to Zheng De.

This time point is also the time point specified in Milestone 2. In fact, if it were not for this time, the liquidation price would not be so cheap. Only a mere 5 million yuan was added, one-sixth of the total investment, which is extremely affordable as the liquidation price. However, considering the short period of time, even the annualized rate of return of venture capital is still in the past.

When signing this article, the members of Du Shuang and Zheng De repeatedly discussed it with you and me for a long time before finalizing a highly enforceable article. Mainly used to prevent the worst situation, that is, what is happening now, "Middle Night Gallery" was terminated by Taishan Terrace without even two milestones.

In this case, how much can "Late Night Gallery" itself be worth? It cannot be said that it is worthless, because the basic disk is still there, but the uncertainty is great. Therefore, as far as Zheng De's interests are concerned, it is the most desirable to get the money back and earn a little bit. Taking the equity of "Late Night Gallery" or even acquiring a little bit more to gain control is the second choice. This is especially true for investment institutions.

For this reason, when Yuan Jing re-examined the investment agreement signed at the beginning, although he was a little interested in the plot that Chu Yuanxi originally designed, that is, the control of "Middle Night Gallery" obtained by Zheng De, it is expected Fang Shiling will not give in so easily.

However, looking at the content of the agreement, Boss Yuan had to remember how Chu Yuanxi met with him face-to-face, and met with strong opposition from him, and then worked hard to convince himself.

Why are these twists and turns? Because Chu Yuanxi wanted to bury a hole in the investment agreement. For example, for the setting of three milestones, the settlement time of the first milestone is floating, and the time point of the second round of financing for the "Jixia Academy" project is used as the milestone node. In this way, the "first" milestone may be Go after the "second" milestone, or settle at the same time.

(These clauses appear at the end of 747 and beginning of 748)

In this case, once Fang Shiling didn't play well, they would trample on each other, not as she thought, which could be handled in order.

Yuan Jing bet that Fang Shiling definitely didn't realize this when signing, and even now he didn't expect this, and he has been confused and happy.

This is also the reason why Chu Yuanxi was named on ChinaJoy. This is a potential factor that can affect the second round of valuation of "Ji Xia Xue Gong". It is Chu Yuanxi's flying knife.

Now it seems that it is simply a waste of effort. Fang Shiling directly crossed milestones 1 and 2, and Taiwan’s dystocia directly exploded milestone 3. Thinking of Yuan Jing's extremely rare smile here, Du Shuang, who was accustomed to poker faces, looked at him.

In fact, Yuan Jing didn’t really want "Late Night Gallery" deep in his heart. First, the reputation of looting by cleverness was unsatisfactory; second, he couldn’t make much money after reselling; third, he asked Du Shuang: "You said I want it to come Why are you playing with Daxia?"

At this time, Du Shuang made several good investments in succession, and his right to speak within Zheng De greatly increased. Although it is not long, the explosive power of short video e-commerce is great. There are quite a few companies that have been voted for quickly rising from a grass to a tree. No matter what means the housekeeper uses, the whole network will get 30 or 40 million fans in half a year. , The speed of blowing bubbles is comparable to last year's Pakistani people.

The key is that the ambitions of these invested companies are not as good as those of the Pakistani people, but their character is worse than that of the Pakistani people. They are basically targeted at the acquisition for targeted development. Therefore, such investment has fast turnover, many investment and financing nodes, and easy exit. , Loved by investment institutions.

Therefore, Du Shuang only took a very short and difficult period to gain a firm foothold under Yuan Jing's support. Now he has been able to have equal conversations with many members of Zheng De's backbone, which also made Daxia Investment regret.

It was also now that Fang Shiling finally deeply felt Du Shuang's help to her. Faced with the number of 35 million, everything is clear.

We must know that this is the liquidation price. How can entrepreneurs liquidate investors only have such a premium? This was what Du Shuang got when he vomited blood for her, but she didn't take it seriously at that time, looked at it, and then didn't bother to comment on that. But now it feels like the only hope, although the conditions are quite harsh.

If not, Zheng De will take it casually, take the 1 million shares from the small investors, and immediately hold more than 50% of the shares. Is this okay? There is also Daxia. Daxia Investment has always wanted to exit successfully, but there has been no chance. God knows what will happen? Maybe in the end, I can only retain the title of honorary chairman, and I will be honored.

This is what Chu Yuanxi said, there are still several battles waiting for her, the first is the battle to pay back the money.

So when the time came to Sunday and Chu Yuanxi was about to roadshow again, Yuan Jing told him that Fang Shiling was ready to go shopping for an advertisement.

According to Fang Shiling's words, "Late Night Gallery" must be mowing wildly if someone else took it away. Rather than let others mow it, my sister might as well mow it herself! Moreover, there are still almost two months before the repayment date. We can make advertisements from the media regardless of midweek or weekends. If the public account of the same size as "Late Night Gallery" runs at full capacity, it can earn half a million ads a day. Fees, and her shortfall and premium are only 20 million in total. There is still a few million refunds on Taishan Terrace. Hope!

According to Yuan Jing's words, Fang Shiling was able to return the best real money, and everyone was very happy.

Chu Yuan Xixin said, do you have any misunderstandings about We Media’s advertising business? Hell if she can still go...

But at this time Chu Yuanxi had no time to consider anything else, he was about to take the stage. Although there will be an A+ round of financing in the future, it is a foreign currency financing specially prepared for Pakistani people, so today's roadshow is very important to attract a group of new like-minded people.

So what is like-minded? This needs to start from getting them to recognize the high valuation of Xiaokang.

The main content of today's roadshow is to report data. Xiaokang has advanced to Milestone 4, has done a lot of things, and started to operate normally. Even according to the standards of entrepreneurship, it is no longer a small company. If you use ordinary Internet entrepreneurship valuation ideas, you should start to follow the market at this time. The sales rate is estimated.

But Xiaokang is not a typical Internet entrepreneurship, so you can't follow that set, so data is very important.

This is also the more troublesome part of Chu Yuanxi, because the data recorded by Xiaokang is actually worse than his own expectations. In particular, people must recognize the high valuation of Xiaokang, which requires some technology. Fortunately, he was a little sure about the mentality of many investors in the audience.

So Chu Yuanxi first describes what Xiaokang has done~www.wuxiaspot.com~, and then what is being promoted, what effects are to be achieved, and finally what points to be done next, for this, what is under development, What is ready to be developed.

And these are all linked to money. How efficient is the money burned? How to burn the money raised now? For startup financing, the efficiency of burning money is a life-and-death line, especially for mobile Internet entrepreneurship. In many cases, it seems not bad, but the efficiency of burning money is not high enough, so investors will ask, why should I invest in this capital? What? Many investors have adapted to this logic a long time ago—because you have to burn money efficiently in a certain position, so I am interested in investing for you.

In fact, this is why many entrepreneurs do not do roadshows in the early stages. In the A round of financing, the general model is to find the funder’s father to directly finance, use trend dividends and use its own advantages to impress investors. Once the roadshow starts, there will be a lot of questions. Investors will inspire each other's wisdom and create a lot of trouble for entrepreneurs.

However, Chu Yuanxi decided to continue the roadshow even in the face of not particularly good data, because he wanted the well-off potential investors to form good habits, at least to have good habits when investing in a well-off society.

After talking about the work content, he noticed that many investors had already finished taking notes, and then eagerly waited for him to release the core data.

This level is always to be passed. Chu Yuanxi pressed the page down, and a table was immediately displayed in the PPT, which were the data before and until the end of Milestone 4, and the data at the end of Milestone 4. Including the number of stores opened, the number of staff in service, the number of bicycles placed, the number of cycling data, the number of bicycle operators, etc., as well as the number of key users, divided into three categories: registration, payment and membership.

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