In the Park Hyatt South Pavilion, surrounded by the sea of ​​clouds, the fragrance of tea overflows and the fragrance is pleasant.

Several middle-aged men sat at the table in the long conference room.

Lei Jun stood in front of the conference table, and the projected beam passed through him.

After Fang Nian finished speaking, the entire South Pavilion fell silent.

Lei Jun fell silent after meeting Fang Nian's eyes. He had expected this.

Lei Jun was mentally prepared after agreeing to raise funds at a valuation of US$200 million proposed by Fang Nian.

The reason why Fang Nian was asked to speak was simply to ease the situation.

It doesn't mean that you can't bargain on things like financing. When you quarrel, it's noisier than a vegetable market.

It's just for their own benefit.

Neil Shen, Kuang Ping, Liu Qin and other representative partners from several investment banks became quiet because of Fang Nian's offer.

$200 million?!

Series A financing valued at $200 million?!

After a while, a man named Dai Qiang said: "Mr. Fang, with all due respect, is it valued at US$200 million?"

"If the news Mr. Lei gave before is correct, Xiaomi will dilute 20% of its shares in this Series A round of financing. Based on this valuation, the financing amount will reach 40 million US dollars..."

After a pause, Dai Qiang said: "I have to wonder, what products does Xiaomi have, what is the next business plan, and why is the investment so large?"

After Dai Qiang finished speaking, someone quickly followed suit.

"I'm sorry, although it's because Mr. Lei hasn't started talking about Xiaomi yet, but I'm also very confused about this valuation."

"..."

It can be said that not long after Fang Nian finished talking about the estimated value and expected value, chaos broke out in Nange.

The noisy sound is really not limited to the vegetable market.

This is the first time that Fang Nian has seen such a lively financing scene.

Speaking of which, this is also because after Fang Nian started doing capital, he was able to directly skip the steps of finding investors all over the world and directly engage in financing meetings.

But no matter how you say it, it can be regarded as a gain in knowledge today.

For at least five minutes, neither Lei Jun nor him had a chance to speak.

All we can do is sit back and watch.

In this process, the big guys with strong capital and background are basically silent.

For example, Neil Shen, Guo Hong from IDG, Kuang Ping who was the first to ask, and Liu Qin who was already prepared.

During the commotion, Neil Shen said calmly: "Mr. Lei, please introduce Xiaomi's products to us first."

"..."

Lei Jun did not refuse and started speaking according to the PPT he had prepared.

"You can interrupt me at any time while I'm talking."

"Xiaomi was founded on March 22, 2010, and it was only three months old yesterday. In the process, inspired by Mr. Fang, Xiaomi developed a smartphone operating system called 'Nuwa'."

"..."

Lei Jun was interrupted after he finished his first sentence.

Or Dai Qiang: "Sorry, Mr. Lei, let me interrupt. Xiaomi has developed a smartphone operating system?"

"Yes, a completely independently developed smartphone operating system is different from the current mainstream smartphone operating systems in the world." Lei Jun explained seriously.

"Oh?" Dai Qiang frowned and continued to ask: "If I understand correctly, a brand new operating system means there is no software at all?"

"That's right." Lei Jun replied again.

This Dai Qiang also came well prepared. The fact that he was invited to come shows that he has strong capital.

And Lei Jun is willing to take him to play.

Needless to say, Lei Jun is still very strong.

At least in the capital circle, he is one of the earliest individual angel investors in China, and his investment orders are also brilliant.

From Xiaomi’s angel round to the current A round, Lei Jun has been consciously screening investors.

It is not difficult to understand why Dai Qiang is so well prepared.

Just for a self-developed operating system, Dai Qiang raised 11 questions.

Including how to define independent research and development, whether open source systems are cited, etc.

Fortunately, Lei Jun is a computer science major at Wuhan University and can explain science and engineering matters very clearly.

From the design level, from the research and development level, from the writing level to the application level, the description is very clear.

Fang Nian on the side could see it clearly.

Dai Qiang did not deliberately seek trouble, which is different from the kind of investors who find faults in business plans.

The questions Dai Qiang asked were all on point.

And it can be seen from his attitude that his investment tendency is very strong.

It's just that I can't tell the difference a little bit.

Is Dai Qiang another double act invited by Lei Jun?

After Dai Qiang finished asking, someone else spoke up: "As far as I know, the 'Nuwa' system has been publicly tested on a small scale, right?"

"Yes." Lei Jun replied with a smile.

"Is it convenient to talk about the internal test data now?"

"Conveniently, we only invited 100 users for internal testing in the first batch. So far, only 101 users have used it."

"..."

Before half of the PPT was finished, Lei Jun was already being ‘cross-examined’ for twenty minutes.

This was the first time that Fang Nian felt the real financing environment so clearly and intuitively.

Capital has a strong say.

Whether he understands it or not, he will have a lot of questions.

This was an investor that Lei Jun invited only after screening.

In a word, when Series A financing began, the more important factor in deciding whether to invest has shifted from connections to interests.

Whether you are familiar with it or not, the deciding factor has become whether you are optimistic about the product and whether you are optimistic about the business model for operating the product.

Of course, at the A-round stage, there is still the human connection factor.

It's just that Xiaomi's Series A was valued at US$200 million when it opened, which minimized the network factor.

Xiaomi was not just having fun at the beginning. After launching its products, its business model was quickly verified.

That’s why Morningside Capital invested so happily.

From the sidelines, Fang Nian felt another charm of money.

Can be bossy.

…………

Lei Jun finally finished the first PPT in a passive and procrastinating manner.

Fortunately...

Lei Jun has a good understanding of the operation of investment capital and was not prepared to write a business plan of dozens of pages.

The PPT doesn't have many pages, just 9 pages are stuck.

Fang Nian even had time to think to himself, is the last page a thank you to everyone?

“During this internal test, we discovered many shortcomings of the ‘Nuwa’ system, and also verified the excellence of ‘Nuwa’;

Before this financing, Mr. Fang and I had an in-depth discussion on the future development of ‘Nuwa’;

Including but not limited to limited opening of ‘Nuwa’ to accelerate development;

Indeed, so far, our self-developed mobile operating system cannot install any software already on the market, but we have begun to build it ourselves;

…”

This time, Lei Jun's speaking time was slightly longer.

Even the second page of PPT has been finished.

The main purpose is to comprehensively introduce the development status, future direction and commercial value of ‘Nuwa’ to the investors present.

Include some small details.

It was Dai Qiang who spoke first: "I have long heard that Mr. Fang has extraordinary vision, but according to Mr. Lei, the soul designer of 'Nu Wa' is Mr. Fang?"
To be continued...