This situation that Angel said is actually common. Yuri from DST did not start with his own money. Many mutual fund managers often get appreciated by big investors after demonstrating their superb investment skills, and then allocate funds to pull them out to work alone. However, what Chu Yuanxi needs now is Angel's game skills...

He had to bite the bullet and say, "Are you saying that, it's not impossible to have a friendship with us, but you are not what I need now."

An Qi was a little disappointed. He realized that Chu Yuanxi’s demand was still in the game production.

"Oh, I won't cheat you. I've been away from game production for two years. The game industry has been upside down in the past two years, and the operation methods have changed. My skills are outdated. Now I'm piercing back, I don't know whether I'm okay or not."

Chu Yuanxi observed his words and thought that the actual situation was actually because An Qi wanted to invest, and his interest in investment was much greater than playing games.

This problem is actually very easy to solve. He patted Angel on the shoulder: "Anqi, do you know the DKP system and hatching of Baren?"

"Ah? What you mean..." An Qi's thoughts were very consistent with Chu Yuanxi, and she immediately understood, "You mean to let me enter Baren and get DKP and then convert it into a startup incubation investment? Then I will use this money to incubate an investment company?"

"Bingo!" Chu Yuanxi pointed to himself, "And there is an investment company under Baren Group. This Baren Investment is the only bag company among all the branches of the group. I am the only one, and it is useless."

In fact, it is not in vain. Baren Investment manages the invested companies of Baren Group, mainly incubating startups, at least logically defined. However, there is only one peak visual effect at present, which seems to be alone.

Angel thought intently, "The problem is, what I need is at least 100 million. I believe that I can earn tens of millions of dollars from you. Can dkp give so much?"

"You have to think about this with the private equity fund model. DKP is your own share. No matter whether it is five million or twenty million, the top ten million is still paid by Ba people, and the share is also mainly Ba people. This structure in private equity is very normal, and it is different from ordinary entrepreneurship."

If an ordinary startup company only accounts for one or twenty percent of the shares of the angel round entrepreneur, it is almost gone. Investors dare not accept this ratio. The main reason is that they cannot believe that entrepreneurs can accept it and they will definitely fight in the future. But private equity can do it. When Yuri's DST was established, he had no hair except for a mouth, and he was not a fund practitioner. He was a Russian tycoon Usmanov, who had just bought Arsenal and was in a good mood, so he invested hundreds of millions of dollars in him.

As a progressive young man who is determined to invest in the investment circle, An Qi naturally understood this truth. Then she found that the breakthrough point was the biggest breakthrough point for making a successful game in Baren, because Chu Yuanxi had already shown two characteristics.

First, there is no restriction on employee development. As someone who chats with Chu Yuanxi from time to time, An Qi must have a better understanding of Ba people than the outside world. For example, in Yang Jiangang's situation, Chu Yuanxi needs him very much. If he changes to ordinary people, he will definitely be punished in the company and exploited him. At most, he will be given enough salary and bonus. But Chu Yuanxi did let him incubate and start a business, which is something that An Qi himself could not do.

Second, the reward is rewarded more and faster. Millions of DKP are given as soon as they say it. Even after knowing that they want to take the business out of the company and leave the control of the company, they still send it without blinking. Angel herself is the company who knows how powerful it is when the boss wants to be a hooligan. The employees are going to die, and they don’t respond every day, and there is little possibility of resistance.

These two points can help aspiring people realize their ideals, and can also make sufficient contributions to the company before realizing their ideals, so that employees and the company can reach a delicate balance. He always feels that it is precisely because of these two characteristics that Baren’s employees clearly show different enthusiasm and enthusiasm from other companies, allowing him to feel cheerful intuitively.

But as a former CEO and a scheming person, Angel would not agree directly, but instead "let me consider it."

Baren is operating repurchase and withdrawal of shares, and Zheng De is also operating the equity matter of "Late Night Gallery" because Fang Shiling also wants Zheng De to "refund the shares".

In fact, as soon as the situation of the bird in "Late Night Gallery" came out, Du Shuang was confused at the time. Didn't he say it well? Why did it suddenly happen? Although Yuan Jing's face did not change, he really took a cold breath in his heart. He couldn't help but recall what Chu Yuanxi asked him to poach Du Shuang when he said to him: You need to be ready to accept a large matrix of self-media.

Then he asked Chu Yuanxi what was going on. Chu Yuanxi said: If you say it, it won’t work. Just wait and see what happens.

Time flies, and in less than half a year, I actually fulfilled it in this simplest way? Although I know that this is the result of Chu Yuanxi digging a hole for Fang Shiling behind his back, it is too easy, right? I think about it very scary!

He had to draw out the investment agreement he signed to take a look. He almost forgot this agreement that he hadn't read for a long time, and the structure in his impression was quite complicated. However, he remembered that Fang Shiling was terminated by Taishantai and the project was sunk, so he had to pay Zheng De a total of 2.4 million shares.

Zheng De did a nominal C round of financing for "Late Night Gallery". After the investment, the total share capital of "Late Night Gallery" is 11.2 million shares, with a valuation of 140 million yuan, including 5 million shares of Fang Shiling and 2.8 million shares of Daxia. Zheng De received a total of 2.4 million shares at 12.5 yuan per share. The other 1 million shares are distributed relatively scattered and are held in the hands of some small investors.

Now the project has sunk, and the total contract is 2.4 million shares according to the bet agreement. That is to say, if nothing unexpected happens, Fang Shiling's shares have been reduced to 2.6 million, less than one-quarter of the shares, while Zheng De has risen 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 liquidate it. Option one is to liquidate according to the actual valuation of "Late Night Gallery", and Option two is to "Late Night Gallery" to pay 35 million.

This is what Fang Shiling understands as "refunding stocks". However, how can it be so easy to withdraw? The activation conditions for 35 million in option 2 are very complicated. Investment institutions are best at setting up such complex terms to make entrepreneurs jump into the pit. All of them are like this in ancient and modern times, both in China and abroad.

First of all, liquidation is based on the actual valuation. 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 "Late Night Gallery" sinks into variety shows? In other words, how valuable is "Late Night Gallery"? In addition to deducting the remaining 15 million cash on the financing funds on the account, is it worth 67 million? You should know that in today's self-media market, short videos are upstarts. With the rise of upstarts, the old nobles will naturally decline, which is directly reflected in the valuation of the official account.

Even if it is still worth it, can Fang Shiling find other capital to help her take over? Zheng De is very optimistic about this, because the buyer Fang Shiling needs must have to pay and hand over the voting rights to her, which is equivalent to doing pure financial investment. Otherwise, if the voting rights are not paid, then is this equity of up to 4.8 million shares in the hands of Zheng De or the buyer, what is the difference between Fang Shiling? It is also a loss of control.

Therefore, for Fang Shiling, the option seems simple and is actually more difficult to realistic.

But the complexity of option 2 is that if Fang Shiling chooses not to activate it, then Zheng De can still choose to activate it actively at some time in the future, and requires Fang Shiling to bear unlimited joint and several liability. To put it simply, if "Late Night Gallery" cannot afford the 35 million yuan, Fang Shiling will have to fill in the poor part with her own money. But this is a trigger condition, and it is not activated if Zheng De wants to activate it. In other words, Fang Shiling can try her best to avoid it if she has the ability.

If Fang Shiling chooses to activate it on her own initiative, she will not have to bear unlimited joint and several liability, at least for the time being, but there is a time limit. "Late Night Gallery" must complete a refund before October 15. If the refund is not completed after the due date, then she will have 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 Mileage 2. In fact, if it weren't for this time, the liquidation price wouldn't be so cheap. Only a mere 5 million yuan was added, one-sixth of the total investment, which was extremely affordable as the liquidation price. However, considering that the time was not long, even the annualized return rate of venture capital was still a thing of the past.

When Du Shuang and Zheng De signed this article, the members of Du Shuang and Zheng De repeatedly discussed it for a long time before finalizing a highly enforceable clause. It is mainly used to prevent the worst situation, which is what is happening now. "Late Night Gallery" was terminated by Taishantai before even two milestones were passed.

In this case, how much is the value of "Late Night Gallery" itself? It cannot be said that it is not worth much, because the basic market is still there, but there is great uncertainty. Therefore, in terms of Zheng De's interests, it is most desirable to get back the money and make a little profit. Taking the equity of "Late Night Gallery" and even buying a little more to get control, purely talking about interests is just a second choice. This is especially true for investment institutions.

It is precisely for this reason that when Yuan Jing carefully examined the investment agreement he signed again, although he was a little interested in the plot designed by Chu Yuanxi, that is, Zheng De obtained control of "Late Night Gallery", it is not easy for Fang Shiling to submit.

However, looking at the content of the agreement, Boss Yuan had to recall the story of Chu Yuanxi giving him face-to-face advice, but was strongly opposed by him, and then persuaded him with great sincerity.

Why are there such twists and turns? Because Chu Yuanxi has to bury the pit in the investment agreement. For example, the betting setting of three milestones, the settlement time of the first milestone is floating, and the time point for the second round of financing of the "Jixia Academy" project is used as the milestone node. In this way, the "first" milestone may go behind the "second" milestone, or be settled at the same time.

(These terms appear at the end of 747 and start at 748)

In this case, once Fang Shiling doesn't play well, she will trample on each other, and unlike as she thought, she can handle it properly in turn.

Yuan Jing dared to bet that Fang Shiling certainly did not realize this when she signed the sign, and she didn't even think about it until now, and she has been confused and happy.

This is also the reason why Chu Yuanxi gave up the name on Ajoy. This is a potential factor that can affect the second round of valuation of "Jixia Academy". It is the flying knife revealed by Chu Yuanxi.

Now it seems that it is a waste of effort. Fang Shiling directly crossed milestones 1 and 2, and Taiwanese man's difficult birth directly exploded milestone 3. Thinking of this, Yuan Jing smiled very rarely, which made Du Shuang, who was used to poker faces, look at him sideways.

In fact, Yuan Jing didn't really want "Late Night Gallery" deep down. First, he was not a good reputation for taking advantage of his tricks; second, he couldn't make much money by reselling it; third, he asked Du Shuang: "What did you say I want it? Are you fighting with Daxia?"

At this time, Du Shuang made several good investments in Zheng De's voice. Although it was not long, the explosive power of short video e-commerce was great. There were several investors who were invested in quickly rose from small grass to big trees. No matter what methods they used, they received 30 to 40 million fans in half a year, and the speed of blowing bubbles was comparable to that of Baren last year.

The key is that these invested companies have not as ambitions as Baren, but their character is worse than Baren. They are basically targeted at the acquisition and are developed in a targeted manner. Therefore, such investments have fast turnover, many investment and financing nodes, and are convenient to exit, and are very popular among investment institutions.

Therefore, Du Shuang only went through a very short and difficult period and gained a foothold with the support of Yuan Jing. She has been able to talk to many backbone members of Zheng De with the title of membership, which has also made Daxia Investment regret it.

It was only now that Fang Shiling finally deeply felt Du Shuang’s help to her. Faced with the number of 35 million, everything was silent.

You should know that this is the liquidation price. How could entrepreneurs liquidate investors have only such a premium? This was obtained by Du Shuang's efforts to vomit blood for her, but she didn't take it seriously at that time, looked at it, and was too lazy to comment on that kind. But now she feels that it is simply the only hope, although the conditions are quite harsh.

Otherwise, Zheng De would just collect the 1 million shares in the hands of a small investor, and the holding shares would immediately exceed 50%. This would be great? Also, Daxia, Daxia Investment has always wanted to withdraw successfully, but it has never had a chance. God knows what will happen? Maybe in the end he can only retain the title of honorary chairman and be eliminated gloriously.

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

So when it came Sunday and Chu Yuanxi was preparing to perform again, he was told by Yuan Jing that Fang Shiling was preparing for a bloody advertisement.

According to Fang Shiling, anyway, if someone takes away "Late Night Gallery" and is definitely mowing the grass wildly. Instead of letting others cut it, it is better for my sister to cut it yourself! Moreover, there are about two months left before the repayment date. Self-media can publish advertisements, no matter mid-week or weekend, and if the public account with the same size as "Late Night Gallery" can earn 500,000 yuan in advertising fees a day, her deficit plus the premium is only 20 million, and there is hope!

According to Yuan Jing's words, it is best for Fang Shiling to return real money and silver, and everyone is happy.

Chu Yuanxixin said, do you have any misunderstandings about the advertising business of self-media? It would be a hell for her to return it...

However, at this time, Chu Yuanxi had no time to consider anything else, and he was about to take the stage. Although there was an A+ round of financing later, it was a foreign currency financing specially prepared for the Ba people, so today's roadshow is very important and we must win over a group of new like-minded people.

So what is like-minded? This needs to start with making them recognize the high valuation of well-off society.

The main content of today's roadshow is to report data. Xiaokang has advanced to Mileage 4, has done a lot of things, and has started to operate normally. Even according to the standards of entrepreneurship, it is no longer a small company. If you use the valuation idea of ​​ordinary Internet entrepreneurship, you should start valuing according to the price-to-sales ratio.

But a well-off society is not a typical Internet entrepreneurship, so we cannot follow that one, so data is very important.

This is also the part that Chu Yuanxi has a headache, because the data recorded by Xiaokang is actually worse than he expected. In particular, it also requires people to recognize Xiaokang's high valuation, which requires some technology. Fortunately, he is still a little sure of the mentality of many investors in the audience.

So Chu Yuanxi first described what Xiaokang had done, then what was being promoted, what effect was to achieve, and finally what points should be achieved next, for this, what is being developed and what is being prepared for development.

And these are all linked to money. How efficient is the money you have already burned? How can you burn the money you have raised now? Start-up financing, the money burning efficiency is the life-and-death line, especially mobile Internet entrepreneurship as a typical example. Many times, it seems that you are not bad, but the money burning efficiency is not high enough, so investors have to ask, why should I invest in this investment? Many investors have long adapted to this logic because you have to efficiently burn money in a certain posture, so I am interested in investing in you.

In fact, this is also the reason why many entrepreneurs did not do roadshows in the early stages. In the round of financing, the general model is to find the funder's father to directly raise funds, use trend dividends, and use their own advantages to impress investors. Once the roadshow starts, you have to face a lot of questions, and investors will inspire each other and cause a lot of trouble for entrepreneurs.

But Chu Yuanxi decided to continue the roadshow even when facing not particularly good data, because he wanted to let potential investors of Xiaokang form good habits, at least have good habits when investing in Xiaokang.

After talking about the work content, he noticed that many investors had already taken notes and then looked forward to waiting for him to release the core data.
Chapter completed!