Chapter 520 Prepare for a rainy day, the global venture capital circle is boiling!
"Chairman, is this equity incentive still limited to three years?" Jiang Yue asked.
"Extend it to four years," Zhang Shuo said.
All the executives understood it. Four years later, in May 2020, it happened to be the tenth anniversary of the founding of Sprout. If they said it was a complete coincidence, no one would believe it.
It is expected that the third equity incentive plan will be launched in due course on the tenth anniversary.
Since then, even if the equity incentive path of the Germination System has become clear, overall, although it is not as full-shareholding as Warwick, it is still generous enough.
It's not as fussy as the outside world thinks.
If you include the equity that Zhang Shuo previously allocated to the employee care fund, it becomes even more sincere.
"In addition to setting the incentive period to four years, I think this round of equity incentives also needs to set two conditions. First, the equity incentives should be appropriately tilted towards management and R&D personnel as much as possible."
To put it bluntly, we need to retain high-quality talents.
"Second, in terms of equity subscription, the group can advance the subscription funds of 35 billion. If employees who subscribe cannot pay it all in one go, they can apply to have it deducted from their salary income monthly for the next four years."
This is equivalent to allowing employees to "pay in installments", and the period is also four years.
This is also done considering that the capital pool for equity subscription this time is too large. Even for management and R&D personnel, many people are afraid that they will not be able to pay all the money in one go due to factors such as housing loans.
At this time, the company’s humanistic care must be reflected.
"Chairman, you are so thoughtful, it makes us all a little embarrassed." Lu Kai joked with a smile.
"Ha ha!"
Jiang Yue and other senior executives also laughed and looked very happy.
"By the way, Chairman, after this equity operation, the number of shareholders of Sprout Holdings is bound to see a surge. In the future, will it be necessary to pay dividends every year?" Jiang Yue asked another question.
The implication is that no matter how hard it is for Zhang Shuo to be a good man, he should not pay dividends.
"should be."
As Jiang Yue said, while gradually diluting the equity of Dream Fund, it also means that Zhang Shuo no longer has 100% control over Sprout Holdings.
Although it is still the largest shareholder, there are some rules that should be followed and must be followed.
For example, dividends.
The only good news is that Sprout Holdings is not yet a listed company and has no plans to go public in the future. Even if it pays dividends, it is not mandatory.
When and how to distribute dividends is ultimately up to Zhang Shuo.
"Since dividends are to be distributed, after the Dream Fund reduced its holdings for the second time, Chunmiao Fund has become the second largest shareholder of the group. The dividends received in the future will probably far exceed the needs of Chunmiao Fund." Jiang Yue reminded.
This was what she was worried about.
Based on Germination’s annual dividends of RMB 100 billion, Chunmiao Fund’s annual dividends exceed RMB 20 billion.
Where can this be spent?
As the helmsman of Chunmiao Fund, Jiang Yue must consider this issue.
"What do you mean?" Zhang Shuo asked.
"I suggest that the 5%-10% equity held by Chunmiao Fund be returned to the chairman for your personal holding. Because this part of the equity is transferred by you personally for free."
Jiang Yue is sincerely considering Zhang Shuo's interests.
If it were said that Chunmiao Fund was controlled by Zhang Shuo himself or Zhang Shuo's family, then Jiang Yue would never say these words today.
Because using family funds to hold company equity is a basic operation in the industry.
But the legal person of Chunmiao Fund is Sprout Holdings, which is not under the private control of Zhang Shuo. Future decisions on public welfare must also follow the corporate culture of Sprout.
Major decisions even require the approval of the Germination Board of Directors.
Under such circumstances, Jiang Yue is really worried that if Chunmiao Fund holds a large amount of equity in Sprout, and is even the second largest shareholder in Sprout, there will be some hidden dangers in the future.
In an extreme case, it may even threaten Zhang Shuo's control over Germination.
After all, the human heart is the most unpredictable.
Sprout is still in a period of rapid development, and Zhang Shuo is still young, so he is naturally an indispensable soul figure for Sprout. But in the future, when Zhang Shuo retires, Sprout's development will tend to stagnate.
Many things that seem impossible now may eventually happen.
Founder or something.
Driven by profit, it is actually not that important.
For this reason, as a veteran who ultimately follows Zhang Shuo, Jiang Yue must take precautions for Zhang Shuo as long as Zhang Shuo still holds enough equity.
Then, any "restlessness" in the future, whether coming from inside or outside, will be of no avail.
"I agree with Mr. Jiang's suggestion!"
"agree!"
Lu Kai and other senior executives were naturally not stupid, and immediately sensed the deeper meaning of Jiang Yue's arrangement.
One after another spoke in agreement.
"Are you thinking too much about this?"
Zhang Shuo is so smart, of course he can see through Jiang Yue's protective intentions at a glance.
But not too worried.
"not much!"
Jiang Yue, however, was firm and immediately said: "Chairman, if you feel that you personally hold too many shares, you can allocate this part of the shares to the prodigal fund."
"Yes, Chairman, it is an industry practice for family funds to hold shares on their behalf."
Lu Kai also followed suit.
"In this case, I will take back 10% of the equity of the Chunmiao Fund and transfer it to the Prodigal Fund for free. But one thing is that the investment in the public welfare field will only increase in the future."
After being told by the executives, Zhang Shuo also realized that it would be safer to let the prodigal fund hold shares.
As for public welfare.
In the future, whether it is Zhang Shuo personally or the Prodigal Son Fund, they can continue.
No delay.
The most important thing right now is to firmly control the controlling stake in Sprout.
After the adjustment, Chunmiao Fund’s shareholding decreased from 22.22% to 12.22%, turning it from the second largest shareholder to the fourth largest shareholder; Prodigal Fund’s shareholding increased from 5.55% to 15.55%, becoming the third largest shareholder.
This chapter is not over yet, please click on the next page to continue reading! After the second reduction of holdings, Dream Fund holds 15.56% of the shares and is still the second largest shareholder of Germination.
more importantly--
Zhang Shuo's personal shareholdings, plus the shares held by the Prodigal Fund, total 51.67% of the shares, which is more than half. Even if Gu Xiaoxi's personal shareholdings are not included, it is enough to ensure that control will not be neglected.
Basically you can sit back and relax!
………
"How is the progress of Mango Group's establishment of a factory in Prussia going?" Zhang Shuo no longer dwelled on the topic of equity and turned to Senior Vice President Gu Mingzhang.
"The factory site has been determined, and a cooperation memorandum has been signed with the local area. Next, we still need to face the cumbersome approval process. After the approval is passed, it is expected that the construction progress of the factory will not be very fast."
Prussia will not give the green light to Mango Group's projects, and it is not an infrastructure fanatic.
"In the best-case scenario, it will take at least two years to complete the factory."
Gu Mingzhang expressed his helplessness.
"Just two years, just two years, don't be in a hurry."
Regarding the situation of Europa, Zhang Shuo naturally has psychological expectations. "I judge that the explosion of new energy vehicles will have to wait at least two or three years. There is still time."
Mango Motors has built three super factories in China and has no worries about production capacity.
Not like Tehu La.
Last month, Tesla finally released the Model in China
The starting price of X car is as high as 960,000, which still prohibits most Chinese consumers.
It basically poses no threat to Mango S1.
"What Mango Group needs to do is to start channel construction in the European market simultaneously with the assistance of the Prussian company while building the factory."
Last month, under the strong recommendation of Howard, chairman and president of Dream Fund, and after Zhang Shuo passed the interview, the president of Germinal Holdings Europa and the person in charge of Germinal Holdings (Prussia) Co., Ltd. have been in place.
Also a Prussian.
He has strong influence and connections in Prussia and even Europe as a whole.
One of the common points between new energy vehicles and traditional fuel vehicles is that while focusing on product control and production, they must also increase investment in marketing. Both are equally important and indispensable.
"clear!"
Gu Mingzhang also understood it.
………
After the meeting with Sprout, the news that Dream Fund once again reduced its stake in Sprout quickly spread on the Internet and became a hot topic.
"Dream Fund is stupid, so eager to cash out."
"It is indeed a bit ugly. I only reduced my holdings half a year ago, and this is the second time I have reduced my holdings."
"Fortunately, the valuation is not high, otherwise, I am afraid I will die."
"No matter how high the valuation is, no one is willing to take over."
"That is, with the current valuation, 350 billion is needed? What is the concept of 350 billion? The market value of Qiandu and Tenda has not reached this level."
"Does this mean that the reduction of Dream Fund's holdings is equivalent to selling a Tengda?"
"you do not say!"
“According to the announcement from Sprout, Sprout will no longer carry out the equity repurchase this time, and we don’t know which investment institution will have such strong financial resources to take over.”
"The people upstairs are so naive!"
"The truth is just the opposite. With the ultra-low valuation of 3.5 trillion yuan, investment institutions that want to subscribe may have already squeezed through the door of budding."
"I can only say that poverty limits my imagination!"
"With this equity subscription, Sprout has launched a second employee equity incentive, which is really enviable. In the future, just the dividends will make everything possible."
"Bu Ya's welfare package is indeed the best in the industry, and I can't envy it."
…
The discussion on the Internet was mostly just for fun. After the news came out, the real stir was in the global venture capital circle. As netizens joked, it was eager to crush the budding threshold.
Even if you say——
Sprout Holdings has clearly stated its expenditure in the announcement, and the subscription targets are limited to the national team.
Suddenly, state-owned companies such as China Investment and China Security Fund, as well as various provincial investment companies and urban investment companies, all swarmed in like bees that smelled the fragrance.
Everyone wants a piece of the action.
Overseas, with the second reduction of Dream Fund's holdings in Sprout, a huge amount of 600 billion will be cashed out from China's investment in Sprout.
Let Dream Fund surpass soft money in one fell swoop and become the most successful investment institution in China.
none of them.
Compared with the previous liquidation reduction of Tenda's holdings by Nanfei Newspaper, the latter only made a profit of more than 100 billion.
There is no comparison whatsoever.
You should know that even after the second reduction of holdings, along with the adjustment of the internal ownership structure of Sprout Holdings, Dream Fund is still the second largest shareholder of Sprout Holdings.
The value of the remaining equity held by it, according to the valuation of the venture capital circle, still exceeds the market value of Ali as a whole.
What can soft gold be compared to?
This has also made Dream Fund completely famous in Europe and even in the global venture capital circle, becoming one of the most prestigious investment institutions in the world.
The stock god may be a little inferior in front of the Dream Fund.
And what about the Dream Fund?
The day after the announcement was made by Bu Ya, on behalf of Xianzhengda, it launched an acquisition invitation for Mengshandu, seeming to use such a method to strongly announce its presence.
This puts rival Bayer under even greater pressure.
Without it!
Bayer itself is still in debt, and this acquisition of Monsanto requires a large amount of borrowing.
On the other hand, after the second reduction of holdings, the total amount of funds held by Dream Fund is close to US$70 billion, which even exceeds Bayer's quotation for Monsanto.
That means.
Even if the Dream Fund does not join forces with the Vision Fund and others, it can capture Monsanto on its own.
And it’s still paid in cash.
It is no wonder that after receiving the acquisition invitation from Xianzhengda, Monsanto also took a very positive attitude and provided Bayer with equal or even slightly higher treatment.
At one point, he seemed impatient, even a little impatient.
………
a.
In the office, Lu Kai, the president of Sprout Holdings, is complaining to the big boss Zhang Shuo: "Chairman, I am really one head and two heads now. It is up to you to finalize the final list."
This chapter is not finished yet, please click on the next page to continue reading the exciting content! In the past week.
Sprout Holdings’ disguised “financing” is naturally the biggest event in the venture capital circle.
In a sense, it is also China's largest financing, which can be said to be unprecedented. As for whether there will be any latecomers, it probably depends on whether the Future Dream Foundation will reduce its holdings again.
As the trader of this "financing", Lu Kai is very prosperous, but he also faces various pressures from all sides, both tangible and intangible, overt and covert.
In order to obtain subscription qualifications, major investment institutions have shown their unique skills in the past week.
Not to mention anything else——
The high-end hotels near the sprout industrial park are rarely full. Almost every day, more than a dozen groups of investors enter the sprout industrial park and visit them.
Not to mention all kinds of food, drinks and banquets.
If it were a general investment institution, Lu Kai could still refuse, but many investment institutions were bigger than the others, and Lu Kai couldn't even refuse.
"I feel like I'm going to be soaked in alcohol." Lu Kai smiled bitterly.
"Thanks for your hard work!"
Zhang Shuo had anticipated this a long time ago, so he let the news out early and left the matter to Lu Kai, who was solely responsible for it and did not participate in it himself.
What I mean right now is don't come looking for him, it's useless.
Normally, such a simple excuse would never be able to win over those investment institutions, but it could not stand up to Zhang Shuo's temper, which was notoriously eccentric in the industry.
He is the kind of person who will fall out whenever he wants.
In view of this, many investment institutions really do not dare to disturb Zhang Shuo, for fear of irritating Zhang Shuo and being directly removed from the list by Zhang Shuo, which is really not worth the loss.
on the other hand.
It was also the second uncle who spread some rumors in the industry in advance and indirectly protected Zhang Shuo.
otherwise.
Even with Zhang Shuo's energy, he wouldn't dare to be so perverse.
There is nothing Zhang Shuo can do about it. In the face of many big bosses, if he doesn't pretend to be crazy and fool around, then he will really be cutting things off and adding chaos.
The benefits are exciting.
"Don't!"
Faced with Lu Kai's request for help, Zhang Shuo was hard-hearted and said with a smile: "I've spread the word and said I don't care, so I really don't care. You can't break your promise, right?"
"Ah?"
Seeing that the big boss really wanted to be the boss, Lu Kai was completely dumbfounded this time.
"do not!"
Lu Kai was about to cry, "Chairman, can you give us a big framework? Otherwise, my little arms and legs will really be unable to withstand such a big battle."
"Then let me make two points."
Seeing this, Zhang Shuo didn't want to embarrass Lu Kai too much, and said with a smile: "First of all, in principle, the number of investment institutions participating in the subscription this time cannot exceed thirty-six."
No matter how much it is, the average share of each family will be too small, and it will be difficult to explain.
"Second, among the institutions participating in the subscription, in addition to China Investment and other national teams, in principle, priority will be given to urban investment or provincial investment that have invested or cooperated with Suiya."
As the saying goes, benefits are shared and everyone gets the rain and dew.
This time, Zhang Shuo generously offered 9% of the shares of Moya Holdings. He could not get nothing out of it. At the very least, he had to strive for some real benefits for Moya.
Otherwise, he can follow the example last time and let Sprout Holdings repurchase this part of the equity.
It’s not like there’s no money in Sprout’s account.
Moreover, even if financing is needed, it will first be taken up by Sprout Holdings at a price of 350 billion, and then it will be "financed" externally at a valuation of 400 billion or even 500 billion. There are also many investment institutions flocking to it.
Isn't this a big gift package sent by Mei Ya?
"All right!"
With Zhang Shuo's guidance, the list compiled by Lu Kai could basically exclude more than half of the investment institutions and narrow the scope to a suitable range.
How to ultimately determine these thirty-six investment institutions will definitely have to be discussed by the board of directors.
As a high-level professional manager, Lu Kai was "taking the blame" for the big boss, so naturally he had the consciousness to bear it to the end. It was impossible to say that he really dragged the big boss into trouble.
Replacing Zhang Shuo's personal decision-making with the decision-making of the board of directors is the best way to say it.