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night.
A private restaurant.
Sitting in the box, Chen Hong and Lin Fan were drinking and chatting about interesting things about the investment industry.
Chen Hong suddenly said: "Brother Lin, Jiang Nanchun has approached Tan Zhi. Looking at this situation, Focus Media may want to acquire Frame Media to increase their market share in elevator print media and increase their market value."
Lin Fan said with a smile: "This is a good thing, it means that our plan was successful."
Chen Hong nodded, "Yes, Jiangnan Chun won 90% of the elevator print media market share in major cities across the country without any bloodshed, and Frame Media also avoided a fierce battle with Focus Media.
They are now a listed company and have opened up secondary market financing channels. We can't burn them by burning money.
Selling the company to Focus should be the best choice.
It’s a pity that it was too late to launch its efforts and could not be independently listed.”
"What a pity. Frame Media acquired nine companies in the integrated industry, and it only took half a year!"
Lin Fan said with a smile: "Thanks to Brother Chen for helping me make money!"
Chen Hong waved his hand and said very grandly: "I'm talking about making money for you. We all share the risk. If there are good projects in the future, just think about my brother."
"sure!"
Chen Hong gave Lin Fan a meaningful look and asked with a smile: "You don't want to ask about the price? That's right, you probably don't like these three melons and two dates."
"Oh, by the way, I would have forgotten if you didn't tell me, how was the price negotiation? Focus Media is a big player, so don't be soft when it comes to killing them."
Chen Hong pursed his lips and smiled, "$39.6 million in cash, plus $55.4 million worth of Focus common shares, and possible future payments of up to $88 million worth of Focus common shares.
The US$88 million portion involves the framework's 2006 performance bet.
If the performance bet can be successfully completed, the total transaction consideration will be US$183 million.
What do you think of this price?
Now that Gong Quan has left IDG, Zhou Quan feels it's okay to take over this project, but now it mainly depends on your opinion as the major shareholder."
Lin Fan waved his hand and said, "It's up to you to decide. I have no objection."
While speaking, Lin Fan silently calculated in his mind that he invested 50 million yuan in Frame Media in February and took 40% of the shares.
The transaction consideration of US$183 million, converted at the current exchange rate of 8.0998, is nearly 1.5 billion yuan.
His return was nearly 600 million, which increased 12 times in half a year, which is not bad.
Since most of the trading portfolio is based on the issuance of new shares, if Focus Media's stock price rises a little in the future, the actual rate of return will be even higher.
On the other hand, if the stock price falls, the rate of return will decrease.
However, since there was a cash base of US$39.6 million, just by distributing 40% of the cash, Lin Capital recovered its investment of 50 million yuan.
The ones who regret this matter are none other than Chen Hong and IDG.
At that time, Lalin Fan became the largest shareholder. He originally wanted to jointly resist risks. Even when Frame Media could not be sold, he counted on Lin's Capital to provide blood and continue the fight with Focus and Juzhong.
As a result, the merger and acquisition went smoother than expected, and there was no need for a bloody battle to the end.
In this case, Hanergy Investment, as an organization and operator, would suffer a bit. 鵵婲小徾网
However, due to Lin Fan's capital injection of 50 million yuan, Frame Media bought out several peers in cash without diluting the company's shares. This also protected Hanergy's investment interests in disguise.
Of course, upon closer inspection, Hanergy’s investment still suffered some losses, mainly because we did not expect that this capital operation would go so smoothly.
Things are impermanent!
However, Chen Hong was an open-minded person and did not want to ask Lin Fan for any favors over this matter.
After all, you cannot blame others for the choices you make, whether right or wrong, and you must bear them yourself.
However, Chen Hong need not say this, Lin Fan himself can also experience this.
After finally arranging a capital operation, the majority of the money was taken away by others.
So Lin Fan picked up the cup, drank three glasses of wine with Chen Hong, and said a lot of flattery.
"Brother Lin, it's boring to talk about this. Are you looking down on your brother or something?"
Chen Hong straightened his face and made a displeased look.
Lin Fan had no way of distinguishing the authenticity, so he had no choice but to stop mentioning it.
"The new shares issued by Focus Media have a lock-up period, and there are also performance bets, so it may not reach the ideal price of US$183 million in the end, so you have to be mentally prepared."
Chen Hong had a few glasses of wine and his face was very rosy. He then gave Lin Fan a vaccination with a smile.
He was afraid that this little brother would get carried away, so it would be better to explain the matter clearly.
Lin Fan's heart moved and he said with a smile: "I have great confidence in Brother Tan Zhi and think he can lead the company to complete the bet.
In addition, I am also relatively optimistic about Focus' stock price.
How about you ask Zhou Quan to see if they are willing to take all the cash, and we can take the common shares issued by Focus."
Chen Hong pointed at Lin Fan and said angrily: "I'm making small calculations again, but I guess IDG has a lot of talents and it's not easy to deal with them.
Nowadays, Focus's upward momentum is very obvious, while Juzhong is losing ground and has not yet been listed on the market.
Your plan may come to nothing."
Lin Fan thought about it. There is no shortage of smart people in venture capital institutions. As an established institution, IDG has many partners who have switched jobs from investment banks and PE funds. Each one has richer experience than the other, but it cannot be hidden from the sharp eyes of these people.
Think simple!
"Okay, what about a gamble?"
Lin Fan shrugged and said regretfully.
"Are you betting? You've almost seen the cards, the cards are clear."
Chen Hong shook his head and laughed. Only at this moment could he see the young and immature side of the other party.
"Since you have no objection, then I will ask Tan Zhi to agree to Jiang Nanchun?"
Chen Hong looked at Lin Fan and emphasized again.
Lin Fan waved his hand, "Promise!"
"Okay, now only the framework agreement has been reached. It is estimated that there are still many details to be negotiated. When we sign it and the listed company makes an announcement, it may not be until next month."
Lin Fan nodded and said "hmm" to express his understanding.
"Lin Capital borrowed US$1.5 billion from a syndicate led by Morgan Stanley? Does it plan to invest all of it in the Chinese market?"
Chen Hong had been holding this in his mind for a long time. In the afternoon at Starbucks, there were many people talking, so he mentioned it without asking any more questions.
Now they were the only ones in the box, and he couldn't bear it anymore.
Lin Fanxian glanced at Chen Hong, who sneered twice and said, "Hey, just ask, if it's not convenient to talk, forget it."
"There's nothing inconvenient to say!"
Lin Fan smiled lightly, "This money, um..."
That's what you said!
Lin Fan said "hmm" for a long time, but didn't say anything further, which made Chen Hong, who was very interested, anxious.
If Lin Fan's money is really invested in China's venture capital market, then Hanergy Investment must put it in a basin.
What leaks out from between the fingers is enough for them to eat for several years.
The most important thing is that if Hanergy Investment provides financial consulting for such a large transaction, it will be an intermediary matchmaking, and then Hanergy Investment’s industry status will be established all of a sudden.
"I want to build a cell phone!"
Upon hearing this, Chen Hong was petrified.
"Are you kidding me?"
Chen Hong was stunned for several seconds and asked subconsciously.
But he soon regained his composure and said sternly: "This industry is not a low-barrier industry. You can't do it with just a network cable and two servers."
Lin Fan nodded, "I know that. Recently I have been reading professional books on mobile phones and electronic devices, and I have also consulted industry experts. I am still cautious and a learner in this unfamiliar field that I have never set foot in."
Chen Hong frowned, thought for a moment, and then slowly said: "Let me analyze it for you. Let's not talk about the international market. Let's take our domestic mobile phone market as an example. It is basically dominated by foreign manufacturers, such as Fruit, Nokia, and Motorola.
, three stars ranked first, second, third and fourth.
As for brands such as Lenovo and Bird, their domestic shipments are not as good as those of foreign manufacturers, and they mainly target the mid-to-low-end market.
I won’t go into details about the reasons, but you should also know. In the final analysis, the technology is still too backward and the performance is not as good as others.
This is not only true for mobile phones, but also for automobiles, home appliances, and industries with certain technological content.
Don’t you want to build a low-end mobile phone brand like Bird or Lenovo?
If that's the case, it's completely unnecessary to spend so much money.
And if you want to enter the high-end field, the technology involved is flooded with money, and the investment risk is not low."
After saying that, Chen Hong looked at Lin Fan's expression calmly.
He didn't believe that Lin Fan had no pursuit and just wanted to make a low-end mobile phone. Judging from the funds prepared, it was obvious that he wanted to develop into the high-end mobile phone field, and his plans were not small.
Lin Fan and Chen Hong looked at each other and said with a smile: "If we are just working in the domestic low-end mobile phone market, I think Lenovo, Bird and a few of them will be enough.
When I joined, the industry was more crowded, I couldn’t make much money, and it was a thankless job.”
"Then what are you..."
Chen Hong looked solemn and asked tentatively: "Want to compete with Fruit, Nokia, and Motorola?"
"why not!"
Lin Fan put away his smile and said seriously: "I judge that mobile phones will become more and more popular in the future, and it is an industry with high growth.
This is also an investment, investing in the future.”
Chen Hong nodded, "I know that, but with so many years of technical experience, commercial barriers are no joke.
Moreover, this industry is not just about burning money. For example, if patents or core components are not sold to you and you are not allowed to use them, what can you do?"
Lin Fan nodded, feeling that Chen Hong had a certain depth of understanding of the problem. He sighed and replied: "Yes, when we engage in technology, we are afraid that the technology will suddenly get stuck, so we plan to be self-reliant and self-sufficient."
Chen Hong felt that the more he listened, the more confused he became, so he quickly asked.
"I acquired a mobile phone operating system company in the United States. Next, I will establish a mobile phone design and R&D company, and I will also make upstream and downstream investments and acquisitions around the supply chain and technology."
Lin Fanxian glanced at Chen Hong and said with a smile: "Do you have the confidence to cooperate with us and create a mobile phone that can reach the international stage?"
"No, brother, I'm not trying to dampen your enthusiasm. I just want to remind you to think twice before you act. This is not a small amount of money. It is nearly half of your property."
Chen Hong has studied in the United States for many years and has also returned to China to do business for many years. He has a very clear understanding of the technological gap between China and foreign developed countries in certain fields.
It’s not an exaggeration to describe it as “a natural moat”!
He wasn't very optimistic about Lin Fan's mobile phone plan. It would be fine in an industry like the Internet where there were no barriers or technological blockades.
To make mobile phones, you have to compete with international giants. It costs more than one billion US dollars, which is barely enough to get on the poker table.
Lin Fan was not surprised that Chen Hong was "not optimistic".
There is a big difference between the current China and the China that will have a complete mobile phone industry chain fifteen years from now.
No one could have imagined that in more than ten years, three mobile phone manufacturers ranking among the top five in the world in terms of shipments would emerge from a mobile phone technology desert country.
The sixth position is taken by OPPO and Vivo in rotation.
The core reasons are: first, the huge domestic demand market has given rise to behemoths; second, the mobile phone industry chain is increasingly improving, and domestic technology in related fields is also advancing.
In short, difficulties are only temporary. Investment in industry is no different from other investments and requires hard work.
When Lin Fan said that he had invested US$100 million in Android, Chen Hong finally looked a little moved.
"Have you really thought it through? There is no turning back when you shoot your bow!"
Lin Fan nodded, "I've been thinking about it for almost a year, how can I still be unclear?"
"Okay, then I won't advise you anymore!"
Chen Hong picked up the wine glass and said, "Here, let me toast you a glass and wish you success. If you really create a mobile phone that can tear off a piece of fat in the international market, how awesome will it be!"
Both the upstream and downstream industries surrounding mobile phones will benefit, and how many jobs can be created in the country!"
Lin Fan clinked glasses with the other party and asked with a smile: "Where's the financial consultation? Do you still want to accept this business?"
"Answer, why don't you answer!"
Chen Hong pointed his thumb back and said: "When I get back, I will start to form a new team to serve your mobile phone company.
"First Evolution"
Just let us know what technology, company, or person you want, and the headhunting company will take care of all the work for you."
Lin Fan chuckled, "Okay, let's discuss it here."
"Hey, by the way, mobile phone company, do you want to invest in it?"
Lin Fan was worried about favors and wanted to make money from Chen Hong, so he asked this question.
Chen Hong hesitated for a moment and said: "We are mainly doing financial consulting. The fund's size is not large. We may invest up to 10 million US dollars in you."
"Okay, as long as you have that intention."
Lin Fan did not lack the other party's funds, but the main thing he valued was Chen Hong's connections.
As the founder of Huayuan Technology Association, Chen Hong knows more than one entrepreneur, technology expert, and industry authority in China and the United States.
When everyone joins the team, the other party will definitely be more attentive to subsequent tasks.
You can't always count on favors, because benefits are eternal.
As for the fruit phone, Lin Fan has not disclosed it yet. Now his son is in charge of the fruit phone, and he has not paid attention to it for a long time.
But the chess pieces have been laid, and the smartphone cannot be discovered in advance by others, especially the United States.
This is also the reason why he wants to separate from the Lin Group.
The United States will not watch him make trouble in the United States, so it is better to hide some things.
After dinner, Lin Fan accompanied Chen Hong for a massage.
…………
…………
The next day, early in the morning.
Chen Hong called and woke Lin Fan up from bed.
"Brother Lin, I arrived at the door of the hotel where you are staying, and I brought a friend to meet you."
"Who?"
Lin Fan asked into his cell phone while getting dressed and getting up.
"Don't ask anymore. We are waiting for you in the hotel lobby. You should wash up first. I'm telling you, brother, you are already a boss. If you are still a boss in the United States, can you imitate others and get up before six o'clock?"
Lin Fan was a little embarrassed and looked at the time on his phone. It was seven o'clock in the morning, not too late.
However, almost all American bosses go to bed early and get up early, getting up at three or four in the morning to run and read a lot.
Li Jiacheng wakes up at 5:59 every day, learning the European and American style.
Musk gets up at 7 a.m. and is already considered a late sleeper.
But those old men can't sleep. How can I compare with them at my young age?
Lin Fan made a few jokes, hung up the phone with a smile, washed up briefly, and took the elevator to the lobby.
As soon as he got out of the elevator, Lin Fan saw Chen Hong and a man in his thirties sitting on the sofa in the lobby chatting.
