The direction of communication in the small conference room has since entered a gentle and familiar rhythm.
With information about the general direction of the future already known, Wen Liang is best at using the future to draw a picture and add some common interests. Who can withstand it?
Those who can withstand it will not still be in business.
As White Goose's second-in-command, Liu Chiping couldn't resist it, because White Goose really had this need and had similar strength.
Besides, you can’t produce big products just by holding on to the three-thirds of an acre of land you have now!
It is far inferior to Wen Liang’s proposal to expand the entire market. The opportunity is also on his own side, so of course he can do it!
Capital investors like Zhang Sanshi couldn't stand it either.
Although Zhang Sanshi keeps saying that he should focus on long-term value, the benefits of the Internet are the most attractive now, and only fools will not join the industry.
If Bolang and White Goose can reach a preliminary consensus on these aspects, they can use capital means to invest in small businesses with the same direction.
There is always something that is not bright in the east and bright in the west!
Of course interested!
They are all businessmen, and when it comes to interests, there is no talk of cheating or cheating.
But Wen Liang's motivation this time is relatively simple, just like what Li Ze said before, "cigarettes for cigarettes, tea for tea"...
Anyway, it is impossible for the Bolang family to eat the entire Internet alone.
Now Bolang is much smaller than White Goose.
Although White Goose is not big, and is slightly ahead of the two BA companies in terms of market value, it is much bigger than Bolang, so it would be best for White Goose to take the lead. ①
After settling into a familiar rhythm, Wen Liang even felt a little more relaxed.
As a result, the five people representing the five companies talked more and more happily, talking and laughing.
…
Before noon, Wen Liang and his party walked into another private meeting room again.
Seeing their cheerful faces, the five teams in the room knew it was done.
Naturally, this financing negotiation meeting came to the last important matter:
Valuation of Bolang Xiaocheng
As agreed, it will be determined based on the value per user.
Important representatives of several investors expressed their opinions on this issue.
"The industry usually has a relative range for the value per user of social business, which generally fluctuates around US$10, which is around 65 yuan when converted into RMB. According to our internal calculations and discussions, our preliminary quotation from Hillhouse is per user
65 yuan for users.”
The first to express his stance was Lao Hong from Hillhouse.
Then came the representative from Sequoia: “Lao Hong’s algorithm is more fair, and we share the same opinion.”
So, without waiting for Jin Jin and Bai Goose to express their stance, Wang Wanyu and Li Ze immediately began to put forward their opinions.
It also cited Facebook’s user size and market value, and compared Xiaocheng Book’s business model and value per user.
Li Ze said firmly: "According to the most equal comparison, the valuation per user of Xiaocheng Book is more than this."
Wang Wanyu cited the example of White Goose: "White Goose's current market value is nearly 60 billion U.S. dollars. Based on its business proportion, the value per user of QQ with a user base of 1 billion is also around 40 U.S. dollars, or about 260 RMB."
In this way, according to Wang Wanyu's quotation, the difference between the quotation of the financier and the investor is nearly 4 times.
Both sides seem to be justified.
Investors will definitely want to lower the price.
The financier will definitely raise the price.
There's nothing wrong with that either.
Calculated at US$10 per user, it is actually fair. Weibo, which was not defeated by Xiao Chengshu, was previously valued within this range.
Generally, this matter can go on for several months or even longer.
However, neither financiers nor investors want to delay.
Especially Wen Liang and others who can make decisions have reached some consensus of interests in many aspects.
Wen Liang did not sit still and put forward his opinion in a leisurely manner: "Fighting and arguing hurts the harmony, so let's make a compromise and round it up, and let's use the pre-money valuation of 27 billion yuan."
This is approximately equivalent to RMB 88 per user.
Lao Hong from Hillhouse opened his mouth to speak, but did not say anything because Zhang Sanshi next to him had already agreed: "Just follow Mr. Wen's opinion."
Xu Xin then expressed his position: "We have no problem here either."
"No objection." Shen Nanpeng nodded.
Liu Chiping also nodded: "No objection."
The person who had the final say on the investment side nodded, and the atmosphere immediately relaxed.
The most important value assessment has also been finalized, and everyone will be partners in the future. Of course, everyone is happy.
Hillhouse Lao Hong, the most 'jumping' person, also quickly showed a smile.
The two parties had a very pleasant conversation.
Everyone present actually knew in their hearts that Bolang Xiaocheng’s pre-money valuation of 27 billion was still a little too high.
If the pre-money valuation of 78 billion+ is calculated based on the 260 yuan proposed by Wang Wanyu, it is even outrageously high.
A reasonable pre-money valuation is between 20 billion and 22 billion, which probably means that Hillhouse’s quotation does not fluctuate much.
How should I put it? What the parent company Bolang divested to Bolang Xiaocheng was only the main body of Xiaocheng Book.
The main body of Xiaocheng Book does not have a [massive value] platform.
That is: the contract of the Xiaocheng Book brand partner is signed with the parent company Bolang, and the revenue generated is directly attributed to the parent company Bolang.
The future development based on the [Massive Value] platform will have nothing to do with Bolang Xiaocheng.
However, it will be largely based on the Xiaocheng Book platform.
This part alone strips away a lot of valuation space.
Because the brand partner group is the most unique and important commercial value of Xiaocheng Shu from other existing social platforms.
In addition, the development of Xiaochengshu in China still faces various challenges including Baie WeChat, etc.
For various reasons, everyone here is well aware of it.
Because Bolang has not concealed this, nor can it conceal it in financing matters.
However, this still does not affect Bolang Xiaocheng’s higher valuation.
A platform that has completed Chinese social integration has long-term value in itself!
On the other hand, financing will inherently sell part of the future value, otherwise capital would be too easy to obtain.
There is another small reason. Bolang, with Wen Liang at the helm, makes the outside world very confident.
If you think you don’t have confidence, Weibo, which is currently actively seeking a discount to be listed in the United States, may give you confidence by shouting ‘ntmd’ from its rotten foundation.
The last point is that when the five of them had tea before, Wen Liang's attitude made Zhang Sanshi and the others feel reassured.
Because Wen Liang did not rest on his past achievements, but had already set his sights on the longer-term future.
Although Xiaocheng Shu has used the "weapon" of "sharing" to share life and interests until now, which is very incredible to everyone outside, but from the gentle tone, more factors are attributed to the friendliness of the environment.
This made Liu Chiping, Zhang Sanshi and others understand that Wen Liang had always remained calm in the layout of the business field.
Therefore, Zhang Sanshi directly agreed to this slightly higher pre-money valuation.
This is to prevent Lao Hong, who represents Hillhouse, from taking a stand again and causing an unharmonious scene.
Moreover, Zhang Sanshi believes that even if so many things are stripped away, the returns that Bolang Xiaocheng can bring will definitely be greater than imagined.
…
Based on the pre-money valuation of 27 billion, Sifang will eventually need to inject 3 billion capital based on 10% of its shares, and then reach a post-money valuation of 30 billion.
This is what Wen Liang meant when he said it was rounded up.
How to divide the four parties? Bolang will not interfere.
Subsequently, Bolang was led by Lin Hong to finalize the details of the cooperation memorandum, and Hillhouse and other four parties also had their own legal affairs to coordinate.
A framework-style cooperation memorandum was quickly formed.
Representatives from Wen Liang signed their names on the cooperation memorandum.
At this point, Wen Liang naturally knew the proportion of shares received by the investors.
Taken together, the share distribution ratio of Bolang Xiaocheng is:
The parent company Bolang holds 90%, White Goose 3.5%, Hillhouse 2.5%, Sequoia 2.5%, and today it is 1.5%.
It is obvious that in the past few days, all four parties have reached a certain tacit understanding in private.
On the surface, White Goose's extra 1% was obtained from today's side, which is in line with the strength of all parties.
As for what was going on in private, Wen Liang was not interested in exploring.
After the memorandum of cooperation was signed, Bolang’s first financing matter was finalized.
The rest is a matter of capital injection by all parties as agreed.
…
So, Wen Liang and the other five once again left the hotel behind the teams of all parties who were busy finalizing every detail of the cooperation agreement.
In front of the hotel porch, Wen Liang shook hands with Liu Chiping and said goodbye: "Mr. Liu, your hospitality was not good."
Liu Chiping said repeatedly: "Mr. Wen is so polite. We are busy today. Next time I serve as a host, I hope you will be honored by Mr. Wen. We will keep in communication at all times regarding operator matters."
Wen Liang smiled and agreed: "Definitely next time."
Then he shook hands with Zhang Sanshi next to him: "Mr. Zhang, have a nice trip."
Zhang Sanshi said with a smile: "Mr. Wen is very polite. Mr. Wen will give us some time on various matters. I believe that by then there will be a result that everyone is satisfied with."
"..."
Say goodbye to each other.
Afterwards, Wen Liang watched several people get into the car and leave.
This group of people didn't even eat lunch, partly because they had to rush back to collect money.
At least one party is involved in the mobilization of 450 million funds, which needs to be paid more attention to.
Of course, Wen Liang believed that their rush to go back was definitely not just because of the funds, but also related to some of the 'requirements' he had included in those deceptions, and also to the basically reached consensus on interests.
For investments of this level, funds are not the most important thing most of the time.
Resources are.
For the sake of their common greater interests, they will also use their respective strengths to promote the progress of some things.
For example, Wen Liang revealed this time that he is most concerned about the operator affairs.
There are also some other aspects.
According to the plan Wen Liang mentioned casually, Xiao Chengshu is far from perfect.
For example, Liu Chiping was anxious to go back, partly for this reason. He believed that Bai Ge should consider WeChat's future development strategy more carefully.
You should also consider other mobile-based services.
After all, Shencheng is not the only city that is conducting small-scale 4G pilot projects. Yangcheng and Pengcheng are both launching 4G pilot projects.
Although among the three major operators, China Mobile is basically actively rolling out TD-LTE pilot projects, but everyone knows better that China Mobile’s investment in 3G will be relatively more aggressive.
Investors like Zhang Sanshi, who hold huge amounts of capital, must also rush back to adjust their investment layout to gain more benefits from the inevitable explosion of domestic mobile Internet business -
①: Let me explain, the time in this article is 2012. At that time, BAT was still a three-pointed world. B was not as weak as it is now, and its revenue was very strong! So far, in the article, Bolang has fought with T’s WeChat alone, and with T’s WeChat.
Sina's Weibo business is booming, that's all. To provide you with the fastest update of my Bolang life, Chapter 197 Financing is settled! Free to read.
