The IFC office area is relatively deserted on weekends.
A group of people walked out of the 65th floor elevator room talking and laughing.
Tao and Li were brought into the large conference room, and the three parties exchanged enthusiastic greetings.
Wen Liang said apologetically: "It's difficult for Director Tao. Director Li works overtime on weekends. I really feel bad."
"No, Mr. Wen is too polite." Tao Zhenguang said with a smile.
"..."
The public secretary brought tea.
Then start negotiating business.
As early as before the holiday, Wen Liang had already mentioned that he was planning to establish a new subsidiary.
While Wen Liang was on a business trip, Bolang had completed relevant matters, and he also arranged to transfer 1.5 billion in funds.
The subsidiary is called Bolang Terminal Technology Co., Ltd.
In addition, Bolang Laboratory transferred a large part of its technical achievements related to the mobile phone business to the name of Bolang Terminal.
Of course, this also includes Star Studio, which was originally established through crossover means.
Before this financing, Bolang had calculated the valuation range that Bolang Terminal should have based on a fair investment model.
Wen Liang was not as open as Lion, and took a low-digit range of 4 billion as a pre-money valuation.
Tao and Li, who were just here for a formality, were obviously a little surprised by Wen Liang's 'pragmatic' style.
It’s not clear to outsiders, but Tao and Li still know it very well.
They are just here to go through the motions.
It's a bit sweet to say it's just going through the motions. It should be said that they are acting under orders, not to mention such high-level things as decision-making power. They don't even have the initiative.
After all, the arrangement they heard was that in principle the opinions of Mr. Bolang Wenliangwen should prevail, and issues of principle should be adhered to. Tao and Li should not understand these words too well.
The attitudes of Tao and Li made Wen Liang couldn't help but touch his nose.
‘It turns out that this is how we really rely on relationships~’
Although this financing is very simple, it is not like the previous financing of Bolang Xiaocheng, which raised the pre-money valuation to tens of billions in one sentence;
But in fact, the 1.5 billion that Bolang Group transferred to Bolang Terminal signed a loan agreement between its subsidiaries and parent companies, and the planned use was for research expenses in 15 collaborative laboratories with 9 universities.
It can be understood that Bolang terminal has only technical data value.
The pre-money valuation of 4 billion is considered quite ‘arrogant’.
As a result, representatives from both parties believed that Mr. Wen’s style was ‘pragmatic’.
In short, putting aside these small episodes, the entire financing process was completed in a harmonious, friendly, frank and enthusiastic atmosphere.
In the morning Wen Liang visited Wang Yingjun and reached an agreement with the Chinese workers.
Huagong Asset Management Company finally squeezed out 500 million funds to invest in Bolang Terminal.
Yangcheng Urban Investment has abundant funds, but its investment scale this year has been limited. It invested 3 billion yuan in shares of Bolang Terminal.
At this point, Bolang Terminal’s post-investment valuation is 7.5 billion.
The company's total share capital is 10 billion shares.
Among them, Yangcheng Urban Investment accounts for 40%, or 4 billion shares, and Huagong Asset Management accounts for 6.67%, or 666.67 million shares.
The remaining part is held by Bolang Group.
Because the pre-money valuation is not high, the shareholding ratio will appear more prominent.
This was the surprise for Tao and Li.
In addition, Bolang, Bolang Terminal, Yangcheng Urban Investment, and Huagong Asset Management signed an investment addendum framework agreement.
This agreement is the most important thing for Bolang regardless of its shareholding ratio.
The agreement with Huagong Asset Management is relatively simple.
The main terms are: Huagong Asset Management will no longer participate in subsequent financing rounds of investment. Starting from December 2013, it will reduce its share capital year by year based on the current year's valuation, and will reduce its shareholding to zero in December 2017.
The additional terms are: Bolang Group guarantees that the minimum annual return on the operating investment principal of Huagong Assets is 8%.
This 8% annual return is basically the exit baseline in the primary market investment and financing business. The general premise is that if the financier does not go public within a few years, it needs to give investors the principal and 8% of the annual return.
However, for large investments, 8% is simply water, so this can be regarded as a friendly term.
In short, Wen Liang made a special trip to Huagong to visit Wang Yingjun and roped in Huagong Asset Management Company as a shareholder, not for binding or anything else, but to bring a wave of Huagong through the development of Bolang Terminal.
It can be considered a real profit.
On the one hand, relying solely on the funds raised by the South China University of Technology Education Development Foundation will be of limited help to the South China University of Technology's investment in academic and research resources, even if Wen Liang comes forward to endorse it.
On the other hand, all of Bolang's R&D projects can be said to have been developed because of the blood-sucking Chinese labor heritage, and they should be rewarded.
Moreover, in Wen Liang's memory, Wang Yingjun only retired from the position of principal of Huagong University of Science and Technology in 18 years. With this group of familiar school leaders around, he did not worry about being taken away by Bolang Terminal and the profits gained would be used for other purposes.
As for what happens... Today Mr. Wen can rely on connections, but tomorrow Mr. Wen can’t rely on connections~
The appendix framework agreement with Yangcheng Urban Investment Corporation is very complicated.
Moreover, we need to send away the Chinese workers first and then talk.
What's rare is that it's not Wen Liang who takes full control, but several other young people who came with Tao Zhenguang.
They propose the framework, and Wenliang increases or decreases the terms according to actual needs.
A lot of things are involved.
Including but not limited to taxation, continued investment, equity reduction methods, etc.
The terms have certain restrictions on Bolang Terminal, but the relevant standards set are not high. Unless you commit a serious crime, it will be relatively easy for Bolang Terminal.
The core of the terms is that the share capital will eventually be reduced to zero.
However, the process will not be like that of Huagong Asset Management, where it will no longer participate in subsequent financing rounds, nor will it be a continuous reduction of holdings.
For example, companies led by Urban Investment may become the major shareholders of Bolang Terminal next year, with the shareholding ratio even exceeding 80%.
And the way of reducing holdings is also very different.
There are a lot of details. For example, when urban investment companies in some areas invest in local companies, there is a precedent of withdrawing equity capital for free when the company develops advantageously, that is, no investment money is required. ①
Or the holdings can be reduced with the invested principal intact, that is, without enjoying the dividends brought by the development of the enterprise.
In short, Wen Liang's call to Lao Litou was not in vain, nor was his visit to Su and An's house in vain.
His intention to start some experiments from Yangcheng is also unwavering.
Putting aside everything else, as long as the 'money' is 'grabbed' to Bolang, it can at least ensure continued R&D investment in necessary projects.
Based on Bolang's current size and its self-research route of pan-microelectronics, there will be a lot of reinvention of the wheel in the future.
We have to guard against the pressure brought by domestic colleagues, and we also have to guard against overseas suppression that may occur at any time. How can we live without finding a few innocent and big enemies?
If it weren't for the pressure from these aspects, Wen Liang wouldn't have poured beans out of a bamboo tube early in the morning to have an honest talk with Lao Li.
It’s not that you can’t develop on your own, but why not borrow from external forces.
As Su Hean said, this money is not given to anyone~
Several complex appendix framework agreements stipulate that investors will not participate in the daily operating activities of Bolang Terminal in any form and will only conduct necessary financial audits.
It doesn't really matter whether there is such a thing as financial auditing.
Because there is a higher-level constraint than finance, and that thing is called tax audit.
Wen Liang didn't think he was big enough to challenge the tax authority.
All in all, because these terms are very complicated in the appendix framework agreement, Bolang does not care at all what the shareholding ratio of Bolang Terminal is, as long as it is not less than 5%.
As for breach of contract?
Don't be ridiculous, put aside the Chinese labor force, if you want to engage in Bolang with the background of Yangcheng Urban Investment, Bolang has little room for struggle in any way.
Of course, that kind of thing would happen unless Wen Liang betrayed humanity.
…………
Downstairs at IFC, Wen Liang and others watched Tao Zhenguang and his entourage leave, then turned back to the 65th floor.
After walking into Bolang's office area, Li Ze couldn't hold back at all, and said in a gibberish voice: "I have learned a lot today. This horse riding is actually an investment?!"
Next to her, Wang Wanyu actually looked a bit eye-opening: "What did Mr. Wen say? The investor representative just said clearly that you are honest."
Wen Liang looked at Wang Wanyu, then at Li Ze, and waved his hand casually: "Routine operation, normal operation."
Li Ze clicked his tongue and marveled: "Excuse me, my experience is shallow, this is my first time seeing you."
"This shows that you have no confidence in the company's development!" Wen Liang said angrily, "You know 6? The pre-money valuation of 4 billion is already low, but Xiao Gaoliang's small move would cost 6 billion US dollars.
Is it valued?”
Wang Wanyu, who has always been on Wen Liang's side, couldn't hold back: "Mr. Wen, have you forgotten that the 1.5 billion funds supporting Bolang Terminal need to be returned before the end of the month?"
Hearing this, Wen Liang sat on the corner of the sofa in the office and said in a relaxed tone: "So what, if I don't want to return it, I can let them take advantage of it?"
“It’s a joke, you don’t take my title as the strongest investor born in the 1990s, a new kid in the investment industry, seriously, right?”
"Weibo has grown so rapidly, don't you have to give up 20% of your equity to me now?"
"Shanda Chen is awesome! He has been the leader for many years, and now he wants to sell Shanda Literature to me!"
"I asked for their money to give Yangcheng face. How dare they have fun with such a low valuation? If I don't show it, I will hold a grudge every minute!"
Then there are some difficult-to-understand words, such as, "I, Mr. Wen, have never been born in the world, and business will last forever."
Anyway, I will never admit that this wave of soft rice is delicious.
Wang Wanyu and Li Ze really tried their best not to laugh out loud.
To be honest, they were really dumbfounded by this wave of financing.
The face of the investor representative showed that Mr. Wen truly deserves to be Mr. Wen, he is gentle, courteous, thrifty, complete in everything, and has a simple style.
It seemed like he was taking advantage of Bo Lang.
In fact, Ta Ma's Bolang terminal has a 6, 1.5 billion fund borrowed from the parent company, and it should be paid back in the next two days to do other things.
The little technical information is now considered to have no foundation.
Who knows how much energy Zheng Qi, a mathematical genius, spent to calculate a valuation range of 3.5 to 5.5 billion yuan from piles of messy data.
After a while, Li Ze finally calmed down and could speak as usual: "Mr. Wen, what are your next arrangements?"
"Wait for the final result of the SoC tape-out." Wen Liang had already thought about it, "Let the rest go step by step, the funds are still not enough."
"The budget of 1.5 billion for university cooperative research is a necessary expenditure. This leaves 2 billion in funds, which should roughly be enough to cover the production costs of the first batch of mobile phones."
At this point, Wen Liang looked at Wang Wanyu: "Mr. Wang will take the lead in contacting Shanda. Shanda Literature must hurry up and buy it. If it must be 4 billion, it must accept a delivery period starting from one year."
Wang Wanyu responded: "Okay."
Then Wen Liang looked at Li Ze: "Mr. Ze, from now on you will officially serve as the general manager of Bolang Terminal. Make a monthly plan as soon as possible so that I can see when the second round of financing will be carried out next year."
"I previously thought that the first batch could be negotiated for 5 billion, but unfortunately the relevant parties have limited the scale. It can only be 3 billion within the year."
Listening to Wen Liang's regretful and sighing tone, Li Ze's thick eyebrows seemed to be dancing, and he subconsciously echoed: "Yes, yes."
Regardless of the process, Bolang's current financial pressure has been resolved.
…………
Later.
Xindai, who is not working in the company, announced the latest public relations news.
"Aliyun has released an invitation, and the mobile phone launch conference for cooperation with Acer will be held in Shanghai tomorrow afternoon. The news points out that this Acer mobile phone will be equipped with Aliyun OS."
As soon as the news came out, Wen Liang and Li Ze, who were originally planning to leave the company, stayed.
The opportunity that Bolang has been waiting for since the holiday has finally arrived!
Afterwards, Li Ze quickly initiated a meeting -
①: There have been cases both locally and nationally. There is also a completely opposite example, where the invested companies are exempted from investment debts due to poor management. I don’t know the details. They are all news in news reports. Don’t ask~
: In order to avoid being reported, let’s use the English name for this relatively sensitive company.
