The most common tactic used by Goldman Sachs is to sell when the market is low and buy when the market is low, and sell when the market is high.
Every time I wait for an opportunity to enter an industry, I will pessimize the industry, let the price go down, and then buy at the low price. When the profit line is reached, I will wait for the opportunity to ship, go long, and then sell at a high level. This has always worked.
Huaxia's banking industry also taught tuition fees.
When the company was reorganized and listed, Goldman Sachs was badmouthing that the bad debts were too high and were worthless, so that other Wall Street investment banks would not take over the business. At the same time, as a goodwill ambassador, Goldman Sachs won the equity at a low price with "tears and losses".
When ICBC went public, it received 49.5 billion, and when China Construction Bank went public, it shared 130 billion with Bank of America...
Xu Ziwang just followed the same pattern, making a fuss about the counterfeit rate and fights, belittling and slandering Feigou.com, but he said it politely.
"Mr. Lu, the problem of fake goods has dragged down Feigou.com."
Lu Feidao: "As the platform develops, the intensity of the fight against counterfeiting will gradually increase."
“There are currently 310,000 registered stores on Feigou.com.”
Elites at Goldman Sachs are nitpicking, "If we crack down on counterfeiting with a high intensity, this data will inevitably shrink. If we don't crack down on counterfeiting, fakes and knockoffs will affect the brand's reputation and will also lead to lawsuits from the copied brands."
Liu Edong, Xu Lei and others felt their hearts tremble.
According to this business logic, whether it cracks down on counterfeiting or not, the valuation of Feigou.com will be negatively affected by the negative impact of counterfeit goods, and the price will drop a lot.
"Sauri, Mr. Lu, people at Goldman Sachs like to tell the truth. Sometimes the truth is so hurtful."
Xu Ziwang spread his hands, thinking he had the upper hand, "Actually, we are still very optimistic about Feigou.com and look forward to you going global and competing with Amazon in the world's e-commerce market."
"Wrong, you are wrong again!"
Lu Fei raised his lips, "Why can't there be a third option? Why not multiple choices?"
"What?!"
Xu Ziwang couldn't help but be shocked, the third option?
Lu Fei smiled and said, "It is better to block things than to clear them up. In addition to severely punishing those who behave badly, we should also guide them to do their duty."
"Shu? How did Mr. Lu do this?" Xu Ziwang was stunned.
"Feigou.com will support merchants in a planned way to develop from no tags to new brands, and from small workshops to large factories."
Lu Fei crossed his arms, full of confidence.
Crack down on counterfeiting or not is tantamount to killing a goose to lay eggs. If Taobao cracks down on counterfeiting, it is better to build a batch of e-commerce brands and hatch the eggs into chickens. Whether it is a turkey or a black-bone chicken, the one that can lay eggs is better.
chicken!
Xu Ziwang said: "Impossible, absolutely impossible! From the birth of a brand to its popularity and internationalization, it does not happen overnight."
"Wrong! Big mistake!"
Lu Fei shook his head and said: "The most critical thing for the rise of any brand is the dividend window period. Nike, for example, started out as a copycat."
Liu Edong heard this for the first time and opened his mouth wide, "Mr. Lu, has Nike ever copied it?"
"Of course! Nike imitated Tiger's Cortez, but it was on the verge of bankruptcy. Only by betting on Jordan and the NBA did it turn around."
When Lu Fei exposed Nike's background, Xu Ziwang and others had mixed emotions. For a moment, they were speechless.
“There are countless examples of copycats turning into famous brands throughout the industrial era.”
Lu Fei said with a serious face: "The copycats and no-name brands on Feigou.com can also rely on the huge dividends from e-commerce traffic to incubate into a group of star brand enterprises. This is a brand new business model developed by Feigou.com!"
Xu Ziwang's heart sank. As expected, Master Lu is not easy to deal with!
Lu Fei said: "Any more questions?"
Xu Ziwang shook the refill of coffee and said, "I have no problem. Mr. Lu's plan is indeed a solution."
Finance is all about money and food, and all it is about is information.
The reason why Goldman Sachs' foreign capital has been able to succeed in China repeatedly is because of the information gap. Lianxiang was deceived by Goldman Sachs into acquiring IBM because of the information gap.
Without the information gap, there will be no opportunity, and this battle cannot be fought again.
Zhang Yong looked left and right, secretly pleased that in this round of confrontation, Lu Fei had firmly grasped the initiative in the negotiations!
"Then let's talk about investment and shares."
………
After the B round, the equity structure of Feigou.com is that Lu Fei holds 61.2%, idg holds 10.8%, Baring Asia 13.5%, Carlyle 4.5%, and mih 10%.
In this round, Lu Fei allocated 8% as an equity pool and gave it to Liu Yidong and Xu Lei, two heroes of Conglong, with 3.5% and 4.5% respectively.
According to his wishes, 10% was released, but Goldman Sachs not only felt that 10% was too little, but also felt that he was not the lead investor and only received 3%.
"Mr. Lu, why is it only 3%?" Xu Ziwang complained quite a bit.
"Through the negotiation just now, I learned that Goldman Sachs is so sensitive to the issue of fake goods on Feigou.com."
Lu Fei spread his hands and said, "When I look for partners, I like to find partners who believe in our entrepreneurial team and Feigou.com model wholeheartedly. Sequoia Capital has no such concerns."
"Mr. Lu, there is a misunderstanding. We have no worries now!"
Xu Ziwang panicked, thinking that they had used too much force and kept applying pressure, and now they had to suffer the consequences.
As everyone knows, without this negotiation, we would still only be able to get 3%.
The elites of Goldman Sachs were all confused. Instead of asking for more, they reversed the situation and gave Sequoia an advantage in vain. They quickly pleaded softly.
Lu Fei smiled, "I still like your unruly look just now, please recover!"
He gave Xu Lei a look, and Xu Lei understood tacitly: "It would be great to get 3%. Many institutions such as Tiger, CDH, Citigroup, and SoftBank have broken through the threshold. They haven't had this opportunity yet. We also value the strength of Goldman Sachs."
, make a friend.”
Xu Ziwang frowned. He was too soft. He wanted to be tough. He had already witnessed Lu Fei's toughness and was silent in a rare way.
The eagle catches the chicken, but the chicken rides on it!
"220 million U.S. dollars, this financing Feigou.com plan..."
Lu Fei briefly explained the use of funds, including Zhongtong Logistics, brand incubation, Jingdong Mall, Caifubao, TV shopping, etc. A series of flows revealed a powerful corner of the Feigou empire.
Xu Ziwang's heart beat loudly. It was indeed a combination of eBay and Amazon.com, dominating the Chinese market, and its valuation was no longer the same.
A meeting did not resolve the dispute over equity distribution.
Afterwards, they went to the reserved hotel room for dinner. At the table, Xu Ziwang lowered his head, had a glass of wine, and apologized, constantly reflecting on his overestimation of the hidden dangers of fake goods on Feigou.com.
All you have to do is show your craftsmanship, get down on your knees, and make red bean paste Smith Marseille!
"Mr. Lu, Goldman Sachs is very willing to make friends with Feigou."
Lu Fei squinted his eyes. As expected of his father from Neon, he was equally capable of bending and stretching.
The reason for choosing Goldman Sachs is the same as "Black Myth" allowing Penguin to invest in shares. In addition to overseas resources and contacts, it also paid a protection fee to avoid being pessimistic and disparaging Feigou.com in international public opinion.
He took a sip of wine and said, "When you come out to fool around, you have to be trustworthy. If you say 3%, just 3%."
After discussing for a while, Goldman Sachs reluctantly agreed and reached a consensus. Soon, the investment amount and equity ratio were freshly released.
Sequoia Capital invested US$154 million and holds 7% of the shares.
Goldman Sachs invested US$66 million, accounting for 3% of the shares.
Lu Fei's shareholding was reduced to 47.88%, while Liu Yidong and Xu Lei held 3.15% and 4.05% respectively.
In addition, a 4% equity pool will be established for the second batch of leaders such as Wang Huiwen, Gao Tuan, Zhang Yong, and Fang Xing.
In this way, Feigou.com's C round of financing was initially completed. After about a year, in the winter before the Internet picked up, the valuation soared to 2.2 billion, thanks to the momentum created by "The World is Flat".
After lunch, we immediately returned to Hailong Building.
The teams from both sides discussed the details of the agreement, including the right of first refusal, and the contract needed to be reviewed and approved, because Feigou.com also held shares through a VIE structure to avoid any mistakes.
Xu Lei took out the secretly hidden wine and gathered with Liu Fei in Lu Fei's office. The three big men clinked glasses and had a good time.
Liu Edong was so excited that he waited until the clouds opened to see the moonlight.
3.15% of the equity does not seem like much, but it is already 60 million US dollars, and it is a B share of AB shares, with 20 times the voting rights.
Before listing, there will also be equity incentives.
"cheers!"
There was a clang, and the wine glass made a crisp sound.
Lu Fei joked: "Godong, can you go to your father-in-law's house for the Chinese New Year this year?"
Xu Lei chimed in and said, "Yes, quickly ask Gong Xiaojing what my father-in-law and mother-in-law like, and prepare it in advance."
"Don't be in a hurry, hehe, don't be in a hurry, there's still half a year left."
Liu Edong smiled shyly, like a lotus flower.
Lu Fei touched his chin and said, "Gaodong, I want to ask her one more thing. Write an internal reference article."
"It's a good thing, no problem. Last time she wrote about e-commerce and Feigou.com, she was praised by the leader."
Liu Edong asked curiously: "Mr. Lu, what are you writing about this time? Are you still writing about e-commerce?"
Lu Fei narrowed his eyes: "No, write Goldman Sachs."
We drink together from golden bottles, but we will not spare each other with bare swords!
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