Wang Kaige was sitting on the sofa, with a relaxed posture, a smile on his face, waiting for the responses of Su Wang and Chen Binghao. This was a kind of confident confidence.
Su Wang rubbed the leather of the sofa with his fingers. Both he and Chen Binghao knew that the valuation of two billion is enough for Kaixin.com, but based on the development prospects of Kaixin.com in less than half a year, this valuation is definitely low.
But the problem now is that their opponents will not give them so much time. Xiaonei.com has already raised a considerable amount of venture capital and is about to launch a large-scale publicity campaign. If Kaixin.com cannot keep up at this time, it will slowly
Being eliminated.
"The valuation of two billion is acceptable, but the contract method needs to be changed." Su Wang and Chen Binghao exchanged a look, and finally Su Wang looked at Wang Kaige and said.
There was no expression of surprise on Wang Kaige's face, because he knew that the contract would definitely have to be revised, and it would all depend on whether a condition satisfactory to both parties could be reached.
"Mr. Wang, according to the plan you proposed, Carlyle Capital will inject 400 million yuan and take 20% of the shares. There is no problem with this, but what I hope is a one-time capital injection, rather than a batch capital injection based on stock options."
Su Wang has seen the plan. Carlyle Capital's capital injection plan is actually the same as SoftBank's, which is to invest a sum of money in the early stage and then agree on the stock options one year later, but this stock option
However, there are restrictions on the rights, which is that Kaixin.com must achieve their expected level of development.
Wang Kaige frowned, but did not interrupt Su Wang because he knew that Su Wang still had something to say.
"The second point is that your company only enjoys the right to dividends and the right to know about major events, but does not have voting rights or management rights."
Regarding the second point, Wang Kaige has no objection. In fact, when a venture capital institution like them invests in an emerging company, except for sending a director to supervise it, it hardly participates in the management and operation of the company.
Wang Kaige knows very well that there are many different professions. Just because they are in finance does not mean they can run a good business. Professional matters are left to professionals. What they are good at is investment and listing.
"The last point, which is the most important point, is that your company is not allowed to sell the equity of Kaixin.com at will, or if your company wants to sell, Kaixin.com has the first repurchase right,"
"The repurchase right is available, but it is difficult to sell the shares. We invest to make a profit, and we will naturally sell them when we feel that we have reached a certain level of profit. Of course, under normal circumstances, we will sell the shares after the company is listed.
.”
For large investment banks like Carlyle, when they choose to invest in a new company, they want to take the company public. As long as the company is listed, they can obtain sufficient returns.
At this time, Ctrip was not very profitable, and it could even be said that it was still losing money. But so what, in 2004, Ctrip went public, and as a venture capital institution, it directly received a return of nearly 15 times.
"Listed?" Su Wang frowned and looked at Wang Kaige.
"Yes, if Kaixin.com accepts our investment, with the power of Carlyle Capital, it will not be a problem to help Kaixin.com go public in the next three years, and by that time, it will be time for us to sell our equity."
"I think Mr. Wang, you have misunderstood. Kaixin.com will be listed, but not necessarily in the next three years."
Su Wang shook his head. The listing of Internet companies has two purposes. One is to pay back the previous investors, and the other is to raise more funds to invest in the development of the company.
But Su Wang does not want Kaixin.com to go public so early. At least in the next five years, Su Wang has no plans to let Kaixin.com go public. At the stage of Kaixin.com's development, he does not want Kaixin.com to be controlled by capital.
"If it doesn't go public..."
"Mr. Wang, forgive me for interrupting you. In fact, we can do this. We can sign a repurchase agreement. After three years, regardless of whether it is listed or not, Kaixin.com is willing to repurchase your equity at three times the price."
As soon as Su Wang said these words, Wang Kaige's expression changed, and the way he looked at Su Wang became different.
Three times the repurchase in three years is almost equivalent to a solid return on this investment. Of course, the premise is that Kaixin.com is developing well at that time and can afford the money.
If Kaixin.com cannot get the money, it means that Carlyle Capital’s investment failed, and it will be meaningless whether the equity is sold or not.
"It seems that Mr. Su is very confident. However, as for the repurchase of equity, I personally think that it can only repurchase 10% at most. Your company only has the right of priority to repurchase the remaining 10%."
Wang Kaige is very smart. He asked Kaixin.com to repurchase 10% of its shares three times, which means that the investment is not a loss. As a sponsor, he can explain to the company and the investors behind the scenes.
If Kaixin.com develops completely, then the remaining 10% of the equity will be earned, and it will definitely be more than 300 million.
"no problem."
After pondering for a moment, Su Wang finally agreed.
In the face of capital, sometimes we are so helpless. Take the old horse next door as an example. SoftBank invested US$20 million, and in the end SoftBank received a return of hundreds of times.
Is Lao Ma willing? Naturally, he was a little unwilling, but he had no choice, because at that time, only SoftBank was willing to invest in him. Without this money, there would be no Alibaba Group.
In the world, all the good things cannot be taken away by one person.
Su Wang did not participate in the specific drafting of the contract. Chen Binghao would find professional personnel to follow up. All he needed was to sign the contract at the end.
"Mr. Su, Mr. Chen, let's have dinner together tonight and introduce a friend to you then."
At this point, the investment has been negotiated, and Wang Kaige does not have to do the contract and legal procedures that will follow, as he has arranged for his subordinates to handle them.
"If Mr. Wang is the host, he must keep the appointment."
Chen Binghao did not refuse, and Su Wang also nodded with a smile. The person in charge of an investment bank like Wang Kaige has a very wide network of contacts, and since he took the initiative to introduce him, it proves that this friend must also be in the Internet industry.
As the boss, Chen Binghao naturally did not need to go to and from get off work on time. The next three people were about to leave, but before Su Wang left, he called Zhou Peng.
However, after the call was connected, Su Wang's expression darkened. Chen Binghao also noticed that something was wrong and asked with concern: "Su Wang, what's wrong?"
"I brought two friends from the Anti-Fraud Network here today. They should be talking to people from the project department. The conversation didn't go well."
In front of Wang Kaige, an outsider, Su Wang did not make his words so obvious, but Chen Binghao and Wang Kaige were both smart people, so they had already heard the implicit meaning in the words.
"Mr. Wang, sit here while Su Wang and I go out and take a look."
"Okay, you two can help yourself. Mr. Chen, your tea happens to suit my taste, so I will shamelessly act as my own master and make myself some more tea."