Chapter 095 [Get the A round of financing (full 10,000)
"The investment philosophy of Tiansheng Capital is 'keep the right and use the odd', 'weak water is worth a thousand dollars, but take a scoop' and 'if you don't tell the truth, you will make your own mistakes'. We never seek control of start-up companies, we always
I firmly believe that founders are irreplaceable for a start-up company, so I invest in a company and never interfere with how the founder runs the company."
Lu Ming added methodically with a smile: "Tiansheng Capital's investment model adopts an exploratory model. Through research and exploration, we find out which business model is the best. We look for the best entrepreneurs who are suitable, and we develop together and accompany them.
The business grows together.”
"This model allows us to have a deep understanding of things. If the answer we get is that it can be achieved through the secondary market, then we will buy the stock and hold it for a long time. If there is no such company, we will look for the private market. If there is no such company, we will look for the private market."
We incubate it ourselves. In one sentence, what the founder wants to make his company into, I try to help him make it what he wants, rather than teaching the founder how to do things."
After a long conversation, Huang Zheng sighed deeply, looked at Lu Ming with a smile and said, "It's so late to meet you!"
The two parties chatted like this for two or three hours, and finally accepted the financing from Tiansheng Capital without any suspense, which was Pinduoduo’s Series A financing.
The financing agreement was left to Yao Yun to draft and verify, and it took about two and a half hours to complete.
Tiansheng Venture Capital, a VC institution, participated in Pinduoduo's Series A financing, and the financing scale was directly and generously awarded about 100 million U.S. dollars. In the VC industry, people like to use U.S. dollars, which is about 650 million yuan, excluding exchange rate changes.
With this Series A financing, Pinduoduo will not have to worry about running out of money in the next year. Lu Ming estimates that it will be burned out in about half a year. For the subsequent Series B financing, Lu Ming suggested that Huang Zheng take Teng.
With the introduction of Xunduo, Pinduoduo will develop rapidly and needs the traffic entrance of Tengxun. Tengxun will also be very happy with the rise of Pinduoduo. Anyway, as long as it can make Alibaba unhappy, Tengxun will be happy.
After receiving the US$100 million in financing, Pinduoduo continued to sell 30% of its equity and became the second largest shareholder after the founder.
Pinduoduo’s equity structure adopts the AB share system. Huang Zheng is still Pinduoduo’s largest shareholder, holding more than 60% of the shares. He is also the founder, chairman and CEO, with more than 90% of the voting rights.
, still firmly holds control of the company.
Even if the shares in his hand are continuously diluted after subsequent rounds of financing, it will not affect his control of the company unless he voluntarily gives up.
Tiansheng Capital has no intention of seizing control. This is not Lu Ming’s investment style. If the founding team of the company he invests in makes a mistake and leaves loopholes in the top-level design, Lu Ming will either prevent other investment institutions from seizing power and obtain it himself.
Control takes over and reshuffles board of directors.
However, Lu Ming's investment style in his previous life rarely did this. Unless the company was too good and the prospects were too good, he would intervene forcefully. In most cases, he would directly withdraw capital and completely withdraw from the company. How far can a company run by such a management team go?
?
If you don’t leave, why don’t you stay for the New Year?
…
After coming out of the 28th floor, An Yirou asked curiously: "What is this Pinduoduo store? Is it really so good?"
During the long conversation between the two parties, An Yirou was always present, but she basically didn't take part in talking to her. She just listened carefully and watched the two grown men talking loudly, and they seemed to be in a similar mood and hated being late.
After the chat, he coolly dumped 100 million US dollars and left...
Of course, 100 million in cash will definitely not be thrown out, and all the funds will be transferred to Pinduoduo's company account before the middle of this month.
"Of course he is great. If he is not, Tiansheng Capital will help him become great." Lu Ming said with a smile: "With these US$100 million, Tiansheng Capital will bring in at least more than 600 times the income in the near future."
"More than 600 times?"
An Yirou's eyes widened and she subconsciously raised her hands to cover her mouth. Yao Yun, who was accompanying her, also flashed a look of surprise. She didn't understand the valuation logic of corporate growth. She plays law. This is not her strong point. When she heard the 600 times
The income is also very exaggerated.
An income of more than 600 times is equivalent to giving Pinduoduo a future valuation of up to 200 billion U.S. dollars. Since the huge Anshi Group has skyrocketed in the past month, the total market value based on the current stock price is 927.9 billion yuan, excluding exchange rate changes.
A size of more than 146 billion US dollars.
With a volume of 200 billion US dollars, that is 1.27 trillion yuan, which is beyond the reach of the current Anshi Group.
Is the capital market so erratic in valuing companies?
"Companies that work overtime during holidays will not have bad results." Lu Ming said with a smile. He couldn't tell them that he had witnessed Pinduoduo successfully go public in the United States three years after its establishment, and its market value exceeded 2,000 two years after its listing.
billion dollar mark.
The driver Li Chengyao had been waiting for a long time and drove the three of them away from here to the hotel to rest.
Tomorrow I have to go to a company, which is also in this city, and I will end this trip after finishing it.
…
The next morning, MiHoYo headquarters.
"Mr. Lu, I'm curious how you found a small mobile game studio like ours and invested 500 million yuan in just 25% of the equity?" In the company's reception room, the founder of Mihayou said
Cai Haoyu asked curiously.
"MiHoYo's "Honkai Impact 2" generated more than 60 million yuan in annual revenue last year. It shouldn't be a big problem if it exceeds 100 million yuan this year. It's not big, but it definitely can't be said to be a small workshop." Lu Ming smiled.
Said: "Tiansheng Capital is also optimistic about the future prospects of the two-dimensional mobile game market."
Mihayou is a game team founded three years ago by four college students from Jiaotong University.
By this year, two-dimensional mobile games are growing rapidly in China, but the market lacks high-quality products. The revenue of "Honkai Impact 2", which was launched in March last year, has doubled in consecutive years. The influence of the "Honkai Impact" IP in the mobile game market has also been officially established.
.
But what Lu Ming knows better is that MiHoYo's subsequent mobile game "Genshin Impact", which cost a high production cost of 100 million US dollars, was the work that really made MiHoYo a major game company. The process was also quite tortuous. It was just one
In just one month, "Genshin Impact" went from being unable to recover its costs to becoming a cash cow with an exaggerated monthly revenue exceeding 4 billion.
The gaming industry really makes money.
"Mr. Lu, I would like to hear what you think of Mihayou." Cai Haoyu is not familiar with this young legendary capital boss who took the initiative to come to his door, but he is not unfamiliar either. Whether it is the "Antian War" in the capital market
Or a legend on the rich list, they are all very popular and eye-catching.
Tiansheng Capital wants to invest 500 million in Mihayou, and Cai Haoyu is actually quite tempted, because the "Honkai Impact 3" project requires a lot of money, and although the funds accumulated from the previous game are also quite large, he wants to
To create a truly high-quality product, you have to spend more money.
But it’s not that it’s short of money, because the profits from the “Honkai Impact” series have given MiHoYo the confidence that it doesn’t need to rely on capital.
When Lu Ming heard what he said, he couldn't help but said thoughtfully: "Mihayou feels like a company full of contradictions to me. You can say it is a good company, or you can call it a garbage company; you can.
It can be said that he plagiarized without emotion, but one cannot deny his R&D level, which is at least supported by his peers; one can also say that his management is chaotic, but one cannot deny the density of elite talents in the company and the vitality of the company..."
"No matter how you look at it, it can't change his current situation and the direction he is developing, including Tiansheng Capital. Mihayou may be learning from Tencent and Wangxi, and may become more and more like them in the future, but in the end he will just
It will become 'Mihayou', which is the biggest reason why Tiansheng Capital is particularly fond of it."
The boss's art of speaking, the founder's mood was extremely comfortable as he spoke in just a few words.
Dealing with the founder is a basic operation for the experienced Lu Ming.
…
(Ps: A big wave of extra updates is coming. Please vote for it. Let’s do it hard! The update is a little slower. Although it is a deposit, you have to go through the typos and paragraphs. Don’t worry, all the data you are satisfied with today will be fulfilled.
, if there are more than 50 chapters in the manuscript, it’s unfortunate that all of them will be squeezed out... [akimbo and inflated])
