“！”

The noisy atmosphere in the Park Hyatt South Pavilion, which is located at an altitude of more than 400 meters above sea level in Shencheng, was suddenly pressed the pause button.

Wen Yan's explanation of the Lei Army,

Dai Qiang, who is still 'calculating',

Liu Qin, who pushed her eyes and occasionally accosted her,

Kuang Ping, who looked slightly excited,

Sitting firmly on the Diaoyutai Hong,

And those who questioned or suspected that Fang Nian was too pessimistic all paused.

Look at the person who suddenly expressed his stance at the beginning of the bargain.

Facing the eyes of many people, Shen Nier added unhurriedly: "The valuation of 200 million US dollars is no problem." ”

Glancing at Shen Nier, Dai Qiang frowned tightly, and said with surprise: "Mr. Shen, you are ......"

Someone immediately grabbed the conversation: "Mr. Lei and Mr. Fang guarantee Xiaomi together, of course there is no problem with investment, but the valuation of 200 million US dollars is not always Shen to think about it again......"

As soon as the words fell, Liu Qin smiled lightly: "Even Mr. Shen is more positive than us Morningside, ashamed." ”

"Morningside followed. ”

Hearing this, Kuang Ping couldn't sit still, and he hurriedly said, "Qiming has voted." ”

As soon as Kuang Ping's voice fell, Dai Qiang immediately said: "Our Ji Yuan also voted." ”

At this time, Guo Hong no longer waited and waited, and expressed his IDG admit.

The remaining investment institutions that do not agree with the valuation proposed by the other party and express doubts about the other year's statement can only choose to leave the market.

With the addition of Frontier Angels, there are six investment institutions investing in Xiaomi in Series A.

Although it is only a round A, Lei Jun has already made a complex cut division of Xiaomi's overall shares.

It's completely different from Dangkang Games' Series B financing.

The initial calculation is based on the more common financing share dilution scheme.

That is: pre-investment valuation + financing amount = new valuation of the company = agreed valuation.

In other words, although everyone agrees on Fang Nian's valuation of $200 million.

But in fact, before the deal was concluded, Xiaomi's valuation was only $160 million, and the investment bank needed to invest a total of $40 million, adding up to a new valuation of only $200 million.

Dangkang Games directly invests in the corresponding proportion of shares released at the agreed valuation.

Although the algorithm is different, there is no difference between the valuation and the calculation of the value per share due to some conventions.

As for why different algorithms must be used, and the complex division of shares is also carried out, which involves agreements such as equity and earnings per share commitments.

Due to the existence of an additional VAM agreement, there is no commitment to additional income.

Xiaomi's financing this time is available.

There are two aspects of the agreement, one is the exit agreement, and the other is the income commitment.

Illustrate:

For example, Xiaomi and Sequoia Capital agreed that the investment period is five years, and the shareholders can receive the calculated dividends within five years;

It can be withdrawn after a certain period of time, generally for a certain round of financing, which is equivalent to saying that another institution buys the shares in Sequoia according to the valuation at the time of financing;

After five years, if the investment income does not meet expectations, etc., when Sequoia withdraws, Xiaomi needs to return the principal + interest invested by Sequoia Capital at an annualized interest rate of 8%.

The actual convention is naturally a bit more complex than this simple example, and there are more factors to consider.

All in all, although Shen Nier took the lead in agreeing with the valuation proposed by Fang Nian, he also carried out in-depth constraints.

Most of the time, capital is about absolute interests and absolute rationality.

Shen Nier can change his original intention because of Fang Nian's words, but he will not give up the due interest constraints because of this.

That's the reality.

In Xiaomi's Series A financing, Frontier Angel and Morningside Capital only followed up to ensure that the shareholding ratio was not diluted.

That is, Frontier Angel invested $8 million this time, and Morningside Capital invested $6 million.

The remaining four companies, Qiming, Jiyuan, IDG and Sequoia, will share a 13% share quota.

After this investment, Xiaomi's founding team, including Lei Jun, still has 47% of the shares in hand.

Frontier Angels still account for 20%, Morningside Capital 15%, Qiming 3%, Jiyuan 2%, IDG 4%, Sequoia 4%, and Fang Nian Individual 5%.

As a result, the frontier angel represented by Fang Nian inexplicably became one of the largest investors in Xiaomi's A round.

"It was a pleasure to work with. ”

The men in the room shook hands and smiled.

Shen Nier said with a smile while holding Fang Nian's hand: "When I saw Mr. Fang today, it was really extraordinary, and I look forward to more cooperation in the future." ”

"Thank you, Mr. Shen, someone on our side will definitely have a time to ask Mr. Shen. Fang Nian said with a slight smile.

Hearing this, Shen Nier looked at Fang Nian deeply: "Mr. Fang is polite, there is a chance to drink tea together." ”

"Next time, definitely. Fang Nian said.

Sequoia Capital China Fund manages several large funds, and Fang Nian's 'Luzhou 20 billion' plan needs this kind of rich investment bank too much.

There is no shame in developing a career with the help of capital.

Fang Nian just won't raise funds with cutting-edge companies, but it doesn't mean that he won't raise funds with other companies in the frontier system.

Even in the planning, there will be the idea of a partnership led by other companies in the frontier system.

After a while, Dai Qiang came over and stretched out his hand with a smile: "Mr. Fang, it's an honor to meet you." ”

"Mr. Dai, the first cooperation, please take care of me in the future. Fang Nian held Dai Qiang's hand and said sincerely.

When Guo Hong shook hands with Fang Nian and greeted him, he sighed slightly: "Mr. Fang really made me see the blood and strength of young people, and I had mixed feelings!"

"Where, where, there is always a false praise. Fang Nian said.

Kuang Ping, who was the second time he saw Fang Nian, also looked a little emotional.

"Mr. Fang, take care of this kind of business in the future. ”

Fang Nian responded with a smile: "It must be." ”

Although he missed the angel round, Qiming finally got on the car in the A wheel, where Xiaomi's valuation was relatively cheap.

It can be regarded as a relieved thing for Kuang Ping.

Although more money was spent than expected.

Liu Qin, who was already very familiar with Fang Nian, just shook Fang Nian's hand with a smile and didn't say much.

“......”

After greeting each other one by one, Lei Jun said two words of conclusion.

"On behalf of Xiaomi, I would like to thank you for your generous support, and every step of Xiaomi's future development is inseparable from your help at this time.

......”

In the end, Lei Jun said with a smile: "In the words of Mr. Fang, this financing must be the most authentic valuation of Xiaomi."

If you vote, you earn it!"

"Hahaha......"

“......”

In the midst of laughter, Fang Nian shrugged helplessly.

When you are young, you can't avoid being ridiculed by an old fritter like Lei Jun.

It's okay, Fang Nian said that he had long been used to it.

Anyway, there are a lot of pieces of meat.

As long as your head is clear.

............

Fang Nian and Lei Jun sent investors from all over the world to the car.

On the porch on the side of the World Financial Center, the last Mercedes-Benz drove away, and Fang Nian also breathed a sigh of relief.

After a moment, Fang Nian suddenly spoke: "Mr. Lei, are we a little too much, we really don't even care about lunch?"

Lei Jun: "......"

He looked at the time, oh noon, it was exactly twelve o'clock in the afternoon.

That's ......

It's embarrassing.

It happened to be lunch, like Kuang Ping and Liu Qin were not resident in Shencheng, so they were a little picky.

Facing Fang Nian's playful gaze, Lei Jun said calmly: "Xiaomi's economic situation is not very good, I believe everyone can understand." ”

"Mr. Lei is also stingy, he said earlier, I can still help pay out of pocket for the money for dinner. Fang Nian waved his hand, and the thief was generous.

Without waiting for Lei Jun to speak, Fang Nian continued: "Don't say more, just invite Mr. Lei to eat." ”

Lei Jun looked sideways at Fang Nian: "Okay, thank you Mr. Fang for your hospitality, I just wanted to tell you a few words." ”

“......”

More than ten minutes later, Fang Nian drove Lei Jun to a restaurant.

In order to take care of the environment in which Lei Jun was talking, Fang Nian naturally chose a restaurant with a bag.

Order and serve.

After chatting a few words, Lei Jun spoke unhurriedly: "I wonder if Mr. Fang has heard of WPS?"

Of course, this is the ideal that Mr. Qiu and Mr. Lei have adhered to from more than ten years ago to the present. Fang Nian said calmly.

Fang Nian's understanding of WPS is still very in-depth.

Although WPS was born, Fang Nian was not born -

Qiu Bojun wrote WPS in 1988, and WPS1.0 was released in 89.

But Fang Nian still has an in-depth understanding of Jinshan and WPS.

This software can almost be called a 'living fossil' of China's Internet development to the present.

The release of WPS1.0 in 89 filled the gap in China's computer Chinese word processing, and once occupied 90% of the domestic market by word of mouth alone, becoming a sign of the times.

Then it was quickly crushed by Microsoft.

Subsequently, Lei Jun joined Jinshan.

In order to meet Microsoft, Kingsoft has developed a component called Pangu, including WPS, electronic watches, dictionaries, etc.

Regrettable fiasco.

Later, Lei Jun said something that spread to the public cyberspace.

For example, acting too conceited on Windows.

For example, from a purely business point of view, making WPS office software is a 'stupid' thing......

Lei Jun looked at Fang Nian and asked with a smile: "Does Fang always think that with the listing of Jinshan, this ideal has been realized?"

"Objectively speaking, I don't think so. Fang Nian said calmly.

He didn't say anything flattering.

The listing of Kingsoft is not necessarily related to the success of WPS.

The 'battle' that began in '88 to deal with the onslaught of foreign software) has been a complete failure so far.

"At that time, I couldn't hold on a few times. Lei Jun said lightly, "In the end, Jinshan was finally listed, and I was relieved and ashamed to let go of my burden and escape." ”

Speaking of this, Lei Jun sighed: "Before establishing Xiaomi, I also thought about making my own operating system;

At that time, I used software, hardware, and the Internet to convince Lin Yi of the triathlon. ”

Fang Nian listened carefully and did not interrupt Lei Jun.

"When I was in Jinshan, I always said a word:

Compared with their foreign counterparts, Chinese programmers have a lot of ideas, and they are willing to regard product and technology research and development as some kind of glory to complete self-realization. ”

Lei Jun relented.

"I decided to do deep UI customization based on Android because countless examples in the past have taught me that it is too difficult to start from scratch. ”

As he spoke, Lei Jun suddenly looked up at Fang Nian: "The reason why I was persuaded by you and finally took Xiaomi into independent research and development is because you put the possibility of success in front of me;

Until then, we don't know if it's the right thing to do. ”

Speaking of this, Lei Jun laughed to himself: "Before today, I was curious about where Mr. Fang's belief in your determination to study future development came from, until ......"

"Mr. Fang, you said, 'It's better to have a father and a mother than to have it yourself', and I suddenly realized. ”

"I'm wondering if it can be considered to cover this point of view more widely before Xiaomi officially makes mobile phones. ”

After Lei Jun's words fell, Fang Nian was silent for a long time.

After a long moment, he spoke: "Actually, I'm not sure it's necessarily right;

It's just that I'm looking forward to a future that will slowly develop through my own influence. ”

As Mr. Lei said, Chinese programmers are willing to regard product development as some kind of glory. ”

Speaking of this, Fang Nian smiled and said calmly: "I like this enthusiasm. ”

Following this conversation, Fang Nian said a few more words.

"With the rapid development of the Internet era, some remarks have begun to think that the view of 'making is better than buying' has made China take another possibility in the development of core science and technology;

I am half for and half against these statements, and when I look at the past from the present, I will always think that there were more choices in the past;

Therefore, I support these remarks, 'it is better to buy than to build' has indeed affected the development and progress of China's core science and technology;

From the perspective of the past, if China wants to be in line with the international mainstream society, it cannot avoid entering the information superhighway, nor can it avoid introducing the software and hardware that the United States has developed for many years;

From this point of view, I oppose these remarks, saying that 'it is better to buy than to build' that gives our country the opportunity to enter the information age. ”

Speaking of this, Fang Nian paused slightly, looked at Lei Jun, and smiled.

"Now, we are at the entrance of another era, which Steve Jobs inaugurated with the iPhone 4;

I don't know if I'm right, but I can go with the flow at the beginning of the next decade. ”

Hearing Fang Nian say this, Lei Jun's face suddenly moved.

He heard more meaning from Fang Nian's words......

======

Break the bowl and ask for a subscription to the monthly pass, come on and rush the monthly pass, 500 soon, if it breaks 500 today, make an exception, it will be more with this 500 votes + 2.