It may be that the overseas investment banking experience made Yuan Jing unable to bear the 20 times price-earnings ratio and unsightly growth of the company before the listing, or it may be that the large-scale PE investment stimulated Yuan Jing's intuition of investors, in short, Zheng De gradually reduced the proportion of PE investment after the opening of the GEM.

As a result, at the end of 2012, the China Securities Regulatory Commission stopped all IPOs due to the market downturn, and those new PEs who flocked to the market after the opening of the GEM board, hollowed out their minds to pull the relationship investment projects, and after three years of waiting, the fruit finally ripened and could only rot in the ground.

The reason why Wang Jiapeng regards Yuan Jing as the emperor of Europe is precisely because he magically avoided the most tragic scene of the local venture capitalists in the Celestial Empire, but there is no particularly outstanding performance in the back, and the scale of the fund has been fluctuating in more than 10 billion and less than 20 billion, which shows that the magic in front is all caused by Europe.

Moreover, he did not reasonably use his own advantages and the passion given by the times to raise more money around 2010. Of course, it may also be because LPs generally decided to invest at that time, so Yuan Jing did not look for this kind of money.

However, after 2014, not only did the big A-share market restart a wave of bull market, but the GEM expanded one after another, and the entrepreneurial atmosphere in the whole country became very hot. Driven by O2O, the emerging economic model is soaring, and leading forces such as Meituan, Toutiao, and Didi are rising strongly. But Zheng De has never made a big profit, and the mobile game company is crazy about attracting money, and as a result, he has invested in a few of them, as for the particularly eye-catching education industry......

Thinking of this, Wang Jiapeng didn't have the face to spit out Yuan Jing, he was as moldy as him, and he couldn't produce results when God came.

He was pulled up by Yuan Liu, the director of the Zhengde Investment Committee, so the failure of the business was not only ashamed of Yuan Jing, but also of Mr. Yuan Liu, but he did not expect that Yuan Lao was still willing to accept him regardless of his previous suspicions, and now it depends on Yuan Jing.

At this time, Yuan Jing asked him what business he wanted to do, in fact, he asked him if he entered Zheng De, he would definitely lead the investment in a certain field, but if he didn't want to do education anymore, what else did he want to do, and what were his strengths.

Of course, Wang Jiapeng has thought about this question many times, "What I want to do is to invest in platforms, all types of platforms." The research and valuation of the platform are inseparable from modeling, and the establishment of models is what I am best at, and the platform has relatively large development potential and is very cost-effective. In this 'post-Internet dividend era', my personal opinion is that ambitious entrepreneurs will consider the platform entrepreneurship model. ”

Yuan Jing gasped, because this goal is too broad to be defined by ordinary standards, platforms are different from platforms, and people who can do this kind of platform may not be able to do that. Therefore, there is no such category in investment banking, and the entrepreneurship of each platform will belong to the track where that platform is located.

But it is true that as Wang Jiapeng said, after the dividend peaks, the platform does look very attractive, it is not like doing APP to provide services directly to the Internet dividends, but through a special way of playing.

Of course, the cost required is also high, and the platform is not likely to start from scratch, which is not suitable for grassroots entrepreneurship.

I only heard Wang Jiapeng say: "To be a platform, if you find the right industry and timing, it's too sexy." Zhao Peng, the founder of Bi'an, did not indulge in issuing air coins after entering the currency circle, but cut into the forbidden area to make a trading platform, and earned a personal wealth of 2 billion $ from a code farmer in half a year. ”

Yuan Jingxin said that there is a need to cite the example of Bi'an? It is impossible to copy, when this platform is popular, the daily transaction fee can be charged 20 million ¥, and the daily transaction fee of all the sectors in my big A-share market is only how much is it?

I only heard Wang Jiapeng say: "This example can actually be summarized as a wide track in a state of savage growth, which is suitable for platform entrepreneurship." I believe that when 5G comes, such opportunities will still arise. ”

Yuan Jing maintained a thinking posture, and paused for at least 20 seconds after Wang Jiapeng finished speaking. Wang Jiapeng waited quietly until Yuan Jing asked, "What do you want?"

Wang Jiapeng was happy in his heart, so he basically expressed his approval, right?

"What I want is a ...... like this"

While they were negotiating conditions, at the other end of the city, at the headquarters of the group, Geng Bin was appeasing Lei Siyun.

Mainly since the news broadcast, the blockchain has been re-toned, and then many leeks in the currency circle have shouted that the tuyere is coming, and those who posted Weibo to celebrate were slapped in the face on the spot, and they were severely sanctioned by the state when they rushed out to shout orders. The key is that the high-level rectification actions have suddenly increased, not just for show, but with great intensity, which makes Lei Siyun, who knows a little bit about Geng Bin's plan, feel like he is on pins and needles.

The feeling of burning the ass reached a climax recently, and at least 500 people were arrested for dabbling in virtual currency fraud during the year, and the amount involved exceeded 20 billion yuan.

"It's okay, it's okay, I'm not panicking, why are you panicking?" Geng Bin looked like he hated iron but not steel, "We are friendly troops, and our personalities are KOLs who criticize the chaos in the currency circle, and those who eat official dividends, what are you afraid of?"

Lei Siyun has an old, I don't know whether to vomit or not, if you are really a friendly army, what else am I afraid of? The problem is that it is not scientific! Unless your ideal is to have thousands of mansions, I will not be blind!

Although I don't know what kind of medicine Geng Bin sells in the gourd, I must be sure that it can't be a good medicine. Lei Siyun is really a little scared now, especially after the news broadcast, Geng Bin has made frequent moves, including some overseas capital channels, some of which don't need to go through him. In the currency circle, several groups of people have been arrested in the past week or so.

This situation forced him to think more about himself. "You...... I'm not afraid, I'm ...... I want you to give me some air, what the hell are you going to do?"

Geng Bin felt lonely.

Sometimes he has to reflect on whether his actions after returning to China are a bit too much?

But now that he has kept a low profile, he has to continue to keep a low profile. The problem is that there are no henchmen, and if you want to do something, others will be embarrassed when they suspect it.

Like now, Lei Siyun is a very good tool person, but now that he is suspicious, he has to get to the bottom of him. Otherwise, if he picks a child, the progress will be greatly delayed, the problem is that every day is important now, and postponement is unacceptable.

Another example is Fang Shiling's stupid woman, who doesn't understand how to teach basic knowledge at all, and the live broadcast is like a disaster, seriously delaying her plan, which is simply unreasonable!

Thinking of this, Geng Bin said selectively: "My idea is to build a 'crowd-created token platform' and use blockchain to subvert the existing Internet entrepreneurship model." ”

Lei Siyun was not sleepy as soon as he heard this, "mass creation", "platform", "subversion", "entrepreneurship", these are all extremely awesome keywords.

I only heard Geng Bin continue: "Lao Lei, you should also know a little bit about blockchain or something, so I won't start from the beginning." At present, whether it is Silicon Valley or China, the most important indicator for Internet entrepreneurship in the early stage is the number of registered users, and in the medium term, it is active, such as the number of monthly active MAU, right?

So what do I get on the platform? I get a valuation, which is 15 to 20 $ per user according to the Silicon Valley algorithm. This shows that users come to my platform and are active on my platform, which in itself creates value. But this value has not been realized to users, and it has become the income of my platform entrepreneurs, right?"

"That's right. ”

"That's not right!" Geng Bin shook his head, "This is not right, this is not fair to users, and the activity of users has become my nourishment, which is unfair." The scary thing is that many users don't even have this awareness and don't know that they are on the unfair side. ”

"Huh?" Lei Siyun suddenly felt that this tone was indeed subversive enough, "Then what do you mean?"

"I mean, the fair model is that users can get money when they come to my platform, and it's okay to have active behavior on the platform. Of course, this money can't be directly sprinkled with coins, and the pressure to directly scatter coins to start a business is too great. So what to do? issue tokens. The value of these tokens should be cashed out in batches, and the capital market should be cashed out as an assistant through the means of entrepreneurial financing. ”

Lei Siyun was dumbfounded, but he didn't expect Geng Bin's logic to be finished.

"Of course, with the development of the platform, there will be traffic with users, and it will definitely generate business and income in the end, which is the reason why investors give financing, so the token redemption is in batches, corresponding to the round of venture financing. In this way, we start a business on the Zhongchuang token platform, and rely on issuing tokens to attract users, such as users to attract new users, and how many tokens are given to new users and old users who have been brought in. In the end, it can be cashed out through venture financing. ”

Lei Siyunxin said that the so-called tokens are not just coins, and he has also played air coins...... But then again, it's really not the same as Aircoin?

"No, no, no, how is this a coin? Air coins are not mined. I prefer to call it a human flesh miner, Bitcoin is mined by burning electricity by mining machines, and our tokens are mined by user behavior. Geng Bin said with righteous indignation, "In fact, we rely on consensus to pull users and expand our platform, consensus is the belief of the blockchain, which is more precious than gold, do you understand?"

These tokens can only be traded between users if there is a consensus. In this way, users can also cash out the value of the token in advance without waiting for the batch node. And depending on the round, the trading price given by the market must be different, just like the price change of the Treasury bond from the maturity time. ”

"So everything you do is to prepare for this platform and the issuance of tokens?"

"Of course!" Geng Binxin said that of course it is to issue coins or mine coins, of course, I have the final say on opening the platform!

Lei Siyun had to fall into deep thought, because, in the first half of this year, there was a particularly popular concept of the currency circle called "resonance coin", which felt a bit similar to Mr. Geng's thinking?

Resonance coin, in the first half of the year, you can put a big satellite, a project of 30,000 BTC to enter, a BTC at that time is worth more than 10,000 $!

This set of theoretical models of the younger generations + the coat of faith, as well as the business model that conforms to the logic of entrepreneurship, makes Lei Siyun feel quite relieved. If this project wants to be realized, it really depends on blockchain technology, because there is a more complex transaction process in it, and using blockchain, because of its tamper-proof attributes, can greatly reduce the cost of user trust. Of course, to a certain extent, the word "blockchain" now also exudes the smell of seductive get-riches.

But he immediately found another problem: "But...... You do the platform and the blockchain technology, what about your development team?"

"I am looking for a strong development team in Silicon Valley, rest assured, the resources I stayed in the United States before returning to China are enough to support this project. Geng Bin said like a fish in water.

The next week was calm in the market, and soon came to Double 11, but Lingxi's expression was a little unnatural.

First of all, on November 5th, the edition of the agency struck hard, issued the "Notice on Preventing Minors from Becoming Addicted to Online Games", which put forward the strictest requirements in the history of mobile games, stipulating the recharge limits for minors of different ages, and also carefully stipulating the limit of the daily game time for minors.

This control smashed down, and the most affected was of course the penguins, and it was estimated that there were many fewer elementary school students among the dead, and there was no way to use the "teammates primary school students" as an excuse for the night battle. But Lingxi is about to acquire Ba Ren Games, to be precise, to absorb "Out of the Troubled Times", how much will the target product be affected?

Then there is the newly launched "Wudao Faint King" of the Baren Group, which makes people's expressions change. Ba Ren's behavior is very inauthentic in the eyes of the counterparty, no publicity, no disclosure, no channels, no game data, never say, like a scumbag.

Although the TS framework has been written a long time ago, this game and related IPs are not included in the trading package, but it is said that it is also a hot chicken. The answers given by various external data measurement agencies are more outrageous than the other, some say that DAU is five million, some say seven or eight million, and some people give data, DAU is 2 million on the first day of service, and then it rises by 1 million per day, going straight to the 10 million mark without signs of exhaustion, and it can't stop at all.

I can't believe how popular it is, only the Apple Store has been hanging at the top of the free list, which seems to explain something.

Switch to other games, ask the various platform channels and you will probably know the data, but the bad habits of the Ba people group are difficult to change, and the same as TCG mobile games, they are not on the channel at all, and they opened the Android official website by themselves.

That's it, I licked my face and told the channels that this game doesn't make income, and it can be seen that the best-selling list of the Apple store is less than 50, and then I have to pump the channel's traffic to my own IP, so it's not suitable for the channel. So after many arguments, the group endured the pain and stopped going to the channel.

Then I saw the video released on the advertising space in "Wudao Duanjun", everyone was speechless, just like the practice of Ba people overseas causing group ridicule, it was originally a place for advertising space, but now it is all kinds of IP content of "Wudao Duanjun", and then guide players to pay attention to various self-media matrix accounts, so that they can get on the channel and want the old life of the channel.

Although if you calm down, I feel that what the Ba Ren Group said is not unreasonable, but even if there is such a fatal factor, if there is a single channel that can get such a volume-absorbing product, but other channels can't, what is the result?

Because this feature is in the same vein as "Out of the Mountain in Troubled Times", when "Out of the Mountain in Troubled Times" was on the channel, it was a shameless absorption, which made the channels have to accept all kinds of unequal terms proposed by Baren Entertainment. After a year, Baren Entertainment has become a group, and it has become more ruthless, the same online time, the same bad, a single channel has become Baren official website, which is very fair.

Therefore, although Lingxi can't inquire about the data, he can almost know something by looking at the reactions of various channels and seeing what is being talked about in various WeChat groups. The so-called viral detonation of the Internet is to become popular as soon as it is launched, and spread quickly in various communication calibers, just like the original "Traveling Frog".

As the owner of Traveling Frog, there are some feelings that are really indescribable, especially when you have all the game data and operational data of Traveling Frog. The key is to see that "The Unconscious King" and the original "Traveling Frog" have achieved a lot of organic growth without using forced fission marketing, although the products are completely different, but the mood is the same.

So until the day of Double 11, there were still people in the Lingxi who had a crack in the wall, and it was suggested that TS should be revised to include "The Unconscious King". Especially Zhao Jie, who is definitely a key figure, single-handedly handled the production and online operation of "The Faint King of No Way", and he should never let the tiger return to the mountain.

"Operation, operation is a fart, people haven't done operations at all, okay?" Lao Fan was so angry that he smoked, and said in his heart that he would renegotiate TS, not to mention that it would be delayed for more than a month or two months, the key is how much money is appropriate? Do you think Chu Yuanxi is as easy to talk as a frog son? You haven't seen the publicity recently? People are now giving "Wudao Dusk Jun" a new meaning, and they want to use this IP to become a UGC pioneer in the game industry of the Celestial Empire, subverting the existing standards for the production and launch of game products!

In the case of "Mini World" and "Code Qiankun" to pioneer, self-proclaimed pioneers also need a certain amount of courage, but people even shouted slogans, okay?

The key is that Chu Yuanxi is not talking about playing, in recent times, Zhao Jie's new company is named "Gobi Network", as if paying tribute to Male-Gobi, and on the other hand, it has begun to collect corpses.

Wonderful Book House