This is a devastating blow to a company that not only has the entire elite of the company been empty, but is also busy dueling with its former brothers. His own people know his own people best, and they are also the most difficult to fight, so the result gave Haikang the opportunity to catch up. Immediately after 2010, Haikang was also listed, and Dahua was no longer able to catch up with Haikang, and now its market share is not even half of that of Haikang.

However, fortune and misfortune depend on each other, Haikang was so invincible that he was named and sanctioned by Emperor Midi together with Huawei, and Dahua escaped.

The investment elites in the audience are all experienced practitioners, and there is no little red guy, who obviously knows everything about this public case. So, Qi Shushu's eyes once again converged on Aunt Cynthia's side, making her feel uneasy.

Yuan Jing had to come forward to make a round, "Hey, Chu Yuanxi, Sister C definitely doesn't mean this, Wang Zengqiu's situation is ......"

"Even if this is the meaning, Wang Zengqiu also came according to the rules!" Aunt Cynthia rushed to say without waiting for Yuan Jing to finish speaking, "It's not that Wang Zengqiu did something unruly, but that the head of Dahua made a mistake by not being in charge of the helm." You Chu Zong is so capable, what big pit can hide from you?"

Chu Yuanxi shrugged his shoulders and spread his hands, "So, do you invest in the company to make money, or to control the company, or to dismantle the company?

When Aunt Cynthia heard this, she immediately said with emotion, "But how terrible is investment without rules and system guarantees, do you know Mr....... Chu?

Chu Yuanxi began to play Tai Chi, "You're right, but there is no need to rush to establish rules, I think you should be able to establish a relatively sound corporate governance by the time of the C round of financing." Not all rules are suitable for all companies, and even if they are, they are not necessarily suitable for the left and right stages, and it is impossible for a set of rules to be universal, so we must keep pace with the times!"

Aunt Cynthia has never seen such a person who can speak and argue well, and a bunch of crooked reasoning is justified and well-founded, so that she doesn't know how to refute it?

However, in the end, it is a person who has many years of investment experience and has experienced so many winds and waves, Aunt Cynthia instantly adjusted her mood and said to the investors present, "You are all leaders in the investment industry, and you are all experienced people." I just want to know, do you believe that a company that does not have the most basic regulatory framework and rules, and does not have a board seat to supervise the company on behalf of the interests of small and medium-sized shareholders, but can live very long in the capital market and achieve a scale of 100 billion yuan? How is this possible? Anyway, I don't believe it!"

Chu Yuan Xixin said that Yuan Jing is redundant to invite you to come! I was paralyzed to see that the old man tore you apart! If this is a gangster, it can be said that you can get out if you are not happy, because there is no need to invite her to come if you really talk about the rules, this is a well-off financing, not a Ba person to do the B round, invite her to come just to consider the incense here, and not to invite her to spread the reputation is not good.

But at this level and on this occasion, the basic demeanor must be maintained, otherwise it will be inconvenient to carry out many things. Therefore, it is normal to be peaceful, and it is also normal to have arguing with each other, of course, it is best to have an atmosphere of fanatical investors actively contributing, and even bidding against each other. But there's no drama today, this old lady must be torn up first, and the tearing must find a reason and then tear it up.

Regarding how to occupy the moral high ground, Chu Yuanxi feels that he is professional, after all, tearing on Weibo, it is impossible to do it twice, and the main contradiction is how to seize the moral high ground.

And the truth is ready-made! Chu Yuanxi didn't wait for other investors to speak, and directly laughed: "Ms. Cynthia, it's okay if others don't believe it, why don't you believe it? Isn't Ba Ren the kind of company you said?"

Cynthia was so angry that she almost vomited blood, and said in her heart, "Why are you so embarrassed to mention the Ba people? The Ba people are about to tell you to hollow out! 5 billion! Where did you come from? How big of a face do you have to directly transfer a group of Ba employees to the well-off? This is not a transfer of interests, even the talents have been directly transferred to the past! Fortunately, Xue Ming did not go, Xue Ming is the core talent of the Ba people, if he also transfers to the well-off, he will really vomit blood! And she is helpless except to vomit blood, and she is completely powerless to stop it, which is why she must speak up today.

However, when this psychological activity ended, she heard Chu Yuanxi continue, "As you said, everyone here is an elite in the investment community, and you can't just pay attention to your own interests. Even if you don't consider the founding team, you have to consider the interests of all investors, right?"

Cynthia was confused, "I'm thinking about the interests of all investors?"

"No, you're not. You think, I can't give you privileges, right? Other people have about the same amount of investment as you, and they can't be directors, so you can, isn't this old?" Chu Yuanxi said and looked at it, well, the investors were quite concerned, "That means everyone is qualified to be a director, or you, or others, in short, investors have to form a group to occupy some seats on the board of directors, right?"

Cynthia nodded, and that was exactly what she thought.

Even if I believe that you don't have a bad heart, who can guarantee that everyone is a gentleman? Who can guarantee that it is a gentleman who is elected as an investor representative to exercise the power of directors? The first founder of a start-up company has no energy to entangle with the director, and the second is relatively fragile and cannot withstand unexpected blows.

Without Wang Zengqiu's business, Dahua's current market value is at least multiplied by three, right? How about Dahua set up a board of directors five years later? Even if Wang Zengqiu had this idea, he would not have a chance, what would he do if an ordinary shareholder frequently contacted the backbone of our company? I would directly liquidate him!"

Xu Xin looked at the two people in the tear with a smile. What Chu Yuanxi said was completely crooked, but because he had created very good corporate expectations before, he took the initiative when raising funds. Venture capital, especially in the early stage of investment, is not a reasonable place, focusing on patting the head well, and paying attention to active and passive.

So she knew that Cynthia couldn't tear up, because she and Cynthia had known each other for a long time, and they had been in the same circle for many years.

Xu Xin remembers that Cynthia does more PE, and he also invested in the early days, but it was not so profitable, otherwise he would not have missed Pinduoduo and Qutoutiao one after another. These two are the business cards of the magic capital, and cynthia, as the investor of the magic capital, missed these two brothers, which is equivalent to holding a shotgun in his own back garden and not being able to shoot the prey, which shows that there must be a problem with ideas and values.

And Chu Yuanxi, at first glance, he is a master of tearing up, looking at this fierce expression, he has torn people who have been forced I don't know how many times, and the result is obvious without asking.

Sure enough, Cynthia was shocked by Chu Yuanxi's momentum, and for a while he opened his mouth and stammered, and his hands trembled a few times before he said, "You, you actually want to set a liquidation clause!"

"Of course, it's up to you to form the system. Since it is a system, we must ensure that the company does not have any possibility of being cheated theoretically, right? Is there any doubt about this? Otherwise, you can see how miserable Dai Wei is? Isn't Xiao Huang's lesson enough to be taken as a warning? The reason why Baren Entertainment's investment is not liquidated is because it does not set what you request, otherwise our agreement will definitely not be like this, this is all reciprocal and very fair. ”

"You wait a minute, and before you can do the A round of investment, you will start to set up liquidation, isn't it too early to solve it? Xu Xin suddenly interjected and asked.

Chu Yuanxi immediately replied, "Before the A round of investment was achieved, some people began to ask for board seats, isn't that early...... You can't say that what is good for me is the rules, and what is bad for me is the conspiracy, right?"

The so-called technical difficulty is not easy to solve, which means that there must be a trigger standard for liquidation, and entrepreneurs cannot be liquidated if they want to liquidate investors. And there must be a consideration, it cannot be said that the investor will repay how much money he invests, and at most he will add interest. No one will sign such an agreement, and investors can only be sent away with the appropriate amount of money when the trigger conditions are met.

The problem lies in the "appropriate", how much is appropriate? It is the easiest to write a specific amount, but if it is written low, the investor will not do it, and if the entrepreneur does not do it, it is technically easier for both parties to accept it, such as valuation or financial indicators, and calculate a dynamic value.

However, the startups in the A round are still in the stage of patting their heads, but they are a little more detailed than the angel rounds, and it is the norm to be in a crazy way of burning money, and there are no financial indicators, and the financial indicators are usually clearer when the C round is made.

Then when writing the liquidation clause, the pressure is all on the valuation, not that the liquidation clause cannot be written, but it is more awkward for the entrepreneur.

The thing is, for some people, it's not awkward at all. Chu Yuan Xixin said that the old man's proudest thing is that he has extremely full experience in tearing up with investors! I have practiced in the original world, and Aunt Cynthia is a younger brother, except for not fighting with investors, all other forms of door clearing!

"As for the technical problems, they can always be solved. He looked at Xu Xin and said, "The company can buy back shares, do you think this is okay?"

Xu Xin nodded slightly, this is another technical question, that is, who will pay for this liquidation. Liquidation cases happen from time to time, but it is usually a new investor to pay for it, so the pressure is on the valuation.

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