But there is also a plan for the company to buy back, so that all the technical issues are directly crossed, as long as there is money. However, buybacks generally occur in large companies that are formed, and such companies have the strength to repurchase, and they will be repurchased after the A round.

Therefore, even with Xu Xin's half-life investment experience, I have never seen it. However, as far as she knew, the Ba people group could just ......

Xu Xin nodded, and thia nodded frantically: "Mr. Chu, what is your current valuation of the Baren Group?"

"27 billion?"

"So low?" Thia's huge disappointment, "In this case, our investment is only worth 1.8 billion now?" This is also a question for Series A companies, that is, how much is it worth before doing Series B.

"Stop, how is it possible to have 1.8 billion!" Chu Yuanxi hurriedly interrupted her obscenity, "You still have to pay me for the bet." More than half of the shares you have on your books will be mine. ”

There was a burst of laughter below, but the atmosphere eased a lot, and people with good deeds smiled and asked, "Why is it 27 billion and not an integer?"

"No, it's not. After the A round of financing, it is 1.8 billion, which is exactly 15 times that of 27 billion, which is easy to calculate. I'm not good at math, and I struggle to count the numbers when they are not neat. ”

There was another good-natured laughter below, and Chu Yuanxi saw that the atmosphere was finally adjusted back to the normal path, and hurriedly said: "Okay, okay, say a thousand things and ten thousand, and in the end, all the problems still have to return to the valuation and financing amount."

I think so, the entire A round will release 20% of the share, of which the Pre_A round will be valued at a scale of 3 billion, and 150 million yuan will be released for the time being, 5%, let's not do any collective bidding, it's too troublesome and unnecessary. Then the subscribed friends will enjoy priority according to the Pre_A share in the A round and the possible A+ round. That is to say, if you take away all the 150 million shares in this round, you have 5% priority in the entire A round of financing, and the part that exceeds the priority is the same as others. ”

After listening patiently, Li Jingfei shouted with a big bare head: "You're too hard, aren't you?

A strange look suddenly appeared on Chu Yuanxi's face: "What is it that gives you the illusion that the valuation of the A and A+ rounds is still 3 billion? The valuation is always a dynamic thing, and 3 billion is just the bottom line of the A round." And I don't plan to over-raise in this round, there must be a call auction process in the end. ”

Li Jingfei almost fell on his heels, and said in his heart, "What are you talking about now is all about patting your head, okay? Are you estimating the value of the air?

The financing of the well-off is really different from that of the Ba people, Li Jingfei thought it was really cheap when the Ba people did the valuation, because at that point in time, the Ba people had already made a name for themselves in the field of self-media, and the data and activity of several large numbers were real. Therefore, although many investors think that 1.5 billion yuan is too expensive, Li Jingfei feels that he is knowledgeable and not expensive! Not only is it not expensive, but it is cheap no matter how you look at it, so he closes his eyes and pats his head.

In the end, time proved that this judgment was correct.

But Xiaokang really has no talent now, and has not made any actual achievements, even the store has just been renovated, and it is still in the stage of ventilation and drying, which is not the same as the Ba people at that time in Li Jingfei's eyes. Support belongs to support friends to friends, you can't think about so many things other than transactions when you shoot money, and you have to be responsible for your own money. Someone also told him that you should believe that Chu Yuanxi can make real achievements in the future, so you should make money now, but this is not in line with Li Jingfei's trading belief that he will only scatter eagles when he sees a rabbit.

So he sat back and decided to think about it again, mainly considering how much difference can be between the valuations of Pre_A, A and A+? The most important thing in the early stage of investment is to balance risk and return.

There are not a few people who think like him. It's not that I'm not optimistic about Chu Yuanxi, but I need to think about it seriously. You must know that in the past two years, it is not a cold winter that can be clearly explained, the thinking mode of cash is king is deeply rooted in the hearts of the people, and it is much more flexible to grasp the initiative with cash in hand than to throw the chips out early.

But if Fang Shiling was here, she might have a different idea, because this situation seems familiar. In fact, Chu Yuanxi once said to her last year, I will open a back door for you, and you will invest in me at a valuation of 1 billion now, and you will easily make 50% of the official financing in the A round of financing a few months later. This is actually the difference between Pre_A and A, according to Chu Yuanxi's words, buying is earning, and the difference between the two financings that belong to the A round is 50%.

If Fang Shiling voted at that time, it would be a Pre_A round.

However, she has no money.

Chu Yuanxi did not mean to force investors to express their positions on the spot, but after today's meeting, it will definitely enter the formal fund-raising process, and a series of financing operations need to be completed. However, because Chu Yuanxi shouted a fixed price instead of a call auction, it instantly added a huge workload to Yuan Yu, because she had to solve the problem of how much to release to whom.

If it is a call auction, because the price is floating, whoever shouts the highest price can buy it, regardless of the quota. But in the fixed-price model, if there are many subscribers and they all want to buy more, if the wolf has more meat and less than 5%, she will be bald.

However, this is exactly the problem that Yuan should solve as CFO.

Soon after the meeting, Yuan Jing accompanied the investors to leave, and Yuan led Xu Xin to the small conference room. Xu Xin looked inside, Chu Yuanxi was sitting firmly on the Diaoyutai platform, and he was swiping teacups with him.

Xu Xin entered the door, sat down in front of Chu Yuanxi, and looked around: "What are you...... Ambushed 500 axemen, ready to smash the cup without taking any money?"

"Shhh...... It seems to be a good idea?" Chu Yuanxi laughed, put the teacup in front of Xu Xin, and brewed the water, "Actually, Yuan Jing suggested that I tell you about the real goal of being well-off." ”

"The real goal?" Xu Xin just picked up the teacup and put it down, she thought that she was brought here alone to discuss some behind-the-scenes transactions or something, after all, she has the largest coffee position, and she herself knows that if she gets her, she can get a lot of people by the way, this kind of thing can be said to be an eternal classic drama in the investment circle, there are in the past, there are now, and it will be repeated countless times in the future.

"Yes, the real goal. Yuan Jing hurried over after seeing off the VIPs, and sat next to Xu Xin after entering the door. And Yuan Yu sat next to Chu Yuanxi as a companion, and the two brothers and sisters sat in a row face to face, and in terms of identity, they also had the posture of their own masters, which made Xu Xin feel quite weird.

I only heard Yuan Jing say: "Chu Yuanxi's primary goal is to grab Baidu's business with blockchain and AI, and the advanced goal is to eat away at the dog Dongali and 724 in new retail, and then, the ultimate goal is to use social to sneak attack penguins." ”

"Not mobile payments?"

Yuan Yu nodded: "That's right, Sister Xu, it's not mobile payment." Mobile payment can be said clearly, anyway, everyone wants to do it, no one can do it, and it will not cause alarm. ”

Xu Xin remained silent: "Social interaction can also be said clearly, anyway, if you want to do it, no one can do it, and it will not cause alarm." ”

"If only the penguin baba thought the same way. Chu Yuanxi took a leisurely sip of tea, "What I just said is too tiring, and I have to hide my true intentions and talk about attractiveness, which can kill a lot of my brain cells." ”

"Huh, do you think you can do it?" Xu Xin became a little interested, not because of anything else, just one thing, all the people who do social networking are basically fanfare, in order to raise money for themselves, and to pave the way for products, I hate to make it known to the world, and I have never hidden it like Chu Yuanxi.

Only those who really feel that they will pose a threat to the dragon father, will attract the dragon father to strangle, and those who feel good about themselves to the extreme will hide their social interactions.

"Yes, I'll show you this. Chu Yuanxi said and took out a material, "This material has only been read by the two of them and Liu Lu, and it is a way for me to establish social networking by making convenience store bicycles, and the whole world knows that Xiaokang wants to socialize, and today with you, there are five people." ”

"Then I can't look at it, I haven't thought about taking on such a big responsibility. Xu Xin took the document but didn't open it. Although this is not necessarily a routine, it may not necessarily rely on her, although Yuan Jing is trustworthy, and Chu Yuanxi is doing great things, but as an experienced and well-trained person, a person who knows the destiny of heaven at fifty will not act rashly.

"It's me Meng Lang. Chu Yuanxi didn't expect Xu Xin to be so cautious, and couldn't help but glance at Yuan Jing.

Yuan Jing was just about to speak, but Xu Xin waved his hand: "What about socializing, in fact, I am very interested in it, and I want to do it too much." But Xiao Yuan, you are also an old man in the investment circle, and you also know that our people's patience with social interaction has been consumed again and again, and the consumption is too cheap.

So, Xiao Chu, to be honest, if you are socializing, it is suitable to find people like those coal bosses to invest in you, stunned young people have passion and no burden, and there is no shortage of money if you have ideals, as for me...... I can't dismiss someone just because I don't know anything. ”

"So you mean?"

"I'm going to test you. Instead of knowing your secrets, your social secrets, I should find out if you are a social material. What do you think?"

Xu Xin said and carefully observed the expressions of the three people, Yuan Yuan is very weak-hearted, this is her advantage, honest; Yuan Jing is consistent Mao can't see it, this is also his advantage, there is a city; and Chu Yuanxi, Chu Yuanxi is very relaxed and very crazy, looking like a social expert, whatever you want, this ...... Is it considered a plus?

She thought about it for a while and decided to throw out this question: "Why do you say that Alipay can't afford to socialize? There are many people who have given answers to this question, but I haven't seen one that is too satisfying, it can be regarded as an open question, right? Who can answer it accurately...... I told Jack to dig him up hahahaha-"