Li Feng has also considered the group's listing plan, but this plan cannot be rushed, and must be carried out gradually.

Judging from the current situation, the overall valuation of the group has increased significantly compared with the beginning of its establishment, reaching the stage of 1.5 billion to 2 billion, and it is already in the first echelon among domestic Internet companies.

However, New Dream Group is a group company, which is fundamentally different from the traditional monolithic Internet company.

At present, the development level of the group's companies is unbalanced, many entrepreneurial projects are still in the early stage of development, and the market value has not really been reflected, so even if Li Feng wants to go public, it is difficult to enter the actual operation stage.

Therefore, for the overall listing of the group, it may take a long time, maybe three years, maybe five years, or even longer. Of course, Li Feng is not in a hurry about this, because according to the concept of New Dream Group to build a 100-billion-level Internet group company, it will take a long time to develop, and it is not something that can be set right now.

But at this stage of development, Li Feng needs a strong cash flow to guarantee, and this problem is inevitable.

Therefore, in the recent development plan, it is also a reasonable financing path to adopt a single listing plan for some mature companies with outstanding performance within the group.

After all, after the company is listed, it can obtain a large amount of liquidity, and Li Feng, as a major shareholder, can also obtain dividend income, which can be invested in the development of other businesses of the group, thereby greatly reducing the group's thirst for external funds, so as to better protect its own equity structure.

In many cases, the power of capital is very powerful, and when the leader of the company obtains funds through the sale of equity, the price paid at the same time is to destroy the company's shareholding structure.

The essence of capital is profit-seeking, many times, between the capital side and the actual managers of the company, there are differences of opinion on a problem, many times, capital often focuses on the immediate interests, is once the power of capital is too strong, it will weaken the power of the company's managers, affecting the overall direction of the company.

In the history of the Internet, there are many such cases, if the relationship with capital is not properly handled, it will have a fundamental impact on the future development of the company, for which Li Feng has a clear understanding.

For the company's equity structure, Li Feng's consistent idea is to not destroy it as much as possible, and it is very important to maintain the long-term stability of the company's equity structure for the company's development.

In order to protect the shareholding structure, it is necessary to continuously improve the company's profitability and obtain more stable cash flow, so as to reduce the dependence on external funds.

"Because the listing cycle is very long and the work is very complicated, the listing plan of the hybrid game company can indeed be put on the agenda now. Li Feng said, "At present, the profitability of the mixed yuan game company is quite strong, according to our estimates, in the whole of 2003, the profitability can exceed 200 million, the market must welcome such a company to go public." But we also have to strive for the greatest benefit, that is, to prepare a series of work for the company's listing in advance, so as to continuously increase the company's valuation. This work is not achieved overnight, it is a long-term process, and if our plan is to enter the listing stage next year, then it is necessary to start this year to pave the way. ”

"It's true, before going public, we have to seek a higher valuation, which requires a lot of relevant work to enhance the confidence of investors. Dai Yunfei said, "At present, the company's valuation has increased to 300 million, and it will soon reach 500 million." I hope that by the end of 2003, the company's valuation will reach the order of 8 to 1 billion, and when it strives to go public next year, it will reach a valuation of 15 to 2 billion. This is the most reasonable range, which is achievable and acceptable for both investors and ourselves. ”

If the company can reach the valuation range of 15 to 200 million yuan in 2004, it is not small for a quasi-listed company. Especially for companies in the domestic game industry, Dream Hills, the largest game company in China, has not been listed, and its overall valuation is around one billion.

It will take a year for Mixed Yuan Game Company to surpass Dream Mountain Villa and become the largest game company in China, and the difficulty is not small.

"Take a long-term view of this work, and don't rush it. The most important thing at the moment is the development of two online games, and if our product line is too single, it will be difficult to go public, and the valuation will not be too high. Only by making our product line more rich and diversified can we adapt to changes in the market, adjust the company's trend in a timely manner, and cope with various uncertain challenges. Li Feng said, "The next task of the mixed yuan game company is still very heavy, you must do a good job of co-ordination, so that all links can be carried out as planned." ”

"I understand, we will improve the work plan and strive to do the work in more detail. Zhou Wenyang said.

discussed the development of the entertainment industry with Li Feng, and Zhou Wenyang's heart also roughly had a bottom, after all, the changes in this industry are very large, which is related to people's preferences, and it is not like eating and drinking water, which is just needed, as long as the product is made.

It is particularly important to grasp the direction of the entertainment market, once there is a problem in the direction, it is possible to miss a thousand miles.

At this point, we must continue to accumulate, slowly explore, find what we are best at and the direction that is popular in the market, and gradually accumulate our own advantages.

Li Feng is still more assured that Zhou Wenyang is presiding over the work in this field, after all, Zhou Wenyang is a stable person, he will not do anything out of the ordinary, and he will not make mistakes on major issues, as long as he can set the right direction and improve it little by little, then the profit prospects of this industrial chain are quite impressive.

......

At this moment, in the office of the chairman of the Pioneer Fund Company, Lin Yuting was busy with the work at hand and was about to arrange a plan to return to the United States, when she received a call from the United States, which was from Jin Wenyan, who was in charge of the company's overseas investment department.

On the other end of the phone, Jin Wenyan's tone seemed to be slightly uneasy: "Boss, during this time, there have been new changes in the American market, our previous bet with Dayang Fund Company, and now there are two months left to expire. ”

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