Angel said that this situation is actually common, and Yuri of DST did not start out on his own money. Many mutual fund managers often get the appreciation of big funders after showing superb investment skills, and then pull out the funds to go it alone. However, what Chu Yuanxi needs now is Anqi's game skills......

He had to bite the bullet and say: "Anyway, it's not impossible with our friendship, but you're not what I need now." ”

An Qi was a little disappointed, he could hear that Chu Yuanxi's demand was still in game production.

"Alas, I won't cheat you, it's been two years since I left game production, the game industry has been turned upside down in the past two years, the way of operation has changed, my skills are outdated, and now I'm back, I don't know if I can do it myself. ”

Chu Yuanxi observed his words and felt that the actual situation was actually that Anqi still wanted to do investment, and his interest in investment was far greater than that of making games.

This problem is actually easy to solve, he patted Anqi on the shoulder: "Anqi, do you know the DKP system and incubation of the Ba people?"

"Huh? what do you mean......" An Qi's train of thought was very in tune with Chu Yuanxi, and he immediately understood, "You mean to let me enter the Ba people to get DKP and then cash it into a business incubation investment?" and then I use the money to incubate an investment company?"

"Bingo!" Chu Yuanxi pointed to himself, "And there is already an investment company under the Ba Ren Group, and this Ba Ren Investment is currently the only leather bag company in all the branches of the group, just me, it is nothing." ”

In fact, it is not a fictitious thing, Ba Ren Investment manages the invested companies of Ba Ren Group, mainly to incubate start-up companies, at least logically so defined. It's just that there is only one peak visual effect at present, and it seems to be alone.

I saw An Qi think for a while, "The problem is, what I need is at least 100 million, I believe that I can earn tens of millions of bonuses from you, can DKP give that much?"

"You have to think about this with the model of private equity funds, DKP is your own share, regardless of whether it is 5 million or 20 million, the majority of **10 million is still from the Ba people, and the share is mainly from the Ba people. This kind of structure in private equity is very normal, and it is different from ordinary entrepreneurship. ”

If the angel round entrepreneur only accounts for 10% of the shares of the ordinary start-up company, it is almost non-existent, and investors dare not accept this ratio, mainly because they can't believe that the entrepreneur can accept it, and they will definitely tear it up in the future. But private equity can, when Yuri's DST was established, he didn't have any hair except for a mouth, and he wasn't even a fund practitioner, it was the Russian tyrant Usmanov who was in a good mood after buying Arsenal and invested hundreds of millions in him casually.

As a progressive young man who is interested in the investment circle, An Qi naturally understands this truth, and then found that to say that the breakthrough is really the biggest breakthrough in making a successful game in Ba Ren, because Chu Yuanxi has already shown two characteristics.

First, there is no restriction on employee development. As a person who chats with Chu Yuanxi from time to time, An Qi must know more about the Ba people than the outside world, like Yang Jiangang's situation, Chu Yuanxi needs him very much, and ordinary people will definitely exploit him in the company, at most he will be paid enough wages and bonuses. But Chu Yuanxi did let him incubate and start a business, which An Qi couldn't do by himself.

The second is that the reward is cashed out more and faster, and millions of DKP are given when they say they are given, and even after they know that after giving it out, they are going to take it away from the company's control, and they still send it without blinking. Angel herself is the owner of the company, and she knows how powerful the boss is when he wants to play hooligan, and the employees are dead and alive, so they should not be allowed to resist every day.

These two points can help aspirants achieve their dreams, and they can also make enough contributions to the company before realizing their ideals, so that employees and the company can reach a delicate balance. He has always felt that it is precisely because of these two characteristics that the employees of Ba Ren obviously show a different motivation and enthusiasm from other companies, which makes him intuitively feel cheerful.

But as a former CEO, a person with a city government, Angel will not directly agree, but "let me think about it".

Ba Ren is operating the repurchase and withdrawal of shares, and Zheng De's side is also operating the equity of "Late Night Gallery", because Fang Shiling also wants Zheng De to "withdraw shares".

In fact, as soon as the bird situation of "Late Night Gallery" came out, Du Shuang was stunned at the time, didn't he say it was good, why did it suddenly become like this? And although Yuan Jing's face did not change, he really gasped in his heart, and he couldn't help but recall what Chu Yuanxi said to him when he asked him to poach Du Shuang on March 14th: You need to be ready to receive a large-scale matrix of self-media.

Then asked Chu Yuanxi what was going on, and Chu Yuanxi said: If you say it, it won't work, just wait and see what happens.

Time flies, less than half a year, and it is actually cashed in this simplest way? Although I know that this is the result of Chu Yuanxi digging a pit for Fang Shiling behind her back, but it is too easy, right?

He had to take out the investment agreement he signed at the beginning to take a look, this agreement has not been seen for a long time and is almost forgotten, and he has the impression that the structure is quite complicated. However, the key data he remembered that Fang Shiling was terminated by Taishan Terrace, the project sank, and Zheng De was compensated a total of 2.4 million shares.

Zheng De did a nominal C round of financing for "Late Night Gallery", and the total share capital of "Late Night Gallery" after the investment was 11.2 million shares, with a valuation of 140 million, of which 5 million shares were Fang Shiling, 2.8 million shares were invested in Daxia, and Zheng De got a total of 2.4 million shares according to 12 pieces of 5 shares. The other 1 million shares are scattered and held in the hands of some small investors.

Now that the project is sinking, the total contract for sinking according to the VAM agreement is 2.4 million shares, which means that if there is no accident, Fang Shiling's shares will be reduced to 2.6 million, less than a quarter of the shares, while Zheng De will rise to 4.8 million, nearly half.

The so-called accident is that Fang Shiling has a life-saving straw, she has the right to liquidate Zheng De's shares, but how to liquidate needs Zheng De to choose. The first option is to liquidate according to the actual valuation of "Late Night Gallery", and the second option is to take out 35 million from "Late Night Gallery".

This is the "withdrawal of shares" in Fang Shiling's understanding. However, how can it be so easy to withdraw? The activation conditions of 35 million yuan in option 2 are very complicated, and investment institutions are the best at setting up such complex terms to make entrepreneurs jump into the pit, both ancient and modern, Chinese and foreign.

The first is to liquidate according to the actual valuation, which seems clear, but in fact it is extremely difficult, because the core question is that after the "Midnight Gallery" sinks into the variety show, is the 4.8 million shares worth 35 million? In other words, what is the value of "Midnight Gallery"? After deducting the remaining 15 million cash from the financing money lying on the account, is it worth 67 million? You must know that in today's self-media market, short videos are the new upstarts, and the old aristocrats will naturally decline under the rise of the upstarts, which is also directly reflected in the valuation of the official account.

Even if it's still worth it, can Fang Shiling find other capital to help her take over? Zheng De is very optimistic about this, because the receiver that Fang Shiling needs must be to pay money again and give her the right to vote, which is equivalent to making a pure financial investment. Otherwise, if the voting rights are not paid, what is the difference between the equity of up to 4.8 million shares in the hands of Zheng De or in the hands of the receiver to Fang Shiling?

Therefore, for Fang Shiling, option 1 seems simple, but it is actually difficult to realistic.

But the complexity of option 2 is that if Fang Shiling chooses not to activate it, then Zheng De can still choose to activate it at some time in the future, if there are certain conditions, and Fang Shiling is required to bear unlimited joint and several liability. To put it simply, if "Late Night Gallery" can't afford to lose the 35 million, Fang Shiling will have to fill in the difference with her own money. But this is a trigger condition, it's not that Zheng De wants to activate it, in other words, Fang Shiling can try her best to avoid it, if she has the ability.

And if Fang Shiling chooses to activate it actively, then there is no need to bear unlimited joint and several liability, at least temporarily, but there is a time limit, and "Late Night Gallery" must complete the refund before October 15. If she can't get a refund when it expires, then she has to choose whether to bear unlimited joint and several liability, or lose some more shares to Zheng De.

This is also the point in time specified in Milestone 2. In fact, if it weren't for this time, the liquidation price would not be so cheap, so it added a mere 5 million, one-sixth of the total investment, which is extremely affordable as the liquidation price. However, considering that the time frame is short, even the conversion of venture capital into an adultized rate of return is still in the past.

When this article was signed, Du Shuang and Zheng De's committee members discussed it back and forth for a long time before finalizing a highly enforceable clause. Mainly to prevent the worst-case scenario, which is what is happening now, "Midnight Gallery" was terminated by Taishan Terrace before it even survived two milestones.

In this case, how much is "Late Night Gallery" worth itself? It cannot be said that it is not worth much, because the basic market is still there, but there is great uncertainty. Therefore, as far as Zheng De's interests are concerned, it is most advisable to get back the money and be able to earn a little, while taking the equity of "Midnight Gallery" and even acquiring a little more to get control is only a secondary choice to talk about profits. This is especially true for investment institutions.

It is for this reason that when Yuan Jing re-examined the investment agreement signed at the beginning, although he was a little interested in the plot designed by Chu Yuanxi, that is, Zheng De to obtain control of "Late Night Gallery", it was expected that Fang Shiling would not be so easy to comply.

It's just that, looking at the content of the agreement, Boss Yuan had to recall that Chu Yuanxi had the opportunity to teach him face-to-face, but he was strongly opposed by himself, and then persuaded himself bitterly.

Why are there such twists and turns? Because Chu Yuanxi has to bury a hole in the investment agreement. For example, in the setting of the VAM of the three milestones, the settlement time of the first milestone is floating, and the time point of the second round of financing of the "Jixia Academy" project is used as the milestone node, so that the "first" milestone may run behind the "second" milestone, or settle at the same time.

(These terms appear at the end of 747 and at the beginning of 748)

In this case, once Fang Shiling doesn't play well, they will step on each other, and they can be dealt with in turn, not like she thought.

Yuan Jing bet that Fang Shiling definitely didn't realize this when she signed, and even now she didn't expect this, and she has been confused and happy.

This is also the reason why Chu Yuanxi is famous on aJoy, which is a potential factor that can affect the second round of valuation of "Jixia School Palace", and it is Chu Yuanxi's flying knife.

Now it seems that it was a waste of effort, Fang Shiling directly crossed milestones 1 and 2, and Taiben dystocia directly exploded milestone 3. Thinking of this, Yuan Jing's extremely rare smile made Du Shuang, who was used to seeing poker faces, look sideways.

In fact, Yuan Jing didn't really want "Midnight Gallery" in his heart, first, the reputation of stealing and snatching was not good, second, he couldn't make much money if he sold it, and third, he asked Du Shuang: "What do you say I want it for?

At this time, Du Shuang made several good investments in a row, and his voice within Zheng De increased greatly. Although the time is not long, but the explosive power of short video e-commerce is great, there are quite a few M that have been voted from small grass to quickly rise to big trees, regardless of what means people use, anyway, in half a year, the whole network took 30 or 40 million fans, and the speed of blowing bubbles is comparable to last year's Ba people.

The key is that the ambition of these invested companies is not as good as that of the Ba people, but the character is better than that of the Ba people, and they are basically targeted at the acquisition and targeted development, so such investment has a fast turnover, many investment and financing nodes, and is convenient to exit, which is deeply liked by investment institutions.

Therefore, Du Shuang only went through a very short difficult period to gain a firm foothold with the support of Yuan Jing, and now he has been able to talk to many Zheng De backbones with the title of committee member on an equal footing, which also makes Daxia Investment regret it.

It was only now that Fang Shiling finally felt Du Shuang's help to her. In the face of the figure of 35 million, everything is self-evident.

You must know that this is the liquidation price, how can there be only such a premium for entrepreneurs to liquidate investors? This is what Du Shuang did not hesitate to vomit blood for her to get, but she didn't take it seriously at that time, looked at it, and then didn't bother to comment on that. But now it feels like the only hope, although the conditions are quite harsh.

Otherwise, Zheng De will take it casually, take over the 1 million shares in the hands of small investors, and the controlling interest will immediately exceed 50%, which is worth it? There is also Daxia, Daxia Investment has always wanted to quit victoriously, but it has never had a chance, God knows what will happen? Maybe in the end, he can only retain the title of honorary chairman and be honorably out.

This is what Chu Yuanxi said, there are still several battles waiting for her, the first one is the battle to repay the money.

So when the time came to Sunday, when Chu Yuanxi was preparing to show again, he was told by Yuan Jing that Fang Shiling was ready to shop for advertising.

According to Fang Shiling's words, anyway, being taken away by others "Late Night Gallery" must be crazy mowing the grass, rather than letting others cut it, it is better for my sister to cut it herself! And there are almost two months before the repayment date, whether it is midweek or weekend, the official account of the same size as "Midnight Gallery" can earn 500,000 advertising fees a day when it is at full capacity, and her deficit plus the premium is only 20 million in total, and Taishan Terrace can return millions of dollars, there is hope!

According to Yuan Jing's words, Fang Shiling can return the best real money, and everyone is happy.

Chu Yuan Xixin said, Do you have any misunderstanding about the advertising business of self-media? It would be hellish if she could return it......

However, at this time, Chu Yuanxi had no time to think about anything else, and he was about to take the stage. Although there is an A+ round of financing in the future, it is a foreign currency financing specially prepared for Pakistanis, so today's roadshow is very important to attract a new group of like-minded people.

So what does it mean to be like-minded? It starts with getting them to recognize the high valuation of a well-off person.

The main content of today's roadshow is to report data. Xiaokang has advanced to milestone 4, has done a lot of things, and began to operate normally, even according to the standards of entrepreneurship, it is no longer a small company, if you use the ordinary Internet entrepreneurship valuation idea at this time should start to value according to the price-to-sales ratio.

But Xiaokang is not a typical Internet start-up, so you can't go that way, so data is very important.

This is also Chu Yuanxi's headache, because the data recorded by Xiaokang is actually worse than his own expectations. In particular, it is necessary to make people recognize the high valuation of the well-off, which requires some technology. Fortunately, he is still a little sure of the mentality of many investors in the audience.

So Chu Yuanxi first described what Xiaokang has done, then what is being promoted, what effect is to be achieved, and finally what points to be done next, for this reason, what is under development and what is ready to be developed.

And these are all linked to money. How can we burn the money that has been burned? How will we burn the money we finance now and how we will burn it in the future? Financing for start-ups, the efficiency of burning money is the line of life and death, especially in the case of mobile Internet entrepreneurship, many times it seems that the work is not bad, but the efficiency of burning money is not high enough, so investors have to ask, why do I want to invest in this investment? Many investors have long adapted to this logic -- because you have to burn money efficiently in a certain posture next, so I am interested in investing in you.

In fact, this is also the reason why many entrepreneurs do not do roadshows in the early stage. The general model of Series A financing is to find the owner of the money to finance directly, use the trend dividend, and use its own advantages to impress investors. Once the roadshow is held, you have to face a large number of questions, and investors will inspire each other with wisdom and create a lot of trouble for entrepreneurs.

But Chu Yuanxi decided to continue the roadshow even in the face of not particularly good data, because he wanted to let potential investors who are well-off form good habits, at least when investing in well-off.

After talking about the content of the work, he noticed that many investors had already taken notes and waited for him to release the core data.

This level always has to be passed, Chu Yuanxi pressed down and turned the page, and a table was immediately displayed in the PPT, which were the data before Milestone 4, up to now, and expected to be at the end of Milestone 4. Including the number of stores, the number of in-service store employees, the number of bicycles, cycling data, the number of bicycle operators, etc., as well as the number of key users, it is divided into three categories: registration, payment and membership.