The flashback scene ends, and although there is a lot of content spraying each other, it is only reflected in my mind for a moment. Now, do you want to tell Hu Shiheng about this concern? Chu Yuanxi chose to coax it, at least let Hu Shiheng get the first money first, even if he really scolded him for being stupid after the shooting, it didn't matter.

After all, this is a heartfelt statement, if you want to say it, you will first tell Yuan Jing, then Yuan Xu Xin, and then others. In fact, to this day, Chu Yuanxi is no longer afraid to say these words, and he was treated as a fool when he said it a year and a half ago, but now he has confirmed his original worries one by one, and the situation is still deteriorating.

But it's one thing to happen, it's another to say it.

So it's better to use procrastination, wait until the form is clearer, and needless to say, the capital that invests with ¥ will also realize that the NASDAQ is not a good place, and then ......

Moreover, it is difficult to say that the world is already peaceful after four years, and Chu Yuanxi before the crossing was infinitely pessimistic in times of peace, so when the situation is already grim, why can't we become more optimistic? In the final analysis, all issues are globalization issues, whether they are globalization, free trade, or globalization populism. It's the most complex and volatile issue ever, and it's hard to say when it will start to get better, maybe three years, maybe thirty years, but certainly not before 2020.

Therefore, he made a fist with both hands, bowed his head cautiously, and said, "What you said is very enlightening. In fact, where to list this, I am not so absolute. I don't think it's as good as this, we are all open-minded, anyway, the preparation for the listing will be 4 years after the earliest, and the president of the United States will only be in office for 4 years. The offshore structure of VIE will not be dismantled first, and this matter will depend on the situation to see how to choose the most suitable company, what do you think?"

In fact, Xiaokang has to set up a VIE structure because it needs to introduce a large amount of investment, and the irony is that the VIE structure is not useful for absorbing pre-IPO investment, and only needs to go overseas to list before using VIE. Therefore, the pattern of VIE is just to confuse many investors in the future, making them think that Xiaokang has a plan to go to NASDAQ or Xiangjiang, but in fact it is not, it is really incomparable performance art.

And Ba Ren Entertainment has not set up a VIE until now, because in Chu Yuanxi's heart, Ba Ren has no intention of raising multiple times, and even does not plan to go public.

Hu Shiheng nodded a little unwillingly, he originally wanted to persuade Chu Yuanxi thoroughly, but found that he couldn't. Adults' worldviews are stubborn, and it is much more difficult to convince others than to send them to heaven, and it is already good to express a position like Chu Yuanxi, so I don't know if I really accept it, or just talk about it.

I only heard Chu Yuanxi ask: "Anyway, why do you suddenly want to point out my joints in this regard? Shouldn't you care about the development plan of the enterprise at this time? There are many variables in this kind of thing like going public." ”

Hu Shiheng smiled bitterly, "Because, the life of private equity is not easy now." You know how much pressure LPs put on us?"

LP is a limited partner, which is the fundraising object of private equity institutions. Strictly speaking, Hu Shiheng is the head of the fund manager, and so is Yuan Jing, who is in charge of the institution and operates the funds, but the money of the institution comes from the investors, and the profits or losses must be passed on to the investors according to the shares.

"I think Orchid Capital's statement is not bad, last year and this year's market, in the fund's yield ranking, is considered to be high. ”

"You don't understand. Hu Shiheng continued to smile bitterly, "You look at the IRR ranking, the story of IRR has been told for many years, but it is paper wealth, and it can't be cashed out." Now LPs don't listen to IRR stories anymore. ”

Chu Yuanxi frowned, and said in his heart, Wouldn't Zheng De have a similar problem? IRR is the most favorite indicator that funds have talked about to investors in the past many years, which is called internal rate of return, which is actually a kind of discounted cash flow rate. Since it is the concept of cash flow, it is necessary to take into account the turnaround time, that is to say, this indicator includes both profitability efficiency and time efficiency, the same investment of 100 million, a year to earn 10 million and a year to earn two seven million, of course, the latter is more attractive.

I only heard Hu Shiheng say: "Now the funders have become conservative, they don't listen to your IRR, just look at the DPI, do you think we are under a lot of pressure?"

The so-called DPI is the rate of return on invested capital, not considering the time dimension, only considering the success rate, how much a project is invested in, how much is divided, and the rest of the time is rather idle, so earning 10 million a year is more popular than two 7 million.

When investment enthusiasm is high, many funds can use IRR to prove their excellence, that is, after raising the first phase of funds, they will start to raise the next phase without waiting for the DPI to appear.

For example, a five-year fund is sold out in the first year, and the IRR on the books looks good, and the LPs are very happy, so let's pay for it!

It is conceivable that these good-looking IRRs will become naked swimming when their liquidity is exhausted, and they will all successfully squeeze onto the single-plank bridge of the IPO, but the beach is covered with corpses, and according to the jargon, "kill more" abounds.

So I looked back at dusk, but the DPI was in the dim light.

In this way, in the investment behind Xiaokang, how much money Zheng De can contribute will become a problem? Chu Yuanxi had to fall into deep thought.

In his plan, Zheng De has to bear at least a share of seven billion, and the Ba people can't all invest in Xiaokang to make some money, and it is estimated that the magic capital syndicate will be sued. In this way, there is 10 billion funds to lay the foundation, and there should be no big problem in raising between 30 billion and 40 billion yuan in the overall fundraising, and it is more than three times the leverage according to the leverage ratio, so there is not much pressure.

As for Xu Xin and Hu Shiheng, the institutions they represent are richer, much bigger than Zheng De, but Zheng De is a hardcore in terms of relationship, and they are war investments, their expectations are different, and the degree of dependence is also different, and their willingness to stand for the well-off is a good resource in itself.

But if the form becomes like this, then Zheng De may have to be the seller to make up the money, such as the snow project he invested in before, and sell it for money. It's a pain in the making!

His gaze had to be focused on the Ba people. The Ba people are cash cows, and if the cash cows are killed, they can instantly turn into a big lump of cash. And it doesn't have to kill all of them, but only some of them? For example, kill the Ba people in the game?

For many people in the capital market, Ba Ren Game is definitely an SSS-level investment target, and there are two kinds of favorites.

The first type of person is the one who needs to buy profits. I paid a lot of cash to buy the game, but the financial report was suddenly very bright, because the cash reflected in the financial report is an asset rather than a profit, and the cash cow contributes to the "current profit" for many years to come.

The second type of person is Ali. If there is a perfect organizational structure and an endless stream of endogenous game companies can be bought, Ali's game empire will be formed in an instant, which is equivalent to a knife straight into the ribs of a penguin. Although the genre is not the same, the effect is the same as NetEase after the birth of "Yin Yang Liao", and it feels like tearing off one-third of the game industry map where penguins dominate the world.

But that's not the state of the game right now. Although it is sold now, Ali must also have the intention to acquire, but the willingness will definitely not be so strong, because Ba Ren does not have a second or second series of games to prove his methodology, and from the perspective of the organizational structure of Ba Ren Games, it is not the structure that a large company should have, it is more like an expansion after the success of a small team, and the core is still a team.

Such a wholly-owned subsidiary cannot be sold at a very good price, which actually affects the valuation of the Baren Group. This is the reason why Chu Yuanxi himself only estimated 30 billion for the Ba Ren Group.

It would be completely different if the framework of Baren Games could be reorganized to the scale of Perfect World or Youzu Network, and then add new and successful product lines as soon as possible.

Some of the small companies that succeed in a product and then hit the street all the way are that no matter how much money the first product makes, the valuation model cannot follow the normal model in the capital market, let alone carry out PE calculations.

The reason why large companies can become large companies is precisely because they have built a rich product line, many successful products, complete supporting structure, endogenous ability to support several fronts to fight at the same time, and knowledgeable market and business teams know how to negotiate with channels, how to buy volume, and even have their own traffic pool and can continue to expand.

The key is to integrate these units and form teams into a fighting cluster, rather than belonging to the same company but fighting in silos. This requires a lot of meticulous work.

The reason why Chu Yuanxi did not carry out a radical reorganization was because the valuation of the Ba people was meaningless for the time being, and he did not plan to do another round of financing, nor did he plan to go public, so what was the use of the book value? If it is high, it will increase the desire of the magic capital syndicate to sell.

In fact, the Magic Capital Syndicate is a syndicate that understands game companies, and has long discovered this problem, and has also made corresponding suggestions, hoping that the moat of the Ba people can be deeper, the profitability can be thicker, and the valuation can be higher. Of course, this is a very good suggestion, and Chu Yuanxi promised to implement it when he has time in the future.

But now in this form, Chu Yuanxi has to start using his brain. First of all, if it is only Baren Games and not Baren Group that is acquired by Ali, this is a good thing, because Chu Yuanxi can tolerate the divestment of Baren Games and the supporting IP and traffic pool, as long as the price is attractive enough.

And then after the Baren game is divested, you can also build a new game department, it is impossible for the Baren Group to sell the game subsidiary and not allow it to continue to make games, the IP and traffic pool have been handed over, and it is not an affiliated company, there is no problem of hollowing out the target for sale.

As for the traffic pool, this is very mysterious, because the traffic pool corresponding to the Ba Ren game is the WeChat public account of the comic and the matrix number of some headlines, plus a Weibo comic account, of which WeChat is the main force, what will happen if it is handed over to Ali?

These accounts and fans were all washed and diverted by Chu Yuanxi tirelessly, so the tone is quite clear, the question is whether Ali dares to ask for it......?

If you think about it this way, it becomes a top priority to complete the structure of the Ba Ren game.

In fact, Chu Yuanxi himself once had this idea, not for anything else, mainly when the group was restructured, whether to put all the game-related supporting resources into the game company or stay in the Ba Ren Information and Copyright Company. In the end, because Zhao Jie does not know how to operate and maintain copyright and traffic pools, he can't inject into the past, otherwise the game company will have to allocate talents who understand copyright and traffic pools, and the significance of collectivization will be lost.

In the long run, improving the structure of the Ba people game is definitely beneficial to the entire Ba people group, and it is also beneficial to the well-off, because the profit release of the Ba people at least in the past three years mainly depends on the game, so that the Ba people can use the group's resources as much as possible to produce more products, and even can reverse some other changes.

But in the short term, there is no hurry. For the time being, the profitability of Baren Games will not change significantly because of this reorganization, because in the final analysis, to increase profits, new product lines need to be launched, which is not something that can be arranged by the restructuring structure.

In the short term, what will most affect the valuation and actual profits of the Ba people is the impact of knockoffs, to what extent can the mobile game "Out of the Troubled Times" be rushed, this conclusion cannot be made now, and it will take two weeks to see.

But now, the situation is different, the long term and short term may have to be reversed, and some things need to be changed from series to parallel.

Of course, it is not that these resources are reversed and the structure of the game is complete, the key is the endogenous and development attributes of the game company itself. That's why it is necessary to carry out meticulous work.

Thinking of this, Chu Yuanxi even wanted to find Zhao Jie immediately, if it weren't for Hu Shiheng's still being. Hu Shiheng's words are too critical to wake up the person in the dream.

Emmmm...... In the blink of an eye, Chu Yuanxi even thought about the announcement of betraying Zhao Jie, and said that the Baren Group has been carrying out business expansion with an open mind and looking for strategic strategic partners, and the transaction of Baren Games can bring more vitality and development to the entertainment, copyright, e-commerce and other business units of the Baren Group, and promote the group to focus on its main business.

Usually a decent seller who is ready to make a similar statement.

He looked at Hu Shiheng, don't look at Mr. Hu with a wry smile, in fact, he is talking about sex. In this case, I'll find Zhao Jie later, anyway, the adjustment of the Ba Ren game will take a few months, and even if it is to be sold, it will have to be sold in a few months.

Of course, one of the most important adjustments that had to be made in advance was the question of the attribution of Enemies of Rome. Originally, "Enemy of Rome", which was made to make money, had no suspense to be placed in the Ba Ren game, but since it was a seller, it was worth studying what there was in this family.

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Some readers asked about the interruption yesterday, but it was not broken, and it was 404 in 3 hours. Maybe it's because the paragraph criticizing the CSRC may be a disaster for the starting point, and I understand that it was 404. However, chapter 814 is still more important, explaining why Chu Yuanxi insisted on a domestic IPO at the beginning of the book and did not go to the NASDAQ. The author Jun still remembers that when the book was issued, he was ridiculed a lot because of the protagonist's insistence, and he could have returned it in full now, but he was 404.

Today's chapter was originally 5,000 words, but I cut off the first 1,000 words, and it is easy to make taboos according to the standards of 814. This paragraph is put together with the original 814 chapters, in order to maintain the integrity of the work, it is hidden in the self-media account of the author's pen name, I hope you can take a look, so there are only 4000 words on the surface of this chapter.