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When he spoke, Chu Yuanxi found that An Qi had been hiding behind and didn't speak much, and she looked very restrained. But this sentence made An Qi's face very strange, and even Chu Yuanxi interpreted the meaning of admiration and admiration.

He smiled secretly in his heart, he thought that Anqi would be bitter today, white gloves are not good, Zhu Bajie will be splinted on both sides when he looks in the mirror, but it seems that he is in a good mood?

Angel is in a good mood, but the others are in a terrible mood!

Dobby and Du Cang sat next to Aunt Cynthia on the left and right, Dobby almost squirted, and just wanted to roar angrily - Te Monong is shameless with thirteen hexagons! Shameless man! This is a related party transaction, you know how to deal with related party transactions? Benefit transfer!

Of course, Chu Yuanxi understood, but the question is, you bite me in the related-party transactions of unlisted enterprises? Don't you know that minority shareholders have no say in this kind of thing? You can't say that the rain girl has no melon! But you are not old enough.

The most important thing is that the Pakistani people do not have a board of directors......

Both sides thought of this almost at the same time, and suddenly, one side was smug and the other was dejected. Chu Yuan Xixin said that the money is in my pocket and you want to get out? What are you thinking about?

Du Cang sat down with Aunt Cynthia, and then had to cough dryly, and said: "Invest in the well-off, this and this, do you need to invest so much money? Isn't the well-off in the normal financing channel? I remember that the goal of the A round of financing of the well-off is only a few hundred million, so even if it is a total of billions in the B round, there should be no difficulty in judging from the current development of the well-off, right?"

"There will be days when there will be no days, and there will be no time to think about it, Mr. Du. How complicated and tortuous the road to entrepreneurship is, don't you all senior investors know it? How embarrassing it is to find that the money is gone when you need it?" Chu Yuanxi said helplessly, "And how can the Ba people have to keep four or five hundred million yuan in their accounts, and the Ba people spend a lot of money, but the expenditure and income seem to be small together." When the time comes, variety shows, film and television and everything will need money turnover, and there will be no money to be counted as a back and forth. ”

Dobby said that this is what we are talking about? It is a good thing that the turnover of the people in the business is high, but what we are talking about is outside the business! The problem is that Chu Yuanxi is already going to play hooligan, and this cannot communicate normally!

And this helpless expression made Du Cang confused at that time: "If you say that, why do you want to pay dividends during the Spring Festival?"

Chu Yuan Xixin said in his heart, don't you have a B number in your heart? Why do you pay dividends during the Spring Festival? I have to say it bluntly: "Because I needed money at that time, I needed to make my own money to lay the angel wheel of a well-off life." He didn't say the second half of the sentence, but the gesture of spreading his hands was expressed, and it was still questionable: Otherwise, would I have paid dividends?

It's simply beyond reproach. Cynthia's eyes darkened, and her heart said that this is because we didn't get into the well-off car, so this is why we are like this? This time it's good, I can't think about it, the investment of the Ba people is equivalent to the indirect investment of the magic capital syndicate, and this special thief ship can't go down at all!

She rubbed her braincase, "Mr. Chu, if you don't pay dividends, then, the company is seeking to go public." If you go public, we don't care if you pay dividends or not. ”

As soon as these words came out, several people, including An Qi, looked at Chu Yuanxi seriously, which was actually the crux of the matter.

Why did the Demon Capital Silver Group take the initiative to force the palace? Because after understanding Chu Yuanxi's intentions, he panicked. It is said that the performance of Ba Ren is exchanged for other companies, and the investors must be happy with the entrepreneurial team, and the magic capital syndicate is panicked for fear of being hung on a thief ship, neither listed, unable to exit, nor dividends, and unable to return to capital. Its psychological state is worse than that of the employees who hold options among the Pakistani people, whose options are obtained by hard work and prostitution, and their equity is returned by investment, and the sunk cost is different.

The key is that Chu Yuanxi and the founding team firmly control the company, and they have a lot of legitimate reasons to pay themselves, and they can also pay it without paying dividends, so they can not pay dividends at all.

Some listed companies lose hundreds of millions of dollars a year, and the president gives himself a bonus of hundreds of millions, which is jokingly called by shareholders that the executives do not take bonuses, and the company does not use ST, and there are many such ugly things in the capital market. Relatively speaking, Chu Yuanxi's food during this year's Spring Festival looks much better. In a company with an actual annual profit of several billion yuan, is it too much for executives to set a bonus standard of 100 million yuan for themselves? No matter how ugly it is, five times more illegal. But there's no guarantee that Chu Yuanxi will do this next year......

In short, investors are uncomfortable.

Relatively calm is Anqi, although he has not communicated with Chu Yuanxi recently, he can guess that Chu Yuanxi does not want to go public at all. Companies that want to go public are not this style at all, and it is impossible to put so much money on the account and not move, which is too patient!

"Oh, going public, it's been planned all along. Chu Yuanxi said and laughed secretly in his heart, if he is listed, he can't do whatever he wants, the China Securities Regulatory Commission will take care of it, and the China Securities Regulatory Commission and investors are not in the same management, so it has always been in the "plan".

So he said: "However, how can anyone go public just after the A round of financing, and the company has only been established for more than a year, and it does not meet the conditions of the CSRC queuing, at least one and a half years away." ”

"Let's borrow the backdoor!" Du Cang almost screamed.

A large sum of money on the account is not meaningless for capital operation, for example, it takes cash to make a takeover for privatization. However, there has never been a precedent for privatization of thousands of stocks in my big A-shares, which is one of the reasons why it has been criticized, because privatization itself is one of the normal capital operation models.

When it comes to backdoor, there is sufficient cash, and it will be in a very flexible position, and you can use equity, or you can put part of the equity and part of the cash in and out, and there are many modes of capital operation that can be operated.

"Yes, yes, backdoor. Aunt Cynthia nodded again and again, and for a while she still fantasized about whether Chu Yuanxi was holding back the shell of someone to borrow, this was the correct posture for capital operation.

After all, A-shares are still at a low level, and the index is not low and individual stocks are low. Many stocks have been running in the bottom area since 5178, and clean shell resources below 4 billion abound.

It's normal for her to think so, otherwise she can't explain that a startup has such a good momentum and doesn't spend a lot of cash on her account. It wasn't until the appearance of Xiaokang later that the mystery was solved.

Chu Yuan Xixin said in his heart, you really dare to think about it, use my hard-earned money to buy shells? Isn't that the same as feeding billions to wolves?

"Mr. Du, do you know how many times the chairman has personally talked about the registration system, and a great change in the capital market is about to come out. At this time, isn't backdoor borrowing a big injustice? There is also a way to talk about capital operation, and I decided to wait and see anyway. ”

"Do you think there is hope in the queue?" Du Cang couldn't help but sneer, "Don't you know what the country's attitude towards film and television and game companies is? ”

Chu Yuanxi knew that he was talking about a very key sentence in the CSRC's "Answers to Several Questions on Refinancing Business": "In principle, listed companies are not allowed to invest in cross-border films, television or games." After this document came out, domestic film and television game companies wailed.

But why bother? It's talking about cross-border investment. Besides, Ba Ren is a cultural and creative company, film and television and games are all branches and leaves, and the fan economy is the backbone.

Therefore, Chu Yuanxi was not cowardly at all, but smiled, "Why are the relevant departments cautious about film and television games? The people of Pakistan are different, there is no trace of capital operation, at least not at present, this is a huge plus point in the Issuance Examination Committee; secondly, the performance is very real, the foundation is very real, all of them have public data to check, what can not be listed?"

In fact, Chu Yuanxi also has plans for the IPO of the Ba people, and it is not that he has no explanation. When it has completed its historical mission and boosted the well-off in place, why can't it be listed? It's just not now.

But obviously, the Magic Capital Syndicate was not in the same channel as him, and Dobby endured it for a long time and finally couldn't help but scream angrily: "You must be too confident, right! Do you dare to sign a VAM clause about listing?"

"Are you in such a hurry to go public in order to exit?" Chu Yuan Xile asked, "If so, don't be so troublesome, is it okay for the company to repurchase your part of the equity?" According to the valuation of 30 billion, your part has now increased in value to ...... Uh, it's worth about 530 million after the transfer?"

The magic capital syndicate invested 120 million, with a return rate of more than 4.4 times in a year, and also took a dividend, and he probably had to be happy to die in exchange for others?

I saw Cynthia's gloomy face, "Is the valuation of 30 billion too low?"

Chu Yuanxi said indifferently: "If you buy mine, it is equivalent to buying control, then it definitely can't be so cheap." If you buy yours, you will also buy the value of a financial investment, and you have to leave some room for appreciation for the buyer, right?"

This meaning is still quite vague, and it is rare that the old people in the magic capital understand all of them - when you look at the K-line to buy and sell stocks in A shares, what do you want to sell at 6124 points?

As soon as he was angry, Dobby made a particularly sharp voice: "Mr. Chu, you treat investors like this, aren't you afraid of scaring investors in the future?"

Yo he? Chu Yuan Xixin said what are you doing? Do you threaten to expose my bad deeds? For example, today is the tomorrow of the well-off people?

"Everyone, don't be impatient. He waved his hand steadily and said: "I will arrange an interview at Chinajoy tomorrow, and I will explain a lot of problems at that time, so that it will definitely not scare the flowers and plants." ”

"Explain, explain?"

"Well, stay tuned, it won't be long anyway. Chu Yuanxi's attitude was quite sincere, and sure enough, he didn't let the syndicate bosses wait longer the next day, and the transcript of the interview was freshly released.

Dobby took it and looked at it, and immediately screamed, "This shameless one! How dare he write that!"

I saw that in this manuscript published by a TMT media writer on a well-known domestic entrepreneurship news aggregate, at the beginning, the interviewer and the interviewee discussed the relationship between entrepreneurs and investors, and the editor's note also focused on the relationship between the two companies under Chu Yuanxi's name, which was not hidden at all.

Therefore, in a conspicuous position, Chu Yuanxi was crazy about how to treat investors well: "What is good treatment of investors? I think it is just not too much to care, and the places that can be calculated or not counted are forgotten." ”

Reporter: "What do you mean?"

Chu Yuanxi: "Oh, when the Ba people pay dividends at the beginning of the year, in fact, according to the agreement, they can first complete a round of gambling and equity ratio adjustment, and then distribute dividends, so that the founding team can give more points and less points to investors." But there is no need, the days will be long in the future, drinking water and thinking about the source, since I took other people's investment, there is no need to worry about it at this time, so it will be divided according to the original proportion. ”

Du Cang was also reading, and this text on his mobile phone made him have mixed feelings. He's not as angry as Dobby, it's true that people are angry, but it's impossible to be angry at all, anyway, after the equity adjustment, I see that the part that can eat more is gone, who doesn't feel distressed......

However, An Qi saw it anyway, since Chu Yuanxi clearly showed his minions, he loved whoever he loved anyway, so he said to Du Cang: "Then what is the way? If the profit does not touch the bet, or even loses money, are you very happy?"

The reason why the truth is hated is because it can't be refuted, and it is heartwarming if it can't be refuted. Dobby said angrily: "But he's a hooligan! He's a hooligan, I'm going to expose him!"

"Hehe, that's why Chu Yuanxi wants to do this interview, right?" Anqi chatted with Chu Yuanxi alone on WeChat for a while last night, so she was even more relieved. "What are you exposing him? He didn't wash the money into his pocket. ”

"Expose him, expose him for harming the interests of the Ba people's clique! Is it glorious for him to take the company's money and invest in affiliated companies?"

"No, whether the investment behavior is beneficial to the company depends on whether the investment will increase in value and profit, and whether it can successfully exit in the future. "An Qi actually knew another obscure point that everyone didn't say, that is, the Demon Capital Syndicate has always been not optimistic about Xiaokang, but Chu Yuanxi is optimistic, this is their fundamental disagreement. If the Magic Capital Syndicate is also optimistic, then there is no.

This is also the main content of his communication with Chu Yuanxi last night. Chu Yuanxi said that he also used money to run a well-off business, and he also didn't wash it in his own pocket. What he said was that this is called 'external actions do not avoid hatred and internal actions do not avoid relatives', there are so many founders, members and employees of the Baren Group who hold options, and he himself accounts for the most shares, and there is no need for related party transactions to make money. ”

While speaking, in fact, An Qi felt that the level of these old-timers from Lu Jiazui was very problematic, because there was a key and obvious problem on the well-off side, and they actually turned a blind eye, but stared at some trivial things and were very focused.

The question he asked Chu Yuanxi on WeChat was: Why didn't the Ba people invest that money when the valuation of the well-off was low?

Then, an unexpected answer was said by Chu Yuanxi: because...... I explained to the co-founders of the Pakistan that it was very simple. The attractiveness of a well-off society to investors can be considered as a quadratic curve after calculation, Y=aX^2+bX+c. You remember? It's a function of a minima, the opening is up, the abscissa is the valuation, you can also think of it as time, and the ordinate is the attraction. The attraction is high at first, low in the middle, and then higher again. So it's not easy to get money when it's the saddest and most needy in the middle. The Ba people's money is most efficient at this time.

Anqixin, who almost returned the math to the teacher, said that fortunately, I was also a game-player, otherwise I would really have to show my eyes!

He continued to ask: Then the question is, you are still thinking about the well-off, and the Ba people's money is still not maximized. What is beneficial to the Ba people should be to invest in the well-off in the early stage, and the Ba people will help solve some of the problems in the middle of the well-off, right?

Chu Yuanxi: Obviously not right, do you know if the remaining money in the early stage and the middle stage can solve the problem? If not, the well-off will kneel, and the initial money will not be invested in vain? Wait and see to avoid risks, big brother, you are treating the well-off as a must and then calculating, the forest has not entered and started counting the prey, you trust me too much!

On the other side of the network, Chu Yuanxi wiped her sweat, she didn't expect Anqi's questions to be so professional, but do you think you can stop the old man? Hehehehe, Uncle Sheng has already asked these questions!

However, when Uncle Sheng asked, he didn't expect such a logical and rational answer, so the answer at that time was in a muddy style, saying What do you think of my earning ability? Anyway, the investment is rewarded, if the Ba people are more profitable, I will use this money in the Ba people, and if the Ba people are more profitable, I will use this money in the well-off, and the Ba people will get a greater return on investment, and there is no problem.

This answer can barely make Uncle Sheng nod, but it is not enough to deal with reporters. The outline of this interview was approved by Chu Yuanxi and Lu Yugou and then finalized with TMT media to ensure that it was the wind that Chu Yuanxi wanted to blow out. But although the reporter who asked the question asked according to the outline, he didn't say that he should be a puppet to write an advertorial, so people can also get to the bottom of it, and they can also diverge their thinking, or even conspiracy theories or brainstorming.

Especially after the semi-annual report of the Baren Group in the first half of the year flowed out, the brainstorming was even more powerful. Because this semi-annual report is a non-listed company, it is not obliged to announce it to the public, but it can also be released. In particular, even if it doesn't flow out, people can measure it. The income of game companies, especially high-income games like "Troubled Times" is relatively easy to calculate, what App Annie and the like provide data thieves, not to mention the sudden God assist.

Therefore, the income of the Pakistani people suddenly attracted widespread and profound attention, and the reporter held back a large wave of questions. The reason why this semi-annual report directly pushed the VAM agreement signed by Pakistani people and investors a year ago to the cusp, and the reason for attracting widespread attention is that the proportion of VAM shares is too large, and the requirements for completion are too exaggerated, not to mention domestic, rare in the world, and as a result, it took Baren Group a year to complete the ......

Chu Yuanxi was not afraid to answer the question, but he pushed Zhao Jie away, so that he would not be stimulated after hearing it.