On this occasion today, it is impossible to lack Ali, after all, this is the West Lake, Ali's home field. But the main person in charge of Ali has not yet arrived, and real bigwigs such as Zhao Zhujiang have not appeared, so although the dinner party has started, it has not yet entered the climax.

Another slag that is qualified to take the West Lake as its home turf, although it has good earning ability, is not keen on mergers and acquisitions, which is also the biggest gap between enterprises other than AT and AT. There used to be a saying that the ultimate fate of a technology company in the Celestial Empire is to be acquired by BAT, which on the one hand shows that AT has a strong desire for mergers and acquisitions, and on the other hand, it also shows that AT has money and is willing to spend money.

This gene needs to burn a lot of money to burn out, and it may take a lot of water to drift in the early stage, so whether to embark on the road of no return to large-scale mergers and acquisitions is a difficult decision for every company with abundant cash flow. This is also the reason why Chu Yuanxi ridiculed Zhang Ming for being very close to the big penguin, and only had a layout in the investment field. For an enterprise with such abundant cash flow as Toutiao, it is impossible to compare with Penguin Ali if it does not invest tens of billions of dollars every year, and only relies on its own APP.

At a table far away from Chu Yuanxi, several well-dressed successful men gathered together to chat, and there was no sign of competition between them. On this occasion, they need to hold each other together, so as to get the ideal consideration, instead of vicious competition and price war.

One of the men in a suit asked, "Is that little brother over there a friend of Mr. Yuan?" Why don't you introduce him to talk?"

"Don't you see people wearing cultural shirts? Maybe it's the new vice president of a giant company? Mr. Yuan knows too many people. To say that the younger generation is too powerful now, many post-90s generations have become the backbone of large companies, my stupid son is still a gentleman, I really want to kick him out of the company and let him break into it by himself, and I am afraid that our tigress will go crazy. Another balding man sighed.

"Hey, Shang Zhou, don't be too modest. The older man in the suit waved his hand: "Who doesn't know that your son-in-law is young and promising? ”

When they were blowing each other's business, Lei Siyun passed by and sneered: "What kind of vice president of a giant company, no, it's just more able to coax money." I made a fortune making a mobile game, and I came here to learn how to invest. ”

Several successful men suddenly lit up with their eyes, and they all thought: Rich Kaizi?

After Lei Siyun finished speaking, he added sourly: "His company was led by Yuan Yu in the A round." After saying that, he walked away.

Seeing Lei Siyun leave, several successful people looked at each other, and then lowered their heads and ate, but they all had their own thoughts. Shang Zhou's baldness is buried deepest, and he knows his own situation very well, and it has reached the point where he must be acquired, because the financing has been financed through the E round, but the valuation is only 800 million.

This valuation is enough to illustrate the seriousness of the problem. For a real technology company, it is normal for the valuation angel round to be around 50 million, and the A round is at least 200 million, and less than 200 million will make people feel that there is a problem.

The valuation of the B round is at least 500 million, but there is really no 500 million, and 400 million is okay. What if you can't get there no matter how you tell the story?

The C round valuation is less than 1 billion, it will definitely not be looked down upon, but the C round is more flexible after all, and the valuation models given by different investment institutions are different, some according to the price-earnings ratio, some according to the price-to-sales ratio, and some according to the market share, and the estimated value will be several times different, so even if it is a little lower, it is easy to say.

Why does each round of valuation have to have a large growth? Because only in this way can the investors who come in front of them have profit margins, even if it is a floating profit on the books, so that everyone can explain and be in a healthy state.

For example, the valuation of the B round is 400 million, and the C round is 1 billion, and the investor does not earn 150%, because the valuation after the B round of financing is not 400 million, but 400 million + financing. Assuming that the B round raises 100 million, if the C round can only be estimated at 700 million, the investors in the B round do not even have a 50% profit margin, which is not a success at all in the early stage of investment, and it is more appropriate to call it fearful.

However, your financing has been financed to the E round and the valuation is only 800 million, which shows two problems, the first is that you are more able to fool and find the wrongdoer, and the second is that the company must be unattractive.

The problem is that technology companies, even if they keep losing money, as long as the technology is really awesome and there are landmark results that can measure milestones, financing is not a problem at all.

For example, Montage Technology, which is also sprinting for the science and technology innovation version, was Yang Chonghe, the first person to design chips in the Celestial Empire, how embarrassed was it back then? In 2005, the first self-developed DDR2 memory buffer chip was launched, but no one used it because the technical verification cycle was too long. So the entire R&D expenses burned into the air.

However, because the technology is really excellent, money is not a problem at all, so we continue to burn money, and in 2010, DDR3 was developed, which was finally sold on the market, and finally DDR4 was launched in 2013 and was certified by inter and established as an industry standard.

This is called a technology enterprise, with technology and fearlessness.

Even so, the valuation of his old gentleman on the science and technology innovation version is too outrageous, and the advent of the science and technology innovation version has doubled Montage Technology's valuation.

On the other hand, the lack of attraction means that the technology is also in a dilemma, whether it is the research and development results, or the patent application can not be obtained, or the loss of core personnel, in short, in the street.

But if you don't continue to raise money, technology companies will burn the most money, and the result of no money to burn can only be bankruptcy, and you must make up blood crazily. Therefore, many start-up technology companies are eventually dragged down by the growth rate, not because there is no growth or no results, but because the growth rate is a little slower, they continue to fall into the financing trap and are dragged down by difficulties.

At this time, the best way out is to be acquired, and an angel is needed to take over. This angel must first be rich, followed by inexperienced, experienced bigwigs don't need to ask the specific situation, as soon as they see the E round of technology companies with a valuation of 800 million, they turn around and leave, no matter what kind of problems you encounter, in short, don't let it become my problem.

Who is most likely to be inexperienced? Young man! Thinking of this, Shang Zhou's eyes flashed, and he got up to find someone.

Soon, Chu Yuanxi's WeChat received a message from Yuan Yu: Take a look at this company, last week's technology.

Chu Yuanxi hurriedly called up the introduction of science and technology last week, and then couldn't help but light up, and said that he was very good at blowing! The key is to brag correctly, like this company is very on the road, from the company's name to blow - the company is at the forefront of the world's science and technology, and the most backward technology in the company is also last week.

If you can think about how to brag about it when you choose a name, it must not be an ordinary person, a fellow person!