Thinking of some situations in the original world, Chu Yuanxi glanced at the audience again, Yuan Jing and Yuan Yuan sat together, Yuan Yuan frowned slightly, as if she felt that her work would become much trickier after Chu Yuanxi said this, and Yuan Jing nodded frequently, as if he agreed with this judgment.

"I'm not saying that financing with the PE system is bad, but premature IPO, financing under the PE system is the same as the start-up being desperately depressed by the investor, and the subsequent refinancing is not happy. It is true that a large amount of money can be raised at one time in the early stage of listing, but this 'large amount of money' is relative to the company's volume that is not large enough, but if you want to maintain high-speed development, financing cannot be stopped, what should you do in the future? Investors who want to send cash to the company at a premium cannot do it, and can only follow the market price, so there are many problems.

So you can see that there are very few precedents for early-stage companies to be able to grow into super-large companies with the help of the public market, unless they are listed early, but they have already dominated a wide enough track. The reason is that the company is not large enough, and entrepreneurs must release more shares to raise about the same amount of money, and it is easy to lose control of the company, either into internal struggles, or do not want to raise funds, in short, the company is not big.

Especially in the open market, companies are subject to more and stricter supervision, such as misappropriation of raised funds is a felony, and it is difficult for companies to maintain a pioneering attitude, in case the barbarians at the door come over, it is even more awkward. Therefore, people like TMD, who aspire to become a super large company, are not in a hurry to IPO, at least to achieve a scale of 300 billion, and the company is big enough to consider going public, and no barbarian is afraid. When I said before that 300 billion was a passing grade, I was also referring to before the listing.

On the other hand, in the venture capital stage, bold investors can be optimistic about the company and 'act with high spirits', and can give a company with potential but has not yet taken off with over-standard support, regardless of the price-to-earnings ratio, so that the company can fully realize its potential, reach the expected height, and eventually grow into a super large company, a national or even a global company.

This is a matter of quantity, how much there is to arrange how much space to go to market. So like the two in the magic capital, they went public quickly, and they also went to the NASDAQ to do an IPO, which is called the myth of the capital market? Investors are really happy and make quick money, but in fact, the ceiling is already obvious, and it will take a lot of effort to go back to privatization in the future.

I don't want Xiaokang to be that kind of company.

To give another inappropriate example, iFLYTEK was originally expected to become the hegemon of the track, if this company was in a non-listed state in 2013, what would happen? With iFLYTEK's technology accumulation, it will definitely explode? With iFLYTEK's industry status and prospects, you can raise money as much as you want? After 6 years of hard work and continuous large-scale financing, the current market value of 300 billion yuan should be the lowest limit, right?

It is still assumed that iFLYTEK was not a listed company in 2013, and then IPO at that time, or in the past six years, how much money can be raised in the open market? Considering the refinancing environment in China in recent years, 10 billion yuan will be the sky, right? It may not be reached. From the perspective of financing volume, it basically negates the opportunity to become a national large company. ”

There were some things that Chu Yuanxi didn't say. In reality, iFLYTEK completed the IPO in 08 years, and 13 years later, artificial intelligence broke out, and it was already desperately financing, almost every two years to do a private placement, but only less than 8 billion was raised.

Financing 8 billion is already an indescribable surprise for ordinary companies, and there are many indescribable costs to pay, but how can iFLYTEK, which is the 'first share of artificial intelligence' in the Celestial Empire, be used?

iFLYTEK is not Xiaomi, melt some money and come directly out of the product, just do not directly form the product and the research and development direction of external sales, I don't know how much, 8 billion is a drop in the bucket, it is impossible to do whatever you want.

So in the past 6 years, this track has been crowded with powerful entrepreneurs. And the peak market value of iFLYTEK is only 100 billion, which is not a breath away from the national level, and it has almost given up the track.

After Chu Yuanxi finished talking about Xunfei, he found that there were a few big guys below with strange expressions, and then thinking about who Xunfei had done with in the past few years, this situation was very interesting......

"Wonderful! It's wonderful!" Xu Xin also tasted for a while after listening to it, and then applauded quickly with an undisguised "snap", "Your opinion is the same as that of the Russian investment predator Yuri, Yuri liked to invest in companies at a high valuation of three times the market price. If you don't do business, I feel like you can get ahead if you change to investment, really. ”

Chu Yuanxi laughed, and said in his heart that this was all a pit! Why did Xiaokang in the original world start to pursue listing after two years of work? Because, Chu Yuanxi just squirted a bunch of babal, talking about how "bold investors" are.

And the overall attribute of the investor group in the Xiaokang Yuan World obviously has nothing to do with courage, even if Yuan Jing is hoarse inside, it is useless, so the early market is good for everyone, and it can be regarded as a relief for Chu Yuanxi. When he goes on the market, he bears his own responsibility for buying and selling, and his responsibility for this group of investors is not so heavy.

This time the hero has come again, Chu Yuanxi of course hopes to purify the revolutionary team, and now he is qualified to select some really bold investors, at least Xu Xin said so, the financing plan in August seems very promising.

Finally, this small investment report meeting finally ended, Fang Shiling felt that it was finally her turn, right? Zhu Wei was already sleepy, so he looked at Fang Shiling and Wei Ning helplessly, took them to another small conference room, and then quickly slipped away.

In the tea room, Chu Yuanxi made two cups of tea for Yuan Jing and Yuan Yuan, and then got straight to the point: "Actually, there is nothing else, I want to do a round of Pre_A financing in April or May at the latest." ”

"So urgent?" Yuan didn't expect, "Your 100 million is enough to spend, right?"

"Enough flowers are enough flowers, but in April, we will advance to milestone 2, according to this 100 million flowers, with the current situation of the well-off, it is difficult to recruit particularly powerful people. I've sent you a milestone schedule, right? Let's get milestones in April and August, so that outsiders can see a rough picture of it, and it will be more attractive. ”

"Didn't you recruit some powerful people in front of you?"

"The talents in front of me are dug up one by one, for example, you don't know the process of recruiting Liu Lu? ”

Yuan Yu was even more confused: "But aren't you afraid of breaking the balance of the salary structure with super high salaries?"