The so-called happiness troubles are that when Chu Yuanxi founded the Ba people last year, he originally thought that the Ba people could achieve the level of 10 billion, and they could almost milk the well-off, but the result was 30 or 40 billion, and the annual milk production was 7 billion, and now, there is an opportunity to work hard again to achieve a scale of 60 billion, which is something that I never thought of at the beginning. The reason for this is that the short video is too powerful, and the dividends are beyond the most ideal expectations, so the tide rises, and the fire is getting more and more prosperous.

Waiting for Chu Yuanxi to explain the tangled problems and the prospects of UGC games, Yuan Jing was almost confused, and said in his heart, You have never been beaten by the capital market! How do you know that you will be able to succeed as a UGC game platform? It is very likely that you will end up dying with hundreds of millions, this is a high probability event.

This is not that Yuan Jing looks down on Chu Yuanxi's ability, but the law of the market. There are more people who want to do various platforms, and they have their own advantages when they start, all kinds of advantages, and then they are repeatedly educated by the market. Everyone knows the benefits of being a platform, and the attraction is huge, but how many are successful? Even if you take the right path, how much money do you have to fill in to get through?

Even he felt that some dangerous signals were emerging for Chu Yuanxi, not that there was something wrong with the business operation, but that the entrepreneurial process was too smooth, which made Chu Yuanxi a little carried away. So much so that all the target expectations are set at 120%, and then they have to go up, can this work?

However, due to professional ethics, he can't say such a thing as "doing business in moderation and accepting it when it is good". The style of each entrepreneur is different, some people will accept it when they see it, and some people will not use their ability to the limit but will cause unforced losses. Therefore, there are investors like Sun Dasheng, who will double down on encouraging entrepreneurs to improve their ambitions, and the only upper limit of the so-called company is that the ambition of the founder comes from this.

So Yuan Jing adopted a tactful statement: "If you are so entangled, you simply don't sell it." I see that you also know more about the capital market, so let's just formulate a forward listing plan for the Baren Group. Two points, the first point is to leave enough time for the support of the well-off, and the second point is to clean up the traces of related party transactions, keep the business status and financial reports healthy, and don't let the CSRC find fault when reviewing qualifications. Simple, right?"

Chu Yuan Xixin said that it is not simple at all, now it is not compared to the past, and I am very confident in the IPO of the Pakistani people after ten years of regression, and it is not impossible to backdoor. The mental outlook of the current supervisory layer is very different from that of the past, and if you want to go public without being peeled and cramped by the traces of the transfer of interests of the Ba people? It is absolutely impossible for the Issuance Examination Committee to call it a day without asking a single question, and it is very likely that the Ba people will be taken away by a set of tricks by the Issuance Examination Committee, and they will lose time and expenses in vain.

And don't sell Ba people's games, I'm afraid that your side will not be strong, and you can't afford to be well-off. Therefore, Chu Yuanxi's strategy from the beginning was to operate a well-off operation and go public, while Ba people did not go public.

And today, he obviously felt that Yuan Jing was not optimistic about him, especially in the game field!

You have to know about convenience stores or something, but Chu Yuanxi hasn't done it yet, but the game has already come up with a company that can sell 30 billion yuan!

It's very simple, if Yuan Jing is optimistic, then he must add a third article to this listing plan, and wait until the game UGC platform is successful before it is launched. At that time, the value of the listing must be a peak, if not the maximum.

"I can't be underestimated by Yuan Jing if I wipe it!"

However, he is not good at refusing Yuan Jing openly, and there is actually a little matter to trouble Yuan Jing today.

Not to mention the problem of how to deal with the relationship between friends and work, he didn't open up to others when he started financing - we won't go public.

Although Yuan Jing should already know everything, the superficial article can't be broken, and if you see through it, you can't say it, and some friends do it. To a certain extent, the goal of "going public" is the default for all entrepreneurs, because it is the most important exit channel for investors. Fundraising, investment, management, and withdrawal, exit is the last craft of the closed loop, and investors usually do not ask for dividends, but they definitely require withdrawal.

Whether to go public and when to go public, people who do early-stage investment may not necessarily ask so directly, but investors do not clearly mark the price of "listing within a certain period of time" as a gambling condition, which is actually a sign of their grace and politeness to entrepreneurs. If the entrepreneur does not plan to go public, according to the most basic ethics and responsibilities, it should be communicated in advance when raising funds, and the entrepreneur must not ignore the listing because "the investor does not ask for it".

However, it is also very knowledgeable to take on the responsibilities of entrepreneurs. Some entrepreneurs were ambitious at the beginning and signed a VAM, and then the market changed abruptly, and the management directly stopped the IPO and backdoor transactions, blocking all direct financing channels. As a result, the entrepreneur suddenly had unlimited joint and several liability for the failure of the bet, and even the widow was burdened with hundreds of millions of debts. What seems to be such a mysterious thing has actually happened.

And this once called for wind and rain and unlimited scenery of the start-up company is also engaged in the cultural and creative industry, Chu Yuanxi's original description of Ba Ren Entertainment is "We are the cultural and creative industry", which is very unlucky in Yuan Jing's ears!

In addition to the flexibility of exit, the biggest impact of listing is market capitalization, and the "valuation" before the public listing and the "market capitalization" after entering the secondary market go through a completely different process.

Before the listing, it is a variety of model calculations, the secondary market is to use cash to trade out of the market value, before the listing Chu Yuanxi can be very rational to do valuation, after the listing, the secondary market brain is hot and does not give three or four times is restrained, and when the bear market comes, the stock price begins to fall, and it will be cut in half again, leeks are generally played like this.

Moreover, the management must also deliberately avoid human intervention, and other methods other than increasing or decreasing holdings are very inappropriate. is really on the market, Chu Yuanxi has to weigh it in advance if he wants to post on Weibo, otherwise the professional secretary of the board of directors of the listed company will have to raise a knife to work.

Fortunately, Baren Games has been promoted to a gold-absorbing monster, and it is on par with those veterans who have maintained a strong brand for ten years, so Yuan Jing should have a little bottom in his heart.

Therefore, Chu Yuanxi's speech was relatively open, "If you are entangled in the flexibility of exit, it is actually very simple, now the Ba people are you an investor, as long as we talk about it, you can privatize it anytime and anywhere." Or I'll give you the right to sell freely, and sell to whomever you want, as long as you give up your voting rights. But you'd better wait until after this dividend. ”

In fact, this voting power was originally only a few 2.0 percent, and because of the concentration of equity in Pakistan, it had little significance. The reason why Chu Yuanxi made this request was because whoever held this voting right could disgust him, such as asking for the establishment of a board of directors and the like, and it was always okay for people to make requests, right? Yuan Jing won't be disgusted with him, but what about the new entrants, so it will be over if you cut off this bane as soon as possible.

Yuan Jing didn't speak for a long time, and silence is better than sound at this time. In fact, Chu Yuanxi calculated the account, calculated Zheng De's investment based on the overall valuation of 60 billion yuan of the Ba Ren Group, without considering the dividend income, the equity value after the completion of the VAM exceeded 1.3 billion, invested 150 million, and made a net profit of 1.2 billion. Moreover, Yuan Jing may sell higher, and the time is only two years, which can be said to be unprofitable, which can make middle-level private equity friends envy to death in this economic winter.

However, this result probably does not conform to Yuan Jing's original assumption, right? A typical investment is multiple rounds of continuous follow-up, which is a continuous increase in optimistic companies, and when it comes to exiting, it will be full of brains. And Ba Ren is just not a typical start-up, there is no investor after a round of tours, and even waving banknotes to clear people, if he is a typical scumbag in the clearance.

However, investors and entrepreneurs talk about exiting, although they do not necessarily have to withdraw immediately after the negotiation, but it is the same as two people talking about divorce, it does not mean that the relationship has broken down, but it is also impossible to "talk casually", and it will always be a little embarrassing.

Chu Yuanxi first broke the embarrassment: "I'm not in a hurry to go public or not, I'm going to do it now, the main thing I'm worried about is not the question of whether Ali admits the 40 billion offer, but I hope to leave "Wudao Dujun" in Ba Ren." ”

"Then your negotiation task is too arduous!" Yuan Jing couldn't help but feel embarrassed, what kind of benefits did this give you to take advantage of! You are a little white rabbit when Ali is a little white rabbit?

I only heard Chu Yuanxi say: "I can reduce the price, I can reduce the price to 35 billion, and I will suffer a loss." ”

Yuan Jingxin said that I can go to your uncle's!, "You call this price reduction, are you okay to raise prices?"

"No, Ali has accepted a naked "Out of the Mountains" project team and all related IP+ self-media resources packaged with 30 billion. You don't know that, do you?"

"Ah, so that's the case?" Yuan Jing was obviously stunned for a moment, "This condition, if I was the president of the Baren Group, I accepted it at that time." ”

"This condition, if I am the president of Zhengde Fund, I also accept it. ”

"Hahahaha-" Probably feeling Chu Yuanxi's contempt, Yuan Jing laughed extremely rarely.

Chu Yuanxi himself was a little embarrassed, "I think it's just a matter of selling it like this, what are the shortcomings, it's almost embarrassing." ”

Yuan Jing was about to laugh and cry, "You told me this, if I guessed correctly, it was to let me find a relationship to blow the wind with Ali? I don't understand what you're doing? Can't you communicate directly with Ali?"

Chu Yuanxi put his little caution and thought: "Brother, it's really not good! You don't know that I have an information advantage now, and you don't know how popular "Wudao Faint King" is. ”

"Aren't you online yet?"

"Yes, but we opened an informal test, and the art resources are not complete, and the word of mouth has exploded, and if this test server is now naked online, it will cost at least 10 million DAU, which I am not exaggerating at all. ”

"Is it really that powerful?"

"Officially launched, as long as the server does not drop the chain, it is guaranteed to be better than this. Chu Yuanxi said that he felt that this informal test was very useful, which was equivalent to a very strong stress test, and instantly raised Zhao Jie's vigilance, he was ready to face the wind, so he didn't know if he would face the wind or madness after going online.

"Hey, no, according to your logic, shouldn't you add money at this time?"

After Chu Yuanxi explained, Yuan Jing had already understood his logic, Ali's offer was the basic value, and the mini game IP plan was the value-added part. This plan is very meaningful whether it is to consolidate the integrity and heritage of the Ba Ren game, or to sit on a higher premium.

Originally, Chu Yuanxi's plan was to make this part of the value-added value equal to 10 billion, at least it seems that it can be equated, and then talk to Ali. Otherwise, wouldn't it be very shameless for Ali to accept a price at Chu Yuanxi? The detailed business conditions are not easy to discuss.

So since the current situation is showing a trend that looks like it will exceed 10 billion, isn't it the end of adding money? What is there to be embarrassed about?

"Alas, first of all, it doesn't add much money, this bid and my counteroffer are already very high. The second is that I packaged and sold "Wudao Duanjun" to Ali, and then what? I don't have the right IP in my hand to make a UGC game platform. I'm definitely not packaging this platform with Ali and encouraging them to do it, right? ”

This reason made Yuan Jing very confused, and he said as a matter of course: "No, can't you just make another big IP?"

"Hahahaha, Yuan Jing, do you have any misunderstanding when you see that I do IP too easily, right?" Chu Yuanxi suddenly found that Yuan Jing was a bit outrageous as a layman?" "Not to mention whether Uncle Sheng has any more awesome ideas to make a new IP, even if there is, it will not work, because this business model will be sold to Ali." Ali is quite generous enough to tolerate the Pakistani people continuing to play games, and that's all my request.

Ali will definitely not allow the reincarnation of the same type of products in the Pakistani people, and it is inevitable that the Mini Game IP plan will sign an exclusive agreement, at least for a few years. We can only incubate it by cultivating "Out of the Mountains in Troubled Times", it's too difficult, and the fans are not slaves I raise, I can do whatever I call it, and the fans of the Ba people are all used to fill the IP?

Besides, playing content isn't our forte. ”

"Wait, are you really humble?" Yuan Jing finally heard Chu Yuanxi say that playing content was not his strong point, and he couldn't believe his ears!

In fact, after the grouping, although Baren Information has been operating, there are very few achievements in the routine, that is, the robot plan is quite distinctive, and it is not suitable to be built as a big IP. The content that can enter the IP caliber has always relied on the founder team, and later Zhou Minxi and Ma Luo were basically squeezed dry by me. I am, alas!"

While speaking, Chu Yuanxi was also reflecting on why he knew the importance of content before but did not expand the content team, and lived on Uncle Sheng's hair, and now he has to lament the lack of content. This cannot be said to be a mistake, because it is useless for the content team to expand, and the content team can only solve the problem of content production, but content production is only a basic part of the entire content operation, and it is the upper limit of content that is determined, and the link called operation determines the lower limit of content.

Fighting operation, Ba people are big in the self-media, but they can't be compared with IP platforms at all. The big platform of China Literature can incubate 100 good IPs at the same time, and the Ba people can only gather all the traffic in one place and incubate one with superior forces, so that they can have the possibility of standing on the same starting line with 100 IPs of others.

This is the lack of heritage, Ba people operate at most two IPs a year, and there is no guarantee that it will be successful.

Last year, Chu Yuanxi was very sure that it would be done because last year was the year of the rise of Douyin, with large traffic and easy to attract fans, but there were few strong competitors, and there were still many wild players at the UGC level on Douyin, and the competitive pressure was extremely low, and he still had a golden finger. This year, all kinds of professional operation teams and content teams have plunged into Douyin, but it is the Ba Ren information that is a little confused after Chu Yuanxi let go.

This is also the true embodiment of Chu Yuanxi's ability, and it was not a big content in the first place, relying on goldfingers to make a wave of fan capital and immediately enter the operation field that he is good at is the only solution to create the first IP. Otherwise, if it can be done casually, why do you waste so much of the small game IP plan?

It is precisely because of this sober cognition that Chu Yuanxi knew that the best time to sell the Ba Ren game this time was before the launch of "Wudao Faint King".

He sighed and said in one breath: "So my information advantage can only be delayed until before the launch of "Wudao Faint King". My current plan is to keep "Wudao Duanjun" and sell the rest, but after "Wudao Dujun" is launched, I am afraid that Ali will ask that the name must include "Wudao Duanjun". Then I'm embarrassed, I don't have other suitable alternatives in my sight now, not even ideas, maybe I won't have them in a year.

So I need you to help me expedite this acquisition process. It's best to make a preliminary plan in early November, and I'm afraid that the version number will come down later, and I can't continue to drag it out. ”

Yuan Jingxin said that your embarrassment was all caused by yourself? Didn't you just blow two words less than you did at the beginning? Others are looking forward to the version number to hurry down so that you can enter the market to make money, you can be good, you are really a god!

In fact, this is exactly why Chu Yuanxi used the mini game IP plan as a gimmick to blow it to Ali before. At that time, he didn't know that Uncle Sheng still had such good goods hidden in the box, and he didn't expect Zhao Jie's team to choose to pay tribute to "Plague Inc" so well, and he didn't expect that he would find an idea from Yang Jiangang in a flash of inspiration and decided to use the RPG game UGC platform as a new breakthrough.

As a result, I became the one who dragged my feet and caught up!

"This matter ......" Yuan Jing asked, "What is your bottom line?"

"The bid of 30 billion remains unchanged, and the existing three small games are packaged into it, I can accept it, of course, it is better to add some money, but I have to leave Zhao Jie for me. I can't wait to make this platform. ”

Yuan Jing was silent for a long time: "I understand." ”