"Any fund investing in AI chip companies will not be less than 5 million yuan, and it is difficult for a fund of two or three billion yuan to lose 5 million yuan. ”

Ye Fei analyzed: "The probability of exiting through listing is far greater than that of mergers and acquisitions, because today's domestic mergers and acquisitions market is not very mature, and it is rare to see people who want to buy a company's products, rather than a company's income or profits." ”

Shen Feng smiled, if you want to buy profits and income, why not buy companies in traditional industries?

Internet?

The so-called unicorn basically has to be financed at the end of the year or early next year, if the valuation is not as good as last year's round of valuation, not only is it quite unfavorable for the company's development, but the listing review is basically cool.

No one is stupid, and they basically feel that their current market valuation has reached the high level of the company's life cycle, and they must quickly turn to the secondary market at this time.

There is no chance of making a lot of money anymore.

If the overall company valuation in the secondary market declines, it can also blame the overall secondary market for the recession and the impact of some macro policies. Because after everyone goes public, your stock is not good, I am not good, the whole sector is not good, that's not my problem.

For most AI companies, going public also means tearing off the last fig leaf!

In recent years, after the toss of various bulls, ghosts, snakes and gods, the valuation of the primary and secondary markets has been inverted significantly. That is to say, the performance of new shares and sub-new shares in the secondary market is far inferior to that of the primary market, and the stock prices of some star companies that are highly sought after in the primary market break after they reach the secondary market.

To put it bluntly, the emerging industries represented by the Internet economy have continued to push up their valuations in the primary market, and prototypes have emerged in the secondary market, and the valuation has declined too fast.

It is fully proved that not only the eyes of the masses are bright, but the strict financial disclosure system in the secondary market may help squeeze out some more bubbles.

"No way, the logic of the regulator is that "you are born a bad person", and for companies that apply for IPOs, they have been wearing colored glasses to dig out all kinds of problems in the company. ”

"We will pay close attention to some common tricks taken by many innovative companies in order to increase their revenues, and some companies will first go to dealers to distribute a large number of goods in order to make profits, and do not collect money immediately. ”

That is, the credit policy accounts receivable in exchange for a substantial increase in revenue, which is the most common point for regulators. ”

"AI plays more routines, claiming that the revenue has billions, in fact, in order to look good, sometimes some related party transactions, to invest in some small companies, so as to carry out related party transactions with these small companies, a bit like the transaction between LeTV and its subsidiaries. ”

"I heard that an AI unicorn invested 80 million yuan in a small company, and in exchange, the small company had to purchase from the AI company, but the purchase price would be very low, basically the most conventional cost price. ”

"Company A may need to purchase 300 million products, but in fact, it purchases 1 billion products, only pays 300 million, and the rest of the money is repaid to Company B at a very high interest. ”

"Company A and Company B signed a VAM agreement, and A promised to go public next year and pay the rest of the money after listing. ”

Shen Feng shook his head, the road is one foot high, and the magic is one foot high, only unexpected, nothing can be done.

At present, VAM is one of the most concerned issues of the regulator, and if a strategic investor has a VAM with a company to be listed, it will be troublesome if it is not cleaned up in the end.

The regulator emphasizes that the shareholding structure should be clear, and if you have a bet, especially related to future performance, then it is possible that by next year or the year after, the shares will change a lot, which will lead to legal problems. Jiuzhou Chinese

If there is a real thunderstorm, the official will also be punished.

Unicorn?

Ya is a legendary creature.

It is not only an investment term invented by the venture industry in Silicon Valley, but also ridiculed by some investors as a dream company, and even gradually used to refer to one of the signs of a tech bubble.

It's just used by investment institutions and companies to show their superiority, most of them only burn money and don't make money, and they will eventually become Voldemort!

"Desperate financing is never an operation that is needed for a truly hardcore technology company. Ye Fei said: "For example, Anji Microelectronics, one of the leaders in the semiconductor packaging market, was only valued at about 100 million US dollars in the last round before listing. ”

"Especially those projects that keep saying that they are benchmarking against Nvidia, they have opened a lot of product lines, and the development cost of each piece is basically five or six billion, why are there so many?"

"Because the most applicable place for the chip architecture they made at the beginning was a mobile phone, so they sold it to Huawei, but Huawei did it itself after learning from it, and it couldn't sell it to other homes, Qualcomm has its own, except for Oppo later, no mobile phone manufacturer said to make chips. ”

"In order to survive, we can only rely on the car and the server slowly, but the architecture is for mobile phones at the beginning, so we have to build a lot of people, and develop and iterate according to the existing architecture. ”

Shen Feng snorted coldly, this is not the product logic of a startup company at all, but the product style of a slightly rigid large company.

Even if you are a layman, you know that the learning cycle of AI chips and industrial products is longer, and they are all calculated in "years". That is to say, if in this field, if a bullet is made for two years and misses, if you want to counterattack, you will have to pay a huge price of time and cost.

If you look at all kinds of BPs, why do they always like to say how many R&D personnel they have?

The answer is very simple, because many AI entrepreneurs come out of academia, and their thinking is still the same business system in academia, which has never changed. Think I'm a good technician, and the company I founded will also be very good, and I don't have much industry experience.

Every time I see a unicorn company, I come out every once in a while and post a big-character poster that reads "No. 1 in the competition......

Simply so!

"On the one hand, the Sino-US trade war proves Huawei's technical capabilities, and on the other hand, it also brings fire to the key bottleneck equipment of the semiconductor industry chain such as "lithography machines". ”

"Even if we already know that the price of this equipment is hundreds of millions of dollars, we can't build it with tens of billions of dollars!"

Ye Fei said helplessly: "The prosperity of the Internet makes everyone see only two points, one thinks and the other does. Many people think that the only difference between this is money and people, so everyone will raise enough money, do large-scale, and constantly adjust, and finally it will definitely be done?"

"To make chips and software, there is no need for heapers. It's like building a building, one person to build it, and 100 people to build it, there is no obvious difference, because the key is to build the building to the 100th floor first!"

Shen Feng sighed and said something to put it bluntly:

Talent is priceless!