"I am very conservative in Internet investment, and I don't seem to have said that I have a vision for the new economy. Could it be that Sun Zheng wanted to give you money? ”

Gu Kun knows the historical conclusion, but there is no need to say it directly, a little cover up and pretend, it can also show that he is more knowledgeable about this circle, and it is good for Cai Chongxin to be a little more in awe of him.

Ma Feng's friendship Gu Kun doesn't have to worry, but Cai Chongxin is the first time they have met after all, and the impression of both parties on each other has not yet solidified.

Sure enough, listening to Gu Kun's guess in such a reverse, Cai Chongxin's expression was also slightly embarrassed, but it was only for a moment, and then he regained his openness: "Indeed, it seems that Gu Sheng knows this circle very well, and the one I said who has the intention to give us TS is Sun Zhengyi of Softbank." ”

If he said that an investment bank of Oceania has taken a fancy to it, then Gu Kun's guess will definitely make people look sideways, because there is no reason to guess correctly, there are too many institutions engaged in Internet venture capital in Oceania.

The 20 years of the great development of the Internet in the future are the 20 years that I have lost. Gu Kun blindly guessed one of the most famous, and it was normal to guess correctly.

Gu Kun also took the opportunity to save a lot of communication costs, and said bluntly: "Since you have already let Mr. Sun see it, I believe in Mr. Sun's vision." To tell you the truth, I don't have as much expertise in valuing Internet companies as he is, and I don't like to look at the data they value like other venture capitalists.

I think business still has to return to its true nature, making money is the last word, only the business with no conversion rate of traffic, I can't see it. When I invest in a project, the key is to look at people, people can make me trust, they are doing practical things, and the money is not much, so I will invest in one.

So, hurry up, Mr. Sun thinks that the principal of your team plus two years of hard work can be worth 30 million US dollars, and I will Ren Leni 30 million US dollars. However, are you a little sorry for Boss Sun in doing this, this is taking the results of other people's inspections to work for a day, and I was picked up by someone who didn't look at it much. ”

Cai Chongxin's face was slightly embarrassed, and Ma Feng hurriedly interjected and explained: "It's okay, we have only been in contact with Boss Sun once, he originally suddenly put forward an intention, and we didn't say yes, it's not a very formal kind of TS." ”

In the case of a regular TS, the entrepreneur is at least obliged to maintain confidentiality, even if it cannot be said that he will not contact other potential investors during the contact with the first investment institution.

In other words, you can "blind date" a few times at the same time and leave a spare tire, but you must not directly tell the spare tire the price code of the bride price of the original tire to you, and let the spare tire look out.

That is very taboo and has no professional ethics.

However, Sun Zhengyi has been talking to Ma Feng for a few minutes in history, and there is no official TS, so Ma Feng chatted with Gu Kun a few more words, which is not immoral.

Gu Kun deliberately broke this point, also in order to seize some initiative, and at the same time it appeared that he was very upright, at least he disdained to break the rules of the industry for the sake of Ma Feng's small business.

A moral person is not necessarily noble because he is noble, but also because the bargaining chips you tempt him to give up his morality are too small to impress people's hearts.

Therefore, sticking to morality, in this scenario, is not an exaggeration of discipline, but an exaggeration of strength.

After listening to this, Gu Kun smiled heartily with relief: "Although you have obeyed the rules, but after all, you are a little bit of a melon field, if I ask you to absorb chips at a price similar to that of Boss Sun, it will inevitably be seen by others at that time, and you will be left with a truth."

In this way, I have to be a little more generous than Boss Sun, so generous that it doesn't look like copying Boss Sun's answer and adding a little more. ”

If the second place fails to bid for 50,000 yuan and the first place wins the bid for 50,000 yuan, then after the results come out, the second place will properly shout that there is a shady scene, the first place and the tenderer's traditional leakage of competitor data, and black-box operation.

The first place has to be 60,000 yuan to win the bid, so it seems that he is an independent decision from the heart.

A truth.

Gu Kun directly said these unsightly dirty logic, and Ma Feng and Cai Chong were also slightly happy in their confidence, secretly wondering if they had really come to the right place today.

"It seems that this Boss Gu and Chief Ma had a good relationship back then, and the matter of tens of millions of dollars was decided in a few words. Cai Chong couldn't help but weigh it more confidently.

Ma Feng took a few deep breaths, and then took the initiative to ask the question: "So, I don't know what price you are going to give us?"

Gu Kun really thought about it seriously, and said sincerely: "The specific price, in fact, there is no point in bargaining, I believe that Sun Zhengyi didn't bargain with you, if I bargained, it would be too much of a dog, so let's make some adjustments in the way we contribute." ”

Ma Feng hurriedly helped the tie knot and sat upright: "You just say." ”

Gu Kun stretched out two fingers: "Sun Zhengyi said that 20 million US dollars will ask you for 40% of the shares, I will only pay 10 million US dollars, and I will ask you 20% - in fact, after careful calculation, my 10 million accounts for 20%, which is 20% cheaper than what Sun Zhengyi gave you, and 10 million should account for 25%."

But this is not the key, the point is that I am optimistic about your character and am willing to add another co-investment commitment within two to three years. Because you don't need much money right now, $20 million won't burn you up in three years.

If I give you too much money at once, it may kill your fighting spirit. At the same time, if you exceed expectations and have a surprisingly good report card, but your stake is diluted too much, you will be unmotivated and feel like you are working for a major shareholder.

In that case, you take my 10 million dollars and go to work for two years first, and if you spend it slowly and don't spend it all, then you will work for three years first. When the money is almost spent, what has your business done, and how many times has it developed, then you will come to me when you are short of money. We will carefully calculate according to the revaluation at that time, and give you a follow-up investment again, I promise that the follow-up investment will never be less than 10 million, as long as you open your mouth, I will definitely give. It's just that if you don't do a good job, when you come to me again in two or three years, the company's valuation is not even as good as it is now, then you have to reflect on yourself. ”

Sun Zhengyi's 20 million accounts for 40 percent, which is based on "assuming that Ahri Baba's current business is worth 30 million US dollars", and the total share capital of 50 million after injecting 20 million is only 40 percent.

And if Gu Kun only injects 10 million, the total share capital will rise from 3,000 to 40 million after the note, then 10 million should account for 25% of the total share capital of 40 million, not 20%, so Gu Kuncai said that his unit price is 20% lower than Sun Zhengyi.

Ma Feng was relatively slow to respond to finances, and he was still pondering Gu Kun's deep meaning, but Cai Chongxin immediately realized that Gu Kun was very generous.

In addition to the above-mentioned price problems, those start-ups who are very confident in themselves are most afraid that when their careers are not big enough, they will not need a lot of money, but investors insist on a lot of money to dilute the shares very thinly.

On the contrary, only those entrepreneurs who just want to make a lot of money and run away will hope that the early investment will be as much as possible, and they don't plan to really open the company well anyway.

From Ma Feng's point of view, Sun Zhengyi's money is indeed needed by him now, but it doesn't need to be so much all at once. All the partners are fantasizing about gritting their teeth and developing for another two years, and then taking a large amount of follow-up investment, maybe the valuation can be several times higher, and the equity to be paid at that time can be much less, how can it be used to directly sell 40% of the equity for 20 million US dollars now.

Especially at present, the Internet frenzy is on the cusp, and the most eye-catching cases in the industry are the operation of "directly adding a zero to the next family after more than a year", just like the one played in the movie "Big Names".

No one would have thought about what it would be like for the bubble to burst in the future, and no one has the bubble in their heads.

However, for Gu Kun, he didn't care.

Anyway, the valuation of all Internet companies in '98 is definitely much higher than the valuation in 2000 compared to the valuation in 2000.

However, compared with 2001 and 02, 98 may be about the same. After the bubble bursts, there is a process for companies to return to rationality. Including the later Shiyingke Digital sold Tengyun's shares at the right time to cash out, which also happened in those two years.

It's December '98 now, and if it lasts for a year and a half, and Ma Feng comes to him again in the first half of 2000, Ahri may be in a high position. But as long as it drags on for half a year, until the end of 2000, the bubble will already be sluggish.

Why don't you show your generosity and the difference between yourself and Sun Zhengyi's character in vain?

Gu Kun is not for the price difference of tens of millions of dollars, the key is that he hopes to let the founder team have the same heart with him, and not play with his heart in the future.

Sun Zhengyi does that, the founder team will not be of the same mind as him, and will continue to find ways to replace, dilute, and change the shell of the whole stock in the future...... A whole lot of saucy operations.

It's better to show your posture and shock now, and when you come to ask Gu Kun again when you don't have enough money in the cold winter, Gu Kun can still play the image of a savior who sends charcoal in the snow.

"This ...... How embarrassing is this, doesn't it seem that we are unwilling to fully share the dividends of the company's fastest development period with investors......" Cai Chongxin thought of the United States, and was a little embarrassed.

Ma Feng also arrived at this moment before he completely regained his senses, and knew that he was taking advantage of Gu Kun's proposal, so he hurriedly thanked him politely.

Gu Kun waved his hand generously: "No need, it's nothing, in fact, I'm too busy to take a closer look at a small company like yours-

I just instructed President Liang of the Blackstone Fund yesterday to find someone from Standard Chartered Bank to exchange a batch of convertible bonds they hold with bank shares, which is a luxury brand of Italians, Giorgio Armani, with a total of only 4.2% of the shares, and you guess how much money? It is already 20 million US dollars. In a company like yours, 40% of the shares are only worth 20 million, which is ten times worse than others.

I only thought about buying Armani's convertible bonds for less than a day, and I decided to go shopping with a woman and buy a few clothes, how much time do you expect me to spare to examine you?

So, this is just the beginning. What I hope is that you will do a good job, and one day when you will increase the market value of your company by at least ten times, the valuation will be 500 million billion US dollars, and the amount of financing you need in a single round will exceed 100 million US dollars, please come to me again, and when the time comes, I will investigate it very seriously, and I hope that you will make yourself qualified to be carefully investigated by me as soon as possible. ”

Ma Feng couldn't help but be a little frustrated.

It turned out that it was not that Gu Ye was generous to him, but the business was too small, and he couldn't use Gu Ye's own brain power to listen to the due diligence in person.

"Huh...... Well, I'll try. However, I didn't expect that someone as far-sighted as you would spend his energy investing in a non-tech-free business like luxury goods at a time when the Internet is booming. Ma Feng sighed and bluntly pointed out his incomprehension.