At this time, Oliver also felt that something was wrong, she had not yet realized the huge gap in valuation, and mainly felt that those investors could not wait another year, if they took advantage of the opportunity of Microsoft's financing and listing, and turned to Microsoft to invest in Microsoft, or to support another software company, Enzo Software may suffer huge market losses, after all, the core competitiveness of software research and development is talent and patents, and these two aspects are the strengths of Germany and Britain.

So she shook her head at Chen Dahe, saying that she didn't need to consider this suggestion, she didn't want to do bad things with good intentions and trap Chen Dahe.

Chen Dahe pursed his mouth, touched his head and thought for a long time, and in the eyes of the two of them, he raised his head and said, "Jerome, if Enzo Software can develop smoothly, not to mention the market value, the profit alone is very likely to exceed the level of Star Computer Company, so in my opinion, the valuation of Enzo Company cannot be lower than the valuation of Star Company when it was financing." ”

"Ten billion dollars?" Jerome's eyes widened, and his face was full of wry smiles, "Sir, this is impossible, they can say that the past glory does not mean future success, and this is exactly the case, Enzo is not like Star Company, there are many factories and industrial chains, there is only one office building and more than a hundred employees, and more than a hundred patents have been applied for since its establishment, and it is impossible for anyone to agree with this valuation based on these alone." ”

The reason why Star Company had such a high valuation at the beginning was that in addition to the fact that several first-generation self-patented products developed could be successfully recognized by the market, it had a lot to do with the production bases of Star Company and dozens of spare parts suppliers in which the company had a stake, and the software company did not have these things.

Oliver's eyes moved, she finally realized this at this time, the valuation of software companies must not refer to the industry, otherwise the founder will lose too much, and investors will not be able to accept Chen Dahe's lion mouth, because no one can foresee whether Enzo Software's next product can continue to succeed, think about the attack game a few years ago, the profitability of a year is close to 800 million US dollars, and it will exceed the current Enzo Software, isn't it only worth 2 billion to change hands, although there is a sense of compulsion, but the price is reasonable in the capital market at that time, of course, for Chen Dahe, it is very unreasonable。 Thinking of this, I couldn't help frowning, and I couldn't think of any good way for a while.

Chen Dahe shook his head with a smile and said softly, "I also know that they are not willing to accept it, and 10 billion US dollars is the ideal value in my heart, but it does not have to be so much, of course, I can't accept it if it is too low, so I thought of a way, if they agree, they can draw up an investment agreement according to this plan." ”

Oliver and Jerome looked at each other, then looked at Chen Dahe at the same time, "What way?"

Chen Dahe smiled slightly, and spit out a professional phrase in his mouth, "Valuation Adjustment Mechanism, abbreviated as VAM." ”

The valuation adjustment mechanism is more popular in China as a VAM agreement.

Chen Dahe doesn't know when this form of alternative option application of convertible shares began in foreign countries, but in the time period of '85, he has not heard of any investment-related VAM application in the world, and in the previous life, the earliest application in China was in 02, Morgan Stanley invested in Mengniu, through gambling, Mengniu won huge shares with high performance, and Morgan also benefited from the valuation surge caused by high performance.

If this thing is used well, it will be of great benefit to both investors and founders, but if it is not used well, it may cause irreparable damage to one of the parties, and may even cause huge losses to both parties, so this is also a veritable double-edged sword.

It's just that the so-called double-edged sword is for ordinary people, for Chen Dahe, who can foresee the result, it is a blatant cheating prop, it doesn't matter if the valuation of Enzo Software is lowered first, but it will sign a gambling agreement with those investors, and then use high performance to get back the part of the shares they took away, and let them have nothing to say, and even offer it with a smile and open his hands, this is his ability to cheat people.

Facing the puzzled eyes of the two, Chen Dahe explained the content of this agreement, and finally said with a smile, " Jerome, after you go back, first throw out the valuation of 10 billion US dollars, hang their appetite, and then slowly grind with them, and finally as long as the valuation of the software company is not less than 3 billion US dollars, it can be accepted, but the premise is that you must sign a VAM agreement, the specific VAM content, you and the company's strategy department will discuss and then give me a set, mainly based on financial performance, and the bet should be clearly written, I will hand over 30% of the shares today, once the performance is up to standard, I will get back half of it for free!"

Jerome nodded his head and silently shorthanded down the notebook he had just taken out, while his mind raced, constantly weighing the benefits and disadvantages of the model, and pondering the advantages and disadvantages of this model.

And Oliver, who had been listening to the side, also changed color at this time, let out a long breath, looked at Chen Dahe and said, "Chen, where did you learn your financial knowledge?"

"Huh?" Chen Dahe was stunned for a moment, turned his head to look at him, "Uh, I read the book myself, what's wrong?"

I really haven't studied finance in my life, and I haven't even read professional books, at most I have read some financial newspapers and materials, and many things were written down when I listened to the teacher's bragging in college in my previous life.

"You can read a book, I really don't know how your brain grows," Oliver shook his head and said with a wry smile, "Maybe you just use this valuation adjustment mechanism as a prop in the financing plan, but professional investors know that this is a professional financial instrument with a wide range of application prospects, and it may not be long before investment banks around the world will have to pay you patent fees!"

After writing the last letter, Jerome also raised his head and nodded again and again in agreement, he is a professional banker, how can he not know the value of this tool, and has thought of using this as a characteristic selling point to increase the competitiveness of its investment bank, obviously, Oliver also has the same idea, you must know that EO Group also has investment banking and securities business.

Chen Dahe grinned, "Okay, go back Jerome, you can take this to apply for a patent, and charge more patent fees back." ”

Jerome also grinned, "Of course, bankers won't let go of any opportunity to make money!"

After talking about this matter, Jerome continued his work report, "Sir, in addition to Enzo Software, Attack Games in the United States is also favored by investors, but the difference between the two is that the interest in Enzo is all in Europe, while the interest in game companies is all in the United States. ”

"Huh?" Chen Dahe raised his eyebrows, and there was a hint of playfulness on his face, "Do you mean, they treat my company as a prey that can be distributed at will?"

A wry smile appeared on Jerome's face, and he subconsciously turned his head to look at Oliver, the reason why he insisted on waiting for Oliver's plane to land and come with her was to pull her to share the firepower, as a veteran who accompanied the boss, how could Jerome not know that the boss had a big opinion of the Americans, and he was most disgusted that he was treated as meat on the chopping block, but the equal distribution of interests was originally the unspoken rule of the capital world, and he had no way to break the rules, if he wanted to convince the boss, he could only turn to Miss Jones for help.