Qin Xiaohua really didn't expect Lin Qiang to dare to come up with such a huge amount of money to operate a project with an uncertain future, which is completely different from his steady investment style.

She remembered that Lin Qiang once said that because the project was risky, he didn't want the other partners to follow him to take risks, so he decided to try it alone, and joked that if he failed, he could go back to them and not sleep on the streets.

In Qin Xiaohua's mind, she always thought that Lin Qiang would invest tens of millions of dollars if he stood up to the sky, so she didn't pay too much attention to this project, if she had known that he planned to invest so much money, Qin Xiaohua estimated that she would definitely work with other partners to dissuade him.

"You're really scaring me. Qin Xiaohua glared at him fiercely: "With such a big investment, you don't even say hello to all of us in advance, do you really want to fail and sleep on the streets?" If she knew the real source of the 100 million funds that Lin Qiang said, I don't know if she would still worry about him like this.

Lin Qiang saw that she was worried about herself unabashedly, and he was moved in his heart, and said, "I didn't mean to hide it from everyone, I just didn't want everyone to worry about me." ”

"Hmph, if something happens, don't you have to worry about you? Will we stand idly by? Qin Xiaohua glared at him again: "Fortunately, the money you have invested now is not too much, and the project is still favored by the VC." ”

Lin Qiang arched his hand at her and said, "So I want to hear your opinion, Sister Hua." ”

Qin Xiaohua shook her head at him with some anger: "You guy, I really don't know how to say that you are good, and now I think of listening to my opinion? If it is an ordinary project, invest three million yuan, how do you toss, I will not worry about you, just like you and Chen Ran and Xie Yong invested in those small property rights housing projects, have I said half a sentence about you? But now you are tens of millions and hundreds of millions of dollars, have you considered the consequences? It seems that your money is blowing in the wind. ”

Lin Qiang naturally couldn't tell her the truth at this time, and thought to himself, the money he invested was really a bit windy, the 40 million capital was obtained by him by transferring the shares of the investment company, and when he established the investment company, he didn't invest much money with several partners, only raised a registered capital, and then he directly raised the valuation of the investment company to 400 million, and cashed out 40 million yuan from Cheng Guohua with 10 shares in his hand, and he still holds 20 shares in the investment company, and is still the largest shareholder。 After that, he used these as capital, and used inside information to quickly make several times more money through speculation in the stock market, so to speak, this so-called 100 million funds, Lin Qiang did not really use the money in his original account at all, for him, even if he lost it all, it was completely affordable, and there would not be much distress.

Of course, this is just a secret that belongs to him alone, and he will not tell anyone, and Qin Xiaohua is no exception.

"Sister Hua, I know it's wrong, I will definitely tell you in advance next time there is such a thing. Lin Qiang arched his hand at her again.

"Do you want to have a second time?" Qin Xiaohua said: "You are lucky this time, but it doesn't mean that you will be so lucky next time." ”

Qin Xiaohua didn't really want to blame him, she also knew that she didn't have this qualification, but she couldn't help but say the above words out of concern for him. In the relationship with Lin Qiang, maybe she is slightly older than him, in her subconscious, she still regards herself as a slightly stronger party, and Lin Qiang has always treated her as a "sister", not as arbitrary in front of other women, which makes Qin Xiaohua always have a psychological advantage when facing him.

Even though he has grown up rapidly in the past few years, Qin Xiaohua can still feel that what she says still has a certain weight on him, so after saying those "angry words", she also began to discuss with him seriously.

Qin Xiaohua was the chairman of Beijing Dongling Industrial for eight years, Dongling Industrial is nominally an industrial company, but what is really engaged in capital operation, so Qin Xiaohua knows the operation of VC very well.

"How much do you know about venture capital?" Qin Xiaohua asked.

Lin Qiang said honestly: "I just heard about it before, but after talking with one of the other party's investment managers yesterday, plus I did my homework overnight, I have a general impression of venture capital." ”

Qin Xiaohua looked at him and shook her head, and said, "You don't have a detailed understanding of the specific operation of venture capital, so you dare to meet with those VC people?"

"I said, I didn't take the initiative to ask to meet with them, it was Sun Dan who called me, and I must meet with them as soon as possible. Lin Qiang looked at his watch and said, "Sun Dan is still on the plane now, Sister Hua, you should hurry up and give me guidance." ”

"VC stands for venture capital investment, which refers to the investment behavior of venture fund companies using the funds they raise to invest in industries and industries that they think can make money, which is venture capital in industry terms. Qin Xiaohua said while thinking about how to use the most concise and vivid language to make Lin Qiang understand faster and better: "These companies are called venture capital companies, or venture funds, you can think of them as retailers of capital, they first start from major funds such as retirement pension funds, insurance funds, or big banks, insurance companies, Government agencies or even private or family funds (wholesalers of funds) raise huge sums of money and set up venture capital funds, which are then invested in promising and fast-growing growth companies (usually high-tech companies) in exchange for shares in these invested companies, and then see the opportunity to sell their holdings at a premium to recoup their investment and obtain high returns. ”

"Sister Hua, your metaphor is too vivid. Lin Qiang refilled a cup of tea for her and said.

Qin Xiaohua smiled and continued: "You must first have a detailed understanding of the operation mode of these venture capitals. Their operation usually consists of four stages: financing, investment, management, and exit. Different stages solve different problems, the financing stage is to raise funds from the wholesaler mentioned above, mainly to solve the problem of 'where does the money come from', and the investment stage to solve the problem of 'where does the money go', this stage is also the work of Sun Dan and their work, they will go through the preliminary project screening, due diligence, meeting with the founders, valuation, negotiation, terms design, A series of procedures such as investment structure arrangement, to invest venture capital in those start-ups with huge growth potential, Sun Dan because he is familiar with you, skipped project screening and investigation, and directly asked their regional general manager to meet with you, the founder. ”

"Then they have met with me now, how do they generally operate in terms of negotiation and investment terms design?"

"Under normal circumstances, they will first conduct an internal valuation of the investment object, and then negotiate with you the proportion of investment according to the valuation, the investment method is basically equity investment, and does not require a controlling stake, usually only accounts for about 30 shares of the invested company, and does not require any guarantee or mortgage, and the investment period is generally not less than three years. Qin Xiaohua said.

"Well, it sounds really better than a bank loan, you don't need to repay the principal and interest, you don't even need to guarantee the mortgage, and the most important thing is that they don't compete with us for a controlling stake. Then why do they have an investment period of no less than three years?" Lin Qiang asked.

"At this stage, venture capital companies will realize the value appreciation of the invested companies through 'supervision' and 'services', including participating in the board of directors of the invested companies, replacing management team members when the performance of the invested companies does not meet the expected goals, and helping the invested companies improve their business plans, corporate governance structures, and help the invested companies obtain follow-up financing. Since they invest in start-up companies, they must have enough time to realize significant value addition. Qin Xiaohua introduced.

"So how did they end up making a profit and exiting?"

"That's the question of 'how do the benefits materialize' that they're trying to solve in the exit phase. The main profit model of a venture capital company is to sell the equity invested in the early stage at a price higher than the original price. Since the purpose of investment is to pursue excess returns, when the invested enterprise increases in value, the venture capitalist will withdraw the capital through listing, mergers and acquisitions or other equity transfers to realize the appreciation of the investment. The recipient of the share transfer can be another investment company, the buyer of a merger, or the founder of the company, and you should be aware that if you want to maintain control of the company, you should always be prepared to buy back the shares they plan to transfer. Qin Xiaohua said.

"Thank you, Sister Hua, as soon as you explain like this, I will have the bottom in my heart. Another question, at the beginning of the company's establishment, I promised the entrepreneurial team that the team members would share 20 of the company's equity, so if we really introduce venture capital, how can they get real returns in the shortest possible time?" Lin Qiang asked again.

"Isn't that simple? You can distribute the 20 shares of the company to each team member in the original agreed proportion, and tell them that if anyone wants to sell the shares, you can buy them back, and they will have a large amount of income immediately. Qin Xiaohua said.

"You mean that as long as a member wants to sell shares, I have to buy them back?"

"Of course, unless you don't have confidence in your company. However, I don't think there will be any entrepreneurial team members who will rush to sell their shares after the first round of financing, because under normal circumstances, after the first round of financing, the company's valuation will continue to be pushed up, and soon there will be B round, C round, D round of financing, and the financing amount will be higher and higher, and the value of their shares will also rise. If there really is such a person, you tell me, I will buy it at a premium of 10. Qin Xiaohua said with a smile.

"Sister Hua, if you want to take a stake in our technology company, I can transfer part of the shares in my hand to you first. Lin Qiang said very seriously.

"Thank you. I'm joking, do you think I'm the kind of person who likes to take advantage of others? Even if I want to buy a stake, I can't buy it directly from you right now. I do have an idea, when Sun Dan comes over in the afternoon, I will listen to their thoughts first, if I think the value evaluation they give to your project in the future is reasonable, it is not ruled out that I will follow in my personal name. Qin Xiaohua said.

Lin Qiang immediately said with a smile that he would immediately hire Qin Xiaohua as a senior consultant of the technology company to participate in the meeting and discussion with Sun Dan, the investment director of Everbright Fund, in the afternoon.

Confucian